In a vacuum, both a hot body and a colder body radiate energy towards each other, but the hot body emits significantly more radiation than the cold body. While the colder body does radiate some energy towards the hotter body, it ultimately absorbs more energy from the hot body than it emits. This results in a net transfer of energy from the hot body to the cold body. The discussion highlights that despite both bodies radiating energy, the colder body can still experience a net loss of energy over time, as seen with planets in the solar system. Overall, the primary takeaway is that radiation occurs in both directions, but the hot body dominates the energy exchange.