Esprit

In mathematical finance, the Greeks are the quantities representing the sensitivity of the price of derivatives such as options to a change in underlying parameters on which the value of an instrument or portfolio of financial instruments is dependent. The name is used because the most common of these sensitivities are denoted by Greek letters (as are some other finance measures). Collectively these have also been called the risk sensitivities,risk measures or hedge parameters.

Use of the Greeks

The Greeks are vital tools in risk management. Each Greek measures the sensitivity of the value of a portfolio to a small change in a given underlying parameter, so that component risks may be treated in isolation, and the portfolio rebalanced accordingly to achieve a desired exposure; see for example delta hedging.

The Greeks in the Black–Scholes model are relatively easy to calculate, a desirable property of financial models, and are very useful for derivatives traders, especially those who seek to hedge their portfolios from adverse changes in market conditions. For this reason, those Greeks which are particularly useful for hedging—such as delta, theta, and vega—are well-defined for measuring changes in Price, Time and Volatility. Although rho is a primary input into the Black–Scholes model, the overall impact on the value of an option corresponding to changes in the risk-free interest rate is generally insignificant and therefore higher-order derivatives involving the risk-free interest rate are not common.

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Lotna

Lotna is a Polish war film released in 1959 and directed by Andrzej Wajda.

Overview

This highly symbolic movie is both the director's tribute to the long and glorious history of the Polish cavalry, as well as a more ambiguous portrait of the passing of an era. Wajda was the son of a Polish Cavalry officer who was murdered by the Soviets during the Katyn massacre.

The horse Lotna represents the entire Romantic tradition in culture, a tradition that had a huge influence in the course of Polish history and the formation of Polish literature. Lotna is Wajda's meditation on the historical breaking point that was 1939, as well as a reflection on the ending of an entire era for literature and culture in Poland and in Europe as a whole. Writing of the film, Wajda states that it "held great hopes for him, perhaps more than any other." Sadly, Wajda came to think of Lotna "a failure as a film."

The film remains highly controversial, as Wajda includes a mythical scene in which Polish horsemen suicidally charge a unit of German tanks, an event that never actually happened.

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Speed (1936 film)

Speed is a 1936 Metro-Goldwyn-Mayer action film starring James Stewart in his first starring role, and Wendy Barrie. Although only a low-budget "B" movie, the film was notable for its realistic cinematography by Lester White, incorporating scenes from the Indianapolis 500 race and on-location shooting at the Muroc dry lake bed, used for high-speed racing by "hot rodders" in the 1930s. Advance publicity trumpeted that Stewart drove the specially-prepared "Falcon" to 140 mph (230 km/h).

Plot

Auto mechanic Terry Martin (James Stewart), the chief car tester for Emery Motors in Detroit, is working on his own time to perfect a revolutionary design for a new carburetor. Automotive engineer Frank Lawson (Weldon Heyburn) is a rival for the attention of Jane Mitchell (Wendy Barrie), who has just been hired to work in the publicity department. Terry has little formal education and resents inferences that his knowledge of cars is inferior to that of the trained Lawson. He nearly loses his job when he makes a jealous spectacle of himself at a company dinner dance that Jane attends with Frank.

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