ChuckTs said:
It's only the fact that this was for big money and that 4 people were all in that you are arguing this.
By george, I think you've got it.
And, btw, yes that play was results oriented for the short term. But you can't simply ignore the short term while focusing on the long term as you are implying. You need to be constantly conscious of both. Ignoring either is big a mistake
Let's be clear on something, in a differenct scenario, say early on in the tourney...yeah, my money's going in. That isn't a scenario we're talking about. In fact, in most scenarios all the money goes in at that point with AA.
Here's a really interesting way of looking at it. Think of it as ... hmm... for lack of a better term, I'm going to coin a new term and call this reverse
pot odds ...
depending on what those other four people are holding, my pre-flop chance of winning ranges around 40% in most cases (five handed, pre-flop). (and for those that want to challenge the %, notice I said most. I will even stipulate right now that sometimes it will be better than 40%, other times less than 40%). So, if I call, I am going to win 2 out of 5 times (odds of winning, 1.5 to 1 against). But if I call and lose, I will be in from 2nd - 5th place. Since 2nd place paid just over half of 1st place, and 5th place was much lower (don't recall the #), in best case I could lose and get somewhere between 0.5 to 1 down to like 0.1 to 1 of the 1st place pay out. I'm not going to blow my stack when at best I could be getting .5 to 1 on my cash out that is 1.5 to 1 against hitting.
(AGAIN, note that we are talking about a very specific scenario. If you ignore this simple statement, you can argue anything. Would you ever consider laying down 4 of a kind once the river is shown? If the scenario was right and all the indicators there and I know I'm beaten by a straight flush, damn right I'd lay it down. Again, a very specific scenario. You can't simply apply "Reverse Pot Odds", hmm, I like that term, to any scenario at any time. If you do, you will be ignoring the long term completely and only hurting yourself. So like anything in poker, when the circumstances are right, and the pre-requisites met, apply the correct optimal strategy at THAT time - which will be different next time).
I know you are going to flip out when you read this, and for that I'm LMAO. Because I also know that you are going to respond with a snide remark about how it was still wrong.
And, finally just for the record...my short term results was to win that tourney and my long term results (at least for the last 22 months that I've been keeping detailed records) show profit every month.