A yardstick of Risk represented by σ²

Variable; behavior like the…wind⁴

Slow, Mild or Wild; White, Black or Pink⁵

Appears in degrees; having ∞ mean & variance⁶

Its speed is determined by Einstein’s formula: $d=\sqrt{\text{time}}$ {1} (Einstein, 1905), where d = distance

Shown by the rate at which a variable, (e.g., a price) moved over time

It describes life!

Known also as “turbulence⁷”

Measured by standard deviation σ

Viewed as a commodity⁸; viewed here as opportunity

Mean reverting⁹

Implied: means the variance, σ², which equates the current price (of an option) to other values = “the current market uncertainty” in “Black-Scholes” formula for options¹⁰