trip reports

Bright Days of Vegas, Part V

Midway through the week the cheerful Club de Soleil would add an extra guest, one not on ChipXtractor’s official docket. Both taller and bigger than you might suspect from his class-trip-to-AMNH-to-examine-the-lives-of-chips avatar, Fausto Valdez gives the first impression of a young man dressed as a hockey player, an impassioned American Gladiator fan, or a roller hockey villain. He seems to be all backpack, knee and elbow pads. His clippered, round head looks like it has experience slipping easily into a helmet. His trainers imply, appropriately enough, action. Here is someone who might break a lamp or knock a drink off a table if he moves too quickly, being unused to the domestic indoors and fragile things in general. That is appropriate enough, as well, as this dangerous Dominican dumpling is an impressive and ecstatic improviser at the poker table and seems to love, above all else, getting everyone, including himself, into trouble.

Chip would assign Fausto the stowaway bed in the living room after picking him up from the airport. Our spacious flat had room for all of us to be comfortable, and our housing arrangement would work very well. When we all went grocery shopping together, Fausto revealed his diet to be mostly large portions of fruit and Coronas – a tip for all you wanna-be loose-aggressives. As social maestro, it would only be later in the trip that Chip discovered the many joys of Uber (no one seemed eager to tell him), of which one meant that our host could stop shuttling everyone around. Alternatively, he could have investigated and recommended the leisurely walk from McCarran, but that would kill 99% of poker players, I suspect.

Like all aspirants to poker greatness, Fausto has gamble on his mind and in his bones. You can always tell these types from others because their happy place is to let it ride. Watching Fausto play made me forget, and then remember, how long he, you, or I have has been playing. We become artists of the cards after enough time and enough devotion, each in his or her unique way. At some point, those of us who have not been dumped out of poker, most kicking and screaming and lying to themselves on the way to the exit, have colors and strokes that we prefer, and we create a body of variations with them that become our style. Attaining this particular level of expertise usually takes a fairly significant amount of time. Fausto himself seems to be barely in his mid-twenties, but I can tell he’s has passed well beyond his novice phase, even if he plays at novice stakes.

fausto3Fausto’s particular poker palette draws on the combinatorics of aggression and exploitative aggression and other forms of aggression, including aggressive aggression and, as an alternative, aggressing aggressively. He will isolate and reisolate until, at last, he has all the chips or the leash snaps back and we hear a mentally painful yelp as his chip stack cracks and disburses across the table.

There’s a little Jenga mixed into Fausto’s poker game.

This style gives Fausto a strong table presence, placing him in the top percentile of Red Chippers and certainly all low stakes players. When all that is said and done, whatever and wherever poker takes Fausto, what you can count on him to do is let it ride.

That is, until The Soto, who he is clearly in thrall of, commands him to limp.

Heel, Fausto.

In fact, all of us will start limping, even before Fausto joined us. At the Golden Nugget, in June of 2016, at long last, here at its true heart, $1/2 with the tourists and leathery Vegasites, we broke poker.

The first gathering of the $5pkrclub had abandoned the Linq and its disappointing PLO game, taking the highway and watching the posh strip disappear for the earthier downtown of Vegas. For those of you who don’t know, real stuff happens here. There are municipal buildings, medical facilities, museums, and condos for people who don’t know what happens in a casino. Go further north and you will even begin to see the grimness of the urban American southwest and the trappings of this desert way station, encapsulated in the almost hard to believe Silver Nugget Casino, and more seriously, the Catholic Charities complex, surrounded by paper and human trash, where thin, hard men and women, often dark and migrant, the ones who found no easy answers in the roulette of the Vegas economy, congregate. They share the long stares of suffering and want.

Later on, when Gargamel showed up in Vegas, just before his manic twenty-four hour Adderall inspired poker marathon, I was visited by one of these ghosts of Vegas and her own stare. They always find me, as I look like no one in particular. After all, everyone claims to have met me before or seen me somewhere, even sharp ole’ Limon himself, who I have never played a hand with or been within miles of before the LATB trip.

