The oldest option trade on record was placed over 2,500 years ago, by a philosopher, with pocket change, over olive oil. Aristotle tells it in the Politics. Thales of Miletus, tired of hearing that philosophy makes no money, read the winter sky and expected an unusually large olive harvest. He did not buy olives. He paid small deposits to reserve every olive press in Miletus and Chios for the coming season. If the harvest failed, he would lose only the small deposits. The harvest came in enormous, everyone needed presses at once, and Thales rented them out on his own terms. The story gets remembered as a forecasting win. The real invention was the structure. Thales capped his downside at the deposit and left his upside open. He was not predicting with more confidence than anyone else; he was shaping the payoff. That asymmetry, the right without the obligation, is the seed of every option product built in the two and a half millennia since. Twenty-five centuries later, we are building the risk layer of crypto, still the same business: turning risk from something you fear or avoid into something you exploit for alpha.

Miley has signed with Atlantic Records under Warner Music Group, representatives confirmed to Billboard. The singer was previously Columbia Records under Sony Music — where she first signed to RCA Records in 2013 following her departure from Disney’s Hollywood Records. Details:

Miley has signed with Atlantic Records under Warner Music Group, representatives confirmed to Billboard. The singer was previously Columbia Records under Sony Music — where she first signed to RCA Records in 2013 following her departure from Disney’s Hollywood Records. Details:

Military compensation is #BeyondBasicPay# deposited twice a month. Understand how your housing, healthcare, education & retirement benefits connect to maximizing what you have earned 👇