Annie Duke... And Won Millions

[npc]

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Your chip may say $20, and there might be $100 in the pot, but the pot is giving you better than 5-to-1 odds because you have so many chips to play.


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You're correct in that this advice is messed up. Sure, the $20 it takes to call is worth less than $20 because of your big stack, but the $100 in the pot is also worth less than $100 to you if you win it, so the pot odds are still about 5 to 1.

In a tournament, each chip in your stack is always worth more to you than the corresponding chip in the pot. Unless you're in or very close to the money, this factor almost never comes into play, but generally this is a reason to marginally prefer draws in cash games than in the same situations in a tournament.