An excuse to hug a person when you don't like to hug anyone else. You call this person your hobo hug buddy in order to avoid offending any of these other people. Then you ask for their money.
Random friend: Can i have a hug?
You: I don't really like to hug...
Hobo hug buddy: Can I have a hug?
Random Person: :(
You: Sorry, she IS my hobo hug buddy.
You and Hobo Hug Buddy In Unison: Can I have your money now?
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