The Guardian writes that B&S created the derivatives market and a pletora of evermore complex financial instruments that were based on false assumptions.
The B&S equation presumes that past volatility has predictive power. i never understood why it should be so. Yet I made some money using it till about four years ago when realized that it stopped working. Looking back, it is incredible how eveybody believed that future could be calculated precisely. Many still do.
I think that the stock market is a battleground, setting minds against cheating minds. My ethanol-fueled mind cannot out-think those genius giants fighting for their lives on the field, so the outcome is unknowable. To me, at least.