Add training workflow, datasets, and runbook

training_data/curated/text/e605dfa2011bc4e409bf3211d7b5debd4ca70fb76e5fc9cdac65c30a13b0fb5f.txt

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+Mixing Exposure  •  253
+When you bought the protection, the index was trading at 1,375, so 
+you bought one-year puts about 5 percent OTM at $1,300. If the market 
+had fallen heavily or even moderately during the first five months of the 
+contract, your puts would have served you very well. However, now the 
+puts are not 5 percent OTM anymore but 23 percent OTM, and it would 
+take another Lehman shock for the market to make it down to your put 
+strike.
+Keeping in mind that buying longer-tenor options gives you a better 
+annualized cost than shorter-tenor options, you should be leery of entering 
+into a hedging strategy such as the one pictured here:
+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
+Buying short-tenor puts helps in terms of providing nearer to 
+ATM protection, but the cost is higher, and it gets irritating to keep 
+buying expensive options and never benefiting from them (funny—
+no one ever says this about home insurance). Although there are no 
+perfect solutions to this quandary, I believe the following approach 
+has merit: