Drifter, the River Salt jacket Doc posted about above is very similar to what I am wearing. The point is, buy a bomber waterproof shell that excels at keeping water out, and layer underneath. that may not equal a "fishing coat"....Look at Patagonia, Arcteryx, Marmot, Outdoor Research.
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You know something bad is going to happen when you hear..."Hey, hold my beer and watch this"