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I've always understood it to mean 'audacity', but without any necessarily negative or positive implications.

• js2 11y ago
  Traditionally it has a negative connotation as in "gall" or "brazen" - https://en.wikipedia.org/wiki/Chutzpah https://en.wikipedia.org/wiki/Chutzpah
• njharman 11y ago
  I've only ever seen it used in a complementary manner. "He's got real chutzpah"