Add training workflow, datasets, and runbook

training_data/curated/text/b62327e39bf031293bc1a4269d33ca5a652f0745a7ef2e84db027f611aa2305d.txt

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+254  •   The Intelligent Option Investor
+S&P 500
+1,800
+1,700
+1,600
+1,500
+1,400
+1,300
+1,200
+1,100
+1,000
+8/1/20129/1/201210/1/201211/1/201212/1/20121/1/20132/1/20133/1/20134/1/20135/1/20136/1/20137/1/2013
+GREEN GREENLIGHT GREEN
+LIGHT GREEN
+LIGHT GREEN
+Here I bought fewer long-term put contracts at the outset and then add-
+ed put contracts at higher strikes opportunistically as time passed. I have left 
+myself somewhat more exposed at certain times, and my protection doesn’t all 
+pick up at a single strike price, so the insurance coverage is spotty, but I have 
+likely reduced my hedging cost a great deal while still having a potential source 
+of investible cash on hand in the form of options with time value on them.
+The Unhappy Case of a Successful Hedge
+Markets are down across the board. Y our brokerage screen is awash in red. 
+The only bright spot is the two or three lines of your screen showing your 
+S&P 500 puts, which are strongly positive. Y ou bought your protection 
+when the market was going up, so it was very cheap to purchase. Now, with 
+the market in a terror, the implied volatilities have shot up, and you are sit-
+ting on a huge positive unrealized value.
+Now what?
+The psychological urge to keep that hedge on will be strong. Such a po-
+sition is safe after all, and with the rest of the world falling apart, it feels nice to 
+have somewhere safe to go. What should you do with this unrealized profit?