Some ferrules, like the ones used on Callaway irons, also help center the shaft in the hosel, and that's not something you want to ignore. And having a ferrule at the end of the hosel, makes a nice place for extra epoxy to stay in place and strengthen the joint. May not be a big deal with a steel shaft, but with a graphite shaft, it does reduce the chance that the shaft might break at the top of the hosel. When you consider that a ferrule costs about 30 cents, is it going to hurt anyone to use one and be sure the shaft is protected? Sorry to step on anyones toes, but at that price, I'm going to protect my investment, both my time and money spent on the shaft which cost me $97. If all it is, is a 30 cent insurance policy, then sign me up everytime.
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