Add a useful location
Favorite Places records folders rather than copying media. Add stable source, project or output locations that you use repeatedly, then select them from the File menu or compatible file dialogs.
Network and removable storage
A favourite can become unavailable when a mapped drive, NAS or removable disk is disconnected. Reconnect the same path or update the favourite; SmartCut64 should not silently redirect a missing location.
Clear history separately
Recent files/folders and favourites serve different purposes. Tools > Options > General can clear recent history without deleting your media. Remove favourites deliberately when they are no longer useful.