Money as the dark matter of the universe

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This is an installment of The Nightcrawler, a weekly collection of thought-provoking articles on tech, innovation, and long-term investing by Eric Markowitz of Nightview Capital. You can get articles like this one straight to your inbox every Friday evening by subscribing above. Follow him on X: @EricMarkowitz.

What if money was a perishable good, like a sack of potatoes — or a daily newspaper? Would society function better? That’s the central premise of this intriguing essay by the writer and professor Jacob Baynham, who traces the history of money back to 600 B.C.E, and its earliest skeptics, like Aristotle.

The Greek philosopher, Baynham notes, “worried that Greeks were losing something important in their pursuit of coins. Suddenly, a person’s wealth wasn’t determined by their labor and ideas but also by their cunning.” Baynham suggests that money has become the “dark matter” of the universe: “We don’t have a way to empirically account for it, and yet without it our understanding of the universe, or the economy, would collapse.”

Drawing insight from philosophers, 19th century theorists, and present-day investors and Fed economists, the piece asks some rather pointed questions about the role of money in society: What if, like food or life itself, money carried an expiration date — forcing it to flow rather than accumulate? Could changing the very nature of money reshape our values and bind communities together — instead of often driving them apart?

Key quote: “Many of the most charismatic people are animated by passions that don’t earn them money but add a richness to their lives that money can’t buy. When we find those things that sustain us — art, hobbies, service — the worth of those activities transcends money to fulfill us on a deeper, spiritual level. Money may be a language, a way to translate value in terms we all understand, but money is not the sum of what we have to say. The more money one has, the less meaning work has to that person. At the same time, life’s most meaningful work, like raising children or cooking a meal for others, often goes unpaid. And yet this is the substance of life, the stuff that determines who we are and how we will be remembered.”

The human side of money management

Speaking of money… Bogumil Baranowski’s journey began in communist Poland, where scarcity and inflation made a single U.S. dollar feel like a gold bar.

Today, he’s an investment advisor, author, and host of the Talking Billions podcast, with nearly two decades managing multigenerational wealth. And I recently spoke with him for my Long Game Q&A series for Big Think.

Bogumil’s work with families whose fortunes span centuries has taught him that enduring wealth comes from decades of intentional choices and the early, personal transfer of values. He champions “giving with warm hands” — sharing wealth and wisdom while you’re alive — seeing the true long game as creating value in both capital and human connection.

One of my favorite parts of this conversation was where Bogumil talks about working with families who ensure their kids, grandkids, and great-grandkids learn to respect — and value — money. It’s less about an investment strategy, and more about an ethos of respect. “It’s never just one decision,” he says. “It’s a collection of smart decisions over 80 or 100 years.” He continues:

Key quote: “Internally, families have to be intentional. Externally, they have to survive wars, inflation, confiscation. There has to be a framework. First, they need to invest the money productively. Many begin with one business, then diversify. They may hold stocks for 70, 80 years. That portfolio becomes the vehicle of continuity. But then there’s the human side. You need to prepare each generation. And there’s no one-size-fits-all. Sometimes parents expect the son to take over, but it’s the daughter who steps up. Or someone grows into the role later. That reluctant leader often turns out to be the best one. And the handoff has to happen with intention.”

OUTLAST field notes: On the factory floor with the world’s oldest gunmaker, Beretta

On a sweltering July morning in Gardone Val Trompia, I stepped through the gates of Beretta’s private villa — home to the world’s oldest firearms company and, for the day, my classroom in longevity. I posted a few pictures and videos here.

Pietro Gussalli Beretta, 16th-generation CEO, welcomed me into a boardroom ringed with antique artillery, muzzles aimed squarely at the table in perhaps the most unforgettable “power move” I’ve ever seen.

Over espresso, he traced the company’s arc from its 1526 origins as a barrel maker for the Arsenal of Venice to the 50-company global holding it is today. “Each generation transformed, in a way, the company… with a different approach,” he told me — an understated philosophy that explains half a millennium of survival.

From the villa, we walked the manufacturing floors, past master engravers etching steel, stock makers shaping oiled walnut, and artisans whose families have been here for three or four generations.

Ninety percent of employees are local; many will spend their whole careers here. Beretta’s formula blends deep roots with disciplined focus — every acquisition must fit their DNA of serving hunters, military, and law enforcement — and relentless innovation, with 5% of revenue fixed for R&D. Trust is central: local management stays in place after acquisitions, and leadership succession is handled with care.

In five centuries, Beretta has learned that longevity demands a paradox — remain anchored in place, but never stand still.

A few more links I enjoyed:

Reed Hastings: The Netflix Playbook for Culture, Judgment, and Scale – via The Knowledge Podcast

Key quote: “‍How do you build a high-performance culture without turning your company into The Hunger Games? Reed Hastings, co-founder and former CEO of Netflix, shares lessons from a career spent rewriting the rules — from severance as a management tool to “big-hearted champions who pick up the trash.” In this episode, he reveals how Netflix scaled trust, made bold bets before the data was in, and kept its edge by treating employees like adults — not assets. You’ll hear how Hastings evaluates talent beyond the interview, the reason he avoids performance improvement plans, and what most leaders misunderstand about judgment, feedback, and innovation.”

The Silent Majority: Why the Best Audiences Don’t Talk Back – via Cultish Creative / Matt Zeigler

Key quote: “‍Passive consumption is actually active loyalty. Or at least it can be. This is the companionship economy. It’s how we find, maintain, and hang onto parasocial relationships. If you’re a creator, you are definitionally not like most other people and you have to remember that. Just because when you listen to something you feel disengaged or focused on other details doesn’t mean most people think like you think. Most people are absorbed when they’re in these activities, and they’re absorbed without so much as clicking a thumbs up. This reframe changes everything about how we should think about building an audience. Because once you know what pie you have access to, as a creator, you can start focusing on the passive audience who is likely MORE receptive (not less! weird right?!) than the active audience.”

Sign up for The Nightcrawler Newsletter

A weekly collection of thought-provoking articles on tech, innovation, and long-term investing from Nightview Capital’s Eric Markowitz.