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At what point is it okay to give up (if ever), in your opinion?

Today i heard a saying, it made me think and i thought i would post it here so i could see what you all think. "If at first you don't succeed, try, try again. Then quit. There's no use being a damn fool about it." (W. C. Fields) At what point can you justify walking away (as it applies to any situation)?

What do you think?
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