It was Katie's birthday this last week so we both headed to Vegas to celebrate. I got four full days of cards in.
The poker strategy book for this trip
I've been reading Gary Carson's excellent poker book, The Complete Book of Hold'em Poker. Prock suggested I get it. When I asked what this book had in it that the 10 other poker books I own didn't, he said something along the lines of, "Other poker books have some empirically-derived wisdom about poker. Carson does an excellent job at laying out theories of how the game of poker works and then which strategies are appropriate to which situations."In short, Carson's book teaches you how to understand the situational nature of poker, and that is invaluable.
Have you ever asked someone a poker question like, "How do I play this hand in this situation?" and had them respond with "It depends"? Carson's book lays out the different ways of getting a better answer than "It depends" by evaluating the context of the game being played and why what may seem like the very same two cards requires different actions in different environments.
(And yes, those links to the book are Amazon affiliate links with credit to me.)
I won't review the whole book here, but a couple of concepts were in full effect as instructional lessons during this trip.
First, the poker results
Total hours played: 29.91 hrs (all Limit Hold'em)Net result: -$20
Hourly rate: -$0.67 / hr (don't quit your day job, you need it to pay for this hobby)
* $2/$4 Hold'em: 8.75 hrs, +$80
* $3/$6 Hold'em: 3.66 hrs, -$108
* $4/$8 Hold'em: 17.5 hrs, +$8
Here's the session by session breakdown.
A crash course in game selection
I will never, ever dismiss loose no-fold-em $2/$4 tables again. People often complain about how they can't win at $2/$4 because nobody ever folds. Carson's book explains that such a game is a best-draw-wins style of game. You are suddenly armed with the tools to play $2/$4 Hold'em where 9 people see the flop and 4 of them call everything down to the river.Once I had learned this lesson, and that in such a game Ace-King-suited was the ideal starting hand, instead of Ace-Ace, I was in heaven. I adjusted my strategy, playing hands that were likely to flop enormous draws (unless the table started playing tight) and playing them very fast and hard.
Carson concisely explains the fallacy of starting hand charts is that they don't take into account these game conditions and become frustrated when their Aces don't hold up against eight opponents. There is a hand chart, probably put in at the behest of his publishers, but it serves mostly to explain how to group different kinds of hands. The first thing you do when you see it is re-arrange it depending on the style of table you're at.
In addition, because I understood how the power of different types of hands goes up or down depending on game conditions, I was able to view hands like King-King entirely differently at the tight $4/$8 game versus the very loose $2/$4 game and behave appropriately to minimize my losses.
All of this leads to my conclusion that I have never been happier to play $2/$4 Hold'em with a bunch of clueless people at Planet Hollywood. When they all decided to see the flop, my big drawing hands got enormous overlays to draw, and when my opponents started getting frisky on the flop I had a pretty easy time of punishing them by extracting maximum value for my hand/draw.
Though not all three of my $2/$4 sessions were enormous money catchers, in every one of them I was able to run my stack up pretty high during them. From now on I'm going to look for games with these ideal loose conditions, as I now have an excellent sense of how to extract the maximum value from them.
Even clueless players will react to your play
This was a lesson I learned at the Venetian, when I bought in for $200 and then ran my stack up to about $700 at $4/$8 when a couple of poor players started calling everything and making the table a 7-people-see-the-flop sort of table. At the height of my run of good cards and favorable table conditions, Katie noticed my opponents starting to call less. This let me start bluffing people out of pots without cards, but their psychology went through a number of phases.- Anyone can win, I'll call this down.
- Wait, this guy wins a lot, he can't possibly have hit a flush again, could he?
- This guy always had good cards, and he always raises on the river, I'm going to fold.
- I've lost a lot of money to this guy, I'm only going to play good hands.
I even remember the moment when it happened. A older local man, who was known to call every raise, play most of his hands, and show down Ace-high hands without a pair, suddenly became tight aggressive. He preflop hand selection became downright good, and he only showed strong hands on the river. It was like I could see a switch flip on his head. When I asked Katie if she thought his table-neighbor had told him to change his play, she said "No, I think he just lost $300 in an hour." I had motivated him to become a much better player.
Not even when another player went on a rush of winning hands did people return to their loose-calling-station style. The table conditions were broken, and I did not know how to fix them.
As I look back on it now, raising a lot pre-flop probably made people want to shun pots with me, as I'd established the image that I couldn't be beat. Also the river value raises hurt when you're on the receiving end of them, and probably taught people to fold more.
While it's possible to make money when people behave this way, it requires bluffing, and that strategy carries a lot more risk than playing big, pot-odds-correct draws. Reading individual players becomes important so you know when to bluff, and I'm not particularly good at that yet. I missed several opportunities to bluff in late position and lost pots I could have had. I also bluffed at pots I shouldn't have in late position and just cost myself unnecessarily.
In the future I'm going to have to figure out how to recognize when the table conditions change so radically, and if I'm up, just get up and leave.
