Exploiting Earnings Volatility introduces an innovative new framework for evaluating, optimizing, and trading option strategies to profit from earnings-related pricing anomalies. Leveraging his extensive background in option-pricing and decades of experience in investment management and trading, Brian Johnson developed this inventive approach specifically to design and manage option earnings strategies. In an Active Trader article titled “Modeling Implied Volatility,” Mr. Johnson introduced a formula for aggregating discrete volatility measures into a single metric that can be used with conventional option pricing formulas to accurately model implied volatility before and after earnings announcements. The practical application of this formula has profound implications for option trading and strategy development. Exploiting Earnings Volatility is written in a clear, understandable fashion and explains how to use this novel approach to 1) solve for the expected level of earnings volatility implicitly priced in an option matrix, 2) calculate historical levels of realized and implied earnings volatility, 3) develop strategies to exploit divergences between the two, and 4) calculate expected future levels of implied volatility before and after earnings announcements. Furthermore, Exploiting Earnings Volatility also includes two Excel spreadsheets. The Basic spreadsheet employs minimal input data to estimate current and historical earnings volatility and utilizes those estimates to forecast future levels of implied volatility around earnings announcements. The Integrated spreadsheet includes a comprehensive volatility model that simultaneously integrates and quantifies every component of real-world implied volatility, including earnings volatility. This powerful tool allows the user to identify the precise level of over or undervaluation of every option in the matrix and to accurately forecast future option prices and option strategy profits and losses before and after earnings announcements. The Integrated spreadsheet even includes an optimization tool designed to identify the option strategy with the highest level of return per unit of risk. Written specifically for investors who have familiarity with options, this practical guide begins with a detailed review of volatility and an explanation of the aggregate implied volatility formula. A separate chapter provides a conceptual and mathematical explanation of “True Greeks,” accurate measures of risk and return sensitivity that reflect the real-world behavior of options. New option Greeks that are specific to earnings announcements are also introduced. Four chapters explain how to use the Basic and Integrated spreadsheets and two chapters document trade examples that use actual market data and analytical results from both spreadsheets to design a unique option strategy to exploit earnings-related pricing and volatility anomalies. The final chapter examines practical considerations and prospective applications of these innovative new tools. This book introduces a new analytical framework that may sound complicated at first, but is really quite intuitive. The formulas presented in the book are limited to basic high-school algebra. Mathematical relationships are also explained intuitively and depicted graphically. Most important, you will not need to perform any of these calculations manually. Exploiting Earnings Volatility includes a link to Excel spreadsheets that perform all of the calculations described in the book. The unique price and volatility behavior of options before and after discrete earnings announcements is an enigma to most option traders, even to many professionals. The aggregate volatility formula is relatively simple, but it has profound implications. When integrated with a real-world volatility model, it offers unique insights into earnings volatility, price behavior, option strategy construction, and prospective value-added opportunities.Exploiting Earnings Volatility An Innovative New Approach to Evaluating Optimizing and Trading Option Strategies to Profit from Earnings Announceme
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One of the most important elements of a properly dressed table, be it formal or casual, is high quality silverware. In fact, silverware has a lot more to offer than mere functionality. Design, color, and usability are all key factors that are easily overlooked by today's busy shoppers.
In the past, "silverware" was rather different from what we are accustomed to today. The first eating implements were very rudimentary wooden utensils. At first, the spoon was the most important (and sometimes sole) utensil used at the table. Although knives have been used to prepare food for several centuries, they were not common at the average person's table. The fork, today ubiquitous eating utensil, is the relatively recent invention of an ingenious woman.
Today, silverware is typically sold in sets. A European silverware set is composed by seven utensils: fork, knife, soup spoon, fruit or dessert fork, fruit knife, dessert spoon and coffee spoon. In contrast, five utensils compose the typical North American dining set: fork, knife, soupspoon, fruit / dessert fork and teaspoon.
Silverware sets do not have to be expensive. Extremely simple sets that are easily affordable can be found almost anywhere. At the other end of the spectrum, exquisite hand-forged silverware sets are popping up at more and more boutique stores. The choices are nearly endless. That said, how should one choose? There are two criteria I suggest that you keep in mind when choosing silverware: how the utensils feel in your hand, and the type of table setting you plan to use them with.
