How about Sklansky and Malmuth?
They have agreed that this effect exists, only they call it the "horse race phenomenon" or some such. If you don't like Caro's reasoning, would you listen to S/M?
Besides, I assume you know that S/M in HPFAP advise that in a very loose game, you shouldn't raise with AQ after four loose limpers. If that's the case, why would you raise with this same hand in early position if you know you'll get four or more callers after you?
Please, class, repeat after me: The point of raising with an offsuit hand is to NARROW THE FIELD. If you can't do that, you are better off not raising. Anyone who doesn't understand this doesn't understand hold'em.
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