Using parent and closest in jQuery

I have written a lot of text here. Most of this text won't make any sense. I had to just write it down so that I could include some tags here and there which I can then style using jQuery.

Are you actually reading all this text? Please stop! You have not found anything interesting until now and you won't find anything in next paragraph.

The bold and italic text here is not enclosed within span tags. This has been done to demonstrate the difference between children and find.