Add training workflow, datasets, and runbook

training_data/curated/text/83ce8477817468822a5a859176148d870f1901a1e0f083dd049c01dd6319cca6.txt

@@ -0,0 +1,21 @@
+EXHIBIT 1.7 SPY protective put.
+The solid kinked line is the protective put (put and stock), and the thin
+dotted line is the outright position in SPY alone, without the put. The most
+Kathleen stands to lose with the protective put is $3.65 per share. SPY can
+decline from $140.35 to $139, creating a loss of $1.35, plus the $2.30
+premium spent on the put. If the stock does not fall and the insuring put
+hence does not come into play, the cost of the put must be recouped to
+justify its expense. The break-even point is $142.65.
+This position implies that Kathleen is still bullish on the Spiders. When
+traders believe a stock or ETF is going to decline, they sell the shares.
+Instead, Kathleen sacrifices 1.6 percent of her investment up front by
+purchasing the put for $2.30. She defers the sale of SPY until the period of
+perceived risk ends. Her motivation is not to sell the ETF; it is to hedge
+volatility.
+Once the anticipated volatility is no longer a concern, Kathleen has a
+choice to make. She can let the option run its course, holding it to
+expiration, at which point it will either expire or be exercised; or she can
+sell the option before expiration. If the option is out-of-the-money, it may
+have residual time value prior to expiration that can be recouped. If it is in-
+the-money, it will have intrinsic value and maybe time value as well. In this
+situation, Kathleen can look at this spread as two trades—one that has