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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<\/a> of Nightview Capital<\/a>. You can get articles like this one straight to your inbox every Friday evening by subscribing above. Follow him on X: @EricMarkowitz<\/a>.<\/p>\n What if money was a perishable good, like a sack of potatoes \u2014 or a daily newspaper? Would society function better? That\u2019s the central premise of this intriguing essay<\/a> 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.<\/p>\n The Greek philosopher, Baynham notes, \u201cworried that Greeks were losing something important in their pursuit of coins. Suddenly, a person\u2019s wealth wasn\u2019t determined by their labor and ideas but also by their cunning.\u201d Baynham suggests that money has become the \u201cdark matter\u201d of the universe: \u201cWe don\u2019t have a way to empirically account for it, and yet without it our understanding of the universe, or the economy, would collapse.\u201d<\/p>\n 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 \u2014 forcing it to flow rather than accumulate? Could changing the very nature of money reshape our values and bind communities together \u2014 instead of often driving them apart?<\/p>\n Key quote: <\/strong>\u201cMany of the most charismatic people are animated by passions that don\u2019t earn them money but add a richness to their lives that money can\u2019t buy. When we find those things that sustain us \u2014 art, hobbies, service \u2014 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\u2019s 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.\u201d<\/p>\n The human side of money management<\/p>\n Speaking of money\u2026 Bogumil Baranowski\u2019s journey began in communist Poland, where scarcity and inflation made a single U.S. dollar feel like a gold bar.<\/p>\n Today, he\u2019s an investment advisor, author, and host of the Talking Billions podcast, with nearly two decades managing multigenerational wealth. And I recently spoke with him<\/a> for my Long Game Q&A series for Big Think.<\/p>\n Bogumil\u2019s 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 \u201cgiving with warm hands\u201d \u2014 sharing wealth and wisdom while you\u2019re alive \u2014 seeing the true long game as creating value in both capital and human connection.<\/p>\n 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 \u2014 and value \u2014 money. It\u2019s less about an investment strategy, and more about an ethos of respect. \u201cIt\u2019s never just one decision,\u201d he says. \u201cIt\u2019s a collection of smart decisions over 80 or 100 years.\u201d He continues:<\/p>\n Key quote<\/strong>: \u201cInternally, 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\u2019s the human side. You need to prepare each generation. And there\u2019s no one-size-fits-all. Sometimes parents expect the son to take over, but it\u2019s 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.\u201d<\/p>\n OUTLAST field notes: On the factory floor with the world\u2019s oldest gunmaker, Beretta<\/p>\n On a sweltering July morning in Gardone Val Trompia, I stepped through the gates of Beretta\u2019s private villa \u2014 home to the world\u2019s oldest firearms company and, for the day, my classroom in longevity. I posted a few pictures and videos here<\/a>.<\/p>\n 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 \u201cpower move\u201d I\u2019ve ever seen.<\/p>\n Over espresso, he traced the company\u2019s arc from its 1526 origins as a barrel maker for the Arsenal of Venice to the 50-company global holding it is today. \u201cEach generation transformed, in a way, the company\u2026 with a different approach,\u201d he told me \u2014 an understated philosophy that explains half a millennium of survival.<\/p>\n 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.<\/p>\n Ninety percent of employees are local; many will spend their whole careers here. Beretta\u2019s formula blends deep roots with disciplined focus \u2014 every acquisition must fit their DNA of serving hunters, military, and law enforcement \u2014 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.<\/p>\n In five centuries, Beretta has learned that longevity demands a paradox \u2014 remain anchored in place, but never stand still.<\/p>\n A few more links I enjoyed:<\/p>\n