title: Shoot for the Stars, Aim for the Moon

text: American record producer Rico Beats introduced rapper Pop Smoke to record executive Steven Victor in April 2019. After signing to Victor's label Victor Victor Worldwide and Republic Records, Pop Smoke told Victor in addition to rapping, he had experience as a singer, having previously sung for services at a church. To demonstrate his abilities, Pop Smoke played Victor an unreleased song called "Something Special" and a track called "What You Know Bout Love"; the latter made a deep impact on Victor Victor executives, persuading them Pop Smoke was more than "just another drill rapper from Brooklyn". Victor knew that many of rap's most popular musicians had been responsible for pushing new sounds into the mainstream because he worked closely with American rapper Kanye West as the chief operating officer of his record label GOOD Music at the time. The record executive devised a strategy in which Pop Smoke would go on to create a series of mixtapes devoted only to Brooklyn drill, which would be "raw, gritty street rap with bass-heavy production". After Pop Smoke would establish himself as the "leader" of the subgenre that was growing in New York City, he would then release a debut album that showcased his melodic side with bigger, more mainstream songs like "Something Special".


title: Shoot for the Stars, Aim for the Moon

text: On February 19, 2020, less than a year after signing his record deal, Pop Smoke was renting an Airbnb owned by "The Real Housewives" star Teddi Mellencamp and her husband, Edwin Arroyave, in Hollywood Hills, California. The rapper was killed at the age of 20 during an attempted home invasion. Four hooded men, one of whom was wearing a ski mask and carrying a handgun, broke into the house Pop Smoke was renting. A 15-year-old boy, the youngest of the four intruders, shot Pop Smoke three times in the chest with a Beretta M9 after fighting with him. The robbers stole Pop Smoke's diamond-studded Rolex watch, which they sold for $2,000. Pop Smoke was rushed to Cedars-Sinai Medical Center, where doctors performed a thoracotomy on the left side of his chest but a few hours later, he was pronounced dead. The day before his murder, Pop Smoke and friend Mike Dee had posted several images on their social media, including one in which Mellencamp's home address can be seen in the background. The rapper also posted a story on Instagram and Facebook of gifts he had received. One showed the house's full address on the packaging, giving out its location.


title: Shoot for the Stars, Aim for the Moon

text: At the beginning of March 2020, American rapper 50 Cent announced on his Instagram feed he had been listening to Pop Smoke's work and had decided to help finish the late artist's debut album by serving as executive producer. As executive producer, 50 Cent contacted artists Roddy Ricch, Drake, and Chris Brown, asking them if they wanted to be included on the record. A few weeks later, 50 Cent recalled during an Instagram live when he first met Pop Smoke in an office. The late rapper was focused on his phone, making 50 Cent annoyed. He got up and saw that Pop Smoke was actually writing everything he said down on his phone. He stated he "fell in love" with Pop Smoke and was going to executive produce his album. In a later interview with "Billboard", 50 Cent said he would not earn any money as the album's executive producer—he wanted to finish it because of his relationship with Pop Smoke. After production was completed, 50 Cent helped fulfill Pop Smoke's desire to take his mother to an awards show. Pop Smoke had begun to set up the Shoot for the Stars Foundation in January 2020 to help young people achieve their goals despite living and growing up in difficult circumstances, providing access to technology and other resources. After his death, Pop Smoke's family announced they would continue the foundation.


title: Shoot for the Stars, Aim for the Moon

text: Before being signed to VVW, Pop Smoke had recorded the first songs for "Shoot for the Stars, Aim for the Moon" in Los Angeles, London, the Bahamas, and Paris. After completing his mixtapes "Meet the Woo" (2019) and "Meet the Woo 2" (2020), Pop Smoke wanted to show how he had matured musically. In mid-February 2020, he flew to Los Angeles to record as much music as possible for the album. In the last days of his life, he recorded the album's final songs. Pop Smoke and his team were planning to complete the album in Los Angeles; he was also scheduled to embark on his debut headlining concert tour "Meet the Woo Tour" from the first week of March; his album was to have been mixed and mastered while he was on tour.


title: Shoot for the Stars, Aim for the Moon

text: According to Victor, Pop Smoke's debut album was meant to showcase his talent. Pop Smoke told 50 Cent he was working on the album and would send him songs. The former told the late rapper he wanted him to re-record his songs. After Pop Smoke was murdered, Victor lost interest in finishing the album until he met with 50 Cent, who persuaded Victor finishing the album would help honor Pop Smoke's wish for it to be released by the summer of 2020. 50 Cent also argued the record's release would help support Pop Smoke's family. To ensure the album's release, 50 Cent told Victor if he was not ready to complete the project, he would executive-produce the album. Victor agreed to this, and 50 Cent listened to all of the songs, sequenced them, and promoted the album. 50 Cent, in an interview with "Complex" said Pop Smoke had recorded "about 50 or 60 tracks. Some of them were not completed  ... Some had a chorus that was finished, and then somebody else rapped to it, and he put a verse on it". According to Victor, "eighty percent of the songs were finished" before 50 Cent got involved and largely "added some ad-libs or changed a verse here and there".


title: Shoot for the Stars, Aim for the Moon

text: Jess Jackson, the album's mastering engineer, described his job as "wizardry", largely because he was constrained by the sometimes poorly recorded material and unfinished double vocals. According to Jackson in "Complex", "if [Pop Smoke] was around to this day, I would ask him to get back in the studio and just lay in an additional double or something". Jackson refined the tracks to get the professional sound of a big recording studio; he wanted to honor Pop Smoke's memory by not "chang[ing] it to a large extent". While sequencing the album, Republic Records wanted the track-listing to be a certain way but Jackson realized some tracks did not work together. Jackson and the record company cooperated to sequence the album so each song is in time with the next track. Jackson submitted the final version of the album's masters at 06:00 on June 30, 2020; he said it had been a difficult process and that he had been working on the album for over six months, often working on it for 10 to 12 hours a day.


title: Shoot for the Stars, Aim for the Moon

text: According to Danny Schwartz of "Rolling Stone", "Shoot for the Stars, Aim for the Moon" merges "drill's swooping rhythms" with "austere Atlanta trap that Migos and Zaytoven mastered mid-decade". "Slant Magazine" Charles Lyons-Burt noted it has "ill-advised forays into R&B found on DaBaby's "Blame It on Baby"". The staff of "Billboard" said the album "gestures toward R&B and more soulful sounds". "Shoot for the Stars, Aim for the Moon" opens with "Bad Bitch from Tokyo", which consists of drumbeats, ad-libbed harmonies, crows cawing, and Pop Smoke rapping about his own death. "Aim for the Moon" featuring Quavo is a drill track that uses braggadocio, hi-hats, and bass. Pop Smoke and Quavo rap about enjoying their successes.


title: Shoot for the Stars, Aim for the Moon

text: "For the Night" featuring Lil Baby and DaBaby is a hip hop, trap, and soul song that incorporates an acoustic guitar, folk flutes, heavily autotuned vocals, and processed moans from Lil Baby and DaBaby. Its lyrics detail night-time occurrences. The fourth track, "44 Bulldog", is a drill track that was named after the Charter Arms Bulldog, a traditional double-action revolver. It consists of enigmatic barks and sung synth tones. On the R&B song "Gangstas", which features minimalist piano and snare drums, Pop Smoke claims to be the king of New York and expresses his dislike for 6ix9ine. Craig Jenkins of "Vulture" stated the drill tracks "Yea Yea" and "Creature" featuring Swae Lee are about a "tough-guy rapper pivot[ing] flawlessly into romance on the horizon". "Snitching" featuring Quavo and Future is a trap song on which Pop Smoke raps about the threats he faced every day while Quavo and Future rap to bring awareness to the traitors of the world. "The Woo", which features 50 Cent and Roddy Ricch, is a trap song that interpolates 50 Cent's 2005 single "Candy Shop".


title: Shoot for the Stars, Aim for the Moon

text: "Make it Rain" which features Rowdy Rebel, an American rapper who at the time was incarcerated, had to record his verse by telephone. On the eleventh track "West Coast Shit" featuring Quavo and Tyga, Pop Smoke and Tyga rap about the wonders of the west coast of the US. "Enjoy Yourself", a Latin trap and urbano song that features Colombian singer Karol G, contains a sample of "Drink Freely" by Moroccan-American rapper French Montana. The lyrics are a sentimental reflection on love. The following track, "Something Special", is an R&B-bounce song that samples Fabolous's 2003 single "Into You". It finds Pop Smoke obsessing over his new partner and their newly found love. "Mood Swings" featuring Lil Tjay is an R&B song whose lyrics are about having sex with women who are not using birth control. An R&B track, "What You Know Bout Love", in which Pop Smoke sings about his passion for his lover, samples Ginuwine's song "Differences". This track is followed by R&B track "Diana", which features King Combs and contains excerpts from Playa's 1998 single "Cheers 2 U". In its lyrics, Pop Smoke is lustful and throws a confident shot at love. Hip hop track "Got It on Me" interpolates the lyrics of 50 Cent's "Many Men (Wish Death)". In the lyrics, Pop Smoke pleads for mercy from his enemies. "Tunnel Vision (Outro)" is a drill track in which Pop Smoke is looking towards his future and wanting to have an impact on the music industry. The album closes with the bonus track "Dior", a drill and hip hop song with lyrics about flirting with women and buying the latest designer clothes.


title: Shoot for the Stars, Aim for the Moon

text: Xiarra-Diamond Nimrod, the manager of marketing strategy for Republic Records, said "Shoot for the Stars, Aim for the Moon" is a phrase Pop Smoke often used during interviews, urging his fans to abide by it. He used it for the name of his foundation and mentioned it in his songs, including "Invincible" and "Aim for the Moon". Nimrod thought it was important his message was heard and felt on his album.


title: Shoot for the Stars, Aim for the Moon

text: The album's original artwork, which American designer Virgil Abloh created, provoked significant criticism from fans, who called it "lazy" and "rushed", and said it was disrespectful. An online petition attracted tens of thousands of signatures. Abloh used a picture of Pop Smoke that was the first result of a Google Images search. A few hours later, the label announced it would replace Abloh's artwork in time for the album's release date.


