Re: Article question
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I don't think you are missing anything. I don't think this line of play (NOT raising with AK) is a clear choice. However, in a multi-way pot, AK offsuit OOP is not a great hand and there are post-flop playing advantages associated with not revealing the strength of your hand pre-flop.
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Ed Miller's DVD's talk about this also. He compares the advantages and disadvantages of raising preflop. He doesn't come out against raising preflop, He just explains that there is a trade off and wants you consider that in some circumstances a preflop raise maynt be the best play.I think that is what Byron is talking about.
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In Ed's example, he is talking about raising a hand like ATo against relatively tight opponents so that you won't have as much of a preflop equity edge as you would against loose opponents and against tricky opponents, where what you give up after the flop is greater than it would be against passive opponents.
AKo is way better than ATo. If multiple opponents have limped, they have garbage and AK has a big preflop equity advantage. Of course you give up something after the flop, but how often do you lose enough to make it a close decision?
It's an old argument, but I thought it had long been settled in favor of raising....
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