2003-Morning Session-BRK Annual Shareholders Meeting
Berkshire Hathaway Annual Shareholder Meetings (since 1994)
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Berkshire's Low Volatility and the Mispricing of Black Scholes
Berkshire's low volatility doesn't mean its option value is low. Mechanical systems like Black-Scholes can misprice things. Berkshire made $120 million using a different view. We love when others use formulas because we can play the one time when we disagree.
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