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One problem is that people really underestimate how big of an edge is in some situations. For example, a 55/45 (dead money in the pot is an added bonus) is actually a very significant edge, and anyone that doesn't agree just doesn't understand math, EV calculations, and how much money they are 'passing up' by not taking those. I really only briefly skimmed through the thread, but somebody made a good point that we never (very rarely) know our exact equity. This is true, but we have to do our best to put them on a range and go with it. This is much better then throwing our hands up and running every time we are confronted with a tough decision. Plus, it never hurts to think a little bit about game theory. The more you actively think about this kind of stuff, the better of a player you will become. At least that's my theory.
I also heard someone make mention of passing up the 52/48's, yadayadayada. Let's look at a hand that could actually happen, with a little dead money in the pot, to see how big of an edge a 52/48 can really be. 5/10, $1k effective stacks. tagg/laggish regular opens to $40 in MP, you repop him on the button with 22 to $140. folds back to MP who pushes. You have played with him enough to know that he has AKo/AKs here every time (I know this is assuming a lot and we're never going to be 100% sure here, but against some players, this assumption really isn't that far off at all).
equity (%) win (%) tie (%)
Hand 1: 52.0135 % 51.70% 00.31% { 22 }
Hand 2: 47.9865 % 47.67% 00.31% { AKs, AKo }
Folding here is a 0 EV move. It's 860 for us to call to have 52% ($1056) equity in what will be a $2030 pot. Thus, folding is nearly a $200 mistake! To a player poker, this is real money. It is also nearly a 25% edge on our money. By comparison, a professional blackjack player (who card counts) has roughly a 1% edge on his bets (has an EV of +$1 on a $100 bet).
Anyway, I also read somebody say that NLHE is about hitting sets, stacking people, and avoiding getting stacked by sets. You have to understand that a year or two ago, you could find widespread games where this could be profitable. As the games get tougher, if this is still your philosophy, then you will be enroute to busto.
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