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I think you two have nailed it – the point about villain having to show down vs the SB shover makes a huge difference to how often they can be bluffing, and since they are choosing to minimize their own fold equity that often correlates to top-of-range value. I could also see them playing 65s this way but it’s getting a little short preflop to be calling that with a shove stack in the blinds. @ARW good to see you again!
