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The first chapter defines the call and put option, and gives a short history of the options markets. The author discusses taxation of option transactions briefly, which is not usually found in books on options.
In chapter 2, the author discusses options payoffs from using various options strategies. The important principle of arbitrage is discussed, and the assumption of no transaction costs is made throughout the chapter. The author gives a good example of how small differences in price can persist in actual markets, thus showing how transaction costs can effect option pricing. Option combinations, such as straddles, strangles, bull, bear, box, butterfly, spreads, and condors. All of these are summarized nicely in table form. The important area of portfolio insurance is treated with brief discussions on mimicking portfolios and synthetic instruments. Helpful references are given that study the cost of portfolio insurance.
In chapter 3, the author considers the factors that contribute to the pricing of an option using the principle of arbitrage. Complete financial markets are assumed, and the goal is to find how these assumptions can be used to put bounds on option prices. The chapter could be viewed as an elementary exercise in the mathematical formalism of optimization with constraints, but the arguments are mostly qualitative. The effect of interest rates on option prices is also considered in this chapter. Here, the principle of arbitrage is employed to show the price of a put must fall as interest rates rise, while call option prices increase with higher interest rates. Also, the author begins an attempt to show how stock prices influence option prices, and he shows that the riskier the underlying stock, the greater the value of an option.
Then in chapter 4, the author takes up issues of a more mathematical nature, wherein he uses the single-period and multi-period binomial models to price European options. These are used to derive the famous Black-Scholes option pricing model. The author's approach is very practical as he discusses various methods of using historical data to estimate the stock's standard deviation. He cites the Crash of 1987 as an example of why one should use current data to estimate the volatility. This motivates the development of other techniques, such as implied volatility, for estimating the standard deviation.
The 'Greeks', called option sensitivity measures by the author, are discussed in chapter 5. He does use partial differential calculus, but motivates it well, so readers without the mathematical preparation can follow the presentation. It is shown how to combine options with the underlying stock or into portfolios, one can construct positions with the desired risk exposure.
The more difficult job of pricing American options is dealt with in chapter 6, the Black pseudo-American call option pricing model being treated first. The binomial model is applied to American options with various kinds of dividends.
In chapter 7, the author considers options on stock indices, foreign currency, and futures. The Merton model leads off the discussion, and both European and American options are treated in the chapter.
Then in chapter 8, the techniques developed in the book are applied to corporate securities. It is an interesting discussion, and the author gives straightforward examples to illustrate various corporate financing strategies. It should prepare the reader for more advanced reading on the subject.
The last chapter is the most interesting of all as it deals with exotic options. The author considers nine types of exotic options, namely forward-start, compound, chooser, barrier, binary, loopback, average price, exchange, and rainbow options, all of these studied as European options. Closed-form solutions for these types of options are given and numerical examples are given. Several helpful references are given at the end of the chapter. The author gives an interesting real-world example of the use of chooser options, namely the case of hedging with a chooser option on the Mexican peso before the NAFTA agreement in 1993.
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"Deconstructing Jesus" isn't an easy read. Unless you have been diligently studying in this field you will find many references to authors you have never heard about. The field is rife with people studying this question.
Bottom line, as I understand it, is that the Jesus that contemporary Christianity follows is a multi-layered construction that has evolved over time to fit the needs of the current culture and political climate. The roots of this construction are all over the first century Middle East and various philosophies. From Cynic, to Gnostic, through Zealot, and everything in between has been woven into the picture that we get of "The Man From Nazareth" (or, was he a Nasserite or Nasorean?).
For the serious student of Christology or church history this book is an excellent criticism of all the current thinking in this area of scholarship. I doubt that the average pew-sitting Christian will be overjoyed with this book but the scholarship will, eventually, be the stuff of many homilies.
Will you find the historical Jesus in this book? No. But you will find an early Church struggling with a polyglot of beliefs attempting to blend them into a cohesive fabric of faith. Perhaps it is that dynamic that has kept "The Church" alive for two millennia. Mysticism and Gnostic thinking are on the rise again and "The Church" on the eve of another evolutionary move -- here's the first map of the territory ahead.
