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Yes you can sync to the furthest page read across all the devices you have (say Kindle for PC / Your Kindle / iPhone etc) but yes that requires wifi or 3g access and only works out-of-the-box with Amazon book purchases.
I would probably add a bookmark (alt + B) if I wanted to go and re-read earlier chapters so I had a way to easily find my way back to the furthest point - Menu / view notes and marks
You might also be able to press your Back button (once or multiple times) to get back to where you where.
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