Add training workflow, datasets, and runbook

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+174  •   The Intelligent Option Investor
+Understanding Leverage’s Effects on a Portfolio
+Looking at leverage from a lambda or notional control perspective gives 
+some limited information about leverage, but I believe that the best way 
+to think about option-based investment leverage is to think about the ef-
+fect of leverage on an actual portfolio allocation basis. This gives a richer, 
+more nuanced view of how leverage stands to help or hurt our portfolio 
+and allows us more insight into how we can intelligently structure a mixed 
+option-stock portfolio.
+Let’s start our discussion of leverage in a portfolio context by thinking 
+about how to select investments into a portfolio. We will assume that we 
+have $100 in cash and want to use some or all of that cash to invest in risky 
+securities. Cash is riskless (other than inflation risk, but let’s ignore that 
+for a moment), so the risk we take on in the portfolio will be dampened 
+by keeping cash, and the returns we will win from the portfolio will be 
+similarly dampened.
+We have a limited amount of capital and want to allocate that capital 
+to risky investments in proportion to two factors:
+1. The amount we think we can gain from the investment
+2. Our conviction in the investment, which is a measure of our per -
+ception of the riskiness of the investment
+We might see a potential investment that would allow us to reap a profit 
+of $9 for every $1 invested (i.e., we would gain a great deal), but if our 
+conviction in that investment is low (i.e., we think the chance of winning 
+$9 for every $1 invested is very low), we would likely not allocate much of 
+our portfolio to it.
+In constructing a portfolio, most people set a limit on the proportion 
+of their portfolio they want to allocate to any one investment. I personally 
+favor more concentrated positions, but let’s say that you paid better atten-
+tion to your finance professor in school than I did and figure that you want 
+to limit your risk exposure to any one security to a maximum of $5 of your 
+$100 portfolio. 
+An unlevered portfolio means that each $5 allocation would be made 
+by spending $5 of your own capital. Y ou would know that if the value of 
+the underlying security decreases by $2.50, the value of the allocation will