This does assume 0% hand
equity: it makes the
action profitable
in isolation and is usually stated as doing so.
Once you get into hand
equity you
raise the question of how much of that
equity you can actually expect to realise (are you likely to
call Turn if he bets his AQ?) -and how much extra you're in danger of giving away.
If you think 50% is the actually realisable value then it's fairly easy: just add 50% of the pots he calls to your
equity: EV= 2P/2 = one flopped pot of pure profit.
The point of working out when an
action is profitable
in isolation is that you can CB 100% of your hands at that point giving
villain no information at all and knowing that you are making a profitable play (there's probably a better strategy still but that one is +EV) ...provided that you
don't mess up later on the inflated pots he calls to the extent that you give away more than you won: it's +EV if you never put another chip in but not necessarily so if it leads you into (more expensive) mistakes
Naturally you're looking for a higher FCB than 34% (and you're mostly going to find it). Once you have that I tend to view hand
equity a a
bonus that just makes it all more profitable; if I'
m betting for hand
equity then that's my primary concern and the
fold equity is a
bonus. I'
m not looking for
marginal plays because:
+ there's plenty of fat value to be had
+ I want a comfortable margin of error when putting my chips into the
variance-hole (both for the
variance and because I am going to miscalculate my odds and misjudge my opponents ..also
Rake).