title: Shoot for the Stars, Aim for the Moon

text: 50 Cent also criticized Abloh's artwork and posted over 35 fan-made designs, saying "they ain't going for this bullshit". After Abloh said he based his cover design on a conversation he had with Pop Smoke, American conceptual artist Ryder Ripps accused Abloh of stealing Ripps' "chrome rose" concept and "[ruining] it with a careless design", adding it was "so sad that someone would care this little about art, design and the memory of a human who was so loved to wrap his name up in lies and theft". Ripps created the album's final cover art, depicting a chrome rose against a black background. Hours before the album's commercial release, Pop Smoke's mother chose the final album cover. According to Ripps:


title: Shoot for the Stars, Aim for the Moon

text: Pop Smoke had wanted the album to be released in the northern hemisphere summer, close to his birthday on July 20. Before his murder, the album was to have been released on June 12, Memorial Day, an American federal holiday, Pop Smoke's team announced on May 14, 2020, that the album had a planned release date of June 12, 2020, but the lead single "Make It Rain" was released on that date instead, and Victor announced they had postponed the album's release to July 3, 2020, out of respect for the George Floyd protests against police brutality and systemic racism. Pop Smoke's estate announced they had signed a co-publishing deal with Warner Chappell Music covering his past music and "Shoot for the Stars, Aim for the Moon".


title: Shoot for the Stars, Aim for the Moon

text: Victor Victor Worldwide and Republic Records released "Shoot for the Stars, Aim for the Moon" worldwide on July 3, 2020. The deluxe edition of the album was released on July 20, 2020, on what would have been Pop Smoke's 21st birthday and features fifteen additional tracks, including remixes of three songs from the original album. The first single from the album, "Make it Rain", peaked at number 49 on the US "Billboard" Hot 100 and at number 73 on the UK Singles Chart. "Enjoy Yourself" was released as a promotional single on July 2, 2020; it peaked at number 56 on the "Billboard" Hot 100. "The Woo" was released as the album's second single on July 10, 2020, and accompanying music video, which Eif Rivera directed, was released on July 20, 2020; it features archival footage of Pop Smoke edited on vintage television screens, and shows 50 Cent and Ricch surrounded by expensive cars and bikini-clad women. The song peaked at number 11 on the "Billboard" Hot 100 and at number nine on the UK singles chart, giving Pop Smoke his first top-10 hit in the United Kingdom; it was nominated for Song of Summer at the 2020 MTV Video Music Awards.


title: Shoot for the Stars, Aim for the Moon

text: The album's third single "Mood Swings" was released on August 21, 2020. A visualizer for the track featuring Jordyn Woods, and Dylan and Dakota Gonzalez, was released on August 20, 2020. A music video for the song was directed by David wept and was released on October 7, 2020. It shows Lil Tjay and Lala Baptiste in an on-and-off relationship, and pictures of Pop Smoke in an eternal blue flame. A remix featuring the voice of American singer Summer Walker was released as a single on September 18, 2020. "Mood Swings" reached number 17 on the "Billboard" Hot 100 and number five on the UK Singles Chart, giving Pop Smoke his second top-10 hit in the UK. "For the Night" was released as the album's fourth single on October 3, 2020; it peaked at number six on the "Billboard" Hot 100, giving Pop Smoke his first top-10 hit in the United States. The album's fifth single "What You Know Bout Love" was released on October 9, 2020. Oliver Cannon directed its music video, which was released on December 22, 2020. The video features never-before-seen clips of Pop Smoke and his fans performing the song's dance challenge on TikTok. It peaked at number nine on the "Billboard" Hot 100 and at number four on the UK Singles Chart, giving Pop Smoke his second top-10 hit in the US and his third top-10 hit in the UK. "Hello", featuring A Boogie wit da Hoodie, was released as the album's sixth single on February 9, 2021; it peaked at number 83 on the "Billboard" Hot 100.


title: Shoot for the Stars, Aim for the Moon

text: A music video for "Got It on Me" was released to Pop Smoke's YouTube channel on July 3, 2020. A music video for "Aim for the Moon" was directed by Oliver Cannon and was released on October 26, 2020. The visual pays tribute to the music video for the Notorious B.I.G.'s 1997 single "Sky's the Limit", while it features Bouba Savage playing Pop Smoke and an unnamed child playing Quavo as young versions of the rappers doing several activities. The remix of "Diana" received a music video which was released on October 14, 2020, and directed by Brilliant Garcia. The video is interspersed and features clips of dimly lit neon setups of Pop Smoke recording in the studio, and celebrating and dancing with his team, while it shows King Combs and Calboy hanging out with a crowd of friends in the streets of New York City, as well as being by luxury cars and women walking by them.


title: Shoot for the Stars, Aim for the Moon

text: "Shoot for the Stars, Aim for the Moon" was met with generally positive reviews. At Metacritic, which assigns a normalized rating out of 100 to reviews from professional publications, the album received an average score of 70 based on 13 reviews, indicating "generally favorable reviews". Aggregator AnyDecentMusic? gave it 6.4 out of 10 based on their assessment of the critical consensus.


title: Shoot for the Stars, Aim for the Moon

text: Dhruva Balram of "NME" wrote the album has many strengths, including its production, featured guests' verses, and Pop Smoke's lyrics. He said the album stands out because it "serves as a testament to the strength, power and knowledge [Pop] Smoke held in his ambition to go to the very top". For "The Independent", Roisin O'Connor said the album is "not only a celebration, but an elegy for what else [Pop Smoke] could have achieved", and that it is the work of "someone whose success should have been stratospheric". Reviewing "Shoot for the Stars, Aim for the Moon" for "Entertainment Weekly", Gary Suarez stated even if the album is not what Pop Smoke had created, he sounds alive on it, calling him a "motivated and vibrant hip-hop talent actively pushing towards that next level". Mike Milenko from "Clash" wrote Pop Smoke would have taken the album in a different direction with "less digitisation of the vocals", and that the use of autotune on almost every song "can become overpowering at times, but it all depends on your taste". David Aaron Brake from "HipHopDX" stated "Shoot for the Stars, Aim for the Moon" offers a "fleeting peek" into the career Pop Smoke would have had, saying it would "become—beyond Drill, beyond Brooklyn, beyond even the United States".


title: Shoot for the Stars, Aim for the Moon

text: Alphonse Pierre of "Pitchfork" wrote the album "attempts to cement his legacy by expanding his world", praising it for being "big, polished, versatile, feature-packed, and loaded with radio and playlist-friendly records". Jade Gomez of "Paste" said the album "seeks to provide closure for [Brooklyn] while also showing the heartbreaking reality of what could've been", and that it would have been just as "satisfying with a condensed tracklist and more carefully curated features". "Vulture"s Craig Jenkins commented the album is "evidence of a star gaining his bearings, but as much as it is a product of a young and growing artist's path toward refinement, it is also a document of his jarring absence". In a mixed review, AllMusic's David Crone stated although the first two volumes of "Meet the Woo" lack the flatulent of Pop Smoke's iconic singles, they show quality as the representation of drill; he also said the album, in comparison, ruins the rapper's "visionary style with predatory glitz as everyone jumps for a piece of the pie". "Slant Magazine"s Charles Lyons-Burt said "Shoot for the Stars, Aim for the Moon" has the feel of a B-sides collection mashed together as a quick cash-in on his death, and that it attempts to expand Pop Smoke's sound and ambitions. He concluded by saying the album lost sight of the "local specificity, quirky charisma, and energy that made a name for Pop Smoke in the first place".


title: Shoot for the Stars, Aim for the Moon

text: "Shoot for the Stars, Aim for the Moon" won Top "Billboard" 200 Album and Top Rap Album at the 2021 "Billboard" Music Awards. The album was nominated for Favorite Rap/Hip Hop Album while "What You Know Bout Love" was nominated for Favorite Rap/Hip Hop Song at the 2021 American Music Awards. "What You Know Bout Love" was further nominated for Hip-Hop Song of the Year at the 2022 iHeartRadio Music Awards. "For the Night" was nominated for Best Collaboration at the 2021 BET Awards. Canadian producer WondaGurl won Jack Richardson Producer of the Year Award for her production work on "Aim for the Moon" at the 2021 Juno Awards.


title: Shoot for the Stars, Aim for the Moon

text: "Shoot for the Stars, Aim for the Moon" debuted at number one on the US "Billboard" 200 with first-week sales of 251,000 album-equivalent units, giving Pop Smoke his first number one album in the US. The album also accumulated 268.44 million on-demand streams of its tracks in the week ending July 18. Pop Smoke became the first hip hop act to debut posthumously at number one on the "Billboard" 200 with his debut studio album. Pop Smoke also joined the Notorious B.I.G., 2Pac, and XXXTentacion as the only hip hop acts to posthumously reach number one. All of the album's 19 tracks charted on the "Billboard" Hot 100 following its first week of release, making Pop Smoke have the most simultaneous entries on the Hot 100 posthumously. The album returned to number one on the "Billboard" 200 in October 2020 after a three-month break. It was the second album in 2020 after Lil Baby's "My Turn" to have a lengthy hiatus between weeks at number one. The album charted in the top five on the "Billboard 200" for a total of 34 weeks, becoming only the fourth album in the 21st century to spend so many weeks in top five. "Shoot for the Stars, Aim for the Moon" also topped the US Top R&B/Hip-Hop Albums chart and remained at number one for 19 non-consecutive weeks. The album has spent the longest time at number one since MC Hammer's "Please Hammer Don't Hurt 'Em" in 1990. In March 2021, the album became the longest-running number-one record on the "Billboard" Top Rap Albums chart with 20 non-consecutive weeks, replacing American rapper Eminem's record after his seventh studio album "Recovery" spent 19 weeks at number one in 2010 and 2011.


title: Shoot for the Stars, Aim for the Moon

text: "Shoot for the Stars, Aim for the Moon" debuted at number two on the UK Albums Chart, which was the highest-charting international debut rap album since 50 Cent's "Get Rich or Die Tryin'" in 2003. 12 weeks after its debut, the album rose to number one, becoming the first debut album to reach the top spot in 2020, and gave the late rapper his first number one album in the United Kingdom. Pop Smoke became the first solo artist to have a posthumous debut album reach number one. It took 12 weeks for "Shoot for the Stars, Aim for the Moon" to reach number one, becoming the longest album to reach the summit on the chart in six years, since English singer George Ezra's debut album "Wanted on Voyage" took 14 weeks to top the chart in 2014. Pop Smoke claimed the biggest debut album of 2020 in the UK with 222,000 chart sales. In Ireland, the album debuted at number one, giving Pop Smoke his first number one album in the country. It became the first debut album by an American rapper to top the Official Irish Charts in the 21st century. The rapper became the only artist to ever claim a posthumous debut album in Ireland. Pop Smoke also became the first artist in Ireland to have a posthumous number one album in more than four years. "Shoot for the Stars, Aim for the Moon" became the Official Irish Charts biggest debut album that was released in 2020.


