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Discretion concerns having the freedom to make choices, individual choicebeing most important, for example, in a free society. To use ones discretion meansto use ones judgment to act in a certain way, based on your own thoughts andyour own judgment.

Valor refers to boldness, courage, spirit, when facing a situation needing some action often action needing to be taken when facing danger.

So, the phrase "discretion is the better part of valor" means to act freely whendeciding what to do in a dangerous situation requiring bold action, but toalso act with care, and thoughtful action so as to not do something that youwould later feel you made the wrong decision about; to think before acting would be another way of putting it.

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