Happy Lunar new year🎉 　　　　　　Wishing you all a year 　　　　full of happiness and smiles! 　　　　　　　　 新年快楽🪭 　　祝愿大家新的一年充满幸福和微笑🤲🏻🤍 ㅤ

Is Tesla's FSD really that powerful? Please tell me it's not true, American netizens. Why don't we have the full version of FSD in China? 这就是满血版的fsd吗？ 小美的同学们，你们吃的也太好了吧。 马斯克是这个时代最伟大的人 谁赞成？ 谁反对？ @Tesla @elonmusk

Happy Mid-Autumn Festival together with Kisaki 🦋💙 What kind of mooncake 🥮 do you like btw? 中秋节记得吃🥮月饼！ 可以和妃咲会长一起吃💙🦋 Full set Kisaki has been added to my Gank page, do check it now: Photos: Raychel #kisakicosplay# #bluearchive#

A zombie oneesan cosplay for the last few days of 7th month 🥵👻 农历七月的最后几天，发一组僵尸大姐姐👻🥵 最后的几天不要回家太晚哦！ Full set is available in my Gank 💕💕Do check it out: #zombiecosplay# #zombiecostume#

初五迎财神+情人节快乐！ 2024版海梦兔女郎👯‍♀️ Happy Valentine’s Day!!!!! Have some 2024 version of Marin bunny girls Full set pics are in my Gānk or K0F1 Marin bunny original design: @Dishwasher1910 Photo: @changshinvona #mydressupdarling# #marinkitagawa# #marinkitagawacosplay#

双忍者！ 搭配了一下黑色皮衣的忍者服装，不意外的很适合杠！ Double ninja!!! Made my own version of Yuzuriha with latex outfit!! Full set HD pics please check in my Gank page!! Photo: Vona Zhang's Photography #yuzuriha# #hellsparadise# #地獄楽#

和Quant Alex @StochAlex07 讨论： SABR Theta与Spot Theta+Vol Theta+Cross Theta的异同与应用，以及SABR模型自洽性分析。 **English Summary of the Chat** **SABR Theta vs Spot Theta + Vol Theta + Cross Theta** The conversation between **Alex Wu** (white bubbles) and **Jeff Liang** (green bubbles) is a technical discussion focused on **SABR Theta versus Total Theta** (i.e., Spot Theta + Cross Theta + Vol Theta), model self-consistency, PDE residual, and the correct definition of SABR Greeks. ### Key Points Discussed: 1. **SABR Gamma = Spot Gamma** (first major question, raised by Jeff) Jeff asked whether SABR Gamma (\(\partial^2 P / \partial F^2\)) is identical to Spot Gamma and whether it includes the dependence of \(\sigma_B\) on \(F\). He also provided the full chain-rule expansion of SABR Gamma in terms of Black-76 Greeks. Alex confirmed the understanding and **later affirmed in code** that this is exactly how SABR Gamma is implemented in their system. 2. **SABR Theta vs Total Theta and Model Self-Consistency** (main topic, led by Jeff) Jeff shared a clear 3-point understanding: - SABR Theta is computed directly via the SABR approximation formula to obtain \(\sigma_B\), then applying the Black-76 chain rule: \(\partial P/\partial t =\) BS_Theta(\(\sigma_B\)) + BS_Vega \(\cdot \partial\sigma_B/\partial t\). - Total Theta is the exact decomposition from the SABR PDE (Spot Theta + Cross Theta + Vol Theta). - When the model is **fully self-consistent** (Residual = \(\partial P/\partial t + \mathcal{L}P = 0\)), SABR Theta = Total Theta; otherwise the difference is the unexplained PnL caused by the approximation error in the Hagan formula (especially pronounced in long-dated, high vol-of-vol, or high-skew options). 3. **Practical Implication – Theta Decomposition Decision** (comment by Alex) Alex noted that whether to perform Theta decomposition depends on the risk-management approach: - Without decomposition → use SABR Gamma vs. dP/dt. - With decomposition → SABR Gamma maps to Spot Theta, Vanna to Cross Theta, and Volga to Vol Theta. **Overall Tone**: The discussion is highly technical and collaborative. Jeff drives the conversation by asking clarifying questions and presenting a well-structured 3-point summary of his recent study. Alex provides confirmations, practical insights, and code-level validation. Both participants demonstrate a strong command of SABR model nuances, particularly the relationship between approximation error, PDE residual, and real-world risk management.