Add training workflow, datasets, and runbook

training_data/curated/text/9c2763a8429a158d37247dae0be429e16cd01bcc103a32feb57343773dc1bdbf.txt

@@ -0,0 +1,24 @@
+263
+Chapter 12
+Risk and the intelligent 
+OptiOn investOR
+The preceding 11 chapters have given you a great deal of information about 
+the mechanics of option investing and stock valuation. In this last chapter, 
+let’s look at a subject that I have mentioned throughout this book—risk—
+and see how an intelligent option investor conceives of it. 
+There are many forms of risk—some of which we discussed earlier 
+(e.g., the career risk of an investment business agent, solvency risk of a 
+retiree looking to maintain a good quality of life, and liquidity risk of a 
+parent needing to make a big payment for a child’s wedding). The two risks 
+I discuss here are those that are most applicable to an owner of capital 
+making potentially levered investments in complex, uncertain assets such 
+as stocks. These two risks are market risk and valuation risk.
+Market Risk
+Market risk is unavoidable for anyone investing capital. Markets fluctuate, and 
+in the short term, these fluctuations often have little to do with the long-term 
+value of a given stock. Short term, it must be noted, is also relative. In words 
+attributed to John Maynard Keynes, but which is more likely an anonymous 
+aphorism, “The market can remain irrational longer than you can remain sol-
+vent. ” Indeed, it is this observation and my own painful experience of the truth 
+of it that has brought me to my appreciation for in-the-money (ITM) options 
+as a way to preserve my capital and cushion the blow of timing uncertainty.