Crossing the chasm

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Myron Scholes recently spoke about a concept he calls “volatility time”.  By this he means how quickly decisions need to be made to be effective. His point is that when volatility is high, it shortens the clock time available to make a decision. In this environment, delay can make a correct decision moot if the resulting action is taken too late to avoid losses or other damage. In effect, volatility time accelerates relative to chronological time. A related concept is ‘