Short stacking in NLH and bonuses
I have done a fair bit of reading around about short stack strategy.
By far the majority view seems to be that short stacking is a bad strategy. I think this is wrong, and the reason is a factor that is not considered in many of these discussions: bonuses.
In many poker rooms, earning points towards bonuses requires a minimum rake. This makes many micro stake tables very slow going in terms of earning bonuses - the only way to earn a bonus at a decent rate is to play at a higher level (e.g $25 or $50 NLH). But it would be suicide to play those tables for a full buyin if your bankroll is small (say a few hundred). The solution is to short stack and play tight.
If you choose the right tables in the right poker rooms, can even cover your blinds with the bonus. This is the perfect situation, since you are seeing cards for free - you can play as tight as you like and be virtually guaranteed a positive return.
I have read opinions that short stacking does not really reduce variance since you are forced to go all-in more often on a coin flip. This is not borne out by my experience, but I would be interested in other people's views. On the whole I would much rather be all-in as a 60-40 favourite with 5% of my bankroll than with 50% of my bankroll as a 70-30 favourite
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