In most cases its the indian, not the arrow, but you'll notice the best indians usually carry the best arrows.
I personally feel that the more sensitive the rod, the more fish you will catch. Skimp in non feel applications (ie trolling, bobber and Jigfishing, etc) But not in BBins, sidedrifting, driftfishing etc. Bottom Line IMHO, Don't shoot yourself in the foot by using crappy gear.
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Facts don't care about your feelings..