Add training workflow, datasets, and runbook

training_data/curated/text/6e330bae8959ff0e20cfa18b376ed2cedfc6a24f51d4edc50fff24708af906bb.txt

@@ -0,0 +1,32 @@
+78  •   The Intelligent Option Investor
+money and discount rates, but even being unacquainted with these terms 
+right now will not be a handicap. 
+Business is essentially a collection of very simple transactions—pro-
+ducing, selling, and investing excess profits. In my experience, one of the 
+biggest investing mistakes occurs when people forget to think about busi-
+ness in terms of these simple transactions. 
+Having a firm grasp of valuation is an essential part of being an in-
+telligent option investor. The biggest drawback of the BSM is its initial as-
+sumption that all stock prices represent the true values of the stocks in 
+question. It follows that the best opportunity for investors comes when a 
+stock’s present price is far from its true intrinsic value. In order to assess 
+how attractive an investment opportunity is, we must have a good under-
+standing of the source of value for a firm and the factors that contribute to 
+it. These are the topics of this chapter and the next. 
+In terms of our intelligent option investing process, we need two 
+pieces of information:
+1. A range of future prices determined mechanically by the option 
+market according to the BSM
+2. A rationally determined valuation range generated through an in-
+sightful valuation analysis
+This chapter and the next give the theoretical background necessary to de-
+rive the latter. 
+Jargon to be introduced in this chapter is as follows:
+Asset Structural constraints
+Demand-side constraints Supply-side constraints
+Owners’ cash profit (OCP) Expansionary cash flow
+Free cash flow to owner(s) (FCFO) Working capital
+The Value of an Asset 
+The meaning of asset , in financial terms, is different from the vernacular 
+meaning of “something I’ d be upset about if it broke or was stolen. ” In 
+financial terms, an asset is anything that can be owned that (1) was created