Regarding this article: http://en.donkr.com/Articles/optimal...x---part-1-329

This specific part: So Bob will 5-bet a mix of true value hands and some Axs bluff hands, and he expects to have about 30% equity when his bluffs get called. So when he 5-bet bluffs and gets called, he will have ~30% equity in a 201.5bb pot where he invested 88bb with the 5-bet. Bob first 3-bet to 12, so the 5-bet is 88bb more. On average, Bob gets 0.30 x 201.5 =60bb back from the pot, so his net loss after 5-betting and getting called is 88 - 60 =28bb.

The pot size before Bob's 5-bet is 40.5bb (1.5 from the blinds, + 27 from Alice's 4-bet + 12 from Bob's 3-bet). So Bob is effectively risking 28bb to win 40.5bb when he is 5-bet bluffing. The effective pot odds are 40.5 : 28, and Bob needs to win at least 28/(28 + 40.5) =40% to profit from 5-bet bluffing any two (or more precisely, any Axs hand, since we base our calculations on having ~30% equity when called). - See more at: http://en.donkr.com/Articles/optimal....lThJXKVZ.dpuf

I understand where all the numbers come from but, why do we base this calculation on our bluffs only and not take into consideration our value hands KK+. Since we aren't going to be 5bet bluffing all the time.

Do we only use bet/(bet+pot) to find the breakeven for bluffs?

Do we only consider equity in our calculations when we are bluffing all-in?

Like if you 3-bet a 3bb open and you 3bet 9bb, you're risking 9/(9+4.5)=0.666...

So when you're 5-bet bluffing all-in do you calculate the "bet" part of the bet/(bet+pot) by finding your risk which is: the size of your 5-bet minus your equity % of the pot when called?

Why don't we consider our value range when working out these figures for 3betting and 5betting?