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I've often found that phrase and the concept to apply better in a ring game, where you can, in theory, pull more money out and have another go knowing you made the right decision but lost.
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Getting your money in with the best of it (or when you have the odds to call) is extremely important in tournament play. Many people overemphasize survival in tournaments, and this is a commonly exploited weakness.
"And if you knowingly pass up a 60:40 opportunity, you're not a top player." -- Greg Raymer
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For example, when one is on the bubble to finishing in the money, it could be prudent to lay down pocket rockets when two aggressive chip leaders have entered a pot to do battle with one another-- even though you may have the best of it.
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That is a very bad example. In the vast majority of situations, even on the bubble, you should gleefully call all-in with AA. If you don't believe this yet, please spend some time with
PokerStove and the
Independent Chip Model Calculator. That calculator is designed for SNGs, where the bubble is more important than in MTTs, but you will still find that it is usually horrible to fold AA preflop on the bubble.
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From my tournament experience, I have always fared better by avoiding such confrontations in the early rounds (when there are always seem to be maniacs willing to put all their chips at risk PreFlop for a small pot) even when the temptation to double-up beckons me.
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Maniacs don't only offer coin-flips. Maniacs give you the chance to get your money in as a 3:1 favorite or better. Even though you risk busting out by playing some big pots with maniacs early on, it is much easier to get the chips from them directly than to wrest them away from a good player later.