I have experimented with various knife/tool combinations of carry. What I have found, at least for myself, is that most often a knife is an immediate need (usually one handed), and a tool can be retrieved, as well as a flashlight. So, in the interest of weight, I have my Spyderco Rescue clipped in my right front pocket, with a Stanley mini multi tool in the same pocket. As backup, in whatever bag I have, either briefcase or backpack, I have a fullsize Gerber multitool, S&W rescue tool (cutter, prybar & glass breaker) and some sort of flashlight(s).
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It's not that life is so short, it's that you're dead for so long.