It's
A hyphen can join words that modify the same noun to create compound adjectives.

The bruised-apple-red car crashed into the lake.
The bullet-proof vest was, unfortunately, not a viable defense against the snowballs of children.

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“Can you feel them, Jenkins. The children, they’re all around us. The white storm cometh, 

Hyphens can also change an adjective modifying a noun into a more direct description of that noun, sometimes to humorous effect.

Hello, old friend
A pleasant greeting to a friend you’ve had for a long time.

Hello, old-friend.
A succinct way of pointing out how decrepit your friend has grown over the years. 

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And did I mention your sunken eyes and receding hair? Don’t look at me like that, old-buddy.