Add training workflow, datasets, and runbook

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+Gaining Exposure 	 	•	 197
+sauce to make the main course more interesting and flavorful. Y ou can 
+layer ITM options onto the stock to increase leverage to a level with which 
+you feel comfortable. This does not have to be Buffett’s 1.8:1 leverage of 
+course. Levering more lightly will provide less of a kick when a company 
+performs according to your best-case scenario, but also carries less risk 
+of a severe loss if the company’s performance is mediocre or worse. OTM 
+option positions (and “long diagonals” to be discussed in Chapter 11) can 
+be thought of as a spicy side dish to the main meal. They can be added 
+opportunistically (when and if the firm in which you are investing has a 
+bad quarter and its stock price drops for temporary reasons involving sen-
+timent rather than substance) for extra flavor. OTM options can also be 
+used as a snack to be nibbled on between proper meals. Snack, in this case, 
+means a smaller sized position in firms that have a small but real upside 
+potential but a greater chance that it is fairly valued as is, or in a company 
+in which you don’t have the conviction in its ability to create much value 
+for you, the owner. 
+Another consideration regarding the appropriate level of investment 
+leverage one should apply to a given position is how much operational 
+and financial leverage (both are discussed in detail in Appendix B) a firm 
+has. A firm that is highly levered will have a much wider valuation range 
+and will be much more likely to be affected by macroeconomic considera-
+tions that are out of the control of the management team and inscrutable 
+to the investor. In these cases, I think the best response is to adjust one’s 
+investment leverage according to the principles of “margin of safety” and 
+contrarianism. 
+By creating a valuation range, rather than thinking only of a single point-
+estimate for the value of the firm, we have unwittingly allowed ourselves to 
+become very skillful at picking appropriate margins of safety. For example, I 
+recently looked at the value of a company whose stock was trading for around 
+$16 per share. The company had very high operational and financial lever-
+age, so my valuation range was also very large—from around $6 per share 
+worst case to around $37 per share best case with a most likely value of around  
+$25 per share. The margin of safety is 36 percent (=  ($25 −  $16)/ $25). 
+While some might think this is a reasonable margin of safety to take a bold, 
+concentrated position, I elected instead to take a small, unlevered one because 
+to me, the $9 margin of safety for this stock is still not wide enough. The best