Tournaments
What the bubble does to the value of a chip
In a tournament, chips won are worth less than chips lost. Near the money that gap widens far enough to change which hands are worth playing.
Tournaments
Tournament strategy: stack depth, thresholds and the pressure of a finishing line
Rising blinds, shrinking stacks and the places where survival changes the maths.
Tournaments
Short stacks and the point where raising stops making sense
Below a certain depth, a raise that is not a commitment is just a smaller loss. The threshold is set by the blinds, not by the cards.
Stack depth in a tournament is measured in big blinds rather than in chips, because the blind level rather than the chip count decides what a stack can still do. A stack that could contest three streets an hour ago may only be able to contest one now, without a single chip having changed hands.
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