Stack size theory (cash games)

[pzhon]

You seem to be ignoring the symmetry of the situation. When you have a small stack, you force everyone to play shallow-stack poker with you. Anyone who doesn't gives you chips, but a big stack who plays shallow-stack poker is vulnerable to the other big stacks.

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Small stacks can not effectively bluff/semi-bluff to take down pots on the flop or turn because a small stack carries no threat of a caller having to call a much larger bet on the next round. Thus they actually have to make the best hand in order to win;

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Big stacks cannot effectively bluff/semibluff against small stacks.

MP (big stack) open raises with AQ.
SB (big stack) calls with QQ. A smaller stack could reraise all-in, but it is unwise to reopen the betting against a big stack while out of position and only a slight favorite over MP's range of hands.
BB (small stack) calls with JJ.

Flop: KT9r.
Check, check, AQ makes a pot-sized bet.
QQ folds in fear of further bets which will come if QQ is beat, JJ calls all-in because he could be best, and could have 6 outs if not. In this case, AQ ends up with 6 outs after pushing out the best hand.

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Small stacks who get an excellent flop cannot bet enough to protect their hands from the weakest draws;

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Big stacks who get an excellent flop cannot bet enough to protect their hands from small stacks with the weakest draws. Meanwhile, someone with a stronger draw but a deep stack may get knocked out, giving the small stack more outs, or even the best made hand.

Many people are prejudiced against small stacks because bad players often buy in short. However, buying in short does not force you to play poorly. It gives you an advantage.