Add training workflow, datasets, and runbook

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+Understanding and Managing Leverage    • 171
+upward movement in the stock will offset the money spent on time value, 
+the amount spent on time value is never recoverable.
+The remaining $11.25 of the premium paid for a $20-strike call op-
+tion is intrinsic value . Buying intrinsic value means that we are exposing 
+our own capital to the risk of an unrealized loss if the stock falls below 
+$31.25. Lambda is directly related to the amount of capital we are exposing 
+to an unrealized loss versus the size of the “loan” from the option, so be-
+cause we are risking $11.25 of our own capital and borrowing $20 with the 
+option (a high capital-to-loan proportion), our investment leverage meas-
+ured by lambda is a relatively low 2.50.
+Now direct your attention to a far OTM call option—the one struck 
+at $39. If we invest in the $39-strike option, we are again effectively 
+taking out a $39 contingent loan to buy the shares. Again, we take the 
+time-value portion of the option’s price—in this case the entire premi-
+um of $1.28—to be the prepaid interest (an implied annualized rate of  
+6.3 percent) and note that we are exposing none of our own capital to 
+the risk of an unrealized loss. Because we are subjecting none of our 
+own capital in this investment and taking out a large loan, our invest-
+ment leverage soars to a very high value of 15.63. This implies that a  
+1 percentage point move in the underlying stock will boost our invest-
+ment return by over 15 percent!
+Obviously, these calculations tell us that our investment returns are 
+going to be much more volatile for small changes in the underlying’s price 
+when buying far OTM options than when buying far ITM options. This is 
+fine information for someone interested in more speculative strategies—if 
+a speculator has the sense that a stock will rise quickly, he or she could, 
+rather than buying the stock, buy OTM options, and if the stock went up 
+fast enough and soon enough offset any drop of implied volatility and time 
+decay, he or she would pocket a nice, highly levered profit.
+However, there are several factors that limit the usefulness of lambda. 
+First, because delta is not a constant, the leverage factor does not stay put 
+as the stock moves around. For someone who intends to hold a position for 
+a longer time, then, lambda provides little information regarding how the 
+position will perform over their investment horizon. 
+In addition, reading the preceding descriptions of lambda, it is ob-
+vious that this measure deals exclusively with the percentage change in