Add training workflow, datasets, and runbook

training_data/curated/text/7e2d3fefb5996aaae498c2e3838082482e7f08a8376cad5e39dcf921087fcb26.txt

@@ -0,0 +1,30 @@
+But the change makes sense intuitively, too, when a call is considered as a
+cheaper substitute for owning the stock. For example, compare a $100 stock
+with a three-month 60-strike call on that same stock. Being so far ITM,
+there would likely be no time value in the call. If the call can be purchased
+at parity, which alternative would be a superior investment, the call for $40
+or the stock for $100? Certainly, the call would be. It costs less than half as
+much as the stock but has the same reward potential; and the $60 not spent
+on the stock can be invested in an interest-bearing account. This interest
+advantage adds value to the call. Raising the interest rate increases this
+value, and lowering it decreases the interest component of the value of the
+call.
+A similar concept holds for puts. Professional traders often get a short-
+stock rebate on proceeds from a short-stock sale. This is simply interest
+earned on the capital received when the stock is shorted. Is it better to pay
+interest on the price of a put for a position that gives short exposure or to
+receive interest on the credit from shorting the stock? There is an interest
+disadvantage to owning the put. Therefore, a rise in interest rates devalues
+puts.
+This interest effect becomes evident when comparing ATM call and put
+prices. For example, with interest at 5 percent, three-month options on an
+$80 stock that pays a $0.25 dividend before option expiration might look
+something like this:
+The ATM call is higher in theoretical value than the ATM put by $0.75.
+That amount can be justified using put-call parity:
+(Here, simple interest of $1 is calculated as 80 × 0.05 × [90 / 360] = 1.)
+Changes in market conditions are kept in line by the put-call parity. For
+example, if the price of the call rises because of an increase in IV, the price
+of the put will rise in step. If the interest rate rises by a quarter of a
+percentage point, from 5 percent to 5.25 percent, the interest calculated for
+three months on the 80-strike will increase from $1 to $1.05, causing the