While I was relaxing in a lounge with Gargamel, having a terrible drink but feeling good, a young, aging black woman in something of a hurry suddenly appeared beside me and asked me for a cigarette. I pulled it out but while she grabbed it she changed voice and became exceedingly urgent. She asked for a dollar. I will give her that, too, but I did not understand her urgency at first. I tried to light her cigarette but couldn’t get it going: she wouldn’t lean forward and I couldn’t get the flame to settle.

Meanwhile, she told me to hurry, and growing hysterical. I got the dollar out, which she pinched instantly while her eyes darted around us. I saw that despite being less than thirty, her skin was horrible and her eyes beyond tired. I was now irritated, but I didn’t have to tell her to go – she wanted to leave. Instead of thanking me, she told me how horrible I was. She repeated herself, and I assumed she was done, but her outrage at my behavior mounted. While Gargamel and I talked, she paused at the lounge entrance, and found her voice again. “It’s terrible how you treat me, just terrible. You’re awful.”

I had no idea what it is I had been supposed to do- I’m thinking now I’m supposed to be more respectful of her likelihood of being tossed from the casino- but clearly there was something afoot I was not aware of, possibly some standard of treatment she had fallen into, in a strange inversion. Unfortunately, there is no pity in the universe for us but what we give and earn. Human solidarity is natural – it is the first act of free men, who will always assume the best – and cannot be forced into systems or obeisance without becoming something else entirely – where they learn they must always assume the worst. She got my cigarette and my dollar but her strange attitude lost my sympathy until much later, finally looking back on the trip and Vegas itself. I’ve looked into the hellish places we can go to and know that the pitiless truth is that we earn all our pain. The nights are never be dark enough to cover up her unhappiness, and the days never bright enough to warm her. This I can understand.

lounge-woman3

Meanwhile, the helpful Nugget staff got the Red Chippers our own table, as they would every night we came, understanding customer service without being need to be told and without excuses. I bought in for my standard 300 bbs, the point at which actual poker can be played, as there is room for two raises on multiple street – the true non-numerical definition of deep stacks.

Soto, at first to my surprise, did not buy in deep, but I soon deduced an explanation. He was not here to crush his peeps and subscribers, but to play moderately, watch, be of use, and, most of all, relax. He was playing a fairly full tournament schedule and had no real interest in wearing himself out, even in a small cash game, or, really, by making anyone too unhappy. This was a reasonable and fair decision, and though he did sit so deep, later, at Live at the Bike, I think, even if he wasn’t doing it expressly, he was not going at full throttle with his students. There was a thread in RC that expressed some dismay at his profit level, but I think, among other things, this ignores a psychological, pedagogical, and sort of “on-display” undertone to the game and his approach to it. Yet he could not say this aloud, if you think about it. Nevertheless, stick Soto with Harry and Cyrus and Bearjew and Israeli Ron and I think we would have seen some of the pillage and wreckage that the ever-hungry peanut gallery always wants to see – and expects as a plebeian right. ‘Follow the meta’, those boys like to say: it can explain even things that seem to warrant no explanation or that no one thought to ask.

I had stepped back to table when we broke poker, for good and unknown to even some players at the table, having been smoking at the nearby bar, a desperate and Mississippi Grind sort of hole I kept going back to, satisfactorily. Soto made of those remarks which is supposed to sound cryptic but isn’t cryptic and so it sounds all the more cryptic and therefore is both cryptic and aggravating at once. “All this fastplay,” he said, undoing, in a word, years of poker training and expectation.

I’d always been on the trail of Soto’s game. It wasn’t he who first taught me the virtues of the PFR check raise. Gargamel and I, flummoxed by the incredible action of the Village, had to find, painfully, a way forward in six-way raised pots and four-way three bet pots on a regular basis. We could never protect our hand, and we would go broke with our PFR range too often. We discovered that balancing our flop range and trapping our opponents for bets accomplished what betting out, the standard TAG industry answer and the dull medicine lazily prescribed by the hacks at 2+2, was what we needed.

Soto had given me, through his hints and analysis, a more formal, academic way of looking at it, one that I could incorporate as part of a strategy, and not just be a handy tactic. As I reverse engineered his game, my work and reflection upon it led me to a great overthrow and refinement of my own.

