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In 1973, economists Fischer Black and Myron Scholes published “The Pricing of Options and Corporate Liabilities,” which was the birth of the modern option pricing model that is still today’s gold standard for valuation. The formula isn’t perfect and has some limitations, but for the most part it’s withstood the test of time.
The following discussion and analysis of our financial condition and results of
operations should be read in conjunction with our accompanying consolidated
financial statements and the related notes. | March 24, 2023