Add training workflow, datasets, and runbook

training_data/curated/text/bbc031fff35ec84bcfd264931f7fa169bfd625aabba1a9399fec9480df85b6c4.txt

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+How Market Makers Manage
+Delta-Neutral Positions
+While market makers are not position traders per se, they are expert
+position managers. For the most part, market makers make their living by
+buying the bid and selling the offer. In general, they don’t act; they react.
+Most of their trades are initiated by taking the other side of what other
+people want to do and then managing the risk of the positions they
+accumulate.
+The business of a market maker is much like that of a casino. A casino
+takes the other side of people’s bets and, in the long run, has a statistical
+(theoretical) edge. For market makers, because theoretical value resides in
+the middle of the bid and the ask, these accommodating trades lead to a
+theoretical profit—that is, the market maker buys below theoretical value
+and sells above. Actual profit—cold, hard cash you can take to the bank—
+is, however, dependent on sound management of the positions that are
+accumulated.
+My career as a market maker was on the floor of the Chicago Board
+Options Exchange (CBOE) from 1998 to 2005. Because, over all, the trades
+I made had a theoretical edge, I hoped to trade as many contracts as
+possible on my markets without getting too long or too short in any option
+series or any of my greeks.
+As a result of reacting to order flow, market makers can accumulate a
+large number of open option series for each class they trade, resulting in a
+single position. For example, Exhibit 16.7 shows a position I had in Ford
+Motor Co. (F) options as a market maker.
+EXHIBIT 16.7 Market-maker position in Ford Motor Co. options.