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Yesterday I was tying off my boat after a day-sail, and my multi-tool slipped out of my open PFD pocket and went splash! into the water. I know it's there 15 feet down, but being stainless steel I don't think a magnet will let me retrieve it... xkcd.com/2944/
Magnet Fishingxkcd.com
After I went home I remembered I have a fishing net in the boat, I may tape the net to my boat hook so it can reach and see if I can fish it out that way...