title: Shoot for the Stars, Aim for the Moon

text: Elsewhere, "Shoot for the Stars, Aim for the Moon" debuted at number one on the Canadian Albums Chart. The album topped the ARIA Albums chart in Australia, giving the late rapper his first number one album in the country. The album became the first posthumous record to top the ARIA Albums chart in more than two years since Australian musician Geoffrey Gurrumul Yunupingu's fourth studio album "Djarimirri" in April 2018. Pop Smoke became the 158th American artist to have an album top the charts in Australia. Three tracks of "Shoot for the Stars, Aim for the Moon" debuted within the top-50 of the ARIA Singles chart. The album reached number one on the album charts of Austria, Denmark, the Netherlands, Finland, New Zealand, Norway, and Switzerland.


title: Bonapartism

text: Bonapartism () is the political ideology supervening from Napoleon Bonaparte and his followers and successors. The term was used to refer to people who hoped to restore the House of Bonaparte and its style of government. In this sense, a "Bonapartiste" was a person who either actively participated in or advocated for conservative, monarchist and imperial political factions in 19th-century France. After Napoleon, the term was applied to the French politicians who seized power in the Coup of 18 Brumaire, ruling in the French Consulate and subsequently in the First and Second French Empires. The "Bonapartistes" desired an empire under the House of Bonaparte, the Corsican family of Napoleon Bonaparte (Napoleon I of France) and his nephew Louis Napoleon (Napoleon III of France).


title: Bonapartism

text: In recent years, the term has been used more generally for political movements that advocate for an authoritarian centralised state, with a strongman charismatic leader, support for the military, and conservatism.


title: Bonapartism

text: Marxism and Leninism developed a vocabulary of political terms that included Bonapartism, derived from their analysis of the career of Napoleon Bonaparte. Karl Marx, a student of Jacobinism and the French Revolution, was a contemporary critic of the Second Republic and the Second Empire. He used "Bonapartism" to refer to a situation in which counter-revolutionary military officers seize power from revolutionaries, and use selective reforms to co-opt the radicalism of the popular classes. Marx argued that in the process, Bonapartists preserve and mask the power of a narrower ruling class.


title: Bonapartism

text: Noted political scientists and historians greatly differ on the definition and interpretation of Bonapartism. Sudhir Hazareesingh's book "The Legend of Napoleon" explores numerous interpretations of the term. He says that it refers to a


title: Bonapartism

text: "popular national leader confirmed by popular election, above party politics, promoting equality, progress, and social change, with a belief in religion as an adjunct to the State, a belief that the central authority can transform society and a belief in the 'nation' and its glory and a fundamental belief in national unity." Hazareesingh believes that although recent research shows Napoleon used forced conscription of French troops, some men must have fought believing in Napoleon's ideals. He says that to argue Bonapartism co-opted the masses is an example of the Marxist perspective of false consciousness: the idea that the masses can be manipulated by a few determined leaders in the pursuit of ends.


title: Bonapartism

text: After becoming emperor in 1804, Napoleon I established a Law of Succession, providing that the Bonapartist claim to the throne should pass firstly to Napoleon's own legitimate male descendants through the male line. At that time he had no legitimate sons, and it seemed unlikely he would have any due to the age of his wife Joséphine. He eventually achieved an annulment, without Papal approval, of his marriage to Josephine. He married the younger Marie Louise, with whom he had one son.


title: Bonapartism

text: The law of succession provided that if Napoleon's own direct line died out, the claim passed first to his older brother Joseph and his legitimate male descendants through the male line, then to his younger brother Louis and his legitimate male descendants through the male line. His other brothers, Lucien and Jérôme, and their descendants, were omitted from the succession (even though Lucien was older than Louis) because they had either politically opposed the Emperor or made marriages of which he disapproved. Napoleon abdicated in favor of his son after his defeat in 1815. Although the Bonapartes were deposed and the old Bourbon monarchy restored, Bonapartists recognized Napoleon's son as Napoleon II. A sickly child, he was virtually imprisoned in Austria, and died young and unmarried, without any descendants. When the French Empire was restored to power in 1852, the emperor was Napoleon III, Louis Bonaparte's only living legitimate son (their brother Joseph having died in 1844 without having had a legitimate son, only daughters).


title: Bonapartism

text: In 1852, Napoleon III enacted a new decree on the succession. The claim was given to his own male legitimate descendants in the male line (though at that time he had no son, Louis later had a legitimate son, Eugène, who was recognized by Bonapartists as "Napoleon IV" before dying young and unmarried). If Napoleon III's line died out, he decreed that the claim should pass to Jérôme, Napoleon's youngest brother (who had previously been excluded), and his male descendants by Princess Catharina of Württemberg in the male line. (Excluded were his descendants by his first marriage, to the American commoner Elizabeth Patterson, of which Napoleon I had greatly disapproved.) The Bonapartist claimants since 1879, have been the descendants of Jérôme and Catherine of Württemberg in the male line.


title: Bonapartism

text: The Bonapartist laws of succession were far from traditional. The family members ignored primogeniture (by excluding Lucien Bonaparte and his descendants); they annulled marriages to achieve their goals; and they did not submit to the Pope's rights as final arbiter on the validity of marriages. The very claim of the Bonaparte family to rule France was far from traditional.


title: Bonapartism

text: Based on the career of Louis-Napoléon Bonaparte, Marxism and Leninism defined Bonapartism as a political expression. Karl Marx was a student of Jacobinism and the French Revolution, as well as a contemporary critic of the Second Republic and Second Empire. He used the term "Bonapartism" to refer to a situation in which counterrevolutionary military officers seize power from revolutionaries, and use selective reformism to co-opt the radicalism of the masses. In the process, Marx argued, Bonapartists preserve and mask the power of a narrower ruling class. He believed that both Napoleon I and Napoleon III had corrupted revolutions in France in this way. Marx offered this definition of and analysis of Bonapartism in "The Eighteenth Brumaire of Louis Bonaparte", written in 1852. In this document, he drew attention to what he calls the phenomenon's repetitive history with one of his most quoted lines, typically condensed aphoristically as: "History repeats itself, first as tragedy, then as farce."


title: Bonapartism

text: Marx believed that a Bonapartist regime could exert great power, because there was no class with enough confidence or power to firmly establish its authority in its own name. A leader who appeared to stand above the class struggle could take the mantle of power. He believed that this was an inherently unstable situation, as the apparently all-powerful leader would be swept aside when the class struggle in society was resolved.


title: Bonapartism

text: In 1976, when Jean-Bédel Bokassa, a great admirer of Napoleon, made himself Emperor Bokassa I of Central Africa, he declared that the ideology of his regime was Bonapartism and added golden bees to his imperial standard.


title: Bye Bye Birdie

text: Bye Bye Birdie is a stage musical with music by Charles Strouse and lyrics by Lee Adams, based upon a book by Michael Stewart.


title: Bye Bye Birdie

text: Originally titled "Let's Go Steady", "Bye Bye Birdie" is set in 1958. The short story "Dream Man", authored by Bill Doyle, which appeared in the May 18, 1957, issue of the "Saturday Evening Post" may well have been the genesis of the eventual stageplay. The play book was also influenced by Elvis Presley's conscription into the Army in 1957. The rock star character's name, "Conrad Birdie", is word play on the name of Conway Twitty. Twitty later had a long career as a country music star, but in the late 1950s he was one of Presley's rock 'n' roll rivals.


title: Bye Bye Birdie

text: The original 1960–1961 Broadway production was a Tony Award–winning success. It spawned a London production and several major revivals, a sequel, a 1963 film, and a 1995 television production. The show also became a popular choice for high school and college productions due to its variable cast size and large proportion of ensemble numbers.


title: Bye Bye Birdie

text: Producer Edward Padula had the idea for a musical initially titled "Let's Go Steady", a "happy teenage musical with a difference". Padula contracted with two writers and Charles Strouse and Lee Adams wrote seven songs for their libretto. Padula, Strouse, and Adams sought Gower Champion as director/choreographer, who until that time had choreographed only a few musicals. (Fred Astaire and Morton DaCosta had already declined.) However, Champion did not like the book, and the writers were fired. Michael Stewart then took their place. Stewart's first draft, "Love and Kisses", focused on a couple thinking of divorce whose children persuade them to stay together, a theme soon taken up by the Disney film, "The Parent Trap".


title: Bye Bye Birdie

text: Champion wanted "something more". "The 'something more' had been right there in the newspaper. Rock-and-roll idol Elvis Presley was drafted into the Army in September, 1957, and soon left the US for eighteen months in Germany, provoking a media circus that included Elvis's giving a specially-selected member of the Women's Army Corps "one last kiss". After brainstorming, Stewart and Adams "came up with the idea of a rock-and-roll singer going off to the Army and its effect on a group of teenagers in a small town in Ohio. The name of the singer initially was 'Ellsworth', which was soon changed to 'Conway Twitty' before we discovered there was already a Conway Twitty who was threatening to sue us, and then, finally, 'Conrad Birdie.


title: Bye Bye Birdie

text: New York–based songwriter Albert Peterson finds himself in trouble when his client, hip-thrusting rock and roll superstar and teen idol Conrad Birdie, is drafted into the Army, leaving his heavily indebted firm Al-Mae-Lou Music (a spoof of the real-life Aldon Music) in jeopardy. Albert's secretary, Rose "Rosie" Alvarez, comes up with a last-ditch publicity stunt to have Birdie record and perform a song before he is sent overseas. Having long been stuck in a sort of romantic limbo for eight years, she longs for the Albert she once knew, an aspiring English teacher, before he wrote Birdie's first hit and abandoned those plans to pursue the seedier music industry ("An English Teacher"). Rose's plan is to have Birdie sing "One Last Kiss" (a song she assigns Albert to write on the spot) and give one lucky girl, chosen randomly from his fan club, a real "last kiss" on "The Ed Sullivan Show" before going into the Army.


title: Bye Bye Birdie

text: In Sweet Apple, Ohio, all the teenagers are catching up on the latest gossip about 15-year-old Kim MacAfee and Hugo Peabody going steady ("The Telephone Hour"). Kim reflects on how happy she is with her maturity, believing at 15 she has fully reached adulthood ("How Lovely to Be a Woman"). She quits the Conrad Birdie fan club over the phone because of the new milestone happening in her life. Her best friend Ursula is shocked. Kim reconsiders when, after a lengthy phone conversation with Ursula, she receives the phone call telling her that she has been chosen to be Birdie's last kiss before going into the armed forces.


