Can colorized output be captured via shell redirect?

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Various bash commands I use -- fancy diffs, build scripts, etc, produce lots of color output.

When I redirect this output to a file, and then cat or less the file later, the colorization is gone -- presumably b/c the act of redirecting the output stripped out the color codes that tell the terminal to change colors.

Is there a way to capture colorized output, including the colorization?

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