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It can definitely be a close decision, even getting 16:1 and only needing to be good ~6% of the time.
Still, generally it's a small mistake to make a bad loose call of 1 BB. But it can be a monsterous mistake to fold the winner in a huge pot.
Just like Dan Harrington in HOH says, people like to bluff. The chance that someone (even a mostly tight passive player) is bluffing is never zero.
I agree with the line that char advocates, calling the flop 3bet and then calling down afterwards. When it plays out this way it doesn't bloat the pot, and if he is on something like JJ/QQ or even an aggro draw like JT or 77/87, he'll keep shooting figuring he is best or that he has to keep bluffing to win.
Once you 4bet and he caps, it's looking more like we are beat (ie, his range is stronger), but the pot is also that much bigger and we should call down because of that.
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