title: Bye Bye Birdie

text: Meanwhile, Conrad, Albert and Rosie prepare to go to Sweet Apple. A crowd of teenage girls sees them off at the New York City train station, although one girl is sad because she thinks that by the time Conrad gets out of the army, she will be too old for him. Albert advises her to be optimistic ("Put On a Happy Face"). Soon, tabloid reporters arrive with questions about the seedy details of Conrad's personal life, but Rosie, Albert and the girls answer for him, hoping to protect his reputation and bankability ("Normal American Boy").


title: Bye Bye Birdie

text: Conrad receives a hero's welcome in Sweet Apple, and Hugo worries that Kim likes Conrad more than she likes him, but Kim assures Hugo that he is the only one she loves ("One Boy"). Conrad shocks the town's parents and drives the teenage girls crazy with his performance of "Honestly Sincere", which causes all of the girls (including Edna, the mayor's wife) to faint. Conrad becomes a guest in the MacAfee house and irritates Kim's father, Harry, by being rude and selfish. Harry does not want Kim to kiss Conrad, until Albert tells him their whole family will be on "The Ed Sullivan Show". Kim, Harry, Kim's mother Doris, and younger brother Randolph sing Sullivan's praises ("Hymn for a Sunday Evening").


title: Bye Bye Birdie

text: Albert's overbearing mother, Mae, comes to Sweet Apple to break up her son's relationship with Rosie (she objects to Rosie's Hispanic heritage). She introduces Albert to Gloria Rasputin, a curvy blonde she met on the bus who could replace Rosie as his secretary. Gloria, a tap dancer, secretly hopes that a connection with Albert could be her way into show business. Mae sings "Swanee River" as Gloria tap-dances (usually depicted as her making a fool of herself). Albert gives Gloria a typing job. Rosie is furious, and fantasizes about violent ways to murder Albert ("One Hundred Ways Ballet"), but instead comes up with a better idea: she convinces Hugo to sabotage the last kiss.


title: Bye Bye Birdie

text: Since both Rosie and Hugo are jealous and angry, they plot to ruin Conrad's appearance on "The Ed Sullivan Show". On the broadcast, Conrad sings "One Last Kiss", and as he leans in to kiss Kim, Hugo runs onstage and punches him in the face, knocking Conrad unconscious. Rosie dumps Albert who, trying to cover for the mishaps of the evening, then leads a chorus of "Normal American Boy".


title: Bye Bye Birdie

text: Despite plans to re-film the broadcast, Rosie and Kim resolve to leave Albert and Hugo, lamenting their stupidity for having fallen in love ("What Did I Ever See in Him?"). Conrad, with no visible effects from being knocked out, decides he wants to go out and have a good time on his last night as a civilian, and encourages the Sweet Apple teens to party ("A Lot of Livin' to Do"). Kim sneaks out of her house and joins her friends. Conrad, Kim, and all the teenagers, except Hugo, head for the Ice House, "where people go when they want to be alone." Hugo goes to Maude's Roadside Retreat, hoping to get drunk, but grumpy proprietor Charles F. Maude sees that he's underage and refuses to serve him.


title: Bye Bye Birdie

text: When Harry discovers Kim has run away, he and Doris lament how disobedient kids are these days ("Kids"). Rosie ends up at Maude's Roadside Retreat and starts flirting with other men, but Albert phones her and begs her to return to him ("Baby, Talk to Me"). Rosie interrupts a Shriners meeting in Maude's private dining room. She flirts with all the Shriners, and they begin a wild dance. Hugo and Albert rescue Rosie from the crazed Shriners, and Albert finally stands up to his mother, telling her to go home. Mae leaves, but not before lamenting the sacrifices she made for him ("A Mother Doesn't Matter Anymore"). Hugo tells the MacAfees and the other parents that the teenagers have gone to the Ice House, and they all declare that they don't know what's wrong with their kids ("Kids Reprise"). Randolph joins in, stating that his older sister and the other teens are "so ridiculous and so immature".


title: Bye Bye Birdie

text: The adults and the police arrive at the Ice House and arrest Conrad for attempted statutory rape. Kim, who unconvincingly claimed to be in her late 20s to Conrad, claims she was intimidated and gladly returns to Hugo. After a reconciliation with Albert, Rosie tells Mae that she will marry Albert despite Mae's racist objections, and despite being a natural-born American citizen from Allentown, Pennsylvania, she will deliberately play up her Hispanic heritage if it annoys Mae that much ("Spanish Rose"). Albert bails Conrad out of jail and arranges for him to sneak out of town dressed as a middle-aged woman, presumably so he can report for Army induction as scheduled; in turn, Conrad offers Albert a lifetime contract for bailing him out. Albert gets Mae to leave Sweet Apple on the same train, getting Conrad and his mother out of his life for good. Albert tells Rosie they're not going back to New York; they're going to Pumpkin Falls, Iowa, a small town in need of a (married) English teacher. Albert professes that everything is rosy with Rosie ("Rosie"), and they go off together happily engaged.


title: Bye Bye Birdie

text: In New York, the Broadway production opened on April 14, 1960, at the Martin Beck Theatre, transferring to the 54th Street Theatre and then the Shubert Theatre, closing on October 7, 1961 after 607 performances. The show was produced by Edward Padula and directed and choreographed by Gower Champion, with orchestrations by Robert Ginzler, scenic design by Robert Randolph, costumes by Miles White and lighting by Peggy Clark.


title: Bye Bye Birdie

text: The original Broadway cast included Dick Van Dyke, Chita Rivera, Paul Lynde, Dick Gautier, Susan Watson, Kay Medford, Charles Nelson Reilly, and Michael J. Pollard. Reilly understudied as Albert Peterson for Van Dyke, who periodically took time off (including a two-week hiatus to film the pilot episode of "The Dick Van Dyke Show") and returned to the leading role. During pre-production, Chita Rivera took the role of Rosie after both Carol Haney and Eydie Gormé turned it down, and the character's last name was changed from "Grant" to "Alvarez". Replacements during the run included Gene Rayburn as Albert and Gretchen Wyler as Rosie, both of whom joined the cast on April 9, 1961.


title: Bye Bye Birdie

text: The musical played in July 1961 at the Los Angeles Philharmonic Auditorium as part of the 1961 season of the Los Angeles Civic Light Opera. After a two-and-a-half-week pre-run tryout at the Manchester Opera House, the show opened in London's West End at Her Majesty's Theatre in June 1961, with Peter Marshall as Albert, Rivera reprising her role as Rosie, Angela Baddeley as Mae and Marty Wilde as Conrad Birdie. That production ran for 268 performances.


title: Bye Bye Birdie

text: In 1981, there was a short-lived Broadway sequel, "Bring Back Birdie", starring Donald O'Connor and returning original cast member Chita Rivera. It closed after 31 previews and four performances.


title: Bye Bye Birdie

text: A U.S. tour from mid-1990 through June 1991 starred Tommy Tune as Albert, Ann Reinking as Rosie, Marc Kudisch as Conrad, Marcia Lewis as Mrs. Peterson, Steve Zahn as Hugo, and Susan Egan as Kim.


title: Bye Bye Birdie

text: The New York City Center Encores! staged concert production ran in May 2004, with Karen Ziemba as Rosie, Daniel Jenkins as Albert, Jessica Grové as Kim, and Bob Gaynor as Conrad.


title: Bye Bye Birdie

text: An abridged version of "Bye Bye Birdie" was presented at the Kennedy Center in Washington, DC, October 2–5, 2008, as part of its "" production. Laura Osnes played Kim and Leslie Kritzer played Rosie.


title: Bye Bye Birdie

text: The Roundabout Theatre Company's limited-run Broadway revival began previews at Henry Miller's Theatre on September 10, 2009, opened to unanimously negative reviews on October 15, and was scheduled to close January 10, 2010 before it was extended until April 25. Due to poor advance sales after the departures of lead actors John Stamos and Gina Gershon's contracts, the closing date was moved up by three months to January 24. Robert Longbottom was the director-choreographer, with Stamos and Gershon starring as Albert and Rosie, Bill Irwin as Harry MacAfee, Jayne Houdyshell as Mrs. Mae Peterson, Nolan Gerard Funk as Conrad, Allie Trimm as Kim MacAfee and Matt Doyle as Hugo Peabody.


title: Bye Bye Birdie

text: Although Longbottom spoke extensively about how the show was being revised and refined for the revival, there were no interpolations from the film or TV adaptations of the show barring the title tune written for the film, which was used as a finale.


title: Bye Bye Birdie

text: "Bye Bye Birdie" was first adapted for film in 1963. It starred Dick Van Dyke reprising his stage role as a slightly rewritten Albert Peterson, Maureen Stapleton as Mama Mae Peterson, Janet Leigh as Rosie, Paul Lynde reprising his stage role as Mr. MacAfee, Bobby Rydell as Hugo Peabody, and Ann-Margret as Kim MacAfee. Jesse Pearson played Conrad Birdie. Ed Sullivan makes a guest appearance as himself. The film is credited with making Ann-Margret a superstar during the mid-1960s, leading to her appearing with the real Elvis Presley in "Viva Las Vegas" (1964). The film ranked number 38 on "Entertainment Weekly"s list of the 50 Best High School Movies.


title: Bye Bye Birdie

text: Several significant changes were made in the plot and character relationships in the film version. Albert is not Birdie's agent but a talented research chemist who is struggling as a songwriter only to please his mother, who is overbearing and insensitive, but not racist as in the musical. He contributed to Birdie's initial success, and therefore Birdie "owes" him a favor. The film version includes an additional character, a suave English teacher who flirts with Rosie. She plays up to him in several scenes after Albert has made her angry by caving in to his mother. The positioning and context of several songs were changed as well. "An English Teacher", "Normal American Boy", "One Hundred Ways", "What Did I Ever See in Him?", "Baby, Talk to Me", and "Spanish Rose" were omitted from the film. "Kids" was performed in the MacAfee kitchen by Mr. MacAfee, Mama Mae Peterson, Albert, and Randolph. "Put On a Happy Face" was performed by Albert and Rosie in the MacAfees' back yard; "A Lot of Livin' to Do" was performed by Conrad, Kim, and Hugo at a teen dance; and "Rosie" was sung at the end of show by Albert, Rosie, Hugo, and Kim. Kim also opens and closes the film version singing the title song, "Bye Bye, Birdie", a song written for the film. The film version ends on a brighter and lighter note than the stage musical. Conrad is not arrested, but Hugo knocks him out with a single punch "live" on "The Ed Sullivan Show" and wins Kim's heart. Thus, there is no necessity for Albert to bail Conrad out of jail and arrange for him to sneak out of town dressed as a middle-aged woman, presumably so he can report for Army induction as scheduled. There is also no need for Conrad to offer Albert a lifetime contract for bailing him out. Albert's mother shows up after the broadcast with Charles F. Maude (the bartender), informs Albert and Rosie that she has married him, and gives Albert and Rosie her blessing for their long-postponed wedding.


