Hello, investors!

A couple of you had questions about my short time in the Bounty and have asked for key hand histories. I reconstructed these within an hour after the tournament, so they're not quite at the level of keeping notes at the time. However, I think they're pretty accurate:

I started with 60bb--12k--at 100-200-25, with about 12 minutes left in a 30-minute level (the absolutely last moment I would have entered the event. There were 18 minutes left when I went to the registration desk, but 12 minutes by the time I was actually sitting down.). At that point, the event had exceeded its 100k guarantee--it was about $106k--and with registration open for several more levels, and one re-entry allowed, it seemed likely to grow further. Of course, as one investor has pointed out, some of that prize pool was already taken in the form of bounties that had already been earned.

The first key hand I had close to starting stack, although I had paid the blinds and some antes, so maybe something like 11,600. I raised 500 with KhQh from the lowjack 8-handed. An older man made it 2500 from the small blind. I had seen him open very large--6x or more. I called.

The flop was Ah6h5x. He checked to me. I checked back. The turn and river were both low cards that weren't hearts. I checked the turn and folded to a 40% pot bet on the river.

I've thought a lot about why I didn't bet the flop and turn when checked to me. His most likely hands seemed Ak, Aq (which I partially blocked), Aj (less likely), KK (which I blocked more), QQ (ditto), and JJ. I would certainly have called a bet, but I was concerned that if he had an ace, he might have made a huge check-raise, and with only 9 outs, I might not be able to call. For an all-in, I prefer being the aggressor with that hand, but I hate betting it smaller and being either called or shoved on.

In retrospect, I probably should have bet the flop and turn--betting the turn and river were also possibilities. I do think it would have taken two bets to get him off a big hand, and with the two hearts out there, he might not have folded before the river. I also think there were lots of aces in his range, although him not betting the turn makes an ace less likely. I had seen a lot of trappy play of that kind from players in the $570, though, especially older local players, which he seemed to be.

At any rate, I was down from 11,600 to 9,100 after that hand. I won a few small pots, and lost some small pots that I called from the big blind.

Eventually, the blinds went up to 150-300-50. I was in the BB with 8K behind and Ac9c. A new player limped utg (we were now 9-handed), and 4 people called. I have seen lots of players trap with UTG limps, so I just checked. There was 2250 in the pot (6 blinds + 450 in antes).

The flop came AhQx7x. It was checked around. The turn was 5h. I bet 1100. The UTG limper folded, the first caller called, and everyone else folded. (I was the effective stack.) The river was a 7h. I checked, and the caller--a guy in his 30s who seemed like a standard, decent player--bet 3100. I had seen him make a similar bet in a pot with me where we were chopping (not a similar spot--not a limped pot, not MW--so a similar bet, but not exactly a similar spot). However, it seemed like a spot where someone would bet an ace hoping to take away a chopped pot, and it also seemed like a spot where someone could easily bluff when checked to. I called. In retrospect, probably a debatable call overly influenced by our previous history in a chopped pot. (He had Qh4h.)

Now I had about 4k, which eventually dwindled to 3100. I had A2hh in the HJ, it was folded to me, and following the push-fold chart, I shoved. I was called by JTo on the button (actually, he shoved) and lost.

I'm sorry not to bring you better news, and look forward to our remaining events in the coming week! Thanks again for your investment.

Following the HH -- How many hands total/orbits were you in the bounty tourney and how much longer were the blinds at 150/300? I have no real sense of how fast they deal at SHRPO/how quickly the pace of play would be in a tourney like this.

Jordan, not sure exactly what you're asking. 30 minute levels go fast, but SHRPO dealers are very fast, and at my particular table there wasn't a lot of tanking or complicated hands, so the pace went quickly. I don't know how many total orbits I was in the tourney--I only know how many bb I had when I entered, for about 12 or 13 minutes of a 30-minute level. I have no idea how many total orbits I played--no one has ever asked me that before!

Gg Rachel! You'll getem next time!

Your play is reasonable on the first hand. I think the EVs of betting and checking on flop and/or turn are probably close but with a little bit of showdown value and a draw to the nuts that can't call a check raise I think I prefer your line.

On the second hand I might not even bet the turn in a 6 way pot (although the EVs of betting and checking are again probably close). I think check folding is best. If you had the 9h in your hand to block a couple of flushes, I'd be happier bluff catching. You both (should) have pretty strong ranges that include tons of flushes and full houses so you don't need to be calling with this hand.

GL for the rest of the series!

It's really tough once below 20BBs in a bounty because you'll have really distorted fold equity and will get looked up really light (though this makes it easier to double, you're not going to get anything through light).

Carlos -- Should that factor into the turn/river lines on the second hand?

Any arguments in favor of shoving from the BB after all of the limpers or leading the flop for ~ 2/3pot? We're fairly disguised post-flop, and anyone with a stronger ace is probably putting in a raise pre to clear out limpers or take it down pre (aside from trappy UTG).

