I've got AA as a losing category this month again (-1.4 PTBB), so I thought I'd try getting some opinions as to why this might be. In the past, I've typically been able to turn this around by playing it somewhat tighter. I'm guessing I've been betting it too often.

I should also add that there have been a few big pots recently where my AA did a lot worse than it should have, but I still don't think the particular 2 that I'm thinking of would make AA much better than just marginally profitable. On one, I flopped top set, got flushed on the turn, had pot odds to call but still missed (very big pot). On another, I was all-in PF vs. 2 big wraps (I had 48% equity in the pot PF) but lost.

Also, while I'd like to have AA at least marginally profitable, I do tend to think that betting it quite a bit tends to strengthen a lot of my wraps, which have shown huge profit-rates this month. AA becomes a kind of bluff hand that has to be laid down a fair amount, while the wraps become the value bets in a lot of these situations. But still, I don't think it's healthy having AA actually as a minus--just shouldn't be expected to show as high a win-rate as wraps.

Anyhow, here's about what I think is more or less correct (numerous differences possible depending on opponents and table image) and would be interested in hearing others' views. I think I'll also divide this up according to how many players are in.

HU:
With or without position, I think AA is always bettable here with or without position. I'd even bet it into a board where there's a possible made straight or flush which I don't have.

3-way:
Bettable with or without position as long as there's no made straight or flush possible. With position, it's at least worth considering betting to checks even on a straight or flush board. One should definitely bet here on 2-tone boards where you have the A unless there's a made straight possible.

4-way:
This is the point where I think AA is no longer very likely to be good unimproved. Top set is obviously bettable with or without position. Otherwise, I think one needs either the flush draw or side cards giving you open-ender (not counterfeited by a flush you won't have) in order to bet. It's probably also worth betting if you have open-ender and the naked A to the flush, particularly with position. With position, you can probably also bet more flops than this as long as your opponents aren't terribly check-raisy or "expecting you to bet after raising."

5-way or more:
Here, I think you need to hit the flop seriously hard to be betting. Minimum bettable is probably overpair with nut flush draw and position. OOP, that may also be bettable if it's the type of board where a raiser is likely to have a draw rather than a set, but the turn gets a little tricky in that situation when you miss (it's critical to be able to put callers on hands with some degree of accuracy). OOP in a 5-way pot, a check-call may actually be better with AA and nut flush draw only (throw a gutshot in there as well, and I think you can fire away on both flop and turn).

Sound reasonable? Too tight? Too loose?