title: Bye Bye Birdie

text: Van Dyke and other members of the Broadway production were unhappy with the film adaptation due to the focus shift to Kim. Van Dyke stated that Birdie was "a romp'" on Broadway, but they "Hollywood-ized" the movie. "They made it a vehicle for Ann-Margret." Paul Lynde, who played Mr. MacAfee on stage and in the film, later quipped "They should have retitled it 'Hello, Ann-Margret!' They cut several of my and the other actors' best scenes and shot new ones for her so she could do her teenage-sex-bombshell act." Susan Watson, who created the role of Kim on Broadway, later said, "Anyone who likes the film didn't see the show." In January 2009, Adam Shankman signed on to develop and produce a remake.


title: Bye Bye Birdie

text: A TV-movie adaptation was produced for ABC in 1995 by RHI Entertainment. It starred Jason Alexander in the role of Albert and Vanessa Williams as Rosie. Tyne Daly played Mae Peterson. Marc Kudisch, who played Conrad Birdie on tour opposite Tommy Tune, reprised the role. Chynna Phillips played Kim MacAfee, Sally Mayes played Mrs. MacAfee and George Wendt played Harry MacAfee. While this version remained mostly faithful to the original musical (Michael Stewart remains the only credited author of this version), several songs were added and re-arranged, and dialogue was slightly rewritten to smoothly facilitate the musical changes. The title song "Bye Bye, Birdie", written for the 1963 film and sung by Ann-Margret, was re-arranged and rewritten as a quintet for Ursula and the Sweet Apple Birdie fan club girls at the soda shop. The verse of "One Boy" that Rosie sings was replaced with "Let's Settle Down". The reference to Sammy Kaye in "Kids" was cut. The "How to Kill a Man" ballet was cut. "What Did I Ever See in Him?" was given a reprise sung by Albert, called "What Did I Ever See in Her?". The song "Baby, Talk to Me" returned to the show. "Spanish Rose" was moved to earlier in the story. "A Mother Doesn't Matter Anymore", sung by Mae Peterson was written for this version using some of the monologue it replaces. Albert tells Rosie how he has finally broken free of his overbearing mother in "A Giant Step". This song was written for the 1990 US tour.


title: Bye Bye Birdie

text: On October 27, 2016 it was announced that Jennifer Lopez would star in NBC's "Bye Bye Birdie Live" as Rose "Rosie" Alvarez and executive produce with her producing partners Elaine Goldsmith-Thomas and Benny Medina alongside film, TV, and live musical executive producers Craig Zadan and Neil Meron. The live television musical was initially announced to premiere in December 2017, but on May 25, 2017, it was announced that it would be pushed to sometime in 2018 to accommodate Lopez's busy schedule. On March 2, 2018, it was announced that the production had been pushed back once again, this time to 2019 at the earliest due to Lopez's busy schedule and the producers focusing on "Jesus Christ Superstar Live in Concert".


title: Bye Bye Birdie

text: NBC had in May 2018 announced plans to broadcast a live production of "Hair" but canceled those plans in the wake of the failure of Fox's "" in early 2019, as well as being up against the series finale of "Game of Thrones" and the season finale of "American Idol". NBC said it intends to replace it with a more family-friendly musical and noted that if Lopez's cooperation could be secured, "Bye Bye Birdie" could replace "Hair".


title: Bye Bye Birdie

text: The original production of "Bye Bye Birdie" opened to mostly positive reviews, with several critics marveling at the unexpected success of a musical crafted by an inexperienced production team. John Champman of the "New York Daily News" called it "the funniest, most captivating, and most expert musical comedy one could hope to see ... the show is pure, plain musical comedy, with jokes, dancing, oddball costumes ... exceptionally catching orchestrations ... and a completely enthusiastic cast." He noted that "one of the best things about it is that practically nobody is connected to it. Who ever heard of Edward Padula ... Charles Strouse and Lee Adams ... Gower Champion?"


title: Bye Bye Birdie

text: Frank Aston of the "New York World-Telegram & Sun" declared "Bye Bye Birdie" "the peak of the season" and especially liked Chita Rivera as Rosie: "Chita Rivera ... is triumphant as dancer, comic, and warbler." In the "New York Daily Mirror", Robert Coleman wrote that "Edward Padula put over a sleeper in the Broadway sweepstakes, and it's going to pay off in big figures ... Rivera explodes like a bomb over West 45th Street. Michael Stewart has penned a sassy and fresh book, while Lee Adams and Charles Strouse have matched it with tongue-in-cheek lyrics and music."


title: Bye Bye Birdie

text: "New York Herald Tribune" critic Walter Kerr praised Gower Champion's direction but criticized the libretto and score, stating that "Mr. Champion has been very much responsible for the gayety (sic), the winsomeness, and the exuberant zing of the occasion ... he has not always been given the very best to work with ... every once in a while, Michael Stewart's book starts to break down and cry ... Lee Adams's lyrics lean rather heavily on the new "talk-out-the-plot" technique, and Charles Strouse's tunes, though jaunty, are whisper-thin." Brooks Atkinson of "The New York Times" conceded that "the audience was beside itself with pleasure" but dryly stated that "this department was able to contain itself. "Bye Bye Birdie" is neither fish, fowl, nor good musical comedy. It needs work."


title: Spice (album)

text: Spice is the debut studio album by English girl group the Spice Girls, released in Japan on 19 September 1996 and in the United Kingdom on 4 November 1996 by Virgin Records. The album was recorded between 1995 and 1996 at Olympic Studios in Barnes, London, and Strongroom Studios in Shoreditch, London, by producers Matt Rowe and Richard Stannard, and the production duo Absolute. "Spice" is a pop album that incorporates styles such as dance, R&B and hip hop. It is considered to be the record that brought teen pop back, opening the doors for a wave of teen pop artists. Conceptually, the album centered on the idea of Girl Power, and the hype surrounding the group was compared to Beatlemania.


title: Spice (album)

text: A worldwide commercial success, "Spice" topped the charts in more than 17 countries across the world, and was certified Multi-Platinum in 27 countries, Platinum in 14 countries and Gold in three countries, including 10-times Platinum in the United Kingdom and Canada, eight-times Platinum in Europe, and seven-times Platinum in the United States. It became the world's top-selling album of 1997, selling 19 million copies in over a year. The album has sold a total of 23 million copies worldwide, becoming the best-selling album in music history by a girl group and one of the best-selling albums of all time.


title: Spice (album)

text: Four singles were released from the album. The lead single, "Wannabe", reached number one in 37 countries, becoming one of the best-selling singles of all time as of 2010 by selling over six million copies worldwide. The next two singles, "Say You'll Be There" and "2 Become 1", reached number one in 53 countries. "Who Do You Think You Are" was released as the official Comic Relief single in the UK as a double A-side with "Mama" and both songs reached the top 20 in charts across Europe, Australia and New Zealand. In the band's native UK, all four singles went to number one on the UK Singles Chart and, on the "Billboard" Hot 100, the album spawned three top-five singles.


title: Spice (album)

text: In February 1994, Chris and Bob Herbert, who together with financer Chic Murphy traded under the business name of Heart Management, placed an advert in "The Stage" magazine, which asked the question: "Are you street smart, extrovert, ambitious, and able to sing and dance?". The management received hundreds of replies, but eventually reduced their search down to a final group of five girls: Victoria Beckham, Mel B, Melanie C, Geri Halliwell and Michelle Stephenson. The new band was originally called Touch and moved to a house in Maidenhead. Emma Bunton was the last to join after Stephenson dropped out when her mother became ill.


title: Spice (album)

text: The group felt insecure about the lack of contract and were frustrated by the direction in which Heart Management was steering them. In October 1994, armed with a catalog of demos and dance routines, the group began touring management agencies.


title: Spice (album)

text: They started to meet with producers, musicians and other business executives, among which were composer Tim Hawes, and writers Richard Stannard and Matthew Rowe. Hawes worked with the group and watched the evolution in their singing and writing abilities. Together they composed a song called "Sugar and Spice", which served as the inspiration behind the change of the group's name to "Spice". Eventually the name was changed again to "Spice Girls" due to an American rapper using the name "Spice" at the time. On 3 March 1995, because of the group's frustration at their management's unwillingness to listen to their visions and ideas, they parted from Heart Management. The group stole the master recordings of their discography from the management offices in order to ensure they kept full control of their own work.


title: Spice (album)

text: The group were supposed to meet with producer Eliot Kennedy the week after they left their former managers, but the meeting was arranged by the Herberts weeks before their departure. But without access to Herbert's address book, they knew nothing of Kennedy's whereabouts other than he lived in Sheffield. Mel B and Halliwell drove to Sheffield the day after the departure from Heart Management and looked for the first phone book they came across; Eliot was the third Kennedy that they called. That evening they went to his house and persuaded him to work with them. The rest of the girls travelled to Sheffield the next day. Kennedy commented about the session: "None of them played instruments, so I was left to do the music and get that vibe together. What I said to them was, 'Look, I've got a chorus—check this out'. Then they were throwing lines at us. 10 minutes later the song was written. Then you go through and refine it. Then later, as you were recording it you might change a few thing here and there. But pretty much it was a real quick process." Four tracks were composed in that session: "Love Thing", "Say You'll Be There", "Step to Me" (which was released later) and "Strong Enough". In the following months the group continued to meet with producers, wrote new songs, prepared demos and searched for a new manager. They met again with the writers Stannard and Rowe. They had previously worked with the girls in January 1995 before their departure from Heart Management; that was the group's first professional songwriting session, held at the Strongroom in Curtain Road, east London.