Agree I like how the first hand was played, though it's a really chunky pot given how much he bloated it pre OOP.

Thanks for your comments, Jordan! FWIW, I had 8k behind in the second pot (not counting the BB), which is 27bb. Agreed about getting looked up light--e.g., JTo in the button when I did shove! However, I didn't want to wait too long to shove for that reason--so A2s from the HJ seemed like my best shot.

Re: the second hand, I really don't like a preflop shove vs. a potentially trappy UTG limp (she was a brand-new player who had just sat down the hand before, with a stack of maybe 50bb). I would have done it with AJo, obviously, and probably also with ATs ...but I think A9s doesn't have nearly enough equity against most of what I get called with. I'm only really happy about seeing 88 or 77 there...just about the rest of her limp-calling range has me crushed, if she IS trapping. I agree I have a lot of FE vs. everyone but the UTG limper, and, as it turned out, I WOULD have had it against her unless she had a very weird way of playing KK or JJ! But at 27bb, I opted to play it safe--at 20bb, i would have shoved, for sure.

Nor do I like the flop lead because I think in a limped pot there are wacky 2 pair hands (including AQ, which many are afraid to 3bet with and therefore might just call vs an UTG limper; A7o, Q7s, maybe Q7o in LP)...as well as lots of 2nd and 3rd pairs , all of whom may call. Since *I* didn't raise pre, I obviously don't have a big ace, so while my hand is disguised, it's not strong enough on that board to scare off all the other limpers--e.g., my opponent would almost certainly have called on the flop with his queen and backdoor flush (unless maybe I made a pot-sized bet, but that's 1/4 of my stack, so that's going to be hard to fold to a shove--yet any shove almost certainly beats me on the flop).

All of this is a strong argument for betting out with a big hand (better than one pair) on the flop, and I would obviously have been thrilled to check-shove a draw (especially a draw to the nuts and/or one with a little extra equity), but that UTG limper is also a factor in not betting the flop. If she limped with a big hand hoping for a raise, betting into her is deadly. If she has KK (or, weirdly, JJ or KQs, or something like that--a hand she wants to play but not call a 3b with pre), she'll probably call the flop, but she'll also call with AA, AK, AQ, or QQ (why else would she trap pre if she didn't want to trap post?)--and then what do I do OOP on the turn? She can bluff me all day long, and she can also get me to pay her off all day long....

I still feel torn about the turn bet (which Carlos speculates may be equal EV to a check), because I can increase my stack by 25%, which for all the reasons you say, Jordan, is worth a lot. However, in a 6-way pot, I think it's nearly impossible to get through without at least one caller, especially after the flop was checked, which I'm guessing is why Carlos prefers a check-fold (and why I probably should have, especially given how much more precious stack size is in a bounty).

I think if I don't bet the turn I MIGHT be able to call a turn bet, depending on size, because of the heart draw...but then I'm OOP and anyone can bluff the flush if a heart comes in. And if a heart doesn't come in, I might still be paying off a two-pair hand or a set, since there are so many more 2-pair hands than usual (Q7s, Q5s, 57o, and all the suited aces).

I do hate to publicly admit an error! But I think folding the river is correct unless I have a heart, as Carlos says, and maybe not even then. Maybe I can call a much smaller bet. But that's the problem with being OOP in a 6way pot--especially a LIMPED pot with wide ranges--which is the argument for not having gotten involved on the turn.

Going back to Carlos's range analysis, I probably should say that there are tons of hands in my range that are better than a weak one-pair hand with which to bet and/or call the flop, turn, and/or river--all the two-pair hands (on the flop/turn), all the heart draws (on the turn), 77, 55, 57, Q7, A7. With all those hands in my range, I shouldn't be getting involved with weak one-pair hands (although that 25% of stack is pretty compelling!!!!!!....and it's also why it was so hard to fold the river.

You can make the argument that if I bet the turn and then fold the river, I'm pretty exploitable to being bluffed whenever a heart comes or the board pairs. I think that's true--and another reason for not betting the turn, given the range analysis: both of us should have stronger ranges than I was assuming (I was just thinking about maybe being good on the turn instead of taking all our ranges into account). Therefore, a weak one-pair hand shouldn't get involved, period, on either street (because having bet the turn, it's REALLY hard not to call the river, and I can be exploited by anyone who knows anything!).

I don't think the fact that it is a bounty really influences the turn or river in the 2nd hand because you are not likely to be playing for stacks.

It might make us more likely to shove preflop for value because we could get called by worse suited connectors or aces hoping to collect our bounty

Thanks so much, Carlos!

Do you like an 8k/27bb shove there to win 2100? I like it at 20bb/6k but 8k seemed too big for such a marginal hand. Hard to imagine getting called with worse for that much...or am I missing something?