So in a word, when Soto spoke about limping, I knew he was right. I felt it right in my gut, and was mad I hadn’t found the full logical conclusion of my own philosophy. But then, I’ve always been a bit of a fool, needing pain to enlighten me, alas, despite all my self-reflection. Life, even for the bright, perhaps especially for the bright, is best lived simply and without endless involutions.

That said, it was all little awkward that first night. The Red Chippers seemed to think in absolutes, so where they would have raised, now they’d limp – way too much, although it was natural, I suppose. They were, uh, fish crawling out of the ocean. I’d been experimenting with open limping for a year, but somehow one needs permission, sometimes, and as foolish as it sounds, from somewhere or someone, to take one’s game to the next logical conclusion. I limped a few times in profitable spots and punished their unbalanced limps with the same hands they were limping, which was right then, but would become an action that would become dangerous as they grasped some of the the nature of the strategy by the final night.

One of my limps yielded the most interesting hand of the first night, created strange action, and pushed Soto into an hour of raving, starting in the casino, on the rooftop parking spot overlooking the strange and neglected Plaza Hotel (home to downtown Vegas’ only bingo room) and then into the night drive home.

We’d been limping for a good half the night: The local regs were happy, they didn’t realize what was going on, not realizing they were still losing but in a different way. At the time it happened, I covered the table and had another solid win in front of me when found a limp myself with the 69cc, a fine hand for my purpose. I considered raising but the hand would play too well where it was. Further, and aggressive player in the blinds awaited me. While not Fausto in being subject to hair-trigger inducement, Skors could still find a reisolation over an almost dumbly obvious steal attempt, the ole’ button raise.

So when Jason did raise from the blinds, I was ready. Again, I considered the limp raise but two factors were against this. First, Jason likes to go to showdown, and secondly, my plan was to play in position with a limping range that should be perceived as fairly strong, once I flat the 8x iso.

I made the call, and we saw 6s3c2s. Skors began, from the big blind, with a check. Since he will be continuing with most of his range on this board, his check means, importantly, that he is not likely checking to fold. Therefore, even if I have a vulnerable hand, I should not be betting. I will face the check/raise fairly often, and although my hand can stand a bet, it does not want a check/raise. So by checking back, I accomplish several things at once. One, I play my hand in synchronicity with both our ranges, as range advantage is fairly neutral, and I do not have to create a dynamic that does not have to exist. Two, I defeat my opponent’s plan to check/raise. He now cannot protect his equity and I can improve to the winning hand, if I am not ahead. Three, I use position wisely, the real advantage of the button.

The turn brings the 5c, and at the same time, I can see Jason squirm in his seat. This hand and perhaps now, the runout, is not going his way. On 6325, range advantage has now tilted decidedly my way. He does not have many fours, and I have many. I have also picked up pat equity, and now this hand is going to be very hard for him to win over many reiterations. He is forced to check again, which is a good play, and now I bet pot to force out his equity, which must be considerable since he elected to the check the flop and not fire the one and done.

Now things get interesting. Jason raises my bet large, check raising me from 35 to over a hundred. He has about $150 or so remaining, more than enough to play for but only one real bet left. He is attempting to put me into a bad spot, but his line is not working on me. With the exception of a very unlikely suited ace-four and a few other ambitious squeezes, all of which he could have checked safely in the blind, the five should not have helped him.

Therefore, with my six no kicker, I have the best hand. I put all the dollars in, three betting the turn for protection and thin value. I expect him to fold, boxed in with a draw.

However, remember what I said about wanting to showdown? Skors now sits back in disappointment, looking up at the ceiling and the table in despair and confusion. He goes to his happy place fairly quickly, and sticks the money in. It’s not a generally profitable call with a draw, but in this case he’s very live, as he will show the KQss, giving him the flopped draw, missed check raise, and now desperation call off with one street to go, boxed in by my shove.

The river is the 9s.

That restrained look on Soto’s face, as if he wanted to talk but was forbidden, was put aside, when he saw KQss turned over. While at the Nugget, he looked, for the first time, shocked. All that intention to relax, to moderate, to offer a philosophical attention, to, above all, observe, left him after this showdown, because now he cared. From the moment we cashed out until he exited the car, Soto went over the strategy of the hand, the implications of the board, the tactics of the players, over and over again, finding different angles and working everyone’s understanding to the maximum.  I said I was glad the hand happened, because it was interesting and Jason learned something, but Soto cares so much about playing well that he strongly disagreed, incensed and only interested in excellent play.

