Timestamps

:30 Hello & Welcome
16:42 Strategy
44:24 Interview: Computer Poker Research Group

PokerStars Game #66507871933: 8-Game (Hold’em Limit, $10/$20 USD) – 2011/08/24 22:27:27 MT [2011/08/25 0:27:27 ET]
Table ‘Campanula VII’ 6-max Seat #4 is the button
Seat 1: foucault82 ($500 in chips)
Seat 2: loooseslots ($657.90 in chips)
Seat 3: NCSU2012 ($924.45 in chips)
Seat 4: hav0cLOL ($1523 in chips)
Seat 5: boardrat ($501.70 in chips)
Seat 6: xx23xx ($522 in chips)
boardrat: posts small blind $5
xx23xx: posts big blind $10
*** HOLE CARDS ***
Dealt to foucault82 [Jd Ah]
foucault82: raises $10 to $20
loooseslots: folds
NCSU2012: folds
hav0cLOL: folds
boardrat: folds
xx23xx: calls $10
*** FLOP *** [Tc 2h 7d]
xx23xx: checks
foucault82: bets $10
xx23xx: calls $10
*** TURN *** [Tc 2h 7d] [6d]
xx23xx: checks
foucault82: checks
*** RIVER *** [Tc 2h 7d 6d] [2d]
xx23xx: checks
foucault82: bets $20
xx23xx: calls $20
*** SHOW DOWN ***
foucault82: shows [Jd Ah] (a pair of Deuces)
xx23xx: shows [Ad Qc] (a pair of Deuces – Ace+Queen kicker)
xx23xx collected $102 from pot

I expected AJ to be good on the river because I thought he’d 3-bet AQ/AK pre-flop and check-raise a flopped pair. I was hoping he would call with worse Aces and maybe even KQ/KJ. This is one of those good mistakes I think.

I know it’s a pain to follow but this Razz hand is really interesting. Notice that on 3rd street Villain and I are the only players showing small cards. This is why I’m completing with a Q in the hole, and why I think Villain doesn’t need a particularly good hand to 2-bet me, ie it’s possibly he just has a ragged 8 or even a brick in the hole as well.

I catch barely better than he does on 4th, but I’m trying to represent that I have three babies, and even with like J872 I would value bet here, so I’m betting hoping he’ll either fold immediately (if he’s got a brick in the hole) or fold 5th if he bricks again.

No such luck, but I don’t want to give up 6th street because even though it actually pairs me, to Villain it looks like I caught better than he did. The best hand he can have on 6th is a T8, so I have to keep the pressure on. Even if he’d called I’ve have bluffed 7th because I think with me showing 234 and betting every street he’s not likely to call with a T.

PokerStars Game #66497265871:  8-Game (Razz Limit, $10/$20 USD) – 2011/08/24 16:25:32 MT [2011/08/24 18:25:32 ET]
Table ‘Vinifera VI’ 6-max
Seat 1: foucault82 ($517 in chips)
Seat 2: AmarulaBr ($517 in chips)
Seat 3: titko23 ($613 in chips)
Seat 4: shinbunshi ($295 in chips)
Seat 5: AintNoSun ($106.65 in chips)
Seat 6: moryoca ($253 in chips)
*** 3rd STREET ***
Dealt to foucault82 [2d Qc 4c]
Dealt to AmarulaBr [Jc]
Dealt to titko23 [9d]
Dealt to shinbunshi [4s]
Dealt to AintNoSun [Ts]
Dealt to moryoca [Kd]
moryoca: brings in for $3
foucault82: raises $7 to $10
AmarulaBr: folds
titko23: folds
shinbunshi: raises $10 to $20
AintNoSun: folds
moryoca: folds
foucault82: calls $10
*** 4th STREET ***
Dealt to foucault82 [2d Qc 4c] [Jh]
Dealt to shinbunshi [4s] [Qh]
AintNoSun is connected
foucault82: bets $10
shinbunshi: raises $10 to $20
foucault82: calls $10
*** 5th STREET ***
Dealt to foucault82 [2d Qc 4c Jh] [3h]
Dealt to shinbunshi [4s Qh] [Tc]
foucault82: bets $20
shinbunshi: calls $20
*** 6th STREET ***
Dealt to foucault82 [2d Qc 4c Jh 3h] [2s]
Dealt to shinbunshi [4s Qh Tc] [8h]
foucault82: bets $20
shinbunshi: folds
Uncalled bet ($20) returned to foucault82
foucault82 collected $132 from pot
foucault82: doesn’t show hand

The 2+2 MTT community is mostly salivating over this, though some are a little concerned that the smaller events will actually discourage people from trying satellite into the bigger events. I don’t think they’re wrong, but I still expect the big events to be plenty soft thanks to tourney donks playing with relatively deep stacks for fairly big money.

