Add training workflow, datasets, and runbook

training_data/curated/text/f41bc6fc1373300b570f57c51ac0a5a7c83224b56ed3954728d2141b59cd29b4.txt

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+Understanding and Managing Leverage    • 177
+or $800 per contract, which would allow us to buy six contracts in all for 
+$4,800. There is only $0.01 worth of time value (= $15.00 + $8.00 − $22.99) 
+on these options because they are so far ITM. This means that we are pay-
+ing $1 per contract worth of time value that is never recoverable, so we 
+shall treat it as a realized loss. If we were to graph our potential profit and 
+loss profile using this option, assuming that we are analyzing the position 
+just as the 540-day options expire, we would get the following
+3:
+Net Gain (Loss) - Levered
+0246810 12 14 16 18 20 22 24
+Stock Price
+Levered Strategy Overview
+Gain (Loss) on Allocation
+26 28 30 32 34 36 38 40 42 44 46 48 50(10,000)
+(5,000)
+-
+5,000
+10,000
+Unrealized Gain
+Unrealized Loss
+Cash Value
+Realized Loss
+15,000
+20,000
+The most obvious differences from the diagram of the unlevered po-
+sition are (1) that the net gain/loss line is kinked at the strike price and 
+(2) that we will realize a total loss of invested capital—$4,800 in all—if 
+Intel’s stock price closes at $15 or below. The kinked line demonstrates the 
+meaning of the first point made earlier regarding option-based investment 
+leverage—an asymmetrical return profile for profits and losses. Note that 
+this kinked line is just the hockey-stick representation of option profit and 
+loss at expiration that one sees in every book about options except this 
+one. Although I don’t believe that hockey-stick diagrams are terribly useful 
+for understanding individual option transactions, at a portfolio level, they 
+do represent the effect of leverage very well. This black line represents a