title: Spice (album)

text: In the first session with Stannard and Rowe, they wrote "Feed Your Love", a slow, soulful song which was eventually recorded and mastered for the album, but not released because it was considered too rude and racy for their target audience. Having completed that session, the girls wanted to write something more uptempo, so they started to write the song that would be the lead of the album, "Wannabe", which was recorded in under an hour—mainly because they had already written parts of the songs beforehand. The next song they recorded was a slow ballad and the third track on and single from the album, "2 Become 1". The song was inspired by the special relationship which had developed between Halliwell and Rowe during the session. "Mama" was written by the Spice Girls with songwriting partners Matt Rowe and Richard Stannard. In an interview about the writing process between the group and the duo, Rowe credits Mel B as the one who came up with the song's concept. During the writing process, each member wrote a small verse in a different corner of the recording studio, while the chorus was finished around the piano with a guitar. Then, the producers added a gospel choir filled with the group's harmonies at the end of the song. They also produced the album's last track "If U Can't Dance". In May 1995, the group was introduced to Paul Wilson and Andy Watkins, the songwriters and production duo known as Absolute. Watkins commented about their first meeting, "They played us a few tracks, which we didn't particularly like. So we thought, this is OK. We can work with this." A songwriting session was booked within the next few days at Absolute's studio located on Tagg's Island near Chertsey, but the musical association between them did not seem to go well at the beginning. Wilson remembered, "When they started to sing it was never quite right: from our point of view. It was very poptastic." Watkins recalled, "After two sessions we phoned our managers and said 'This just ain't happening'." It was at this point that Watkins and Wilson heard "Wannabe" for the first time. When speaking about the song, Wilson said, "We listened to it and we didn't get it at all. It was so different to what we were doing. We thought is this going to work?".


title: Spice (album)

text: The next session was the definite one; either they would continue to work with the group or break up their relationship. Wilson recalled, "Every previous time we'd met up with the girls we had prepared a backing track. This time we had nothing." Watkins also said, "They said they wanted to do something up and a bit of fun, so we just off the top of our heads started to come up with a full-on disco backing track, which became 'Who Do You Think You Are'." Wilson said of the song, "The thing is when they wrote it, they were also writing the dance routine, constructing the music video, all at the same time as writing the song. And that's when the penny dropped." The girls went on to write "Something Kinda Funny", "Last Time Lover", "Naked", "Bumper to Bumper", "Take Me Home", "One of These Girls", and "Baby Come Round" with Watkins and Wilson, none of them singles, but all of them tracks which lent a touch of classy R&B feel to the "Spice" album and singles. Absolute also produced all of these songs as well as the three tracks penned with Eliot Kennedy: "Say You'll Be There" "Love Thing" and later "Step to me" giving the duo a guiding hand in six of the ten tracks that eventually ended up on "Spice". The tracks that Absolute produced were recorded for the most part at Olympic Studios in Barnes. At this time, 1995, the Auto-Tune facility had yet to come to the market and most of the vocals were recorded with few adjustments made afterwards. Absolute told Simon Fuller about the group they had worked with and asked whether he would consider managing them. Fuller received a demo of "Something Kinda Funny", one of the songs the group wrote with Absolute. He showed interest in the group, began a relationship and decided to sign them at 19 Management in March 1995. In September 1995 the group signed a deal with Virgin Records, and continued to write and record tracks for their debut album while touring the west coast of the United States, where they signed a publishing deal with Windswept Pacific in November.


title: Spice (album)

text: The Spice Girls were fully involved in the writing of all the songs. Halliwell in particular was clearly a fund of ideas for songs, arriving at sessions with her book of jottings, notes and miscellaneous scribblings which often produced the starting point of a lyric or a song title or just an agenda for the day's work. Watkins commented, "Geri [Halliwell] would come up with the concept for a song. Typically, she'd sing one line and the girls would pick up on it or we'd pick up on it and construct around it and then [Melanie C] and Emma [Bunton] would be very active. They'd really like to sit and sing melodies and go off and come up with little sections." They ""conceptualised"" and sang bits of melody and wrote the lyrics. But in musical terms it was not a partnership of equals. Rowe commented: "We had to kind of steer it. It was very different for different tracks really. Some of them were when we were all jamming in the room. We'd just put up some drum sounds and start making things up. On other tracks me and Richard [Stannard] would prepare something beforehand and play it to them. We'd have some lyrics and make them write the second verse." The Spice Girls introduced two key innovations that have had a lasting impact on the way which modern pop acts go about their creative business. Firstly they introduced the idea of songwriting identity. This was a familiar concept in rock bands like Queen or the Sex Pistols, but not in the world of "manufactured pop", where the credits of songwriting would be divided out strictly in accordance with whoever had written the song. The Spice Girls recognised their solidarity as a group, which depended on maintaining parity in all departments, including the songwriting credits and the resulting royalties. They share the songwriting royalties on all the songs irrespective of what any member of the group had or had not contributed to any particular song. The second thing the Spice Girls established from the outset was a straight 50–50 split between them and their various songwriting collaborators. Here they anticipated one of the key developments in the pop industry since the 1990s, namely the increasing importance of publishing royalties as opposed to royalties payments made for the performance of the song on the record.


title: Spice (album)

text: In an interview with Apple Music for the Spice25 release, Melanie C divulged, "We had [a] risqué song called 'C U Next Tuesday', which was vetoed for the 25th anniversary edition, but I do have plans for it. It sounds like a Lily Allen song; it's absolutely brilliant."


title: Spice (album)

text: "Wannabe", the most emblematic song of the Girl Power philosophy, was chosen as the first track and lead single of the album. It highlights the slogans the group tend to cite like the union and solidarity between friends and the power exercised by women over men. The second single "Say You'll Be There" described the things the group had been through together and how they had always been there for each other. It received mixed reviews; some critics praised it as a catchy song, while others dubbed it as merely a bid for credibility, while others described the lyrics as "confusing". The third single "2 Become 1" focused upon the bonding of lovers, and how the bond can become so strong that they practically become one entity, through the act of sex; in addition, the lyrics address the importance of contraception.


title: Spice (album)

text: "Love Thing" is the fourth track; it focuses on relationships and how after many disappointments the girls do not want to know anything about love. The song symbolizes the Girl Power philosophy by showing the support between each other and finding the strength to continue. The fifth track, "Last Time Lover", was originally called "First Time Lover" and was about the loss of virginity, but was discarded and changed to a song full of provocations, where sex is the main issue. The sixth track, "Mama", was dedicated to the group's mothers, and deals with the difficulties in the relationships between mothers and teenagers that appear during adolescence. Reviewers described the ballad as "glossy" and "corny".


title: Spice (album)

text: The seventh track, "Who Do You Think You Are", is about the presumptuous superstar life and how someone can get trapped in the world of fame. The inspiration for this song came from some of the people the group met in the music industry. It was well received by critics, who thought that the song was one of the group's "strongest and underrated songs" and that it "still feels relevant today". "Something Kinda Funny", the eighth track of the album, is about the "fun" the group experienced together, and how it was fate that they came to know each other. The ninth track, "Naked" deals with vulnerability and the step from girls to women and how this process made the group stronger, something they were experiencing at that moment. It received mixed reviews from critics; some described it as "soulful and funky as anything by TLC or Brand New Heavies", while others considered the song as a "bit of a let down". The last track of the album, "If U Can't Dance", deals with preconceived ideas about people and how sometimes they are totally different from what they appear.


title: Spice (album)

text: "Spice" is a pop album with a diverse inclusion of musical styles such as dance, R&B, hip hop, soul, rap and funk, which lead some reviewers to call it a pop collection. The lead single, "Wannabe" is an uptempo pop song with elements of white hip–hop, rap and dance music. Two of the three ballads of the album, "2 Become 1" and "Mama", were co–written and produced by Stannard and Rowe, and both feature the use of keyboards, guitars, string arrangements and backing vocals.


title: Spice (album)

text: Production duo Absolute incorporated a mix of dance-pop, funk and R&B on "Say You'll Be There", which includes a harmonica solo played by Judd Lander, who also played the harmonica on Culture Club's "Karma Chameleon". The other songs produced by Absolute feature different music genres: "Naked" and "Something Kinda Funny" include pop elements with influences of soul music and funk, respectively. "Who Do You Think You Are" is influenced by early-1990s Europop, and incorporates a disco-style beat that resembles the music of the late 1970s. "If U Can't Dance", another heavily dance–oriented song, features a rap section performed by Halliwell in Spanish and contains a sample of Digital Underground's song "The Humpty Dance".


title: Spice (album)

text: The main concept of the album centred on the idea of Girl Power, embodying a feminist image, as both Madonna and Bananarama had employed before. Every track of the album deals with different aspects of this notion: The lead single "Wannabe" makes demands of sincerity and is a feminist message of choosing friends over relationships; "Say You'll Be There" motivates girls to stand up for themselves as individuals, while the focus of "Love Thing" is the symbolic expression of unity as a group; "Something Kinda Funny" deals with the identification of goals in life and "Last Time Lover" encourages the use of sexual charm as a weapon to be deployed along with any other skills that would help to get a result.


title: Spice (album)

text: Released as the group's debut single in July 1996, "Wannabe" topped the UK Singles Chart for seven weeks and received a Platinum certification by the British Phonographic Industry (BPI). In January 1997 it was released in the United States, topping the "Billboard" Hot 100 for four weeks. It was the group's only number-one single in that country. By the end of 1996, "Wannabe" had topped the charts in 22 nations, and by March 1997 this number had climbed to 31. Despite negative reviews from critics who found the track as "more a compendium of music styles than an actual song", and the group's image as a "pro-woman posing that project[s] lots of false confidence", it became the best-selling single by a female group, selling over six million copies worldwide.


title: Spice (album)

text: "Say You'll Be There" was released as the album's second single on 14 October 1996. It became the group's second number-one single in the United Kingdom, and was certified Platinum by the BPI. It was a commercial success across Europe, reaching the top 10 in most of the charts that it entered. As a result of its popularity, the song was released in 1997 in Australia, receiving a Gold certification by the Australian Recording Industry Association (ARIA), and in North America, entering the top five in both, Canada and the United States.


title: Spice (album)

text: "2 Become 1", released as the group's third single on 16 December 1996, it was generally well received by music critics and was a commercial success. It topped the UK Singles Chart for three weeks, becoming the group's third consecutive chart-topper, their second million-selling single, and their first Christmas number-one single in the United Kingdom. In July 1997, the song was released in the United States, peaking at number four on the "Billboard" Hot 100, and receiving a Gold certification by the Recording Industry Association of America (RIAA). It performed similarly internationally, peaking inside the top 10 on the majority of the charts that it entered.


