i'll try my hand at this one too...
i believe it's widely agreed not to let your thumb go higher than the fretboard during normal chord play but different situations call for different thumb positioning though. mine usually is a little past the middle of the neck toward the top of the fretboard.
during bends, my thumb position is usually in a place where it will give me leverage in relation to what string and finger(s) i am using.
i'm curious to see what other responses you get to this question.
nate
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