I just read RobFarha's post in his pgc where he talks about winrates and equity, and how when you win a pot for, say, $500 as a 90/10 favorite, you actually are running $50 above ev (being a 90% favorite only entitles you to $450 of the pot). So for people who have repeatedly fell on the positive side of those pots, their win rate is actually inflated.
Many people probably know the above already, but that got me thinking one step further relating to a conversation I had with my other coach.
Your equity matters the most when you are all in before the river. That's the reason why people run it multiple times - to realize their respective equity of their hands when all in (so if they got it in as 65/35, running it 3 times should in theory allow the 65 guy win twice and the 35 guy win once, whereas running it once maybe deny the 35% player that share of their equity in the pot - yes they might be behind, but it doesnt mean their hand doesnt have any value/entitlement in the pot!).
HOWEVER, when you are not all in, your equity is
very different than your actual ev in the hand. This means - when you put two hands side by side, the better hand does not always win!
In a very crude example, let's say you have these two hands in a pot: AA and 32o on the board 678TJr. When you are all in and both hands are shown, it's a no brainer who wins. But imagine if the hand had to be played out! 32o can bluff AA off the hand waaaaay more often than if it could win if the hands were all in pre. So your ev can be way higher than the equity of you hand.
Okay so this is all common sense ("duuuh") so far right?! So how does this translate into strategy? No, i am not advocating bluffing with 32o on 678TJ. I am pointing out how important
fold equity is. When the other person fold their hand to you before showdown, they lose ALL of their equity in the hand.
In fact, could it even be undesirable to get your hand all in? (Unless they are pretty much drawing dead and you have like 100% equity) This is why i cringe when I see people overplay and getting it all in pre with a tiny pocket pair against a laggy player because "they are ahead of two overs" - noooope. Even if you happen to run into only two overs (and they still could have a lot bigger pairs), you really arent entitled to that much of the pot equity-wise!
Playing great post flop will be way more +ev. When you fold out other hands, you are denying them of their equity in the pot. And the best part is that
they willingly gave up their equity because they don't know what you have. Another crude example (this doesn't mean that's how I play or i condone playing like this lol). Let's say you cbet 22 on AK5r against 78s. In most cases you will fold out 78s which is GREAT because 78s actually has pretty decent equity against your hand (two over cards and a bunch of backdoor draws).
Translating this all into strategy - you should be thinking about hands in terms of how to protect your equity and to deny other people's equity in the hand!
Of course there are a million variables in addition to this, but this is as much tl;dr as i should write in trying to isolate this topic