Great post, and I've meant to chime in for a while now. In the meantime I've tried to keep up with all the comments. So after reading most of them, I decided to just give my 2 cents regarding using these types of bullets for hunting and the things I've learned and what has proven to ensure best results and with reliability and consistency. It boils down to impact velocity, amount of resistance upon impact, shot placement, and bullet mass. Not understanding these things and using a version with insufficient mass for a particular impact velocity and/or shot placement where impact resistance would be too much is when it's been more common to see poor results occur and "failures". It's not exactly fair to call it a failure though when I'd argue in most cases the bullet was used outside its particular limits. Many times it boils down to just simply not understanding those limits and staying within them. It doesn't mean they're a bad bullet in general to use for hunting either. When used properly, they work, and they work emphatically. Thousands of instances have been recorded. It's indisputable at this point.
Are there other bullet types that work well too? Absolutely. Do some of them excel in certain applications better than a softer constructed match/target bullet? Definitely. Every bullet type has its strengths and weaknesses and applications it's better at. So let's not get confused and take this as "my bullet is better than yours" or "my preference is better than yours" or "what you're doing isn't as good as what I'm doing". I don't for a second believe that's what's being said here or implied. It's also not what I'm saying or implying.
So anyway, here's a more brief approach of mine regarding these types of bullets:
Bullet MASS rule of thumb with soft/frangible lead core bullets (not to be confused or used with other bullet types):
What's most important with soft constructed lead core bullets such as Hornady ELDM, Sierra TMK/SMK, Bergers, Barnes Match Burner, etc, is having sufficient mass so that there's enough bullet to do the job they need to do.
A soft constructed bullet like that is going to come apart really well, in general (as I think most know and agree with), and with higher impact velocities and also higher resistance upon impact, that effect is increased. So you need a sufficient amount of mass so that as the bullet is expanding and shedding weight from the forces being put upon it after impact, it won't end up coming completely apart before it does it's job properly. Hopefully that makes sense.
A shorter/lighter version with less overall mass may come apart at such a high rate and without retaining enough significant material, before it can do sufficient wounding or to a sufficient depth, that it results in an animal that runs a long ways and possibly gets away from you or doesn't even die at all.
A longer/heavier version with more mass will still shed weight pretty rapidly upon impact, but because it has more material and mass total to work with, it'll end up traveling further and doing more damage in the end. What is left after it slows down on its rate of expansion and shedding of weight and material will still have a good deal of forward momentum too thanks to the increase in starting mass and will also ensure a good amount of hydraulic force is still being applied as it penetrates.
So with all that said, I tend to use the figure of sectional density as a rule of thumb to determine if the bullet has sufficient mass. It's not the same way people have looked at SD for years though. I don't believe much of that crap, as most of it comes from misunderstandings and lumping all bullet types together. I'm simply using SD as my way to determine sufficient bullet weight/mass for a particular caliber. I'm not saying sectional density by itself if the focus and alone determines the outcome. It's just been a better and more linear number to use to help ensure you have sufficient mass for a given bullet caliber size. Going off of bullet weight alone can be confusing and misleading.
My rule of thumb for most medium sized game species, and when using a soft constructed bullet, is to start with at least an SD of .260 for best reliability, consistency, and overall favorable results. For large game, like really large deer, elk, moose, etc I prefer .280 or more.
You can easily find a particular bullet's SD with this formula:
**Bullet weight / 7000 / caliber / caliber = SD**
So an example would be a 123gr .264" bullet:
123/7000= 0.017571428571429
0.017571428571429/.264= 0.066558441558442
0.066558441558442/.264= 0.252115308933491
So rounded down, the SD is .252
A further example would be something like a .308" 168gr TMK, which has an SD of .253 and then a .308" 155gr, which has an SD of .233 (so definitely on the low end). One thing to consider is as impact velocity lowers, so will the rate of expansion. So for a 500+ yard shot, either of those would actually work great because impact velocity would be much lower and help balance out expansion rate vs penetration. Close range shots would be dicey though due to the increase in impact velocity and overall resistance they'd encounter.
A 175gr .308" bullet would have an SD of .264 and would be the lightest I personally would be confident with for scenarios where close shots are probable.
If lighter bullets are all you can find, a tougher constructed bullet might be a better choice. One with as high of a BC you can find so that calculated impact velocity at your max range is still 1800fps or higher, if possible, due to how those type of bullets typically behave. That's a different subject though lol.
Also, you can have good results with these types of bullets even with less mass than desired when loaded in cartridges that aren't pushing to high MV's to begin with. For example, that 123gr bullet from a Grendel would be a lot better even at close range than from a Creedmoor or other larger cartridge. Impact velocity will be lower and rate if expansion will be lower as a result.
Hopefully this is helpful. I'll add some pictures of my own showing a buck of actual close range shots to show they still work very well as closer ranges and at higher impact velocities, and with everything I've said taken into account.
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