The difference between $4/$8, $3,$6 and $2/$4
While every table goes through different conditions, I generally found that the typical $2/$4 table has 5-8 people calling to see the flop, and 2-4 people seeing the river. At $3/$6 3-5 people see the flop and 2-3 see the river, at $4/$8 2-3 people see the flop and usually just 2 people see the river.Although I tried everything, my preference was to play $2/$4 (at Planet Hollywood). It was an easy game, with little trickiness and an incredible overlay for any good hand I played. I hope I can find something equivalent in the Bay area.
This Saturday many of the groups that organized the "teabagging"
anti-tax day protests are going to stand in front of the local offices
of members of Congress and protest anything having to do with reforming
healthcare. This isn't a difference of opinion (public option vs no
public option? funding children's healthcare?), the groups organizing
these rallies want nothing at all to change. I can't fathom that
position.
This is the last serious thing I will say publicly about the healthcare debate for months.
Dear Rep. Speier,
I am very happy to see that you have come out strong for a public option in healthcare. Thank you for doing the right thing. If you don't read the rest of this letter (it is long) please know that you have my support in pushing for universal healthcare, of which a public option is a key component.
There are a couple of myths floating around the healthcare debate that I want to address, not because I think you buy into them, but because I want you to know your constituents don't buy into them.
Myth: A public plan would put a bureaucrat in charge of your healthcare.
Opponents of healthcare reform pretend this is a bad thing. All insurance is by definition, part of a bureaucracy. There is more paperwork in healthcare than we have trees. Today we have health insurance bureaucracies run by for profit organizations who are not answerable to anyone except shareholders, whose interests are diametrically set apart from patients. When they want to change the rules of your insurance coverage, they simply change the rules because they contractually reserved that right when you signed up. And because they are a near monopoly in the market, you don't have any choice.Government-run healthcare are systems that can be expected to follow reasonable and consistent rules, such as "You may not rescind coverage the day before you need to go in for chemotherapy treatment." When they don't follow these rules, there are appeals to the courts and to elected officials. The purpose of the enterprise, to keep you healthy and heal you when you're sick, is never lost.
Bureaucracy is inevitable with health insurance, whether run by the government or by the private sector. I'd rather my chances of survival be chosen by me and my fellow constituents than by a board of directors. I would prefer a bureaucracy run by someone responsive to me than by someone whose motivation is to pay out as little in healthcare services as possible. Like public safety, healthcare should be a service not subject to market forces.
Myth: 2 out of 3 workers will lose coverage according to independent analysis by The Lewin GroupThe Lewin Group is not an independent entity, it is an entirely owned subsidiary of health insurance company UnitedHealth. Secondly, the rising cost of healthcare is driving people to lose their coverage because costs of employer funded healthcare are rising faster than we can keep up. When I co-founded my web agency in 1997, we offered healthcare and paid the entire cost. Today that isn't possible anymore and employees share part of the cost, and many business don't even offer coverage, or offer "sham" coverage.
The reality is that the current approach to health insurance has resulted in a loss of coverage for millions of people. From 1998 to 2008, the percentage of large employers who offered retiree health coverage shrank from 66% to 31%, and the trend continues downward today . [Kaiser Family Foundation, slide #12]
Rising costs will mean that many employees who are offered coverage won't be able to afford to accept it. In addition, the KFF study shows that premiums have been rising quickly for the last ten years. What isn't shown in that study is that out of pocket costs have been rising along with non-covered events. We're paying more for plans that are covering less. And that assumes that we can get insurance, or that we don't lose it through rescission.
Myth: There are millions of Americans who go uninsured (also known as "naked") in this country. They should be motivated to work harder in order to afford health insurance. We shouldn't just give them this benefit or they won't see an incentive to work hard.
For millions of uninsured Americans, maybe the best job they have been able to find is not enough to afford a $400 per month or more health insurance premium, or the copays that go with it. In a capitalist labor market, some people just won't make enough money to afford health insurance as it costs today.Being poor in America, where we prize our standard of living, is itself a sufficient motivator to get people to work harder. If the promise of a flat screen TV, a new car, or an exotic vacation isn't enough to motivate you to make more money, the promise of a life with health insurance isn't going to motivate you more.
Withholding health insurance means that these people will be poor and sick, which will do nothing to make it possible to work harder, and will likely only result in more expensive chronic conditions that our hospitals (and we) will end up absorbing the cost of.
Having a public health insurance option that refuses nobody means that when they do get sick, they can be automatically enrolled in the program and therefore reduce the risk pool and healthcare costs for everyone. And of course, if they then decide that they want to buy a plan, they would be free to go on the open market and do business with the health insurance industry.
Thank you for fighting to hard for a public health insurance option. As we have recognized our responsibility to protect the health of our elderly and our children, the public option will ensure that we cover our nation's working poor and middle class not covered by the healthcare market.
Sincerely,
Shabbir Imber Safdar
August 07, 2009 in Commentary | Permalink | Comments (1)