[BenA]

p. 35 SSHE. "Thiking in terms of pot equity can help you make both call/fold and call/raise decisions."

Miller and Sklansky never said that equity CANT help in call/fold decisions, they just argue that pot odds are more helpful for call/raise decisions. Pot equity is essentially the measure of value you get out of a pot, and if you have an edge (say 40% against 3 players) you should raise for value. You keep talking about bets, but you should be thinking about pot sizes. The example of spending one to protect .5 is merely a simple example to illustrate the point. Pot equity is most effective in drawing situations. Its hard to measure your equity against 3 players when you've got TPTK on a drawy board. In this case, you play agressive to protect a vulnerable hand. You don't waste time figuring out your equity because that's too dependent on your opponents hole cards. With a flush, OESD, or full house draw, however, you can figure your equity fairly accurately, and it can help you to pump up the pot that you will will x% of the time. In other words, if you have 35% equity against 4 opponents, every raise makes you money.