Add training workflow, datasets, and runbook

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+Mixing Exposure  •  259
+The Gist
+This structure is really much simpler and has a much more straightfor -
+ward investment purpose than it may seem when you look at the preceding 
+diagram. When people talk about “taking profits” using a covered call, the 
+collar is actually the strategy they should be using.
+Imagine that you bought a stock some time ago and have a nice 
+unrealized gain on it. The stock is about where you think its likely fair 
+value is, but you do not want to sell it for whatever reason (e.g., it is 
+paying a nice dividend or you bought it less than a year ago and do not 
+want to be taxed on short-term capital gains or whatever). Although you 
+do not want to sell it, you would like to protect yourself from downside 
+exposure.
+Y ou can do this cheaply using a collar. The collar is a covered call, 
+which we have already discussed, whose income subsidizes the purchase of 
+a protective put at some level that will allow you to keep some of the unre-
+alized gains on your securities position. The band labeled “Orange” on the 
+diagram shows an unrealized gain (or, conversely, a potential unrealized 
+loss). If you buy a put that is within this orange band or above, you will be 
+guaranteed of making at least some realized profit on your original stock 
+or index investment. Depending on how much you receive for the covered 
+call and what strike you select for the protective put, this collar may rep-
+resent completely “free” downside protection or you might even be able to 
+realize a net credit.
+Execution
+The execution of this strategy depends a great deal on personal prefer -
+ence and on the individual investor’s situation. For example, an investor 
+can sell a short-tenor covered call and use those proceeds to buy a longer-
+tenor protective put. He or she can sell the covered call ATM and buy a 
+protective put that is close to ATM; this means the maximum and mini-
+mum potential return on the previous security purchase is in a fairly tight 
+band. Conversely, the investor might sell an OTM covered call and buy 
+a protective put that is also OTM. This would lock in a wider range of 
+guaranteed profits over the life of the option.