mk volkov: This game is a rare example, when AA had a slight advantage through the whole game. No single mistake, according to Stockfish.After 8...Nbd7, 9. f3! was the best move. Botvinnik in his book "Alekhine-Euwe Rematch" also writes, that this is a strong move.
17. Kf2 is the best move.
The first weak move by Euwe is 17...Na4. Alekhine's 18. Qd2 is the best.
And then, the crucial mistake. 18...b6?
Alekhine's analysis is right. (Stockfish)
"The crucial mistake, which allows a forced win for White. 18...f5 was necessary, though after 19. Bd3, 20. Re1 and e3-e4 the advantage of White is obvious."
(Panov. "Alekhine's 300 selected games")
And then...
19. Ba6! Rb8 20. e4! b5 21. Qf4!!
This game is amazing.
"Alekhine's 3rd win in a row is achieved as a result of a perfectly executed, original and complex strategic plan."
(Botvinnik. "Alekhine-Euwe Rematch")
The best game in the match.