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Alright. I get that we don't want to simply raise to 4 bb or something here, because when we get squeezed we probably have to fold and have thus lost more than we would have with a limp, not to mention that if we get called we are in no-man's land on the flop when we don't trip up and now have a much larger pot to deal with.
I also get that we're not too worried about the CO given he's just limping in late position, and has VPIP 3 of 15 times without raising.
I also get that we're late in the tournament and have an M of 7.6, and our push-fold charts are probably telling us to put it in (correct if wrong / doesn't apply / whatev).
So, all that being said. Can we not fold here?
A few things:
I don't get how CO gets by playing as passively as he is, and making it to the final 14 in a 50-FO is not particularly easy. Sure he could be a donk who can afford to piss away money on poker tournaments, and this could be the one time he lucks out and makes it really far in one. Or he may be a micro-stakes player who won a token or something, whatever.
Can we really be that certain about the quality or style of play of the CO based on this 15-hand sample...? I mean, I'm sure we've all gone 27/0 over 15 hands many times over before, so it's not unlikely that this stat is not representative of his actual long term play.
His M is lower than yours - 6.23 if I still know how to work a calculator these days - so where is the argument for a limp on his part? Why limp when you're going to get shoved behind so often at this stage of a tournament? Can he not be doing this with a real hand - maybe making a bad, or overly sneaky play? If he wakes up with QQ+ here what does he do?
Anyhow. I assume by the wording of your OP that the CO was, as suspected, a nonfactor, and I'm probably just reading into this too much. I should mention that I found myself in a very, very similar situation recently - late in a FO, ~20 or so left, woke up with a small PP in late position, and CO limps in. I jammed, fold fold, he flips KK.
So, forgive me if I've engaged in a little Gambler's Fallacy - but I was wondering if a fold would be justifiable in this spot.
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