title: Spice (album)

text: "Mama" and "Who Do You Think You Are" was released as a double A-side single in March 1997 as the group's fourth single, it became the group's fourth consecutive number-one single in the United Kingdom, making them the first act in UK chart history to have its first four singles reach number one. Additionally, it was certified Platinum by the BPI, and performed well internationally, reaching the top 10 in many European countries and New Zealand, and the top 20 in Australia, France, and Norway.


title: Spice (album)

text: The album received generally mixed reviews from pop music critics. AllMusic's reviewer Stephen Thomas Erlewine called the album "immaculately crafted pop" that is "infectious" and "irresistible", adding that ""Spice" doesn't need to be original to be entertaining" and that "none of the girls have great voices, but they do exude personality and charisma." Ken Tucker from "Entertainment Weekly" called the album a "devilishly good pop collection", and said that the lead single "Wannabe" is "perky yet tough, catchy yet melodically surprising." Lois Alter Mark from the same magazine called the Spice Girls "Go-Gos with attitude" and described the content of the album as "PG-rated fantasies and come-ons", adding that "the girls may not be ideal role models."


title: Spice (album)

text: LAUNCHcast's Dev Sherlock called the album "pure upbeat ear candy" and that it was "one of the most fun and exciting pop releases of the year", adding that their Girl Power philosophy is "a well-balanced manifesto for young women everywhere that is neither twee nor riot grrrl-angry." "Spice" was nominated for the 1997 Mercury Prize. However, it lost to "New Forms" by Roni Size and Reprazent. Christina Kelly from "Rolling Stone" called the group "another bubblegum pop group" that "offer a watered-down mix of hip-hop and cheesy pop balladry", adding that the Girl Power concept is just a "pro-woman posing", and that "the girls don't get bogged down by anything deeper than mugging for promo shots and giving out tips on getting boys in bed."


title: Spice (album)

text: The commercial success of "Spice" was unprecedented and drew comparisons to Beatlemania (it was dubbed "Spicemania") due to the sheer volume of interest in the group. The album debuted at number one on the UK Albums Chart with first-sales of 114,000 copies, spending 15 non-consecutive weeks atop the chart. The album was certified 10-times Platinum by the British Phonographic Industry (BPI) on 1 August 1997, and as of October 2019, it had sold 2,984,879 copies in the United Kingdom. In Europe, the album became the biggest-selling album of 1997 and was certified eight-times Platinum by the International Federation of the Phonographic Industry (IFPI) for sales in excess of eight million copies. The album reached number one in France and was certified Diamond by the Syndicat National de l'Édition Phonographique (SNEP), triple Gold in Germany by the Bundesverband Musikindustrie (BVMI), and 10-times Platinum in Spain for one million copies sold. The album also made a huge impact in Asian countries, selling two million copies in Japan and Southeast Asia by 1997, peaking at number seven in Japan and certified four-times Platinum, with sales of 718,432 copies by March 1997.


title: Spice (album)

text: In the United States, "Spice" debuted at number six on the "Billboard" 200, eventually reaching number one for five weeks and selling 1.46 million in its first 12 weeks of release. It became the biggest-selling album of 1997, with 5,302,000 million copies sold by the end of the year. On 19 May 1999, the album was certified seven-times Platinum by the Recording Industry Association of America (RIAA), and as of May 2017, it had sold 7.5 million copies in the US, according to Nielsen SoundScan. In Canada, the album topped the Canadian Albums Chart. It was certified 10-times Platinum (Diamond) by the Canadian Recording Industry Association (CRIA) for shipments of one million copies. The album sold 10 million copies worldwide in its first seven months. In total, "Spice" has sold 23 million copies worldwide, becoming the biggest-selling album by a girl group in music history and one of the most successful albums of all time.


title: Spice (album)

text: Following the Spice World Tour announcement, "Spice" re-entered the UK Albums Chart at number 94 on 16 November 2018 and at number 84 on 16 June 2019.


title: Spice (album)

text: To mark the 25th anniversary of "Wannabe", an EP of the group's debut single was released in July 2021 that included previously unreleased demos.


title: Spice (album)

text: On 1 September 2021, the Spice Girls announced the re-release of "Spice" to mark their anniversary, titling it "Spice25". The deluxe, double album was released on 29 October 2021 and contained remixes, demos and unreleased tracks. Also, the single version of "2 Become 1" was included as the third track from the album, instead of the original album version. The CDs come in an A5 hardback booklet, with a collection of iconic images and a set of six Spice Girls postcards, while the original album is also available on limited edition vinyl and cassette.


title: Spice (album)

text: The deluxe release saw the album reenter the UK Albums Chart at number 5, number 3 on the UK Official Vinyl Albums Chart Top 40 and number 4 on the UK Official Physical Albums Chart.


title: Greeks (finance)

text: 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.


title: Greeks (finance)

text: 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.


title: Greeks (finance)

text: 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.


title: Greeks (finance)

text: The most common of the Greeks are the first order derivatives: delta, vega, theta and rho as well as gamma, a second-order derivative of the value function. The remaining sensitivities in this list are common enough that they have common names, but this list is by no means exhaustive.


title: Greeks (finance)

text: The use of Greek letter names is presumably by extension from the common finance terms alpha and beta, and the use of sigma (the standard deviation of logarithmic returns) and tau (time to expiry) in the Black–Scholes option pricing model. Several names such as 'vega' and 'zomma' are invented, but sound similar to Greek letters. The names 'color' and 'charm' presumably derive from the use of these terms for exotic properties of quarks in particle physics.


title: Greeks (finance)

text: Delta, formula_1, measures the rate of change of the theoretical option value with respect to changes in the underlying asset's price. Delta is the first derivative of the value formula_2 of the option with respect to the underlying instrument's price formula_3.


title: Greeks (finance)

text: For a vanilla option, delta will be a number between 0.0 and 1.0 for a long call (or a short put) and 0.0 and −1.0 for a long put (or a short call); depending on price, a call option behaves as if one owns 1 share of the underlying stock (if deep in the money), or owns nothing (if far out of the money), or something in between, and conversely for a put option. The difference between the delta of a call and the delta of a put at the same strike is equal to one. By put–call parity, long a call and short a put is equivalent to a forward "F", which is linear in the spot "S," with unit factor, so the derivative dF/dS is 1. See the formulas below.


title: Greeks (finance)

text: These numbers are commonly presented as a percentage of the total number of shares represented by the option contract(s). This is convenient because the option will (instantaneously) behave like the number of shares indicated by the delta. For example, if a portfolio of 100 American call options on XYZ each have a delta of 0.25 (=25%), it will gain or lose value just like 2,500 shares of XYZ as the price changes for small price movements (100 option contracts covers 10,000 shares). The sign and percentage are often dropped – the sign is implicit in the option type (negative for put, positive for call) and the percentage is understood. The most commonly quoted are 25 delta put, 50 delta put/50 delta call, and 25 delta call. 50 Delta put and 50 Delta call are not quite identical, due to spot and forward differing by the discount factor, but they are often conflated.


title: Greeks (finance)

text: Delta is always positive for long calls and negative for long puts (unless they are zero). The total delta of a complex portfolio of positions on the same underlying asset can be calculated by simply taking the sum of the deltas for each individual position – delta of a portfolio is linear in the constituents. Since the delta of underlying asset is always 1.0, the trader could delta-hedge his entire position in the underlying by buying or shorting the number of shares indicated by the total delta. For example, if the delta of a portfolio of options in XYZ (expressed as shares of the underlying) is +2.75, the trader would be able to delta-hedge the portfolio by selling short 2.75 shares of the underlying. This portfolio will then retain its total value regardless of which direction the price of XYZ moves. (Albeit for only small movements of the underlying, a short amount of time and not-withstanding changes in other market conditions such as volatility and the rate of return for a risk-free investment).


title: Greeks (finance)

text: The (absolute value of) Delta is close to, but not identical with, the percent moneyness of an option, i.e., the "implied" probability that the option will expire in-the-money (if the market moves under Brownian motion in the risk-neutral measure). For this reason some option traders use the absolute value of delta as an approximation for percent moneyness. For example, if an out-of-the-money call option has a delta of 0.15, the trader might estimate that the option has approximately a 15% chance of expiring in-the-money. Similarly, if a put contract has a delta of −0.25, the trader might expect the option to have a 25% probability of expiring in-the-money. At-the-money calls and puts have a delta of approximately 0.5 and −0.5 respectively with a slight bias towards higher deltas for ATM calls. The actual probability of an option finishing in the money is its dual delta, which is the first derivative of option price with respect to strike.


title: Greeks (finance)

text: Given a European call and put option for the same underlying, strike price and time to maturity, and with no dividend yield, the sum of the absolute values of the delta of each option will be 1 – more precisely, the delta of the call (positive) minus the delta of the put (negative) equals 1. This is due to put–call parity: a long call plus a short put (a call minus a put) replicates a forward, which has delta equal to 1.


title: Greeks (finance)

text: If the value of delta for an option is known, one can calculate the value of the delta of the option of the same strike price, underlying and maturity but opposite right by subtracting 1 from a known call delta or adding 1 to a known put delta.


title: Greeks (finance)

text: For example, if the delta of a call is 0.42 then one can compute the delta of the corresponding put at the same strike price by 0.42 − 1 = −0.58. To derive the delta of a call from a put, one can similarly take −0.58 and add 1 to get 0.42.


title: Greeks (finance)

text: Vega measures sensitivity to volatility. Vega is the derivative of the option value with respect to the volatility of the underlying asset.


title: Greeks (finance)

text: "Vega" is not the name of any Greek letter. The glyph used is a non-standard majuscule version of the Greek letter "nu" (formula_7), written as formula_8. Presumably the name "vega" was adopted because the Greek letter "nu" looked like a Latin "vee", and "vega" was derived from "vee" by analogy with how "beta", "eta", and "theta" are pronounced in American English.


title: Greeks (finance)

text: The symbol kappa, formula_9, is sometimes used (by academics) instead of vega (as is tau (formula_10)


title: Greeks (finance)

text: Vega is typically expressed as the amount of money per underlying share that the option's value will gain or lose as volatility rises or falls by 1 percentage point. All options (both calls and puts) will gain value with rising volatility.


