Black-Scholes works for short-term options, but if it's a long-term option and you think you know something [about the underlying asset], it's… — Charlie Munger Copy Share Image
The longer-term the option, the sillier the results generated by the Black-Scholes option pricing model, and the greater the opportunity for people… — Michael Lewis Copy Share Image
Black-Scholes is a know-nothing system. If you know nothing about value - only price - then Black-Scholes is a pretty good guess… — Charlie Munger Copy Share Image
Looking into it a bit, Jamie found that the model used by Wall Street to price LEAPs, the Black-Scholes option pricing model,… — Michael Lewis Copy Share Image
![“Black-Scholes works for short-term options, but if it's a long-term option and you think you know something [about the underlying asset], it's insane to use Black-Scholes.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/491/charlie-munger-458_assets_black-scholes-works-for-short-term-optio_947554.jpg)
