I'm learning MIT's Poker Theory and Analytics class. I don't understand the following argument in pre-flop analysis:
M < 10 is basically push or fold – Why not raise? A bet of 3BB (i.e. 2 M) lets you fold to a re-raise if it’s as much as 6M (i.e. giving you pot odds of 8 / 20 or 40%). You can fold 99- A5- K9- on a very small margin. Less than 4M remaining gives you pot odds of 4 / 12 or 30% which is basically always a call. So maximizing fold equity is most important.
So here M stands for M-ratio. I don't understand how exactly the pot odds in two scenarios are calculated. Could someone tell me the complete hand history the lecturer was referring to?