title: Greeks (finance)

text: Vega can be an important Greek to monitor for an option trader, especially in volatile markets, since the value of some option strategies can be particularly sensitive to changes in volatility. The value of an at-the-money option straddle, for example, is extremely dependent on changes to volatility.


title: Greeks (finance)

text: Theta, formula_12, measures the sensitivity of the value of the derivative to the passage of time (see Option time value): the "time decay."


title: Greeks (finance)

text: The mathematical result of the formula for theta (see below) is expressed in value per year. By convention, it is usual to divide the result by the number of days in a year, to arrive at the amount an option's price will drop, in relation to the underlying stock's price. Theta is almost always negative for long calls and puts, and positive for short (or written) calls and puts. An exception is a deep in-the-money European put. The total theta for a portfolio of options can be determined by summing the thetas for each individual position.


title: Greeks (finance)

text: The value of an option can be analysed into two parts: the intrinsic value and the time value. The intrinsic value is the amount of money you would gain if you exercised the option immediately, so a call with strike $50 on a stock with price $60 would have intrinsic value of $10, whereas the corresponding put would have zero intrinsic value. The time value is the value of having the option of waiting longer before deciding to exercise. Even a deeply out of the money put will be worth something, as there is some chance the stock price will fall below the strike before the expiry date. However, as time approaches maturity, there is less chance of this happening, so the time value of an option is decreasing with time. Thus if you are long an option you are short theta: your portfolio will lose value with the passage of time (all other factors held constant).


title: Greeks (finance)

text: Rho, formula_13, measures sensitivity to the interest rate: it is the derivative of the option value with respect to the risk-free interest rate (for the relevant outstanding term).


title: Greeks (finance)

text: Except under extreme circumstances, the value of an option is less sensitive to changes in the risk-free interest rate than to changes in other parameters. For this reason, rho is the least used of the first-order Greeks.


title: Greeks (finance)

text: Rho is typically expressed as the amount of money, per share of the underlying, that the value of the option will gain or lose as the risk-free interest rate rises or falls by 1.0% per annum (100 basis points).


title: Greeks (finance)

text: Lambda, formula_14, omega, formula_15, or elasticity is the percentage change in option value per percentage change in the underlying price, a measure of leverage, sometimes called gearing.


title: Greeks (finance)

text: Epsilon, formula_17 (also known as psi, formula_18), is the percentage change in option value per percentage change in the underlying dividend yield, a measure of the dividend risk. The dividend yield impact is in practice determined using a 10% increase in those yields. Obviously, this sensitivity can only be applied to derivative instruments of equity products.


title: Greeks (finance)

text: Gamma, formula_19, measures the rate of change in the delta with respect to changes in the underlying price. Gamma is the second derivative of the value function with respect to the underlying price.


title: Greeks (finance)

text: Most long options have positive gamma and most short options have negative gamma. Long options have a positive relationship with gamma because as price increases, Gamma increases as well, causing Delta to approach 1 from 0 (long call option) and 0 from −1 (long put option). The inverse is true for short options. Gamma is greatest approximately at-the-money (ATM) and diminishes the further out you go either in-the-money (ITM) or out-of-the-money (OTM). Gamma is important because it corrects for the convexity of value.


title: Greeks (finance)

text: When a trader seeks to establish an effective delta-hedge for a portfolio, the trader may also seek to neutralize the portfolio's gamma, as this will ensure that the hedge will be effective over a wider range of underlying price movements.


title: Greeks (finance)

text: Vanna, also referred to as DvegaDspot and DdeltaDvol, is a second order derivative of the option value, once to the underlying spot price and once to volatility. It is mathematically equivalent to DdeltaDvol, the sensitivity of the option delta with respect to change in volatility; or alternatively, the partial of vega with respect to the underlying instrument's price. Vanna can be a useful sensitivity to monitor when maintaining a delta- or vega-hedged portfolio as vanna will help the trader to anticipate changes to the effectiveness of a delta-hedge as volatility changes or the effectiveness of a vega-hedge against change in the underlying spot price.


title: Greeks (finance)

text: Charm has also been called DdeltaDtime. Charm can be an important Greek to measure/monitor when delta-hedging a position over a weekend. Charm is a second-order derivative of the option value, once to price and once to the passage of time. It is also then the derivative of theta with respect to the underlying's price.


title: Greeks (finance)

text: The mathematical result of the formula for charm (see below) is expressed in delta/year. It is often useful to divide this by the number of days per year to arrive at the delta decay per day. This use is fairly accurate when the number of days remaining until option expiration is large. When an option nears expiration, charm itself may change quickly, rendering full day estimates of delta decay inaccurate.


title: Greeks (finance)

text: Vomma, volga, vega convexity, or DvegaDvol measures second order sensitivity to volatility. Vomma is the second derivative of the option value with respect to the volatility, or, stated another way, vomma measures the rate of change to vega as volatility changes.


title: Greeks (finance)

text: With positive vomma, a position will become long vega as implied volatility increases and short vega as it decreases, which can be scalped in a way analogous to long gamma. And an initially vega-neutral, long-vomma position can be constructed from ratios of options at different strikes. Vomma is positive for long options away from the money, and initially increases with distance from the money (but drops off as vega drops off). (Specifically, vomma is positive where the usual d1 and d2 terms are of the same sign, which is true when d1 < 0 or d2 > 0.)


title: Greeks (finance)

text: Veta or DvegaDtime measures the rate of change in the vega with respect to the passage of time. Veta is the second derivative of the value function; once to volatility and once to time.


title: Greeks (finance)

text: It is common practice to divide the mathematical result of veta by 100 times the number of days per year to reduce the value to the percentage change in vega per one day.


title: Greeks (finance)

text: Vera (sometimes rhova) measures the rate of change in rho with respect to volatility. Vera is the second derivative of the value function; once to volatility and once to interest rate.


title: Greeks (finance)

text: The word 'Vera' was coined by R. Naryshkin in early 2012 when this sensitivity needed to be used in practice to assess the impact of volatility changes on rho-hedging, but no name yet existed in the available literature. 'Vera' was picked to sound similar to a combination of Vega and Rho, its respective first-order Greeks. This name is now in a wider use, including, for example, the Maple computer algebra software (which has 'BlackScholesVera' function in its Finance package).


title: Greeks (finance)

text: This partial derivative has a fundamental role in the Breeden-Litzenberger formula, which uses quoted call option prices to estimate the risk-neutral probabilities implied by such prices.


title: Greeks (finance)

text: This is also sometimes referred to as the gamma of the gamma or DgammaDspot. Speed is the third derivative of the value function with respect to the underlying spot price. Speed can be important to monitor when delta-hedging or gamma-hedging a portfolio.


title: Greeks (finance)

text: Zomma has also been referred to as DgammaDvol. Zomma is the third derivative of the option value, twice to underlying asset price and once to volatility. Zomma can be a useful sensitivity to monitor when maintaining a gamma-hedged portfolio as zomma will help the trader to anticipate changes to the effectiveness of the hedge as volatility changes.


title: Greeks (finance)

text: Color is a third-order derivative of the option value, twice to underlying asset price and once to time. Color can be an important sensitivity to monitor when maintaining a gamma-hedged portfolio as it can help the trader to anticipate the effectiveness of the hedge as time passes.


title: Greeks (finance)

text: The mathematical result of the formula for color (see below) is expressed in gamma per year. It is often useful to divide this by the number of days per year to arrive at the change in gamma per day. This use is fairly accurate when the number of days remaining until option expiration is large. When an option nears expiration, color itself may change quickly, rendering full day estimates of gamma change inaccurate.


title: Greeks (finance)

text: Ultima has also been referred to as DvommaDvol. Ultima is a third-order derivative of the option value to volatility.


title: Greeks (finance)

text: If the value of a derivative is dependent on two or more underlyings, its Greeks are extended to include the cross-effects between the underlyings.


title: Greeks (finance)

text: Correlation delta measures the sensitivity of the derivative's value to a change in the correlation between the underlyings. It is also commonly known as cega.


title: Greeks (finance)

text: Cross gamma measures the rate of change of delta in one underlying to a change in the level of another underlying.


title: Greeks (finance)

text: Cross vanna measures the rate of change of vega in one underlying due to a change in the level of another underlying. Equivalently, it measures the rate of change of delta in the second underlying due to a change in the volatility of the first underlying.


title: Greeks (finance)

text: Cross volga measures the rate of change of vega in one underlying to a change in the volatility of another underlying.


title: Greeks (finance)

text: The Greeks of European options (calls and puts) under the Black–Scholes model are calculated as follows, where formula_21 (phi) is the standard normal probability density function and formula_22 is the standard normal cumulative distribution function. Note that the gamma and vega formulas are the same for calls and puts.


title: Greeks (finance)

text: Under the Black model (commonly used for commodities and options on futures) the Greeks can be calculated as follows:


title: Greeks (finance)

text: In trading bonds and other fixed income securities, various measures of bond duration are used analogously to the delta of an option. The closest analogue to the delta is DV01, which is the reduction in price (in currency units) for an increase of one basis point (i.e. 0.01% per annum) in the yield (the yield is the underlying variable).


title: Greeks (finance)

text: Analogous to the lambda is the modified duration, which is the "percentage" change in the market price of the bond(s) for a "unit" change in the yield (i.e. it is equivalent to DV01 divided by the market price). Unlike the lambda, which is an elasticity (a percentage change in output for a percentage change in input), the modified duration is instead a "semi"-elasticity—a percentage change in output for a "unit" change in input.


title: Greeks (finance)

text: Bond convexity is a measure of the sensitivity of the duration to changes in interest rates, the second derivative of the price of the bond with respect to interest rates (duration is the first derivative); it is then analogous to gamma. In general, the higher the convexity, the more sensitive the bond price is to the change in interest rates. Bond convexity is one of the most basic and widely used forms of convexity in finance.


title: Greeks (finance)

text: For a bond with an embedded option, the standard yield to maturity based calculations here do not consider how changes in interest rates will alter the cash flows due to option exercise. To address this, effective duration and effective convexity are introduced. These values are typically calculated using a tree-based model, built for the entire yield curve (as opposed to a single yield to maturity), and therefore capturing exercise behavior at each point in the option's life as a function of both time and interest rates; see .


title: Greeks (finance)

text: The beta (β) of a stock or portfolio is a number describing the volatility of an asset in relation to the volatility of the benchmark that said asset is being compared to. This benchmark is generally the overall financial market and is often estimated via the use of representative indices, such as the S&P 500.