I disagree... I must be dumber than I thought
This is a fold.
There are a couple of reasons why:
First, if you fold here there's a chance the button will make a mistake and call. If he does, the SB will likely call and there is a chance that he will bust 2 players if both blinds catch the flop and decide to play "who's johnson is bigger?" If the blinds don't tangle, you're likely to be down to 3 and you are not in bad shape with regard to folding equity.
Second, the SB is very likely to raise here if it's passed around to him. That's a prime set-up for "who's Johnson is bigger?" between the blinds, and you obviously love your position if you get 3 handed that way. You also like your folding equity a lot if the BB wins an all-in coup there.
If the hand is just passed around to the BB and you have to post next hand, there are a lot of interesting permutations with that hand as well, and you stand to fare pretty well by staying out of the way there also.
The balance of goodness in equity permutations is clearly in favor of folding in my book. I can't prove it.
I like to be the most aggressive player 3-handed... but the wisest 4-handed.
Irieguy
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