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There is nothing about a list item that says it cannot be lengthy. Strictly talking about semantics, a list is just a group of related items. I agree blockquote is perhaps a stretch, but it’s one I might use for a “saying,” and a lot of times you just settle to the nearest element you can. You can also look at other block-level elements commonly used to parent other elements, like <section>. But again I think your example is a fine one for hr, you could do a lot worse.
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