Add training workflow, datasets, and runbook

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+Gaining Exposure 	 	•	 191
+Value investors generally like bargains and to buy in bulk, so we 
+should also buy our option time value “in bulk” by buying the longest 
+tenor available and getting the lowest per-day price for it. It follows that if 
+long-term equity anticipation securities (LEAPS) are available on a stock, 
+it is usually best to buy one of those. LEAPS are wonderful tools because, 
+aside from the pricing of time value illustrated in the preceding table, if 
+you find a stock that has undervalued upside potential, you can win from 
+two separate effects:
+1. The option market prices options as if underlying stocks were ef-
+ficiently priced when they may not be (e.g., the market thinks that 
+the stock is worth $50 when it’s worth $70). This discrepancy gives 
+rise to the classic value-investor opportunity.
+2. As long as interest rates are low, the drift term understates the ac-
+tual, probable drift of the stock market of around 10 percent per 
+year. This effect tends to work for the benefit of a long-tenor call 
+option whether or not the pricing discrepancy is as profound as 
+originally thought.
+There are a couple of special cases in which this “buy the longest 
+tenor possible” rule of thumb should not be used. First, if you believe 
+that a company may be acquired, it is best to spend as little on time value 
+as possible. I will discuss this case again when I discuss selecting strike 
+prices, but when a company agrees to be acquired by another (and the 
+market does not think there will be another offer and regulatory approv-
+als will go through), the time value of an option drops suddenly because 
+the expected life of the stock as an independent entity has been short-
+ened by the acquiring company. This situation can get complicated for 
+stock-based acquisitions (i.e., those that use stocks as the currency of 
+acquisition either partly or completely) because owners of the acquiree’s 
+options receive a stake in the acquirer’s options with strike price adjusted 
+in proportion to the acquisition terms. In this case, the time value on 
+your acquiree options would not disappear after the acquisition but be 
+transferred to the acquirer’s company’s options. The real point is that it 
+is impossible, as far as I know, to guess whether an acquisition will be 
+made in cash or in shares, so the rule of thumb to buy as little time value 
+as possible still holds.