The only issue for me is how to get enough money on Stars by April to enable me to play the ones I want without busting the bankroll. I may suck it up and make a wire transfer, which I’ve so far refused to do on principle since Stars makes the depositor pay the wire fees. It’s really preposterous- I pay enough rake in 10 minutes to cover the fees, and it’s clearly in their interest for me to have money on their site.

Anyway, the schedule:

Event 1 – 2 April 2009 @ 14:30 ET – NL Hold’em with Rebuys [6-max]

Really looking forward to this one, will probably play the medium and the large.

• 01-L: $5.50 buy-in, $50,000 guaranteed prize pool
• 01-M: $55 buy-in, $200,000 guaranteed prize pool
• 01-H: $530 buy-in, $500,000 guaranteed prize pool

Event 2 – 2 April 2009 @ 16:30 ET – PL Omaha Hi/Lo

I like PLO8 and will probably play the medium, maybe the large depending on what the field looks like. I’d probably even be willing to play the large if I thought I was slightly -EV.

• 02-L: $11 buy-in, $25,000 guaranteed prize pool
• 02-M: $109 buy-in, $50,000 guaranteed prize pool
• 02-H: $1,050 buy-in, $200,000 guaranteed prize pool

Event 3 – 3 April 2009 @ 14:30 ET – PL 5-Card Draw

I might play the small or medium for fun, but definitely won’t be playing the large.

• 03-L: $11 buy-in, $25,000 guaranteed prize pool
• 03-M: $109 buy-in, $100,000 guaranteed prize pool
• 03-H: $1,050 buy-in, $200,000 guaranteed prize pool

Event 4 – 3 April 2009 @ 16:30 ET – NL Hold’em [2X Chance, turbo]

It’s hard to turn down the great value that all of these NLHE tourneys represent, but I really hate turbos. In these, the tourney donks might actually have the edge on me.

• 04-L: $16.50 buy-in, $100,000 guaranteed prize pool
• 04-M: $162 buy-in, $300,000 guaranteed prize pool
• 04-H: $1,575 buy-in, $1,000,000 guaranteed prize pool

Event 5 – 4 April 2009 @ 14:30 ET – NL Hold’em Shootout [10-max]

The large will probably be worth playing.

• 05-L: $16.50 buy-in, $100,000 guaranteed prize pool
• 05-M: $162 buy-in, $150,000 guaranteed prize pool
• 05-H: $1,575 buy-in, $150,000 guaranteed prize pool

Event 6 – 4 April 2009 @ 16:30 ET – PL Omaha [1R1A, 6-max]

I might play the medium, but lately I’ve no interest in PLO.

• 06-L: $22 buy-in, $50,000 guaranteed prize pool
• 06-M: $215 buy-in, $200,000 guaranteed prize pool
• 06-H: $2,100 buy-in, $400,000 guaranteed prize pool

Event 7 – 5 April 2009 @ 14:30 ET – H.O.R.S.E.

Recently I’ve concluded that I may not be as good at HORSE as I thought, and/or everyone else is getting better. If I play, it will probably just be the low.

• 07-L: $109 buy-in, $250,000 guaranteed prize pool
• 07-M: $1,050 buy-in, $500,000 guaranteed prize pool
• 07-H: $10,300 buy-in, $750,000 guaranteed prize pool

Event 8 – 5 April 2009 @ 16:30 ET – NL Hold’em [2-day]

Juicy! The medium will be fine, but it’s probably not a good idea to burn so much time on a $300 tournament. I really want to play the large though.

• 08-L: $33 buy-in, $250,000 guaranteed prize pool
• 08-M: $320 buy-in, $1,500,000 guaranteed prize pool
• 08-H: $3,150 buy-in, $3,000,000 guaranteed prize pool

Event 9 – 6 April 2009 @ 14:30 ET – FL Triple Draw 2-7

If I play, it would only be the low for fun. Whenever I play this game, I always end up screwing up and getting excited about an Ace or a straight.

• 09-L: $22 buy-in, $25,000 guaranteed prize pool
• 09-M: $215 buy-in, $100,000 guaranteed prize pool
• 09-H: $2,100 buy-in, $200,000 guaranteed prize pool

Event 10 – 6 April 2009 @ 16:30 ET – NL Hold’em [Heads-Up Match Play]

Nice opportunity for heads up, will probably play medium and large.

• 10-L: $16.50 buy-in, $50,000 guaranteed prize pool
• 10-M: $162 buy-in, $300,000 guaranteed prize pool
• 10-H: $1,575 buy-in, $500,000 guaranteed prize pool

Event 11 – 7 April 2009 @ 14:30 ET – Mixed Hold’em [6-max]

Meh. I really hate and suck at FLHE. I’ll probably sit this one out.