You can easily judge the feel and usability of silverware by holding a piece in your hand. There are no pre-set rules to follow. Just hold the utensils and see if they are well-balanced and comfortable to hold. The second important aspect to keep in mind when choosing silverware is the type of table or setting you plan to use the silverware with. If it is intended for everyday use, you should choose something that can easily withstand the constant use of your family and one that is dishwasher safe. Stainless steel is always a good choice. Stainless steel silverware is almost indestructible yet can be very beautiful at the same time. Here is a good example: If, on the other hand, you plan to have a more formal dinner or table setting, then you should probably choose a more precious and elaborate set of silverware. Sterling silver is the classic choice, of course, but high quality silver-plated sets will also work nicely. The price of silver-plated dinnerware is much more affordable than pure silver and the look and feel is essentially the same. Here is a good example of formal silver-plated utensils.
Always keep in mind that even though marketers and advertisers will tell you differently, you do not have to spend a fortune to properly dress a formal dinner table. Ultimately, the overall effect of your well-chosen details counts much more than the dollar amount you spent. Be creative and live beautiful!
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A Martini glass, also known as a cocktail glass is stemmed and has a bowl shaped like a cone situated on a stem above a base which is flat. It is generally utilized to serve a myriad of cocktails. The structure of a Martini glass is obtained from the actuality that all true-blue cocktails are ice-cool and include a perfumed constituent. The consumer is able to hold the glass at the stem and will not risk ruining the temperature of the drink. As an added bonus, the expansive bowl seats the surface of the drink unswervingly under the drinker's nose, guaranteeing that the fragrant component achieves the most wanted result.
The Martini drink is said to have been invented in the late 19th century in Martinez, California.
An average Martini glass is measured at 4.5 fl oz, although there are now larger Martini glasses ranging in the capacity from 6 fl oz to gargantuan ones of 12 fl oz and more. Ever since Martini cocktails have enjoyed a refreshing resurgence, the demand for Martini glasses has steadily escalated.
Martini glasses are a division of a superior assemblage of drinkware identified as cocktail glasses. Originally, cocktails are presented with the accompaniment of ice, thus the contour of the cocktail glass is for the most part purposeful. Martini glasses are termed as stemware; the exaggerated stems allow you to grasp the glass without the risk of changing the drink's temperature. This is a universal rule – the main purpose of the stem is to ensure that the drink remains cold by keeping the drinker's hands absent from the beverage. It works similarly like a Champagne flute.
Martini glasses are more notable from other cocktail glasses by their piercingly conical bowl. The narrow shape assists in keeping the drink components from unraveling. Many believe that the tapered bowl is meant to display the cherry or olive condiments to their best advantage, while others say that the expansive brim of Martini glasses was invented to facilitate disposal of alcohol in case of a major authority invasion during Prohibition times.
Because of the popularity of Martini drinks, naturally there will be a demand for everything remotely connected to them. With new martini recipes invented daily, so is the invention of new and improved Martini glasses. What was before a glass pure in its design has been reborn as ones decorated with color, creating stark contrasts between the drink and its container.
Before the Martini drink was invented, the Martini glass was simply known as a cocktail tumbler; With the invention firmly in place, slowly, the Martini glass was made with wide brims for one purpose – to help bring about the aromas of the concoction. Due to the renaissance of "old Hollywood" glamor, the Martini glass has been converted as a symbol of superiority and elegance.
The stems of Martini glasses have also enjoyed a recent makeover; in the Czech Republic, expert artisans in the vicinity of Vizovice make breathtakingly beautiful hand-blown Martini glasses worthy of a King's table. These are of course expensive and mostly for decorative purposes. Many martini glasses available are strictly for decoration – because Martinis are meant to be consumed ice-cold, so the ones made out of pewter or silver would take away the pleasure of drinking a Martini.
Bombay Sapphire, a well-known Gin Company, held a Martini glass design contest in 2008. The winner was Mia Ferrera Wiesenthal, a Brooklyn based artist who ingenuously designed a stemless Martini glass dubbed "on the Rocks".
