Add training workflow, datasets, and runbook

training_data/curated/text/a1772dba6df09ad233022e10aae3135b3184d8386b4ae3f7ea1c0a8c33cf8265.txt

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+Accepting Exposure   • 217
+Now a diagram when implied volatility is higher:
+RED
+Advanced Building Corp. (ABC)
+80
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+5/18/2012 5/20/2013 249 499 749 999
+Date/Day Count
+Stock Price
+Obviously, there is much more of the put option’s range of exposure 
+bounded by the BSM cone in the second, high-volatility scenario, and this 
+means that the price received for accepting the same downside risk will be 
+substantially higher when implied volatility is elevated.
+The key to setting up a successful allocation of short puts is to find 
+companies that have relatively low downside valuation risk but that also 
+have a significant amount of perceived price risk (as seen by the market)—
+even if this risk is only temporary in nature. Quarterly earnings seasons are 
+nearly custom made for this purpose. Sell-side analysts (and the market 
+in general) mainly use multiples of reported earnings to generate a target 
+price for a stock. As such, a small shortfall in reported earnings as a result 
+of a transitory and/or nonmaterial accounting technicality can cause sell-
+side analysts and other market participants to bring down their short-term 
+target price estimates sharply and can cause stock prices to drop sharply 
+as well.
+5
+These times, when a high-quality company drops sharply as a re-
+sult of perceived risk by other investors, are a wonderful time to replen-
+ish a portfolio of short puts. If you time the tenors well, your short-put