I've never understood this part of Taleb's argument. Of course, constant vol Black-Scholes does not hold. BUT NO ONE USES THIS. Everyone in the financial ind

I've never understood this part of Taleb's argument. Of course, constant vol Black-Scholes does not hold. BUT NO ONE USES THIS. Everyone in the financial industry is well aware of the volatility skew, and spends lots of time adjusting for it. B-S vols are putting the "wrong number into the wrong equation to get the right price" as Rebonnato famously said.