Re: hot/cold equity
It's your equity if you play the hand out without betting. Let's say you're in the BB in a limit game with T5o, a good player raises from EP, it folds to you. You have enough hot/cold equity to call. You would call if it put you all-in. But since your hand will be very tough to play on future streets you're better off folding preflop. The reverse may happen. Sometimes you don't have enough hot/cold equity to call, but should call because future streets will benefit you.