Add training workflow, datasets, and runbook

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Notes297
this would, in turn, imply an 87 percent chance of being higher than
$40 in a year.
3. Tenor is just a specialty word used for options and bonds to mean the
remaining time before expiration/maturity. We will see later that op-
tion tenors usually range from one month to one year and that special
long-term options have tenors of several years.
4. Were not doing any advanced math to figure this out. Were just eye-
balling the area of the exposure range within the cone in this diagram
and recalling that the area within the cone of the $60 strike, one-year
option was about the same.
5. In other words, in this style of trading, people are anchoring on recent
implied volatilities—rather than on recent statistical volatilities—to
predict future implied volatilities.
6. Note that even though this option is now ITM, we did not pay for any
intrinsic value when we bought the option. As such, we are shading the
entire range of exposure in green.
Chapter 4
1. The “capital” we have discussed so far is strategic capital. There is an-
other form of tactical capital that is vital to companies, termed working
capital. Working capital consists of the short-term assets essential for
running a business (e.g., inventory and accounts receivables) less the
short-term liabilities accrued during the course of running the busi-
ness (e.g., accounts payable). Working capital is tactical in the sense
that it is needed for day-to-day operation of the business. A company
may have the most wonderful productive assets in the world, but if it
does not have the money to buy the inventory of raw materials that will
allow it to produce its widgets, it will not be able to generate revenues
because it will not be able to produce anything.
2. The law of large numbers is actually a law of statistics, but when most
people in the investing world use this phrase, it is the colloquial version
to which they are referring.
3. Apple Computer, for instance, was a specialized maker of computers
mainly used by designers and artists in the late 1990s. Through some