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Michael Smokevitch
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Berkshire Hathaway Letters to Shareholders: 1965-2024, by Warren Buffett

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Both Charlie and I believe that Black-Scholes produces wildly inappropriate values when applied to long-dated options.
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Berkshire Hathaway Letters to Shareholders: 1965-2024
Berkshire Hathaway Letters to Shareholders: 1965-2024
by Warren Buffett
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