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The Timeless Investor Show
Arie van Gemeren
41 episodes
6 days ago

The Timeless Investor Show explores how serious thinkers build wealth, resilience, and lasting success across generations.



Hosted by Arie van Gemeren, CFA - The Timeless Investor Show connects history, philosophy, and real-world investing lessons into practical frameworks for today's investors, with a core focus on real estate investing.



We study empires, cycles, currencies, and capital stewardship - and translate timeless principles into real-world action.



Think well. Act wisely. Build something timeless.

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Investing
Business
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All content for The Timeless Investor Show is the property of Arie van Gemeren and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

The Timeless Investor Show explores how serious thinkers build wealth, resilience, and lasting success across generations.



Hosted by Arie van Gemeren, CFA - The Timeless Investor Show connects history, philosophy, and real-world investing lessons into practical frameworks for today's investors, with a core focus on real estate investing.



We study empires, cycles, currencies, and capital stewardship - and translate timeless principles into real-world action.



Think well. Act wisely. Build something timeless.

Show more...
Investing
Business
Episodes (20/41)
The Timeless Investor Show
$12/Week Office Boy to Billionaire: Harry Helmsley's 40-Year Real Estate Strategy

Harry Helmsley started as a $12/week office boy in 1925. By the 1970s, he owned more real estate than anyone in America—the Empire State Building, 60+ office buildings, 30+ hotels, over $5 billion in assets.


His strategy? Buy quality buildings in quality locations. Never sell. Just compound.


No flipping. No syndicate exits. No IRR optimization. Just 40+ years of patient accumulation.


In this episode, we break down:

→ How Helmsley learned operations before ownership (and why it matters)

→ The "refinance, don't sell" approach that avoided capital gains for decades

→ Why transaction costs destroy more wealth than most investors realize

→ The crown jewel acquisitions: Empire State Building, Helmsley Building, the hotel empire

→ What happened when it almost all fell apart (and the lesson in who you marry)


The greatest real estate fortunes weren't built by flipping. They were built by holding.


—


Subscribe to The Timeless Investor newsletter: https://thetimelessinvestor.substack.com


Interested in investing with us? https://investors.appfolioim.com/lombardequities/investor/contact-us (accredited investors only)


—


00:00 - Introduction: $5 Billion Empire from Nothing

02:15 - The Office Boy Years (1925-1935)

05:30 - Buying the Brokerage with Sweat Equity

08:45 - The Accumulation Strategy: Buy, Hold, Never Sell

12:20 - Why Refinancing Beats Selling (The Math)

16:00 - The Crown Jewels: Empire State Building & Beyond

19:30 - The Fall: Leona and the Collapse

22:00 - Timeless Lessons for Modern Investors


#realestateinvesting #wealthbuilding #harryhelmsely #empirestatebuilding #buyandhold #passiveincome #realestate #investing #financialhistory

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1 week ago
21 minutes 12 seconds

The Timeless Investor Show
2025 Predictions Exposed: What I Got Right & Wrong

A SPECIAL REPORT:


Last December, I published a 23-page report predicting what would happen in 2025 — treasury yields, inflation, GDP, housing supply. Today, I'm grading myself in public.


Predicted 10Y Treasury: 4.1% → Actual: 4.11%

Predicted Seattle Permits: -36% → Actual: -50%

Predicted Inflation: 2.5% → Actual: 2.7%


Most predictions were directionally right. Some were wrong. And 2025 threw curveballs nobody saw coming — $40B in wildfire losses by Week 2, a 43-day government shutdown, and a GDP path that broke every model.


This video covers:

→ The Six Forces scorecard (with grades)

→ Black swan events that blindsided everyone

→ The behavioral finance of 2025 (anchoring, recency bias, narrative fallacy)

→ What I'm watching for 2026


00:00 - What I Predicted

02:30 - The Six Forces Scorecard

12:00 - What Nobody Saw Coming

18:00 - Behavioral Finance Audit

26:00 - The Denver Deal I Didn't Do

30:00 - 2026 Watchlist


🔔 Subscribe for the 2026 Outlook Report (dropping January)


📩 Join The Timeless Investor Newsletter:

https://lombardequities.substack.com


📈 Accredited Investors — Work With Us:

https://lombardequities.com


#realestateinvesting #2025predictions #marketoutlook #multifamily

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2 weeks ago
21 minutes 41 seconds

The Timeless Investor Show
Time Preference: The Psychology That Built Civilizations

Notre-Dame Cathedral took 182 years to build. Your iPhone is designed to die in two.

