Add training workflow, datasets, and runbook

training_data/curated/text/2b0028aefd716302fc81765e1d80b46277541b42f944f9f095aaac52e569a52b.txt

@@ -0,0 +1,36 @@
+Cl,apter 4: Other Call Buying Strategies 127 
+above 40, the resulting profits there would be smaller because the investor would be 
+long only one call instead of two. 
+Example 2: XYZ has moved up to a price at which the calls are each worth 8 points. 
+One of the calls could then be sold, realizing a 5-point profit. The resulting position 
+would be short 100 shares of stock and long one call, a protected short sale. The pro­
+tected short sale has a limited risk, above 40, of 3 points (the stock was sold short at 
+40 and the call was purchased for 3 points). Even if XYZ remains above 40 and the 
+maximum 3-point loss has to be taken, the overall reverse hedge would still have 
+made a profit of 2 points because of the 5-point profit taken on the one call. 
+Conversely, if XYZ drops below 40, the protected short sale position could add to the 
+profits already taken on the call. 
+There is a variation of this upside protective action. 
+Example 3: Instead of selling the one call, one could instead short an additional 100 
+shares of stock at 48. If this was done, the overall position would be short 200 shares 
+of stock (100 at 40 and the other 100 at 48) and long two calls - again a protected 
+short sale. If XYZ remained above 40, there would again be an overall gain of 2 
+points. To see this, suppose that XYZ was above 40 at expiration and the two calls 
+were exercised to buy 200 shares of stock at 40. This would result in an 8-point prof­
+it on the 100 shares sold short at 48, and no gain or loss on the 100 shares sold short 
+at 40. The initial call cost of 6 points would be lost. Thus, the overall position would 
+profit by 2 points. This means of follow-up action to the upside is more costly in com­
+missions, but would provide bigger profits if XYZ fell back below 40, because there 
+are 200 shares of XYZ short. 
+In theory, if any of the foregoing types of follow-up action were taken and the 
+underlying stock did indeed reverse direction and cross back through the striking 
+price, the original position could again be established. Suppose that, after covering 
+the short stock at 32, XYZ rallied back to 40. Then XYZ could be sold short again, 
+reestablishing the original position. If the stock moved outside the break-even points 
+again, further follow-up action could be taken. This process could theoretically be 
+repeated a number of times. If the stock continued to whipsaw back and forth in a 
+trading range, the repeated follow-up actions could produce potentially large profits 
+on a small net change in the stock price. In actual practice, it is unlikely that one 
+would be fortunate enough to find a stock that moved that far that quickly. 
+The disadvantage of applying these follow-up strategies is obvious: One can 
+never make a large profit if he continually cuts his profits off at a small, limited