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I recall reading the book from cover-to-cover -- TWICE. As I read it, a whole new world unfolded. I started making lists of wines that I felt I had almost already tasted through Parker's amazingly descriptive writing. I just HAD to try the 1985 Chateau Montelena, the Groth Reserve and the Heitz Martha's Vineyard. Could Chateauneuf du Pape really taste the way Parker described when he wrote about Chateau Beaucastel? I had to find out!
Before I knew it my cellar was full. Time for a bigger one. No, I didn't end up mortgaging the house or selling my wife and children into slavery but wine did become a deeply important part of our life (my wife is as "hooked" as I am).
So beware. If you aren't prepared to really get to know wine perhaps you shouldn't buy this wonderful book. If you are, I can't think of a better place to start!
It begins with the basics -- but from the point-of-view of the world's greatest expert: How to buy wine and how to store it. When and how to serve it.
It then moves on to Parker's own unique, always provocative and singularly honest view of the world of wine and the wine industry. Modern styles of wine making. The dishonest and mis-leading practices of producers, importers and distributors. The production techniques that make a great wine -- or destroy it.
The real focus of the book is on the wines themselves. Over 8,000 are reviewed from all of the major wine producing regions of the world. It is true (as other reviewers have complained) that many of these can't be purchased in stores anymore. That isn't the point, at least to me. As with anything else, a real appreciation of wine can come only through study of the details. And Robert Parker IS the master of the details.
The bottom line. No one book can claim to be "a wine library in one volume". But for what you need to know to be an intelligent, self-confident wine consumer there is only one place to start -- and this is it!
The best part is that tons of the reviewed wines (same vintage even) are on the shelves at the shop for sale. So I can read about exactly what's in the bottle before spending my money. I got a coupon mailer from Total Beverage in my area and loaded up on great wines (all with 90+ scores) at big discounts! Avoided the losers; why buy losers when great stuff is on sale, too? Any way, this book is really useful to me as I'm stocking up the cellar for the holidays and beyond. BTW, saved in coupons on an order - so the book paid for itself twice over the first time I used it.
IMHO, this is a great research tool for anyone who wants current information to help them buy wine now. I don't know how they can publish this much, this timely, at such a reasonable price. Kudos to the authors for a superb buying guide. After tasting the wines I just bought, their reviews get my top marks.
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Carol Selby Price comes off as well-read, with a wide range of knowledge covering philosophy, religion, literature and pop culture. She definitely is a fan of the music of Rush, but especially the lyrics of Neal Peart. Don't expect a lot of coverage on the instrumental music here, this is strictly about the lyrics.
I found that the breakdown of theme categories and selection of titles worked from the standpoint that she covered from 2112 through Presto. The book works best when clearly staying with the topic of a single song, then using some comparisons from literarture, etc. If one were to merely listen to the songs, there would be a surface meaning, but this book helps dig deeper below the surface layer, peeling through the layers of allegory and metaphor to some core visions.
For example, while "Red Barchetta" appears to be a thumbing of the nose against the powers of a dystopic society, I never thought about the adventure merely being a dream by the fireside itself. Did he actually drive the care or simply remain with his uncle by the fireside?
I liked the link of Analog Kid, Digital Man and New World Man, especially the inner/outer versions of New World Man comparing both individuals as well as the regions New World, Old World and Third World.
Criticisms: There must have been a copyright issue with reprinting the lyrics, because one would need the album/disk package at hand to review the writing. While there are plenty of quotes from other sources, the Rush songs are merely paraphrased. I also would have liked to have the entire song broken down, instead of going off on a tangent to show comparisons with Kant, Plato, Nietzsche or Ayn Rand. At times the writers appeared to be showing off their knowledge and there was some definite narrative preachiness about our society. E.T. one long commercial for Reese's Pieces? What does that have to do with Rush?
Some songs are covered briefly, such as 2112, which was then recovered in The Trees. Some editorial tightening would have helped this book, but then again, at barely 150 pages, it was not that long a read.
I would recommend this book to Rush fans who are scholars and have read works by some of those in the bibliography.