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Which should you choose? Formal dinnerware or casual dinnerware? Ideally, you should choose both. You will, over the course of your lifetime, have a need for both of them. Unfortunately, you probably don't want to buy them both just now. Last I checked, they can be quite expensive. And so, you need to make a decision, which will you choose?
Casual dinnerware is likely to come in a greater variety of colors. It is likely to be available in brighter, bolder patterns. Often, the plates are larger and thicker. All in all, I think they evoke a casual feeling and make me think of friends and family eating in the kitchen, casually eating outside or a jumble of people at my house.
Formal dinnerware often comes in white, with light, delicate patterns. The plates are generally thinner and smaller than casual plates. It evokes images of quiet, romantic dinners, holiday meals with family and friends and hosting business dinners. It doesn't evoke feelings of boredom or quiet but rather feelings of sophistication and elegance.
Which of the above descriptions match your lifestyle the most? Which most accurate match your goals and aspirations? Do you approach dinner as a casual affair in general or do you feel it is a more serious affair?
Nowadays, I think there are enough choices out there to find something that sits somewhere in the middle. Not too thin, not too delicate but also not too "out there" for a more sophisticated evening. I have seen some great examples of these lately, both in the homes of friends and family and in the stores.
I saw beautiful coral colored dinnerware with a distinctive square shape. They had no pattern on them but the color was interesting. It struck me as creative – sophisticated. I think that they could easily have been used at both a formal and a casual occasion. It is possible to find the middle ground, if that is what you are looking for.
For the bargain or clumsy shopper, I have even seen some Corelle dishes with elegant patterns and edging that would suit a formal dinner very well.
Casual or formal, there are many brands, materials and patterns available. Ultimately, it's up to you to decide which style fits your lifestyle.
Models for Writers is a best-selling book with a simple yet effective combination that has worked for thousands of instructors and millions of students: short, accessible essays and helpful, thorough writing instruction. Models continues to offer thought-provoking readings organized to demonstrate not only the rhetorical strategies that students will use in their own essays but also the elements and language that will make those essays effective—trustworthy coverage you won’t find anywhere else. Also unique to Models is its versatility and flexibility: It works in a wide range of courses and at various levels. This edition offers new classroom activities for academic and professional writing that will get students to think critically about and practice the kinds of writing they will be doing in college and beyond. The new edition anticipates the needs of today’s students with helpful strategies for developing a strong thesis statement, expanded coverage of logical fallacies, entirely new coverage of APA documentation, and online multimodal readings and tutorials on critical reading and other essential topics. And now with the new edition, you can meet students where they are: online. Our newest set of online materials, LaunchPad Solo, provides all the key tools and course-specific content that you need to teach your class. Get all our great course-specific materials in one fully customizable space online; then assign and mix our resources with yours. To package LaunchPad Solo free with Models for Writers, use ISBN 978-1-319-01381-3.
You have been using wooden trays for serving. If not, you might be using them for storing items like cutlery, cups, mugs etc. There are different types of wooden trays available these days and you are making use of them in various ways but what do you do with these trays when they become old and you get bored with them? Do you either push them into garage storage or sell them off as scrap? Whatever you have been doing with them, there are many creative ways to use these wooden trays. In fact, they are so innovative and beautiful ways that you would be tempted to bring new unfinished wooden trays and apply these techniques to satisfy the creative soul in you. Here are some novel ways to use wooden trays that I found on net while searching!
Make a folding screen or room divider by using some decorative trays. You will need three or four shelving units that are hinged together. Just fasten the trays onto the units and your room divider is ready.
Multi Level Side Table
If you need a side table with multiple levels, use trays for making one. Take three or four trays and wooden dowels having thickness of about one inch. Cut them into needed size. Drill holes in the corner of each tray and into the ends of the dowels. Then fasten the dowels to trays by using threaded rods. Screw wooden balls on top rod to give a finished look to the table.
Take a wooden tray and fill its bottom with a layer of sand. Now take some decorated pillar candles and votive candles and arrange them in a beautiful pattern in the center of the tray. Now decorate the fringes with any of the materials of your choice-it can be pebbles, berries, gourds, bamboo sticks, anything! Place it on table and make it a delightful experience for your guests.
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