[uclabruinz]

ItalianFX, look at it this way.

You are Gobbo assigning ranges on the river. If we know Williams didn't look, then his range is any two obviously. If Williams did look, then we can narrow his range based on our read (as Gobbo described in his interview).

Now take those two ranges and compare to board, and voila. Gobbo's equity is less with the "any two" range then it was with the range based on Williams's actions.