from the help file:
Each string is stored in the file as a 4 byte (32bit) integer followed by the characters that form the string. The integer contains the number of characters in the string, i.e. its length. Note, that Carriage Return, Line Feed and Null characters are NOT use to indicate the end of the string.
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summary: 4 bytes+characters, I think therefore the limit is the 'range' or 4 bytes...