Hot streaks are real, but for another reason than luck or variance. Its all about the shifting of general Fold Equity. With several good hands in a row, assuming you win without showdown, your Fold Equity plummets and therefore you get paid big when you have Equity advantage.

Same goes for dry runs (not getting cards, not hitting flops) and your general Fold Equity rises. This allows for a fake streak without getting cards.

When you understand the dynamics of general Fold Equity you can create profitable situations no matter what cards you are dealt.