Negreanu tweeted about his lately,actually naming a few players that supposedly do it all the time but what is his problem with it?He acts like its something sneaky and devious,I cant see why.
Whats the advantage?Youll start with a stack less than the average,ok less players in the running now but if its such a huge advantage then why isnt everyone at it?

I think there could be an advantage to it, particularly in tourneys with pretty aggressive structures. Especially rebuy/addon tourneys where it might be optimal to wait until the first break depending on the rebuy hour blind structure.

I did a real quick ICM analysis with 25 players for evaluating the late entry option. Without late entry, with the ICM assumption that all players are of equal capability, each player has a negative ROI, that due to the entry fee. I then had some players bust so that stack sizes increase for some remaining players and other players have decreased stacks. I then found for the particular case I assumed that a player entering late has a higher start ROI than if he entered at the beginning of the tournament. This is probably due to the fact that increasing tournament chips lose some value relative to prize $.

Of course, there are other considerations. With late entry, you are closer to the prize money but start with a stack less than the average. The model I have allows for varying player capability and maybe I will attempt to see how late entry value correlates with player ability. Should better players enter early to take the “easy money” or enter late to be closer to the prize money?

Interesting,yea so the advantage of having the extra chips of an average stack over the guy starting late doesnt make up for the fact that the guy starting late can never bust out early too i suppose.Although a pro should have on average a higher stack by the end of late reg though

good players prefer small ball poker to pickup early pots with their post flop skills and build a lead to abuse short stacks later.

You might rebuy as it can still be +EV, just not as much.

When a player busts from a tournament, they lose equity, but that equity doesn't just go to the player who gets their chips; everyone who hasn't busted gets at least a small bump in equity. Given a sufficient number of players going broke, those tiny slivers of tournament equity add up into something significant. 50K at level 12 has more tournament equity than 50K at level 1. It doesn't matter if that is a below average stack.