ATs big pot

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think raising the flop is terrible:
(1) no way i'm ahead here 4way against a preflop 3better
(2) no one is folding anyway
(3) i don't have that much pot equity even if somehow miraculously ahead
(4) huge possibility of getting 3bet


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(1) Unlikely, but quite possible.
(2) Sure, SB might.
(3) An argument against calling as much as raising. Yes, you're unlikely to win this pot, but as you said it's a big 'un.
(4) Granted. Life's tough. But there's also some (albeit small) chance the 3-bet will get the pot HU.

I don't hate calling, but I prefer raising. Obviously if the bet was immediately to your right raising would be automatic, but here, as you said, the middle caller's comittment does cut down the knockout value of a raise. Here, I still raise, but just like it less.

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very small chance that you're ahead, combined with the fact that if you're ahead, 3 opponents are all probably drawing very live against you, and if you're behind, you may easily be drawing dead

still recommend flop raise?