Thales of Miletus was born on the 7th century B.C (the year of the 35th Olympiad) and according to Diogenes Laërtius he was one of the Seven Sages of Greece (the first to be actually quoted in Dioegenes’ Lives and Opinions of Eminent Philosophers). He is one of the most ancient Greek scientists to be known, he appears to be one of the oldest astronomer and geometer as well as the founder of the Ionian school. According to Diogenes (who quotes an anecdote of Hieronymus of Rhodes), Thales wanted to show how easy it was to get rich to the people of Miletus. Thanks to his unrivaled knowledge in astronomy he forecasted a great olive harvest for the next year; he reserved olive presses and then won a lot of money. In other words Thales invented the concept of derivatives (actually a call option) as he paid a premium (by paying a fee to reserve the olive presses) and bet on the upside (the abundant harvest) thanks to his view on the climatic conditions.
Through the name of this website we wanted to pay a tribute to Thales’ philosophy and sagacity.
As a team of financial markets professionals we study the behavior of financial instruments and techniques to ensure an adequate valuation of financial products. We also pay a careful attention to the evolution of technologies and the different computational ways to get to the price of a financial instrument.
We hope that this journey into our articles will be fruitful to the reader.
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Team Smile of Thales