This, in poker terms, is called having The Fire. He wasn’t even in the hand yet he cared more about it than its participants!

Jason left the car a little shaken, but having been given a free one-hour lesson, in addition to several of my stacks, would get over it.  In the end, I think I am right: it’s good that it happened. It was a worthy night and the hand was simply destiny given the dynamic we had created under Soto’s supervision. There is nothing you can truly do wrong at the poker table, until you quit, because every error is an opportunity to learn. I myself made the right decision, and every one that we make reinforces our game, just as Skors learned a great deal about using the board to excellent or detrimental effect. We are gamblers who aren’t here to gamble, but to try to make perfect choices in a game of imperfect information. We need these moments of clarity and conflict to throw light and contrast upon our strengths and weaknesses.

In fact, there would be more of these great hands, and with the dynamic and supercharged Fausto soon in the mix, a player who takes up two seats worth of play and action, I’d again get into key and meaningful pots, our handreading put to the test and stacks getting in for good and bad.

But for now… the surprising peace of the Vegas night.  The street lights flashed, the occasional vehicle hummed by. Chip and I enjoyed the cool air on the patio and finished more smoking. He had felt himself a step behind the table, and expressed the desire to play better and compete, foreshadowing his eventual entry into “Soto University.” (Morning classes unavailable.)

It was also the final night with the place to ourselves: the trip felt like it was moving on, for the first time. More Nugget action was ahead of us, but it was all too soon for Chip, already regretting the short length of his stay. At three a.m., he retired to sleep, needing strength for more poker, the coming Red Chip meetup, his Push-Up Challenge, and the long ride to Los Angeles where we would play for the public on Live at the Bike.

I stayed up, enjoying every last moment of the darkness, not wanting to sleep until just breaths from the dawn.

 

Coming soon: Fights with Fausto and Lessons in Tindering at the Red Chip Meet Up!

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The OOP Lexicon is a user-developed poker glossary.

Absolute Position
Being last to act (e.g. closest to the button) postflop.

Advancing Leverage
Aggressive actions intended to shift the leverage point closer to the current street.

Analog
A bluff or value hand which is a natural candidate for balancing another hand because of their shared qualities, such as AA and AK; usually helps planning range splitting and line construction.

Auto profit threshold (APT)
A bluff made with positive expectation resulting from the opponent under defending vis-a-vis bet sizing. The inverse of MDF.

Balance
Choosing to support either value bets or bluffs with their converse.

Bet
A bet is a proposition.  It’s the first offer on the pot with regard to the outcome of the game. Each player, in turn, has the opportunity to lay or change the price on the pot to the rest of the players. “The language of poker.” The bet, as opposed to the raise, is most often and most easily allied to the merged pricing construction.

Block
To remove combinations of hands from a range based on cards in your hand or on the board.

Blockers
Cards which influence our combinatorial assumptions. Ex: We face resistance on T76ss while we hold As7d. Both our cards act as blockers. Our ace of spades blocks (limits) a number of flush draws our opponent could hold, while our seven blocks a number of two pair and sets our opponent could hold. *See also Block and Unblock

Blocker Bet
A small bet made by an out-of-position player.

Board Texture
The available community cards and the set of conditions which inform its relationship to a logical range.

Bottom
The worst hands in a betting range.  Depending on context this could be the worst hand in a value bet range or the bluffing section of polarized range.

Bounded
A range descriptor indicating a range shape with a specific high or low boundary.  A range bounded high won't contain some number of the best linear hands ranked from the top down.  This is equivalent to a "capped" range.  A range bounded low won't contain some number of the worst linear hands ranked from the bottom up.  This is often useful to describe a range that doesn't include any air or very weak hands.

Capitalization
A strategic mode in which a player is attempting to deny their opponent(s) equity share of the pot through aggression. Often referred to as “denying equity” or “buying up equity”.

Capped
A range is capped when it represents little to no nutted combinations as confirmed by prior action.

Cbet
A continuation bet. A bet made by the player with initiative as a continuation of their initiative on a prior street.

Clarity
The ability to accurately range an opponent based on all available information at a decision point.  An understanding of your hands exact equity.

