Quote:
2nd place is just as much of a feeling of losing the difference between 1st and 2nd as it is winning 2nd place money
This. (more or less)
Emotionally, it just fu**ing sucks at the time. You were so close to winning, and it just gets taken away with a bad flop.
Even rationally: If you play a single tournament, yes a cash is generally (but not always) better than you're EV at the start of the tournament, and if you earn more than your EV, you got lucky.
However, if you play a lot of tournaments, so much of your annual income comes from 1-3rd place finishes, that a cash for 10 buyins really represents a missed chance at a rare 1-3rd place finish rather than a decent score.
Then again, despite having well over 2mil in live tourney cashes, I still have no idea what it feels like to cash for over 500k.