Thanks for the thoughtful response, Andy. I realize defending MDF is not taking into account equity realization, but I don't see how you can use the Ed Miller formula without checking a bunch of monsters on wet flops. I guess you could also bet 1/3 pot on a T97 board and value bet 20% and bluff cbet the 18% of the equity curve where, according to ppt, you have at worst 20% equity on the turn. Then, you are pricing in all pairs with a gutshot which is probably a good thing