“… pros were more likely to ride a wave of irrational exuberance than to fight it. One reason is that it is risky to be a contrarian. ‘Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally’” – Richard Thaler in Misbehaving

At the root level, fantasy baseball is about acquiring more undervalued assists than your opponents. Everyone wants a first-round talent for a last round price (e.g. Aaron Judge). With teams clamoring to acquire every advantage, they are insistent on wasting away an early draft advantage. In early 2018 drafts I’ve participated in, an early emphasis on middle infielders is inflating their value way beyond their projected production. Is the observation wrong? If so why? If not, how can an owner take advantage of this mispricing?

Note: For this article, I will lump second basemen and shortstops together into one middle infield position. Neither position has more talent than the other and the bottom players will be used to fill a middle infield position.

For those who have recently created mixed-league valuations, positional scarcity doesn’t exist besides with catcher. I use the method outlined in Larry Schechter’s book, Winning Fantasy Baseball to determine my values. I’m not going to go into the process’s exact details but it’s the standard procedure used by fantasy experts to prep for auctions. Even a couple years ago a small amount of positional scarcity existed but a huge influx of good middle infielders has raised the group’s overall talent level up to the other positions.

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A month ago, I compared “name-brand” and “generic-brand” players using blind résumés, an exercise we’ve reiterated across several authors and years at RotoGraphs. A few years ago, you’d never find me in a mock draft, let alone several in one preseason. (More a matter of blocking out three hours on a whim, but also I probably (very foolishly) thought I didn’t need to partake in such trivialities.)

I’m super, super into the whole slow draft mock thing, though; I’ve completed a few this preseason, and I think they have already helped me understand the kinds of market inefficiencies (i.e., differences between perceived and actual values) that will arise on draft day. One of the easiest ways to identify said inefficiencies is to compare similarly skilled players, then assess their other pros and cons — the intangibles, if you will, such as health and age — to determine who’s the better value.

Here are a couple more pairings:

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Jonathan Villar burst onto the scene in 2016 with 19 HR and 62 steals. He was going 19th overall in 2017 NFBC drafts and was a huge disappointment when he hit posted a .293 OBP, 11 HR, and 23 SB. With 2018 drafts starting, I’ve seen his ADP (200) way below where he should go using his Steamer projection (~118). The disconnect is understandable but not to the current level. Opportunity exists for huge upside.

Just for reference, here are Villar’s basic stats from the past four seasons and his 2018 Steamer projection.

Of all the values which changed his value from 2016 to 2017 was the 76-percentage point drop in OBP. Less times on base meant fewer steals and runs scored. An OBP under .300 is kill for any hitter.

Besides the scoreboard stats, here are his 2nd order stats over the same time frame.

His plate discipline is the biggest discrepancy over the past two season seasons with his K%-BB% jumping from 14% to 23%. Even though he maintained similar power and groundball rates, the overall decline in contact rate while swinging more did him in.
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The projection systems love Miguel Cabrera. To them, he’s a hitter who performed decent in the first half and struggled in the second half. The projections don’t know that he has two herniated discs in his back. Because of the injury, his wOBA dropped from .339 in the first half to .274 in the 2nd half. Using projections, he’s the 54th highest ranked player but owners have pushed his ADP closer to 100th. It’s time to determine why the disconnect.

It was definitely a tale of two halves for Cabrera.

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About a week ago, I compared rankings with some actual ADP. One player which stood out was Rougned Odor. He ranked 47th overall (AVG vs OBP league) and it’s tough to rank a person so high who hit only .204 last season. Steamer projections currently have him back up to a .255 AVG. Acceptable but not great.

Additionally, Odor comes to the plate hacking and rarely walks (4.2% for his career) so almost all of his value comes from his BABIP. If his batted balls don’t fall for hits, he’s not getting on base. Since his value is so BABIP driven, I decided to see what the BABIP bounce-back chances were for low-walk hitters.

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In my last article, I examined the potential value differences between the top-50 rank players and their average draft position (ADP). Today, I will examine the next 50. While the first list contained quite a few players moving up, today’s list is a little more balanced with over and undervalued players.

One of the biggest takeaways from the first article was the extra replacement value catchers receive in a 2-catcher format. To simply explain the idea, I will turn to Joe Bryant who goes through a fitting example but with football.

The league’s bottom catchers are so bad so any catcher who can hit has good value. Evan Gattis being ranked #17 got most of the scrutiny in the rankings. As was pointed out, the projection may be high on the plate appearances but the process was still sound. Here is how Gattis compares to the last catcher ranked (Yan Gomes) and Francisco Lindor compared with the last middle infielder (Kolten Wong).

