A Quote by Charlie Munger
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.
Related Quotes
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.
My principal contribution to the Black-Scholes option-pricing theory was to show that the dynamic trading strategy prescribed by Black and Scholes to offset the risk exposure of an option would provide a perfect hedge in the limit of continuous trading.
The longer-term the option, the sillier the results generated by the Black-Scholes option pricing model, and the greater the opportunity for people who didn't use it.
Looking into it a bit, Jamie found that the model used by Wall Street to price LEAPs, the Black-Scholes option pricing model, made some strange assumptions.
I have no hesitation in putting a name to the embodiment of all that I think is best about football. It's Paul Scholes. In so many ways Scholes is my favourite.
If he is having a bad game, a team-mate might feel Paul Scholes is not quite on his game, but a spectator wouldn't notice. Scholes, of all the players I have played with, has the highest bottom level.
In the last 15 to 20 years the best central midfielder that I have seen — the most complete — is Scholes. I have spoken with Xabi Alonso about this many times. Scholes is a spectacular player who has everything. He can play the final pass, he can score, he is strong, he never gets knocked off the ball and he doesn’t give possession away. If he had been Spanish then maybe he would have been valued more.
Roy Keane and Paul Scholes were unbelievable players. You cannot compare yourself to them. It is impossible. Scholes especially, I like him a lot, and I have a lot of respect for what he did for United.
If I had a Paul Scholes in my team, everything would be around him. At Manchester United, they saw it like that, but I think Paul Scholes is one of the best I've played against in this league, and seen anywhere.
Paul Scholes has been the best England midfield player for 30-odd years. You'd probably have to go back to Bobby Charlton to find someone who could do as much as Scholes. When the ball arrives at his feet he could tell you where every player on that pitch is at that moment. His awareness is superb.
At 50, I thought proudly: Here we are, half century! Being 60 was fairly frightening. You want to know how I spent my 70th birthday? I put on a completely black face, a fuzzy black Afro wig, wore black clothes and hung a black wreath on my door.
I'm admitting that I don't know that to be true, but it does sound pretty good. So a big part of my childhood was affecting black culture and black accents and black music and anything black I was into.
Obviously, I'm not not black. But this is one thing I do know after years and years of working with a lot of black players and black commentators on many networks: That if you go to the place of you're telling a black man, or a black woman, that 'You should know your place and stay in it,' when you get to there, them's fighting words.
I have no hesitation in putting a name to the embodiment of all that I think is best about football. It's Paul Scholes. Players like Denis Law and George Best who I enjoyed so much as team-mates and now, finally, players I have watched closely in the Alex Ferguson era. And in so many ways Scholes is my favourite. I love his nous and conviction that he will find a way to win, to make the killer pass or produce the decisive volley.
He is a very complete, spectacular footballer. He always fights for the ball and tries to lose his marker to help his team-mates - either to defend or to have a shot on goal. For any football player in the Premiership, Scholes is a player you want to emulate. I would happily end my career with the medals that Scholes has. I am young and I hope that I will be able to surpass him - but it is not going to be easy.
You have to know the forces that are against you and that are trying to break you down. We talk about the problems facing the black community: the decimation of the black family; the mass incarceration of the black man; we're talking about the brutality against black people from the police. The educational system.
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