It means practical wisdom, a sense of yourself and the world that comes naturally to you.

I must show the modern skeptic the practical wisdom of biblical principles, particularly those principles that appear rigid or intolerant.

You are perceptive and possess a high level of common sense and practical wisdom.

Never overburdened by dogma and belief, it paraded its practical wisdom and capacity to do what was necessary in the pursuit of power.

Again, one questions the practical wisdom of this.