Closing Action
Acting last where no subsequent action is possible behind you.  For example calling a UTG raise in the BB or calling in position postflop with no players behind.

Cold Call/Cold Bet
An action is considered “cold” when it comes from a player entering into the pot has not previously put chips voluntarily in the pot. Ex: the UTG opens, the BTN 3bets. If the SB were to call or raise, it would be a cold-call or a cold-4bet.

Combinatorics
The branch of mathematics the deals with finite number sets. Used in poker in determining the amount of combinations of certain hands in a range.

Complete
When a blind that is not the biggest blind calls the amount of the biggest blind. Ex: At $2/$5, action folds around to the SB and the SB completes. Meaning they just call. The BB can complete when there is a straddle.

Condensed
A capped range that contains only middling value hands. A range without the polarized portion.

Construction
Logical advancement of combinations across streets.

Dark Side of the Deck
The large swath of hands, often off-suit, that fall outside of conventional playable recommendations. Counter-equity hands.

Dead Money
Money in the pot that is not being fought for.  A passive player creates dead money when they call a bet preflop and looking to play fit-or-fold postflop. Dead Money is often confused with the money in the pot.

Delayed Cbet
A cbet made on the turn by the preflop raiser when the flop checked through.

Delaying Leverage
Passive actions intended to maintain a likely late street leverage point, or possibly to avoid a leverage point entirely.

Deviation
A strategic break from one’s standard construction as an exploit of a particular player’s profile or construction.

Diminishing Medium Value Category
A Seidman concept in which when one’s middling value hand range is too small and transparent to our opponent and thus either that range should be shifted into the top of a polarized range or the nutted portion should be shifted into the medium value range. Ex: AQo or TT being 3bet preflop.

Downbet
A cbet that is less than the preflop raise. Ex: BTN opens to $25, we 3bet to $90 from the SB, BTN calls. On the flop we cbet $70.

Dry Board
A board texture that yields relatively few logical hands value. Often containing one medium or high card and disconnected low cards. Ex: Q53r, T622r.

Dual Mentalities
A Seidman concept in which when we decide to go postflop with a weak hand against a nutted range, we should either be looking to out flop it or steal the pot away. We base our decision against the player type we are up against and never go post with both mentalities at once.

Dynamic Board
A flop texture in which the runout is very likely to change the order of top ranking hands. Ex: 954tt, 742r.

Effective Stack
The smallest stack to VPIP in a given hand. Their stack decides the amount of money that can be played for or threatened before an all-in.

Effective nuts
A value hand that can be played for stacks as if it were the actual nuts.  This is a relative hand ranking based on range assumptions and opponent type.

Efficiency
A measure of how well the equity of a hand is deployed. Efficiency can also be used as a measure of what is risked vs what is gained for a given bet size.

Either/Or Philosophy
A Seidman concept in which a particular street can be a very good spot for value, meaning our opponent is never folding, or a very good spot to bluff, meaning our opponent is never calling, but that those spots cannot be concurrent.

Elasticity
Borrowed from economics, a measure of the sensitivity of a range or hand relative to the price offered.  Ranges (or hands) described as elastic will narrow, sometimes quickly, in response to increases in price.  Those described as inelastic will not.

Equity
The percent pot share of a holding or range on any given street if the hand were to go to showdown with no further betting action.

Equity Pusher
A analytic approach to the game in which a player views the correct actions only through the lens of their hands equity vs. their opponent’s range. Often this player type has a lack of understanding of overall strategy and plays their range face up with few bluffs.

Expected Value
The mathematical formula for how much a player’s action is expected to make with their hand vs. their opponent’s range. EV = ($towin * %ofwin) - ($tolose * %ofloss)

Face Up
A player is playing their range “face up” when their actions directly correspond with their desired outcome. Ex: A player bets half-pot three streets with a range that has no bluffs. A player 3bets to 7x with JJ.

False Polarization
Otherwise known as Faux-Po; a polarizing action taken with a merged range.

Felted
The result of losing your entire table stakes. All the way down to the felt.

Float
A call of a cbet with a weak holding with the likely intention of taking the pot away when the opponent shuts down. Often done by an in position preflop caller.

Formation
The convergence of positions, stack depths, and preceding actions at a given decision point.