Yan Gomes is such a sink, especially with a total of 55 Runs+RBIs. It’s imperative to understand and value catchers correctly for each league formats. It’s a potentially huge advantage for those owners who spend the time. Read the rest of this entry »

“Long ago, Ben Graham taught me that ‘Price is what you pay; value is what you get.’ Whether we’re talking about socks or stocks,

… or fantasy baseball players

I like buying quality merchandise when it is marked down.” –Warren Buffett

Collecting as much value (talented players) from as little possible resources (draft picks or auction dollars) is the key to starting off a winning fantasy season. From now until each draft, owners should be trying to calculate player values and the possible range of outcomes. With these value ranges in mind, owners can use their draft resources to get the best deals. It’s time to start finding those deals.

To find the bargains, player values first need to be calculated. To create the values, I will use the average final standings from the 32 leagues in the 2017 NFBC Main Event (15 team, 5×5 roto with AVG).

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I had participated in a too-early industry mock draft that ended a couple of weeks ago. Then I attended First Pitch Arizona (FPAZ), which I reviewed and at which I participated in another arguably too-early draft. This post is about that latter draft. Sorry for all the reviews lately.

The draft, which took place live at FPAZ, is hosted by the National Fantasy Baseball Championship (NFBC). It’s a 15-team league, but instead of being a standard 30-round draft (seven bench players) with in-season transactions, it’s a 50-round draft-and-hold with no transactions (don’t worry, this only covers the first 23 rounds). I won’t say it completely changes the dynamic, but it does, or at least should, dramatically alter the plans of owners who take a lot of risks and plan to hedge them using their free agent acquisition budgets (FAABs).

What’s worse is I had, and still have, done virtually zero planning for the 2018 season. Accordingly, I relied on a strategy I outlined in the previously hyperlinked too-early mock draft review. I’m a risk-averse guy, so I typically draft player who are boring — boring because they’re old and/or you know what you’re getting. Low variance, things of that nature. This strategy inadvertently exacerbated this tendency of mine in these drafts, and the draft-and-hold nature of this league further compounded it. Without looking, the average age of my team must be, like, 33 years old.

But I like it. It’s so unsexy, so unapologetically (actually, very apologetically) boring that it’s almost not worth review. Except when I talk about boring, unsexy teams, I hear from guys like Jeff Zimmerman, Mike Gianella and so on — guys in the industry expert leagues such as Tout Wars and LABR — who say this is their jam, and that’s reassuring.

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The Auction Calculator is now loaded with the 2017 end-of-season data along with some 2018 projections. I’m sure the preceding comment will be sufficient to keep many readers busy for a while. I’m glad some came back. While its output can lead down several different discussion paths, I’m going to analyze what I consider to be the third starting pitcher tier. I feel many 2018 leagues will be won or lost by navigating this minefield.

So far this offseason, fantasy owners have placed four starters (Kluber, Kershaw, Sale, and Scherzer) in the top tier, After those four, I believe there are a dozen or so pitchers who would make acceptable aces, especially if they can be doubled up with another pitcher from this tier.

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Fantasy owners participate in mock drafts to practice for their actual league drafts. Without the internet, neither mock drafts nor average draft position (ADP) data would be possible or available to us. The union of the two allow owners to understand approximately when they can expect players they plan to target and devise an appropriate plan of action.

What ensues when you draft for the next baseball season before the current season has ended and without ADP data and having not refined/run your 2018 projections yet? Chaos, namely. For the second year, the Honourable Justin Mason organized the Too-Early (#2early) mock drafts for me and a few dozen other analysts, the final ADP “data” (in air quotes, because a sample size of four drafts is not particularly strong data, and, as aforementioned, it is way too early to be mock-drafting) for which can be found here.

I drafted out of the 11th spot (of 15) in draft #4. I made a concerted effort to draft a good team, but I also deliberately avoided certain players just to see where other owners would draft them. (Had I drafted these players for my team, I would have a weaker understanding of how other owners valued them.) The lack of ADP data made it incredibly difficult to implement this plan. In a nutshell, my plan consisted of drafting the best player with a track record still available on the draft board (mind-blowing, I know), with a strong preference for hitting. There’s an objective basis to this that, rather than trying to explain, I’ll let reveal and define itself as I go. This plan served me admirably in all rounds of the draft.

Here’s my team, by round. “Rk” indicates a player’s draft rank within his assigned position. Columns labeled “All” and “Pos” depict players’ end-of-season values overall and by position, respectively, each of the last four years. These ranks come courtesy of Rudy Gamble, who concocts them for Razzball. If you’re concerned that these might somehow be inferior to ESPN’s Player Rater, know that Rudy won this year’s Tout Wars Mixed by a landslide, so I thoroughly trust his process.

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