I'm skimmed this thread but for the most part I agree with ATsai.
Back to the original topic of this thread, whenever I raise with a value hand and get lots of callers, I'm happy because that is more potential for me to stack some fish.
In order to play multiway bloated pots we just have to have our villains dialed in and profiled. One of the things I've noticed over the years on 2+2 is that even with all of our talk of "it depends" I sense that a lot of us just aren't really good at profiling. Too often I hear someone say, "Villain was TAG...." and then go on to describe the play of the so-called TAG an in reality that player was a drooling station or a passive nit...
Here are some things to take into account when we play these multiway bloated pots, in no particular order.
#1) Hero's raising range. I think too many posters here have too easily defined of a preflop raising range. They raise JJ+, AK, AQ and of course when they get 3-4 callers on a 8 5 7 hhc flop they feel a bit squimish. LLSNL players don't fold their pairs or draws here meaning that for Hero half the deck sucks for us on turn. We don't want to see a J, T, 9, 8, 7, 6, 5, 4, or
. One way to counter this is to have X percent of your raising range that consists of SCs, S1Gs, and middling pairs so that these sorts of flops hits you. The percentage of X is debatable, personally, when I have a strong image I prefer to have about 15% of my raises consist of SCs, S1Gs, and middling pairs and when I have a weak image and/or my table is exclusively level 1 players then my percentage is more like 5%. Note this is moreso for MP excluding wider BTN and CO raising ranges.
#2) Eff stacks. Being deeper favors the better player. Truth is, most LLSNL players just don't play well or comfortably at 200bb+. Playing deep works in tandem with our raising range, the wider our range and stronger our image, the more we can exploit our villains.
#3) Profiling our villains!!!! We need to understand our villain tendencies. If the board is semi-wet and an ABC rec-fish who normally blasts the pot when he is strong is merely check/calling or blocking betting then he isn't that strong and we can potentially move him off a hand or milk him for max value (depending on circumstance). If a passive nit is check/calling decent bets on a semi-wet board (and he is known to HATE draws) then odds are he is near nutted and just waiting for a safe river before he blasts the pot. The point here is that if we have been paying attention to how our villains play post flop then we should be very comfortable playing multiway bloated pots against them.
#4) Board Texture and Scare Cards!!! This is the bread and butter of multiway bloated pots. Understanding how to use board textures and scare cards, when to go for thin value, when to turn made hands into bluffs. When to prison rape our villains and shove for max value instead of going for some fishy check/raise that ends up checking through on river.
#5) Understanding/Adjusting to Villain Aggression. This relates to profiling our villains. But often, in multiway pots a villain will donk bet or take a stab at the pot or even go for a check/raise. These acts can be the best thing for our hands. When a thinking aggro or thinking ABC rec-fish donk bets that is almost always a "bet to see where I'm at" and we can decide to rep a hand, slow play, or float depending on circumstance. If action checks to us and we c-bet and the passive nit or some nit-fish check/raises us we can easily fold unless we are near nutted. Point here is, we need to understand what our villains' aggression means and how to exploit it (bet sizing and betting patterns is key).
#6) Image: When the table fears us because the cards have been smacking us in the face with AA, KK, and flopping sets that is one thing. But my favorite form of image relates to having a wide range and showing up with unexpected nut hands! When the table is scared because "you could have anything" I feel that is when we can seriously maximize our image and extract tons of value from the level 2 players. It is when we have this image that we should rejoice in big multiway bloated pots because we now have another avenue for winning. If the flop betting narrows the field to thinking players, then we should win a high percentage of the time if we have good reads/profiles on them.
Last point. Imo, I think the reason why most LLSNL players don't do well in these sorts of pots is because they just don't pull the trigger when they know they should or they don't fold their awesome AA/KK when the writing is on the wall that AA/KK is losing to 2p or better. They don't profile their villains and fail to take note that the donk/station is never folding no matter what you rep or the weak-tight player just tensed up when the board went 4-to-a-diamond-flush on the river and you're heads up but holding two black Tens--- bluff that biatch!
It's hard to give a definitive answer in an "it depends" situation, but the above quick list is my attempt. It is by no means complete or all inclusive by any stretch...
GL