Do you have the same read as I do?

PLO $50
Seat 1: $38.75
Seat 2: 101.90
Seat 3: 128.45
Seat 4: Villian: 43.7
Seat 5: 49.5
Seat 6: Hero: 110.25 [10/images/graemlins/heart.gif7/images/graemlins/spade.gif6/images/graemlins/spade.gif4/images/graemlins/heart.gif]
Seat 7: 48.25
Seat 8: 19.5
Seat 9: 37.5
SB on Seat 1
BB on Seat 2
Seat 3 folds
Villian raises to 2.75
Seat 5 folds
Hero Calls
Seat 7 folds, Seat 8 folds, Seat 9 folds, SB folds, BB folds
Villian has just sat down at the table and I have no read on him as yet, but thought he probably had a high PPwith maybe some other high cards
2 to the flop [pot is 7.25:
Flop: [K/images/graemlins/diamond.gif6/images/graemlins/diamond.gif5/images/graemlins/club.gif]
Villian bets 7.25
Hero calls 7.25
Turn (pot is 21.75:
[4/images/graemlins/diamond.gif]
Villian bets 21.75
Hero ???
Advice on all streets would be helpful, I will explain reasoning for everything later I guess and if questioned. Thank you for input.

Fold pre-flop.

Reason I didnt fold this preflop was because I had position on him and I really thought he had AAxx and this would mean that if he overplayed his AA on a low flop I would get paid off huge. I thought implied odds made this call okay? Is this a leak?

[Maulik]

well, don't continue the flop w/out diamonds...

The real problem is this:

You have a crap hand with crap position at the table. Even though you have position on the pre-flop raiser, if anyone else decides to enter the pot behind you, you are now stuck in the middle. This means that you will need to flop a very strong hand in order to proceed with any confidence in the pot. With your hand, flopping well isn't very likely.

You got lucky in that no one else decided to enter the pot. Now, on the flop, you still have the same issue of having a marginal hand. You didn't flop well and should now fold to the continuation bet. You are most certainly still behind on the flop and don't have a lot of room for improvement.

On the turn, you are either way ahead or way behind, but it is going to cost you half of your stack to find out. You are probably way behind a lot more of the time than you are way ahead here and it isn't worth the price to find out.

So, in summary:

Fold pre-flop.

If you didn't do that, Fold on the flop.

If you didn't do that, Fold on the turn.

[Tilt]

When a player is new to the table and raises preflop, I would muck a hand like this even with position until I can get some read on the player. He might be one of those PLO maniacs who just pots every chance he gets, and you can wind up bleeding a lot of chips before you get that read.

Now assuming you felt he probably did have a strong PP, I would call preflop with that hand with position. but I would certainly muck to that flop bet which strongly suggests he has at least a high diamond draw to go with his pair. How is there even a decision to make on the turn? The villain is probably wetting himself with excitement believing that your flop call indicates you made a weaker flush and he is about to double up on his first hand.