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I'm in the as nice as you can afford (to run as well as buy) school of thought for each sort of riding you do but am generally insured if anything gets nicked.
Hence, my general, Audax, going from a to b bike is a 70s Dawes Galaxy fixed with lots of nice but not too flashy bits. I love riding this bike.
Touring (or in reality weekend rides of over about 40 miles with panniers given mu current lack of fitness) is an old non curly Hetchins with the more modern groupset off my old condor - 9 speed campag/triple - I love riding this bike and it doesn't hurt my knees.
Club runs - Carbon Record Equipped DeRosa Prototype 1d - gorgeous and I love riding this but over about 60 miles everything hurts and I am terrified in general of theft, damage and the cost of replacing any of the running gear!
Train - brompton
Etc...
I agree with Hippy though- I cant stand the idea of something getting damaged through being used in conditions it wasn't meant for...
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2nd dibs French bars.
Gareth