Thales of Miletus, an ancient philosopher born around 624 BCE in the city of Miletus (modern Turkey), is often regarded as the first philosopher in Western history. He lived over 2,600 years ago, pioneering a shift from mythological explanations to rational inquiry.
Despite his groundbreaking intellect, Thales was often mocked,
Not for his wisdom, but for his lack of wealth.
Legend has it that his neighbors scoffed at him:
“If you’re so smart, why aren’t you rich?”
Thales didn’t argue. He acted.
Taking a break from speculation on the nature of the cosmos, he applied his knowledge of astronomy and weather patterns to predict a bumper olive harvest.
Anticipating demand, he secured control of olive presses before prices surged. When harvest season arrived, he rented them out at a premium, demonstrating that thinking deeply and acting strategically could yield success—not just in theory, but in the real world.
Then, just as quickly, he walked away.
Not because he needed wealth, but to prove a point—that knowledge, when applied thoughtfully, can shape outcomes.
A Personal Parallel
Having first read about Thales of Miletus in Diogenes Laertius’ Lives of Eminent Philosophers, I’ve often reflected on his story.
Before founding Glitter Records, I was a writer—passionate about music, philosophy, and art—but financially struggling. One day, an ex hit me with a sharp remark: “If you’re so smart, why don’t you have any money?”
Like Thales before me, I was stung. I didn’t have an answer.
Later, in 2022, I took a leap and opened Glitter Records in California Lane, Brisbane. No investors, no retail experience—not even a full shelf of records. Just curiosity and a willingness to learn.
In the first year of Glitter Records, I read everything. I read music history, Discogs data, psychology, ancient philosophy, economics, and even The Art of War — trying to understand the mechanics behind record collecting and music retail.
At first, progress was slow. But eventually, patterns started emerging.
Like Thales, I moved beyond intuition—developing rigorous systems to guide decisions. Instead of relying solely on instinct, I built structured models, established margins of safety, and assessed risk-adjusted returns.
I examined profit margins, compared formats, and refined the mechanics behind music valuation—ensuring every decision was grounded in logic rather than guesswork.
Over time, I realized that slow sales with exceptional margins of old formats consistently outperformed fast sales of new records with lower ones, reinforcing the importance of strategic pricing and patience.
Applying principles from Benjamin Graham’s The Intelligent Investor—a book about financial markets that unexpectedly became one of my most practical guides to modern record store entrepreneurship—I began spotting undervalued records, identifying scarcity, and using data-driven pricing to make informed decisions.
The CD Revival
But the real turning point was CDs.
At the time, vinyl was reaching peak market saturation—becoming, as one visitor to my store recently put it, “something expensive.” Meanwhile, CDs were being discarded, sometimes quite literally, mirroring the fate of records in the 1990s and early 2000s. I still vividly recall stepping into an Australian thrift store in the early 2000s as a teenager with my brother and walking out with Kate Bush and Duran Duran vinyl albums—for just one dollar.
Yet, history showed a familiar cycle. The same trends that once paved the way for the vinyl revival were quietly taking shape for CDs. There was huge mean reversion potential—a shift waiting to happen.
I leaned into the idea. Over time, CDs became my olive press—the overlooked opportunity that changed everything.
What This Experience Taught Me
Reflecting on both Thales of Miletus and my own journey, a few lessons stand out:
- Knowledge has practical value. Deep thinking isn’t wasteful—it can guide decisions in unexpected ways.
- You don’t need permission to begin. Starting with limited resources is tough, but learning and adaptability open doors.
- Market cycles repeat. Recognizing patterns—whether in philosophy, investing, or music retail—provides an edge.
- Success isn’t the goal—understanding is. The pursuit of knowledge has its own rewards beyond financial success.
Final Thought on Thales of Miletus
Thales didn’t seek wealth for the sake of riches. He wanted to show that insight, when applied with intention, could shape reality.
Business, philosophy, and creativity often seem like separate worlds—but they’re deeply connected. Understanding the why behind something—whether it’s a market trend, an artistic movement, or a shift in human behavior—makes all the difference.
This perspective continues to shape my approach to Glitter Records.
I came across something this morning while rereading Benjamin Graham’s The Intelligent Investor this morning—a quote from the great essayist Michel de Montaigne, recalling a moment when our philosopher Thales was mocked by a local woman for stumbling while observing the stars:
“I feel grateful to the Milesian wench who, seeing the philosopher Thales always looking up at the stars, tripped him up, to show him that it would be time to look at what was under his feet.”
Maybe the answer is already in front of you. It just needs the right mindset to uncover it.
And yes, I admit to some guilt in telling you two stories of Thales—one in which he is a genius, and another a fool.
But perhaps that illustrates something essential in us all.
Wisdom and folly aren’t opposites—they often coexist, shaping the way we learn, adapt, and grow. In fact, it’s often through our missteps and conflicts that we stumble upon unexpected discoveries, deep insights, and remarkable opportunities.
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