G-Bucks
A mathematical formula developed by Phil Galfond for calculating the expected value of one’s range construction vs. an opponent’s holding.

GIGO
A computer programming term that means "garbage in, garbage out" which also applies to poker forums when a poster seeks an in-depth conversation about a hand, but fail to provide pertinent information such as stack sizes, bets sizes, table dynamics and player tendencies.

Game Theory
The applied science of combining mathematical models with logic to craft winning poker strategies.

Game Theory Optimal
A set of strategies is GTO if no player can unilaterally deviate and increase his average profit. ~ Will Tipton.  GTO does not mean best possible response, highest EV, or maximally exploitative play.

Implied Odds
Additional value likely to be accrued if you make your hand on a later street.

Initiative
Sometimes referred to as the betting lead, a common situation in which the passive player yields to the aggressive player postflop, or the last aggressor continues betting on subsequent streets.

Isolate
A bet or raise intended to force out the rest of the field in order to play heads up against a weaker opponent who has entered the pot through limping, raising, or posting the blinds.

LAG
Loose aggressive player type. Generally overused and inaccurate.

Lead
A bet made from out of position after a passive action. Often referred to as a donk bet on the flop.

Leveling
He knows that I know that he knows I know.

Leverage
A bet or raise that signals the hand will be played for stacks.  Within reason, it is accomplished by betting with a sizing that will create RSP equal to 1 on the following street.

LFI
Limp First In

Linear
A consecutive range of hands decreasing in strength from top to bottom; generally meaning value hands. Equivalent to "merged."

Lockdown Board
A board on which the nuts have often already been made.  More prevalent in PLO but sometimes useful in no-limit, for example on monotone flops and boards with available common straights e.g. JT9, T98, 987, etc.

Merge
1) A range of hands that includes both strong and medium value; 2) in reference to medium value; 3) the merged construction describes the natural representation of a wide range through a bet.

Mini Stop-N-Go
A Seidman concept, a line taken by a OOP PFR where flop is check/called and turn is lead.

Minimum Defense Frequency (MDF)
The necessary defending (calling/raising) frequency to prevent an opponent from auto-profiting.  The inverse of APT.

Natural Action
A check, bet, or raise which is exactly suited to a player's range and situation (e.g. a pfr's continuation bet on AK2r).

Nit
A player who will not put chips into the pot without a very strong and sometimes only nutted hand.

Nuts
The best possible hand.

Nuts-To-Air Ratio (NAR)
In a polarized betting line, the ratio of value to bluff.  As used by Seidman, not limited to polarization but sometimes used to label general opponent tendency of value to bluff.

OMC
Old Man Coffee. Typically an older, retired player that likes to play bingo with ATC, but will only continue with the nuts.

Open
The first voluntary action. The first action or bet to voluntarily enter the pot.

Overbet
A bet that is more than the size of the pot.

Perceived Range
Refers to the range of hands that your opponent thinks you could have in a certain playing situation. This can be interpreted and thus misinterpreted from your playing style and position at the table.

Polarized
A range consisting of very strong and very weak hands.

Post Oak Bluff
A small bluff on a late street that has little chance of winning the pot.  Generally interpreted as “gutless” in the past but now fulfilling certain functions as betting efficiencies are understood.

Positional Protection
When the strength of a range is perceived to be capped or uncapped based on which position an action is taken from.

Protected
When an action or player is perceived to have strong hands in its range.

Protection Bet
A wager which denies equity to hands which will only give action if they significantly improve; "a value bet which does not want a call."

Raise
The rejection of the offered price and the laying of a new higher price.  Raises represent a more narrow range of hands and trend towards polarization.

Range Advantage
Implementation or study tool that refers to 1) most basically, equity measurement of one range against another; 2) or also including a combination of further factors including availability of nutted hands, the nuances of the runout, and positional protection.

Range Manipulation
Deliberate line work/bet sizing made to narrow a range or keep a range wide.

Range Switch
A deliberate change in range composition made to thwart a player who is reading our range too accurately in any spot.  Reduces transparency, fights assumptions, and wins the leveling war if implemented correctly.

Ratio of Stack To Pot
RSP. The stack to pot ratio at any point in a hand, generally used post-flop as opposed to Stack to Pot Ratio.

