I'm in BB with AcAs5h4c and $450. 2 limpers plus SB, and I make it $10 to go (max).

Player to my left is the same guy whose AA I cracked with my AJT9, and he obviously wants it back. He's also seen me raise max on a lot of non-AA hands (including the AJT9, of course, which he certainly remembers). He calls ($210 or so stack), as does everyone else. So, the flop is seen 4-way.

I like this flop pretty well, too: 862r with one club. So, I'm double gutted with my overpair.

I decide to bet this one out. I feel like I'm probably ahead, and I'm double-gutted. I also have outs against 2 pair. Well, LAG to my left raises max here. I take the full time to think about this one and finally fold it.

Here's my thinking: While he can have a pretty wide range here and I'm not in horrible shape just against 2 pair, what I'm most afraid of is 2 pair with a bigger straight draw (like 6789 or 5678), also 8875 is not at all good for my hand (I'd have four 3s plus three 7s still as outs, plus 2 aces, so that would make 9?? and then runner-runner flush, but I take away none of his boating outs). Anyhow, while I guess I have my 9 outs against most of these (the bigger wraps being the worst, I would guess), he always has outs to counterfeit me on my straight.

I'm pretty sure I'm behind here whatever he has, but I just can't quite see being even 2:1 underdog against his range. The very BEST scenario for me would be a hand like JT86, I would think, in which case I'm presumably better than 2:1 but probably still something of a dog (maybe 1.4:1 or so). So, that's what I was thinking in my decision to fold.

Another option here is to check-call, which might not be such a bad play on this board. I'd like to see a club for sure. But if I do that (probably having to fold OOP if I'm going up against more than 1 player?), then I'm also going to have to be prepared to play my non-nut straight with a 7 for $200.

So, I can see pros and cons to check-calling. The other two players in the hand are also pretty loose, so I am also in danger of giving a free card to someone hoping to spike 2 pair.

As an aside to all this: Raising max with a bunch of wrap-type hands and then primarily AA, I feel like I'm laying down a lot more AA hands than wraps, which I do lay down at times, but they seem to be getting me into more situations where I have a really good hand that I can play for stack than the AA hands do. AA is currently showing a profit, but not nearly as big as the wrap hands.

Just ran a few matchups to get an idea of where I'm probably at here. Actually, against most wrap type hands with 2 pair, not all that bad, at <2:1, but really bad against the sets (which I consider unlikely but definitely in there):

Against KQ86ds for 2 pair and nothing, I'm actually very slight favorite in a coinflip.

Against 8875 with no runner-runner draw, I'm 2.7:1 behind. If the set has two runner-runner flush draws, it goes up to 3.0:1. Those are the worst.

Vs. 8765 with no runner-runner flush, I'm in better shape than I thought at 1.5:1

Vs. T986 with one runner-runner flush, I'm in "moderate" shape at 1.8:1.