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You are getting a good price to calldown here. If you knew that he could only have a better hand, you would fold the turn. If AK is possible then your equity is at about 23% and you need ~13% to call her down (slightly more actually b/c the other dude has some of your equity). The problem as I see it is that AK isn't always going to be played this way by him. So if he sometimes caps it and sometimes just calls prelfop, you are in a very tough spot. I also think that KQ can be discounted quite heavily here. I would venture to guess that your equity is somewere in the 15-20% range but again that is just a guess. That would make a calldown thin, but probably correct.

The other interesting thing here is the flop play. It might look natural to 3-bet, but is a 3-bet really doing anything for us? If the flop bettor has a draw, he isn't going to fold for two more and he probably makes $$$ on all bets that go in on the flop. Hell he isn't going to fold anything that hurts you on this flop and the fact that he bet into both of you leads me to believe that he has something good. I would consider coldcalling and then raising the turn. We get better value that way when he is drawing, and it gives us a chance to throw the hand away if it comes bet and raised on 4th. What it also does is give us some more information. If he 3-bets after we coldcall, there is a better chance that he has a set or 2-pair or whatever. If he just calls, we can be fairly confident that a turn raise (on a brick) will put lots of $$$ in our pocket.

Brad

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This is awesome advice as usual Brad. Questions.

If Hero cold calls the flop and it goes 3bet, cap... what's our action? We call the flop getting 8:1.

If it then goes bet, raise on the turn, we can let it go.

But if it goes check, bet...do you call, raise or fold?

We're getting 11:1 on the turn call but do we fold the river UI?

If we raise, we can fold the river UI pretty safely (when 3bet) but it cost more than getting to showdown.

What if both call a turn raise but one of them donks the river?

Should we just fold the turn UI, due to reverse implied?

I'm starting to think call, call, call (fold if it's two on the big streets) is the best play.