Is this morally wrong?

[pcsailor]

To determine whether the use of a work is a fair use, the following four factors are to be considered: purpose and character of the use, nature of the copyrighted work, the amount and substantiality of the portion used in relation to the whole, and the effect of the use on the potential market.

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Fascinating
It says "to be considered", which leaves alot of room to interpretation.
But does this mean if we obtain a copy, by any means, and use it only for personal use, it would be considered 'fair use'?
Interesting comments
Phil