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.

In tournaments, that decision has to be tempered--considering the various risk/reward scenarios that arise.

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.

Or, as another poster suggested, amid a field of top professional competitors, you may have the best chances for success by taking them on in coin-flip suituations rather than trying to chip away at them.

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.

As a note--I enjoyed seeing Phil Helmuth go out early in the last WSOP main event.