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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.
— Charlie Munger
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Those who will not slip beneath the still surface on the well of grief turning downward through it s black water to the place we cannot breathe will never know the source from which we drink, the secret water, cold and clear, nor find in the darkness glimmering the small round coins thrown by those who wished for something else.
— David Whyte
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