Alright, I'm gonna try to give my understanding/view of the first sections of Part One.
Part One, Low Blinds: Introduction, Critical Concepts
The introduction starts out by pointing out how cEV is not the same as $EV, and that earning more chips has diminishing returns, while your own chips become worth more the less you have of them.
The first part to the "Critical Concepts" section expands on this, talking about tournament equity, and gives an example of two players going all-in, and how part of their tournament equity is distributed to the remaining players, rather than all being won by the winner.
are then introduced: Having X to 1 odds in a pot where it cost you y to call means that if you win, you get back x = X * y. A bunch of examples are given, for example, even with only 2 outs, getting 26 to 1 pot odds
means that you should be calling against a single opponent. Similarly, how to calculate cEV is explained: Say your pot odds are X to 1 again, and it costs you y to call, then cEV = probability of winning * X * y - probability of losing * y.
Finally, the aggression principle is introduced: Being the better/raiser is better than being the caller, due to the potential for your opponent(s) to fold when you are the aggressor. Apparently David Sklansky dubbed this the gap concept.
- Tight-aggressive: Based on how it is discussed in the book, it seems that one's early goal (until becoming a "solid professional" ) should be to adopt a tight-aggressive style?
- Pot odds: The author claims that pot odds are the most important concept in determining whether to call a bet. Based on tournament equity, it seem that one should really be using ICM-based odds. So, do people just use pot odds, and require slightly better pot odds if they have a larger stack relative to the total number of chips?
- Hypothetical example that I am curious about: 5 players already called the BB preflop, and you are the SB. This means 12 (5 calls + BB player) to 1 pot odds for calling. What kind of hands do you call with in this situation? What kind of hands do you raise with?