I was wondering if anyone out there is interesting in discussing some of John Bender's comments on option pricing from Schwager's 'Stock Market Wizards' interview. I found Bender's thoughts really refreshing in a world where people often repeat the mantra of buy low and sell high volatility without a real understanding of volatility's many causes, facets and quirks. I found myself nodding in approval to his statement that using the black scholes to price options in certain cases is quite limiting and narrow, because stocks don't always follow a random walk; just think of the effect of a high volume breakdown for ex, on the skew in probabilities for the calls and puts being in the money with x days to expiration. Anyone with similar ideas, contributions, criticisms to make? Would greatly enjoy your reactions!