People vary but I agree on carrying a folding knife constantly. Tools help separate us from animals (I know, some chimps use sticks yadda, yadda) and a knife is one of the most useful. You could say a hammer is just as necessary but many things can stand in for a hammer (including the butt of a Ka-Bar). Not so many for a knife.
Not everyone around me carries one so guess who always hands his over to open or cut stuff? I don't figure it is regional thing but I'm not sure what it is, exactly. Boy-Scout-ness?
I love the idea of mutitools, own several, yet still carry just a knife consistently. And 440C steel is fine for my everyday do-everything blade.
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