Hey Aaron,
I think what Barry's saying (and I agree with) is that early street "equity" is a meaningless term when there are future bets to be concerned about. Sure, you might have more than 18% equity in the hand, but if you have no way to realize that equity its irrelevant. I think a pretty good example is in limit hold'em, if you defend your BB vs a button steal with something like J2o, I guarantee you will have the correct preflop "equity" to do so against their steal range, but you are going to make mistakes postflop because the hand is just so difficult to play with limited information. Either your opponent is going to steal the pot many times when you both miss the flop and you don't call down with jack high, or you're frequently going to be calling down with jack high, both are pretty easy to exploit by a tough player. Your hand suffers from reverse implied odds due to what I'd call bad "playability".
It reminds me of something I've heard from Tommy Angelo, whenever someone questions his play and uses the pot odds as justification: "you're getting 5.5:1 on what?".
-DeathDonkey
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