so hot and cold,not outer shield,correct
Correct, the positive (+) of the RCA connects to the Pin 2 (+) of the XLR, and the ground of the RCA connects to the Pin 3 (-) of the XLR, and the shield of the XLR remains connected at the XLR end only and does not connect to the RCA.
This removes the physical connection between the RCA device chassis and the balanced chassis, which reduces the ground loop considerably. There is still noise rejection realized from this
pseudo balanced configuration, since noise rejection basically relies on matched impedances at the two inputs of the differencial amplifier stage. The impedance of the positive differential amplifier will be that of the previous stages output impedance, while the negative differential amplifier will be at ground or zero impedance. The mismatch still offers decent noise rejection.
brucek