By Francesca Trianni and Jake Swantko
Donald Trump is not used to losing.
“We finished second. I’m just honored,” Trump said in a three-minute concession speech. It was likely the shortest remarks Trump has given in this campaign and among the most gracious.
![](https://api.time.com/wp-content/uploads/2016/02/iowa_caucus_results_2016.png?w=2400&quality=75)
Watch the Republican candidate admit defeat.
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Write to Francesca Trianni at francesca.trianni@time.com