[HelixTrix]

I think I may have figured this out now. The reason it is a confusing situation is that there can't be ANY hands that it is right for the villain to cold-call with in EP with an M of just over 6. Here's a quote from the Mathematics of Poker:

'Sometimes it may seem that you are being exploited on a particular street while playing near optimally. However, this often occurs because the opponent has sacrificed equity on a previous street in order to obtain the position where he can exploit on this street.'

The trouble is, the equity he gave up preflop doesn't go to me. It goes to the rest of the table, particularly the BB, when they wake up with an AQ or TT type of hand that would have folded to a raise and reraise from EP. After the flop, his range is considerably stronger than mine so I just have to check-fold when I miss. Comments on this analysis would be appreciated.