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Continue to ChatBlack-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. - Charlie Munger from https://whatsmyquote.com/quote/black-scholes-works-for-short-term-options-but-if-it-s-a-long-term-option-and-you-think-you-know-something