Add training workflow, datasets, and runbook

training_data/curated/text/c14c66202948e7da135f1eeb526cfafa5d2736c50d55e057e0b53850861be19b.txt

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+Mixing Exposure  •  261
+this way, we have locked in a worst possible gain of 11.4 percent and a best 
+possible gain of 20.5 percent for the next five and a half months.
+Let’s look at another collar with a different profit and loss profile:
+Collar 2: 78 Days to Expiration
+Strike Price ($) Bid (Ask) Price ($)
+Sold call 70  0.52
+Purchased put 62.50 (1.55)
+Net debit (1.03)
+This collar yields the following best- and worst-case ESPs and corresponding 
+returns (assuming a $55 buy price):
+ESP ($) Return (%)
+Best case 68.97 25.4
+Worst case 61.47 11.8
+This shows a shorter-tenor collar—about two and a half months be-
+fore expiration—that allows for more room for capital gains. This might be 
+the strategy of a hedge fund manager who is long the stock and uncertain 
+about the next quarterly earnings report. For his or her own business rea-
+sons, the manager does not want to show an unrealized loss in case Qual-
+comm’s report is not good, but he or she also doesn’t want to restrict the 
+potential capital gains much either.
+Calculating the ESPs and the returns in the same way as described 
+here, we get a guaranteed profit range from around 12 to over 25 percent. 
+One thing to note as well is that the protection is provided by a put, and 
+a put option can be sold any time before expiry to generate a cash inflow 
+from time value. Let’s say then that when Qualcomm reports its quarterly 
+earnings, the stock price drops to $61—a mild drop that the hedge fund 
+manager considers a positive sign. Now that the manager is less worried 
+about the downside exposure, he or she can sell the put for a profit.