Re: Party 2-4
Okay, here's my thinking Jon:
First: everything is situational. Dead cards are obviously huge. As for position --
Four folds to you with split Ts and no overcards (or one) behind -- raise.
Three limps to you, same situation, now i limp. Why? Two reasons:
First the pot equity I capture by forcing worse hands to fold behind me is less, since the pot is smaller than it would be in the same situation in an overante game like 3-6.
Second, and much more important, while you are absolutely correct that I often have a decent pot equity edge against the limpers, by building up the pot early I'm capturing an extra $1 of pot equity, but I'm also building a larger pot that makes folding fourth much harder and threatens to tie me on for the big bet streets, too.
Stud is less straightforward than he about these situations -- it's really variable. I think what I've really found so far is that players make so many more calling than folding errors in this game and the ante is small to start, that the big money seems to be made more by getting called on the later streets when you hit a hand -- hence my desire to play a bit looser.
Again, though, it's all situational. I haven't seen a lot of completing in the games I've played. If I do, I'd have to adjust. The raise that is devastating in that game is when you complete to $2 with those split Ts and now an overcard makes it $4 -- actually that's another factor in my thinking about limping more.
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