K♥J♥ Preflop vs Multiway pot, what do you do here?

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DECISION POINT:
In a Tournament where blinds are 200/400 a Middle Position player (MP2) raises to 1,200. Both the Cutoff and the Button call. You are in the Small Blind with K♥J♥ and action is on you. What do you do here?

PRO ANSWER: In this deep-stacked tournament example, we hold KJ suited in the Small Blind after a raise and two callers. We must decide between folding, calling, and reraising. Calling preflop with speculative hands in multiway pots for less than 5% of the effective stack is usually very profitable.

In this case, we can call following these criteria. However, we will be playing out of position postflop which somewhat hurts the profitability of this situation. Additionally, there is value in reraising preflop since we can win an uncontested pot or set up a flop continuation bet.

Continued below...

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If stacks had been shallower and the preflop call amount was a higher percentage of effective stacks, reraising preflop would often be the better play. In this situation, because stacks are so deep, calling with our KJ suited and playing it for its speculative hand value is the better play.

Due to the multiway pot, we should often be willing to fold one pair hands to significant action postflop and continue when we flop big hands such as two pair or better and legitimate draws of 8 or more outs.

Calling is the best play.

How would you play it?
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