Add training workflow, datasets, and runbook

training_data/curated/text/65f78069dba53ef1a18ee5f924e9847f9215600816bd3e134d91e3d889a4eb12.txt

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+FIGURE 2-1. 
+XYZ covered write. 
+C +$500 
+0 
+e ·a. 
+i.ti 
+cii en $0 en 0 
+...J 
+0 
+~ a. 
+Part II: Call Option Strategies 
+Maximum Profit Range 
+50 55 60 
+"-. Downside Risk 
+Stock Price at Expiration 
+COVERED WRITING PHILOSOPHY 
+The primary objective of covered writing, for most investors, is increased income 
+through stock ownership. An ever-increasing number of private and institutional 
+investors are writing call options against the stocks that they own. The facts that the 
+option premium acts as a partial compensation for a decline in price by the underly­
+ing stock, and that the premium represents an increase in income to the stockhold­
+er, are evident. The strategy of owning the stock and writing the call will outperform 
+outright stock ownership if the stock falls, remains the same, or even rises slightly. In 
+fact, the only time that the outright owner of the stock will outperform a covered 
+writer is if the stock increases in price by a relatively substantial amount during the 
+life of the call. Moreover, if one consistently writes call options against his stock, his 
+portfolio will show less variability of results from quarter to quarter. The total posi­
+tion - long stock and short option - has less volatility than the stock alone, so on a 
+quarter-by-quarter basis, results will be closer to average than they would be with 
+normal stock ownership. This is an attractive feature, especially for portfolio man­
+agers. 
+However, one should not assume that covered writing will outperform stock 
+ownership. Stocks sometimes tend to make most of their gains in large spurts. A cov­
+ered writer will not participate in moves such as that. The long-term gains that are 
+quoted for holding stocks include periods of large gains and sometimes periods of 
+large losses as well. The covered writer will not participate in the largest of those 
+gains, since his profit potential is limited.