Variance in poker, and especially in poker tournaments, can be maddening. This episode investigates the effects of variance in tournaments (where variance is insane) and cash games (where it can be milder). Your correspondent also reviews a recent $5/$10/$20 No-Limit Hold-Em cash game session.

0:00 Introduction
0:40 Jonathan Duhamel vs. Matt Affleck
7:53 Variance in tournaments
9:50 Tournament economics
13:30 Markup
16:55 Tournament delusion
20:34 Session review: $5/$10/$20 NLH
32:10 Variance in cash games