How many poker buy-ins lost is an EXTREME downswing?

Phil Galfond explains what he thinks an extreme poker downswing would be playing online PLO, while playing $1/$2 PLO and navigating a tricky PLO spot with what looks like a double gutter... but isn’t.

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In this $1/$2 Pot-Limit Omaha hand, Galfond flops what appears to be a double gutshot is really a single line to the jack, but he still sees potential to bet and apply pressure. Meanwhile, he answers a viewer’s question about what counts as an extreme downswing in online PLO. It's a subtle spot, but a revealing one: especially for players who misread their own draws.

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