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It's all relative to what you're doing and why. If it's a problem that has been solved a thousand times over (http clients, log manager abstractions, etc), it's pretty low value to reinvent on company time. If it's your time though, do whatever the hell you want, exercise that right to self-determination.
Edit: I will say, the times I've used that statement, it's been to someone who was trying to invent a wheel with no understanding of the existing domain. The comment was less don't do it, than learn what has been done and how, and then consider improving it from a position of authority.
Simple: Life is strange
And sometimes we forget that we take everything far to serious.
The only thing you should RREEALLYY think twice about... three, four, five times... is writing security code, especially cryptography. If you think you need to implement your own version of Spring Security, you wanna be REAL careful. If you think you need to write your own implementation of AES, you probably should put down the crack pipe. But pretty much anything else? So long as you have a good reason for doing so, then yeah, have at it. If you're just doing it "because" though, well, that's probably not a good justification (this all assumes company time - on your own time, re-invent any old wheel you want!)