When I spent the summers of 2005 and 2006 in Las Vegas covering the World Series of Poker, my favorite part of the festivities was when the Main Event was on the bubble. Standing next to a couple tables while the play is hand-for-hand and everyone is waiting to hear a dealer yell, “Seat open!” is fantastic. And it is incredibly easy to spot the amateurs – they are the ones steeped in tension, just hoping to make the money (not that I wouldn’t feel that way).  One of the most common lines I heard uttered by players, almost exclusively amateurs, was, “I’m folding everything until I make the money. Even pocket Aces.” Most people who say this are not serious, but every year, without fail, I hear about someone who actually did fold Aces pre-flop and showed them to the table to prove it. The question that inevitably comes up after something like this is, “Is it ever reasonable to fold pocket Aces pre-flop?” In short: yes. But first, let’s examine the World Series of Poker bubble example. I am not rich by any means. If I made the money in the Main Event, the $10,000+ (or $20,000, had I qualified via ...