In today's Skinny on Options: Abstract Applications, Dr. Jim Schultz and the hosts discussed the Black-Scholes option pricing model, emphasizing its theoretical underpinnings and assumptions. They debated the model's practicality, recognizing its limitations in real-world trading scenarios. The conversation explored topics such as geometric Brownian motion, European style options, and the constant volatility assumption, with hosts noting that while the model serves as a foundational framework, it often diverges from market reality. Ultimately, they acknowledged its relevance for retail traders despite its shortcomings.