Re: Bubble scenario
IMHO 4-handed AQo is good enough to cold-call or re-raise, especially when you have position. UTG could easily have an underpair or a bad ace. If he has the latter, expect to get well paid. If he has you beat, you can get away from your hand on the flop w/o much expense. Because you have position, you can win the most on your hand, and also lose the least.
So, I wouldn't fold.
I would probably just call though. You have position, and so you can use that to your advantage instead of relying on your possible preflop equity.
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