"Black-Scholes is a know-nothing system. If you know nothing about value - only price - then Black-Scholes is a pretty good guess at what a 90-day option might be worth. But the minute you get into longer periods of time, it's crazy to get into Black-Scholes. For example, at Costco we issued stock options with strike prices of $30 and $60, and Black-Scholes valued the $60 ones higher. This is insane."

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This is a concept that western culture has forgotten : everything is one! The idea of dichotomy is deeply wrong and nothing is better than a great symbol of China, the Tao, the wheel of yin and yang that represents life. The universe is the harmony of opposites, because there is no water without fire, there is no female with no male, there is no night without day, there is no sun without the moon ... there is no good without evil! This symbol is perfect since the white and black are embracing each other; inside the white there is a black point and inside the black there is a white point.

— Tiziano Terzani