Thales of Miletus
A story, with different versions, recounts how Thales achieved riches from an olive harvest by prediction of the weather. In one version, he bought all the olive presses in Miletus after predicting the weather and a good harvest for a particular year. Another version of the story has Aristotle explain that Thales had reserved presses in advance, at a discount, and could rent them out at a high price when demand peaked, following his prediction of a particularly good harvest. This first version of the story would constitute the first historically known creation and use of futures, whereas the second version would be the first historically known creation and use of options.
I read it a second time
Short, simple and true essay.
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