Realization
Taking a hand to showdown and realizing its full equity.  Generally used with regard to passive actions.

Reciprocity
The mutual exchange of chips resulting from similar play and ideas.  Reciprocity is a common bi-product of group-think.  A true edge by definition cannot be reciprocal.

Relative Position
A player’s position measured against the aggressor's position.  Generally this is used going to the flop.  For example, if UTG raises and several players call behind, calling in the big blind would give you the best relative position.  You will act after seeing how the field responds to a likely continuation from the preflop aggressor.  In the same scenario calling immediately after the preflop aggressor results in the worst relative position.  You will have to act immediately after a continuation without seeing how the remaining players will respond.  Strong relative position confers an information edge.

Retention
The ability of hand to maintain equity across streets against a betting range or as part of a betting range.

Reverse Implied Odds (RIO)
Hands that often win small pots or lose large pots suffer from reverse implied odds.

Robustness
Popularized by Mathew Janda, a descriptor for how well a hand retains equity over streets of play.  Hands described as robust have equity that does not suffer as an opponent's range becomes stronger.  Often these hands are currently both strong and invulnerable, or have the ability to become very strong by the river, relative to the opponent's range.

Runout
Fourth and Fifth Street cards following a given flop texture.

Scale of Protection
Poker theorem which states that the more protected or strong an opponent's range is, the higher the degree of denial or retention a counter will require.

Sklansky Bucks
Dollars won (or lost) in expected value regardless of actual hand result.

Smurf
Any one of many possible poker archetypes found at low stakes games.

Squeeze
A reraise made after a player has raised and one or more players has called in-between.

Static Board
A flop texture in which the runout is unlikely to change the order of top ranking hands. Ex: AK7r, KK4r.

Stop-N-Go
A passive action followed by an aggressive action, out of position.  For example, a call followed by a lead on the next street.

Streets of Value
A crude shorthand measurement for how much betting a hand can tolerate and still be best at showdown more often than not.

TAG
Tight aggressive opponent type. Generally overused and misapplied.

TAG's Dilemma
The paradox created by having a top-heavy range played so aggressively that it misuses equity vis-à-vis position and holding.

The Great Range Fantasy
The common idea that we know our opponent’s range and frequencies precisely; most commonly seen in post-hoc analysis to justify microedge decisions.

Thin Value
A bet that is only slightly more likely to be called by worse than by better. Associated with the merged pricing construction and bet-fold lines.

Three Fundamentals
The most fundamental variables for decision making: position, stack size, and community cards.

Top
The best hands in a given range.

Two-Way Bet
A bet that expects calls from worse hands and incorrect folds at the same time, a simultaneous value bet and bluff line.

Upstuck
The psychological effect of feeling like you’re losing because your stack size isn’t as large as it once was during a session, even though it’s more than what you’re in the game for.

(e.g. You bought in for $100, ran it up $450, but now only have $175 in front of you.)

Unblock
A hand that has no negative card removal effects on the target range.  Bottom set, for example, unblocks top pair top kicker.

Uncapped
A range that is perceived to contain the nuts in any given line.  Capped ranges may become uncapped during transitions for example from preflop to flop, or flop to turn.

Unicorn
A turned nut straight after raising flop with a gutter.

Value Owning
Making value bets with a hand that has less than 50% equity when called.

Voluntarily Put Money In Pot (VPIP)
The frequency at which a player limps, calls, or raises preflop.

Volatile Board
A flop texture where equities will often shift on the turn and river.  See “dynamic”.

Warmer
An illusory cooler where one player makes a massive mistake equity mistake and loses his stack with a strong but second best hand; also known as a Jam Basket.

Wet Board
A board texture that allows for a lot of logical hands to continue. Often made up of medium rank connected cards. Ex: KT9tt, Tc8c6s-7c-Ac.

WIFSUWO
“Walk In, Fuck Shit Up, Walk Out” a hashtag used by instagram poker players.

Winning Player
A forum poster who offers reciprocal advice under the guise of questionable positive low stakes results. A weak player or fish, in general.

YMC
Young Man Coffee. Is very much an OMC, but younger.  They usually only continue with the nuts, often under the illusion of playing a GTO style.