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Simple Knit 2, Purl 2 Ribbing with an easy technique to create the smocking so this hat just "looks" difficult. Fits well and is a quick knit usually requiring just one ball of yarn.
You can add extra repeats of the pattern to make a slouchy version and /or a pompom. See second photo knit in Gladstone Chunky from Estelle.
Main photo hat knit in Vanna's Choice from Lion Brand.