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Michael Lewis

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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.
--
Chapter Five, Accidental Capitalists, p. 113

 
Michael Lewis

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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.

 
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