The “common cold” is actually a hundred or more different viruses.
Your immune system does learn how to fight the specific “cold” you presently have.
You may develop immunity to some but are still vulnerable to the others.
In addition its possible your immunity to a virus wanes over time.
While it’s possible a virus mutates so that your immune system no longer recognizes it, given how many different types of “cold viruses” there are, you can get a few colds a year and still not get all of them (or lose immunity to some you used to be immune to).
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