This paper describes risk-pooling friendships and other social networks among pastoralists in Karamoja, Uganda. Social networks are of critical importance for risk management in an environment marked by volatility and uncertainty. Risk management or risk pooling mainly takes the form of “stock friendships”: an informal insurance system in which men established mutually beneficial partnerships with unrelated or related individuals through livestock transfers in the form of gifts or loans. Friends accepted the obligation to assist each other during need, ranging from the time of marriage to times of distress. Anthropologists and economists claim that social networks are critical for recouping short-term losses such as food shortage, as well as for ensuring long-term sustainability through the building of social capital and rebuilding of herds. To this end, I present ethnographic data on friendship, kinship, and other networks among male and female pastoralists in Karamoja. Using qualitative and quantitative data on these relationships and norms of livestock transfers and other mutual aid, I show the enduring importance of social networks in the life of Karamoja’s pastoralists today. I also demonstrate how exchange networks were utilized by participants during a drought. On this basis, I argue that appreciating historical and traditional mechanisms of resilience among pastoralists is vital for designing community-based risk management projects. I discuss how traditional safety net systems have been used successfully by NGOs to assist pastoralists in the wake of disaster, and how the same can be done by harnessing risk-pooling friendships in Karamoja.