Where ICM is lacking?

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The whole point of ICM is that it calculates the effect of a short term play on your long term profit. Thus, following ICM cannot be short sighted.

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ICM models equity in tournaments according to current chip stacks. While it has shown to be close in most situations, ICM does not perfectly model your equity.

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Agreed, ignoring the real-world corrections I addressed in another post for the moment, ICM undervalues big stacks slightly (steal equity) and overvalues micro-stacks slightly (loss of fold equity).