[Small Fry]

It doesn't effect the EV of the position but it does effect his return on investment. His net gain. It's similiar to a rebuy tournament, (except there is no increase in prize money). If I rebuy into a tournament x number of times to recover my investment I need to win x amount. Or can I just base my winnings off of the initial buy in? So its a $20 buy in with unlimited rebuys. I buy in 5 times for $100 total. I finish in 4th which pays $100. Did I win anything? I can't just count the initial buy in and say I netted $80. Same situation here. He initially paid $500 and then rebought in for $700. THe EV of the seat is still $1000 but he's got $1200 invested. A second place finsh results in a net loss of $200. If he sells half for $350 he can then come in second and have a net positive as his investment will be $850. So by giving up $500 of second place money he turns a $200 loss into a $150 gain. It's a no brainer for him to sell in this situation.