Tale of Thales
The story of Thales, inspiration behind this platform.
Meet Thales of Miletus.
Thales was born in Ancient Greece, 640 B.C.
He was a thinker who liked to collect data and study natural phenomena but was taunted by others with the uselessness of philosophy because of his poverty.
One year, Thales discerned the olive harvest will be bountiful next season by his study of the heavenly bodies.
Armed with his knowledge he bets on this with a small sum of money by paying deposits for the whole of the olive presses in Miletus, which he hired at a very low price as nobody else was bidding.
When the harvests arrived he realized a large sum of money by renting the presses on his terms when demand grew, becoming the first known person to exercise an options contract.
As Aristotle said:
“Thales proved that is easy for philosophers to be rich if they choose, but this is not what they care about”.