Look at the other criticisms of this book - "Rush fans can interpret the songs on their own! They don't need a book to do it for them!" Well.... yes and no. If you want to continue believing that "The Body Electric" is merely a futuristic song/story about a robot, or that "Limelight" is only about being famous... this book isn't for you. But if you want to go DEEPER into the songs' meanings, perhaps you should check out "Mystic Rhythms: The Philosophical Vision of Rush." If fans can 'interpret the songs on their own,' then why have other fans often asked me, "What is that song ABOUT??" Not ALL fans are able to grasp the 'underlying themes' of the lyrics, and only scratch the surface in their interpretations. Nothing wrong with that; there's a lot of meaning there, too. But for those who want to look still further into the water...
Check out this book. The Prices' focus is on Philosophy and Human Psychology as it relates to the vision Peart has given us, the fans of his songs. Sometimes in the text, one gets the impression that the authors have "gone too far" - perhaps they've dug deeper than even Peart himself intended! But new insights into the songs will surely be gained from reading the book, even if only as a suplement to the reader's OWN lyrical intrepretation.
I enjoyed this book, and will hang onto it as a reference source.
Carol Selby Price and Robert Price are obviously very knowledgeable about each of Neil's lyrics as well as the literature and philosophical concepts that have fed Neil's writing. Their vast knowledge of literature, ancient through modern, is used throughout this book to help explain in colorful detail the issues and images depicted in the lyrics.
The authors have put in a great deal of analysis and thought leading to an extremely poignant, interesting and insightful analysis of Neil's lyrics and the philosophies behind them. This book will help greatly deepen the reader's appreciation and understanding of the deep, thought provoking, and powerfully inspirational messages of Neil's works.
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I bought this book with great expectation that Ludlum would write "bettter" then Frederick Forsyth (which I've read all of his books) and Tom Clancy. However, I was very disappointed to find that the topic and plot were too simple, especially compared with Ludlum's big name. The story was predictable and not thrilling at all.
I am not sure whether I will give another try for another Ludlum's books. I'm simply too disappointed with this one.
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It should also be noted that Mr. Parker's assistant Pierre-Antoine Rovani wrote the tasting notes and/or scoring (using the 100 point system of course) for red and white Burgundy, Alsace, the Loire, Germany, Washington and Oregon, and New Zealand. This comes to somewhere between a third and half the total text. His very significant contribution is noted in one paragraph in the introduction.
Having said all of this, for the most part I like what is contained here. It was decided - correctly in my view - to present the major French wine regions in alphabetical order rather than starting with either Bordeaux or Burgundy. Therefore the first 75 pages or so are devoted to Alsace. I have been a huge fan of this area's wines for the last 12 years and Mr. Rovani's comments are excellent. I concur wholeheartedly with his assertions that the very best vintages from the estates of Domaines Weinbach and Zind-Humbrecht (among others) offer quality equal to anything from Burgundy. You are not likely to go wrong with any of the recommendations here. The Burgundy section may seem a bit excessive at 500 pages, but again Messrs. Rovani and Parker emphasize there are sizeable variations in quality and it is easy to pay top dollar for mediocre wine here. It was noted that in the elite Le Montrachet, some 20 acres, there are 15 producers, of which only 5 or 6 can be relied upon for producing consistently excellent wine - yet all of them charge anywhere from $150 to $300+ a bottle. I cannot fault the authors for providing some extra guidance and information here, and if it saves the reader from spending money on one mediocre bottle the book has more than paid for itself. The Bordeaux section is well written but with over 2,000 chateaux to choose from, it could have been longer. To be fair, this area (and Burgundy) can take a book by itself, which Parker has done on 3 occasions already.
The rest of the book has some interesting things too, but I have to disagree with the author's assertion that there is a lot of bad wine made in Washington. I've enjoyed it for many years and cannot honestly recall ever paying too much for a bottle. Oddly enough, Washington's best offerings get higher scoring than those from Oregon. New Zealand's offerings are confined to only one page.
So far I like this book but cannot in all fairness give it an unqualified recommendation.
There are critics who say that Parker is too influential, that his weakness for strong, tannin rich reds makes him biased in their favour, but there is still no other rating book that comes close. Until his critics come up with something better, they should hold their peace.
What impressed me was the way the Parker's Guide picks up even on some of the smaller chateaux. Clos de Gamot, for example is a tiny producer and I wouldn't have expected to find their wine given a mention. On the other hand, South Africa and Canada (both somewhat larger 'chateaux') seem to have been missed altogether! Like I said, you need to accept Parker's bias to all things French. I guess at 2,000 pages, the book weighs enough already!