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No, the #1 power thief is a non-adiabatic thermal cycle. The exhaust is also hot. You lose about 1/3 of the energy to the cooling system, 1/3 to the exhaust and get about 1/3 in kinetic energy. An adiabatic engine would be cold to the touch, have ambient temperature exhaust, and no cooling system would be needed. It would also be 100% thermally efficient. It is the holy grail of engine design, and the closest man has come is some diesels that are just a bit over 50% thermally efficient. So, as engines get better, they get colder.