Personnaly, I do not like to carry tools with slight exception. I recall a long time ago back when I was racing Junior category I was on a training ride and stopped to adjust the height of my saddle. I did not NEED to adjust it but I wanted to and that was facilitated by the fact that I had some tools to do it in the pouch under my saddle. I wound up snapping the seatpost binder bolt in half and had to ride about 30 miles home standing.

Since that day the only tools I carry when I ride are tire levers, a pump, spare tube, a small patch kit, and a $10 bill.

The $10 bill serves double duty as emergency funds and tire boot if I need it.

My philosophy is that repair and maintenance work should be done at home not during a ride. The side of the road is not the ideal place to true wheels, adjust headsets, etc. Of course there are unforseen circumstances that can render even the best maintained bike unridable unless fixed...my thoughts are that when this happens it is time to call home/a friend/a taxi for a ride home or back to the car. My philosophy is the side of the road is not the place to make major repairs...If the bike suffers a mechanical failure bad enough that I need tools to fix it then either I have either not been properly maintaining the bike or the mechanical problem is too great to be doing road side repair and I should be looking into alternate means to get back to my point of origin.

Granted I only apply this philosophy road cycling general training/pleasure rides. Loaded touring and venturing into the woods on a mt bike are different beasts all together and require a different type/level of preparedness.

-j