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The worst that can happen pre-flop is that the BB raises everybody else in which case you've lost a few thousand chips.

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the worst that can happen POSTFLOP is you go broke because you played this hand preflop and HIT. That being said, I agree with all that you said and as I stated, I call ANYTHING, knowing that my "tourny life" is not on the line because i have him/them covered and you do have a few outs if he is WA.