Here's my take on rebuys with the caveat that I don't profess to be a rebuy expert.
1) Most people advocate playing a hyper-aggressive style since you can rebuy, with the idea that you can build a huge stack if the cards go your way; I've had better success in small buy-in rebuys (<$10) staying tight and waiting to mix it up with QQ or better vs. the 2-3 all-ins; if everyone's pushing chips around like drunken sailors I like to sit back, wait for a premium hand and push. AA, KK...no need to massage the pot...people assume you're pushing with marginal hands...77, ATo, etc. In my experience, you'll get callers. I should note, though, that I will call multiple pushers with suited connectors moreso than I will in freezeouts. Guys push Ax in rebuy tournaments and in a hand like A8 v AJo v 77 v T9s, the T9s is a pre-flop favorite (33%) because the A8 hand is badly dominated (it's 11% to win overall).
2) If you bust, rebuy. I find that the quality of play in rebuys is somewhat worse than I find in freeze-out tournaments. To me this translates into additional EV+, that is, I think there's more dead money. Better yet, the dead money gets to add even more dead money to the prize pool when they do something stupid, like push with Ax when they're dominated. I'm a buyer in that scenario.
3) In the add-on period, add-on. Many times the "add-on" represents good chip value (more chips for the original buy-in). There are quant jocks that can make the pro/con case accurately, but intuitively, I like to have as much ammo as possible once the rebuy/add-on period ends;
4) After the rebuy/add-on period ends, I play disciplined but aggressive poker. I find guys are still pretty loose post add-on. Fortunately, I'm not adjusting that much from how I played during the rebuy period. Other guys, though, sometimes have trouble pulling up. For example, immediately after the rebuy period, I'm a caller of an early position push and subsequent call by another player if I'm holding JJ; it's just too likely that my opponents could be both holding Ax (I'm 45% to win against AQ and AK) or Ax and a smaller pair (again, I'm 45% or so vs. AK and 99). In other tournaments, I'd probably muck it depending on how deep my stack was.
One last thought on rebuys. I think they're a great opportunity for guys on a budget to reach a big payday for a small investment. I've won a rebuy tournament making only the original buy-in and one add-on and I know from the prize pool and entrant count that each entrant put in an average of 3 buy-ins. I'm a big fan of paying only 67% of what other guys do for the same shot at reward. Put differently, if everyone else is paying 2 grand for a flatscreen TV and I get the same one for $1300, I'm waiting at the door when the store opens.
Hope this helps.
K
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