• 11-L: $33 buy-in, $50,000 guaranteed prize pool
• 11-M: $320 buy-in, $300,000 guaranteed prize pool
• 11-H: $3,150 buy-in, $800,000 guaranteed prize pool

Event 12 – 7 April 2009 @ 16:30 ET – 7-Card Stud Hi/Lo

I like this game, but I’m probably not good enought for the large. I’ll likely play the medium though.

• 12-L: $22 buy-in, $25,000 guaranteed prize pool
• 12-M: $215 buy-in, $50,000 guaranteed prize pool
• 12-H: $2,100 buy-in, $150,000 guaranteed prize pool

Event 13 – 8 April 2009 @ 14:30 ET – FL Razz

Same as above, only Razz is more frustrating. Maybe the medium, not the large.

• 13-L: $22 buy-in, $25,000 guaranteed prize pool
• 13-M: $215 buy-in, $100,000 guaranteed prize pool
• 13-H: $2,100 buy-in, $150,000 guaranteed prize pool

Event 14 – 8 April 2009 @ 16:30 ET – NL Hold’em [6-max]

Tight! Medium and large are both high priorities, and I might even play the low.

• 14-L: $55 buy-in, $250,000 guaranteed prize pool
• 14-M: $530 buy-in, $500,000 guaranteed prize pool
• 14-H: $5,200 buy-in, $1,250,000 guaranteed prize pool

Event 15 – 9 April 2009 @ 14:30 ET – 8-Game

I’m probably too bad at too many of these games to warrant playing even the medium.

• 15-L: $44 buy-in, $25,000 guaranteed prize pool
• 15-M: $425 buy-in, $150,000 guaranteed prize pool
• 15-H: $4,175 buy-in, $250,000 guaranteed prize pool

Event 16 – 9 April 2009 @ 16:30 ET – 7-Card Stud

I don’t really like and suck at 7-stud, so I won’t be playing these.

• 16-L: $33 buy-in, $25,000 guaranteed prize pool
• 16-M: $320 buy-in, $100,000 guaranteed prize pool
• 16-H: $3,150 buy-in, $150,000 guaranteed prize pool

Event 17 – 10 April 2009 @ 14:30 ET – NL Hold’em [1R1A]

I’ll play the medium, and I’d like to play the high, but it’ll stretch the bankroll. We’ll see.

Event 18 – 10 April 2009 @ 16:30 ET – PL Omaha

Meh, probably skip all of these.

• 18-L: $55 buy-in, $50,000 guaranteed prize pool
• 18-M: $530 buy-in, $300,000 guaranteed prize pool
• 18-H: $5,200 buy-in, $1,000,000 guaranteed prize pool

Event 19 – 11 April 2009 @ 14:30 ET – FL Omaha Hi/Lo

I’m not much on this game, will probably skip it.

• 19-L: $55 buy-in, $50,000 guaranteed prize pool
• 19-M: $530 buy-in, $150,000 guaranteed prize pool
• 19-H: $5,200 buy-in, $400,000 guaranteed prize pool

Event 20 – 11 April 2009 @ 16:30 ET – FL Hold’em [6-max]

Definitely not playing these.

• 20-L: $55 buy-in, $25,000 guaranteed prize pool
• 20-M: $530 buy-in, $200,000 guaranteed prize pool
• 20-H: $5,200 buy-in, $400,000 guaranteed prize pool

Event 21 – 12 April 2009 @ 14:30 ET – NL Hold’em [Heads-Up Match Play]

I’ll play the medium and maybe the low but definitely not the high.

• 21-L: $270 buy-in, $100,000 guaranteed prize pool
• 21-M: $2,600 buy-in, $300,000 guaranteed prize pool
• 21-H: $25,500 buy-in, $800,000 guaranteed prize pool

Event 22 – 12 April 2009 @ 16:30 ET – NL Hold’em Main Event [2-day]

I’ll play the medium for sure. I’d really like to play the high, but I don’t know if it’s going to be practical.

• 22-L: $109 buy-in, $1,000,000 guaranteed prize pool
• 22-M: $1,050 buy-in, $3,000,000 guaranteed prize pool
• 22-H: $10,300 buy-in, $5,000,000 guaranteed prize pool

I raise AK on the button, BB calls. Flop 776 with two hearts, I bet, he check-raises, I call. Turn 9 he bets I call. River 2 he bets I think his range is busted heart draw or trips+ so I call and he takes me on a tour of Valuetown with his 55.

