I'm of the school that old tools are all that I need. There are suppliers to the machining trade and their catalogues are good reading but the prices are intended for production shops where these costs can be passed along to the customer. That's not my case as machining is a hobby that is part of my DNA. I inherited tools from my father and father-in-law that I still use today. My newest machines were all well used in the 1970s before I bought them and I only added a coat of paint. In fact, the only machine that I bought new was a 300 amp stick welder and that was in 1980.
Mostly my source for tooling comes from estate sales where an old time machinist passed away. With the purchase I get a well used Kennedy box. The treasures are inside and they suit my needs. Even when I do purchase tooling it's the less expensive brands and if they break or get dull I sharpen them for reuse. One recent estate purchase included a collection of carbide inserts which I have mounted to steel holders for lathe cutters. They work well enough for my needs.
In another thread there was discussion of teaching grandkids metal working skills and I am doing the same but I have no illusions that they will have the same DNA requirement to make parts. But if they do, they will find my collection of carbide bit tooling when I'm gone which should get the job done.
For those who maligne Chinese products consider that most global manufacturers moved their facilities and expertise there to save labour costs only. I recently repaired an iPhone and was impressed at the skill that it must take to build and assemble a smart phone. The layers of circuit boards can be gently removed and replaced but it takes fine motor skills, tiny tools and magnifying glasses. The fact that these phones cost so little and are disposable amazes me.
So back to the topic of this thread. If you can afford high end tooling and it works well for you, great. But if not, look for estate sales as there are lots of old tools that will get the job done.
Good article DJP, if machining and making things is your hobby, you set your own standards to "Please You" and no one else. Most of us work to a budget, we would be a fool not to. Love this hobby when I get the urge to "Cut Metal" to hell with critics that is what I do.