Yesterday I played in a 290 person NLHE tournament on Party Poker. I made it to the final four tables before getting knocked out w ATs. This wouldn't be all that interesting except that twice before I have been in a nearly identical situation, and all three times I lost.
The first time was our 4th ever NL tournament. I made the final table and we had just eliminated the bubble man, which ensured that I would cash in. However, due to the steep payout structure, this wasn't much of an accomplishment yet. I had enough chips to last about 2 more orbits - maybe 15 hands and got ATs. I went all in thinking that there would be no better hands coming my way, got called by Planck with AK and lost.
The second time was our 6th ever NL tournament. We were down to 14 players and we were paying about 9 or so. Again, I could have folded and seen around 15 more hands, but I went for it. I lost.
So yesterday, it comes up again and I figured that it has to work out one of these days. It didn't. I was in the BB ($600) with a stack (exclusive of the BB) of $1,500 and two other players were already all-in. Of course calling w AT is much worse than betting with it, but I didn't think I could get a better opportuinity after this one.
Once in a tournament Scotland, I folded and folded and folded evertyhing but a premuim hand. When I finally got AA, I couldn't even call the full value of the BB. (incidently, I lost the hand). I swore I would never again fold to the point that my stack was so anemic.
But AT really sucks to call 3-way action. John may have folded. Junell would have definitely called. I think I did this right, but I have been pondering it for the past 24 hours. If I had folded, then I would have needed to successfuly win (via bluff or a good hand) one of the next 10 hands. After 10 more hands of folding, I would have $600 and after 11 hands $300. So, desparation was at the heart of my decision. It seems to me to be an easy decision to call, but seeing as how that call has never worked for me, I wanted to solicit your thoughts.
Random thoughts from a lawyer, an accountant, a commodities trader, an ex-Marine and a WSOP Main Event money finisher that don't know as much as they wish they did...