Another one, guy raises UTG, I 3-bet JJ, and he calls. Flop 664, he checks, I bet, he calls. Turn blank, he checks, I bet, he raises, I call. River blank, he checks, I bet, he raises, I puke and call, he shows me 65o. Pretty questionable UTG raise even in 6max, but I must admit that he owned me pretty hard with the double check-raise. It’s humiliating to get served like this by fish.

I wasn’t catching much in the NLHE portion, certainly not enough to compensate for my fishiness in FLHE, so I was out pretty quickly. I did like the structure of this event. Instead of alternating between games at the level change, as happens in most mixed game tournaments, they alternated every fifteen minutes. Since there were half hour levels, that meant playing both game at every level instead of going back and forth between them. It was a good idea, though it probably wouldn’t work as well in tournaments with shorter blind levels.

But I also made a pretty big error in a Stud/8 game, so I guess I’ll be talking about how I suck at Stud/8 (though this is really just a Stud high error). On the river, my opponent was showing 6655, and I had Aces up with both Aces and two high cards showing. My opponent bet, and I raised for value. Like I was saying, no matter how clear I make it that I have Aces up, people will call down with any two pair.

I forgot, however, to think about what my opponent would be value betting. Since his two pair was open, there was no way he could be betting on the strength of that alone. He had to have either a boat or a low, and in either case there was no value in a raise. Sure enough, he had 6’s full.

Despite playing for four and a half hours, I only made it to the top 25% of the field. The hand that really hurt me came in LHE. A guy in MP raised, and I 3-bet with AKo. He called. The flop came Ad 5c 3c. He checked, I bet, he check-raised, and I called. the turn was an off-suit 8, he bet, and I raised. The river was a T, and he check-called with Ac Tc. Unlucky river for me, but there were quite a few of those that could have come.

When feeling my way around a new game, I like to know where a winning player’s edge comes from, what situations he seeks to create. I am trying to figure out what I will need to do well, what concepts I will need to master in order to win. Oddly, it takes a while for Lederer to answer this question, and he doesn’t do in the section called, “The Starting Framework for Limit Hold ‘Em Tournament Play”. Eventually, however, he does tell me very clearly what I’ve been waiting to hear: “It’s not about winning pots. It’s about winning bets in limit hold ’em. Being in position… is where you earn your bets.”

Although it isn’t articulated clearly until the middle of the chapter, this is clearly the organizing principle of the strategy Lederer outlines. Street-by-street, he explains both how to take advantage of position when you have it and how to minimize your opponents’ ability to profit from their position. His advice ranges from the very specific, in the form of charts for which hands to play from which position with which action in front of you, to the very general, in the form of an overarching strategy that will keep your opponents guessing, prevent them from taking free cards when they want them, and enable you to get free cards when you need them.

As strong as Lederer’s chapter is as an introduction to the fundamentals of Fixed Limit Hold ‘Em, it is a bit lacking in tournament-specific advice given the context in which it is published. One can infer from his introduction that he believes tight aggressive play to be even more important in a tournament format, where all players are working with a limited number of bets. He warns that, “If you build a loose image, it undercuts your ability to steal.”

The fundamental idea, never articulated as clearly as it could be, seems to be that in tournament Fixed Limit Hold ‘Em, you need to be able to do a lot with a little. As he puts it, “The beauty of my strategy is that you don’t need a big stack to execute it. If you have enough chips to comfortably bet through the hand, that is enough for it to work.” The cut-off, in other words, is four big bets, equivalent to a pre-flop raise, a flop raise, a turn bet, and a river bet.

This makes a lot of sense, since below this critical stack size, you will not have all of your tools at your disposal and probably will not be able to generate the fold equity you need to stay alive. It would have been nice to see more advice about how to maintain this minimum workable stack size. Should I tighten my pre-flop raising standards when I have a six bet stack? Bluff the flop less often? Be more inclined to fold my blinds?

Similarly, should I target the blinds of players hovering just above this critical stack size, on the assumption that they will be playing tighter than usual? Although Lederer suggests that a check-raise bluff on a dry Ace-high flop might have more fold equity in a shallow tournament setting than in a ring game, he never integrates this very specific suggestion into a larger strategy, something that does so well elsewhere in the chapter.

To his credit, he does address other aspects of tournament play, such as adapting to the bubble, adapting to the payout structure of the final table, playing short-handed, and playing short stacked. But ultimately, the tournament advice feels less coherent than the rest of the otherwise very enlightening article.

Howard Lederer’s “Limit Hold ‘Em” chapter is a very helpful introduction to a complex game. He argues that players of no limit hold ’em have a lot to gain from learning this game, and I would add that they have a lot to gain from reading this chapter. Players already confident in their Fixed Limit Hold ‘Em game and looking for advice about adapting to a tournament format would do well to look elsewhere, though. David Sklansky’s Tournament Poker for Advanced Players remains the best resource for them.