3…Nbd7The usual continuation in practice is 3. ....P—K Kt 3 followed by 4. ....B—Kt 2, 5. ....Castles and 6. ....Kt—B 3.
5.g3The best system of development in this variation.
8…c6Threatening 9. ....P—K 5 followed by 10. ....P—Q 4, which White at once prevents.
10…exd4Black is already obliged to surrender the centre, in order to disentangle his pieces and develop his Queen-side.
12…a5Clearly with the object of securing the square Q B 4 for his Knight, without allowing it to be dislodged by P—Q Kt 4.
16.Nf5Having the greater freedom of action, White should avoid any exchange capable of relieving the enemy's game.
17.Ne3But here 17. P—K Kt 4, instead of the withdrawal of the Knight, would have been simpler and would ultimately have led to a winning attack, without great complications. Whereas after the text-move Black succeeds in evolving a very interesting counter-attack.
18.g4There is, nevertheless, nothing better than this move.
19.Nf5As we can see, White has lost two moves. The second phase of the game will be only the more lively by reason of this.
20…b5Bold, but very accurately calculated. White is compelled to play very cautiously to maintain his advantage.
21…cxb5If now 22. Kt×P, Q—Kt 3 with advantage to Black.
22.e5The correct reply to the manœuvre commenced by 20. ....P—Q Kt 4: if now 22. ....P×P; 23. P×P, R×P then 24. Kt×P, Q—Kt 3; 25. R×R, R×R; 26. R×R and Black's discovered check would be perfectly harmless, on account of the answer 27. B—Q 4. Black's next move is therefore again best.
23.Qf2With the double threat 24. Kt×P and 24. P×Kt; Black has accordingly no choice of reply.
24…Qb8If 24. ....Q—Q 1 or Q—B 1, then clearly 25. Kt—Q 6.
25.Na7The point of the manœuvre initiated by 22. P—K 5! Black must lose at least the Exchange, but he rightly prefers to sacrifice the Queen for Rook and Bishop, which would indeed have yielded him some defensive resources had occasion offered.
28.Nxd7If 28. ....R×Q, then 29. Kt×Kt ch, P×Kt; 30. R×R (but not 30. K×R, B—B 4 ch; 31. K—B 3, R—K 6 ch; 32. K×P, R—K 7), B—B 4; 31. K—B 1 and White wins without difficulty.
30.Bc6The only move to win.
31…Re731. ....R—K 6 would have been a little better, although in this case also White would have won as follows: 32. Q—R 4!, R (K 6)—K 7!; 33. Q—Q 8 ch, Kt—B 1; 34. Q—B 7!, R—K 6; 35. B—B 3, R—Q B 7; 36. Q×P.
32.f6White wins another piece by this pretty move.
Alexander Alekhine, My Best Games of Chess 1908–1923 (1927) · Public domain · source