The men who laid those first stones knew they would never see the finished building. They planted trees they would never sit under. They built something timeless.

We don't do that anymore. What changed?

One concept explains it all: Time Preference — the degree to which you discount the future relative to the present. It's the single most important idea I've encountered in my study of wealth across civilizations, and almost nobody talks about it.

In this episode, I break down:

  • What time preference is and why it shapes the fate of nations
  • How hard money created the Eiffel Tower, the Brooklyn Bridge, and dynastic fortunes
  • What happened on August 15, 1971 — and why everything changed
  • Rome vs. Byzantium: same empire, different money, 500 years vs. 1,000 years
  • How Spain's silver fortune destroyed them from the inside
  • Why your buildings, products, relationships, and attention span have all degraded
  • Why low time preference is now a superpower in a world optimized for immediacy
  • 8 practical ways to build low time preference into your life and investments

The cathedral builders knew something we've forgotten: patience isn't passive. It's the most aggressive long-term strategy there is.

What are you building that will exist in 100 years?

—

Subscribe to The Timeless Investor newsletter: https://thetimelessinvestor.substack.com

Learn more about Lombard Equities Group: https://www.lombardequities.com

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3 weeks ago
23 minutes 30 seconds

The Timeless Investor Show
The Butcher's Son Who Bought Manhattan: John Jacob Astor's $276 Billion Fortune

1837. Banks collapse. Real estate craters 80%. Most investors are wiped out.

One 74-year-old immigrant is buying.

John Jacob Astor arrived in America with $25 and seven flutes. He scraped fur pelts in a Lower Manhattan shop. He tried — and failed — to colonize the entire West Coast, losing ships, men, and millions when his vessel exploded off Vancouver Island.

Then he pivoted to real estate and became the wealthiest American in history.

By his death, Astor owned roughly 1% of America's entire GDP — the equivalent of $276 billion today. Senator Tallmadge remarked: "One in every hundred dollars in this country ends up in J. Astor's hands."

In this episode, we trace the full arc: the cutthroat fur trade, the global China triangle, the catastrophic Tonquin massacre, the audacious Astoria gambit, and the real estate strategy that turned crisis into dynasty.

The lessons? Know when to pivot. Maintain liquidity. Follow infrastructure. And when the panic comes — be the buyer, not the seller.

First owners get destroyed. Second owners build dynasties.

Which one are you going to be?

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3 weeks ago
26 minutes 31 seconds

The Timeless Investor Show
How Tax Farming Killed the Ottoman Empire—And What America Does Today

In 1595, a desperate Sultan auctioned off the right to collect taxes. The buyer—a merchant from Thessaloniki—didn't care if the province starved. His contract was only 3 years.

This system, called Iltizam (tax farming), would hollow out one of history's most powerful empires over 300 years. By 1800, it represented 80% of Ottoman revenue—up from 36% a century earlier.

But the Ottomans weren't unique.

This episode reveals the 5-phase pattern that destroyed Rome, bankrupted Spain, ended British hegemony, and collapsed the Ottoman Empire:→ Building

→ Success

→ The Pivot

→ Decay

→ Collapse


The through-line? Societies that stop building and start extracting have begun to die.

Today, we examine America through this lens: manufacturing down from 28% to 11% of GDP, financial services up from 3% to over 20%, private equity strip-mining companies like Ottoman tax farmers stripped provinces.

Plus: A framework for investors and citizens navigating extraction economies—including why "being a second owner" may be the smartest play in a system built for liquidation.

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4 weeks ago
27 minutes 14 seconds

The Timeless Investor Show
How The Black Death Created The Modern World

October 1347.


Twelve ships dock in Sicily. Most of the sailors are already dead.

Within three years, half of Europe would be gone. But from that catastrophe came everything: capitalism, individual rights, the printing press, the age of exploration, the scientific revolution, the enlightenment—the very idea that tomorrow can be better than yesterday.

You and I are living in a world the plague created. We just don't know it.

This is Episode 1 of "How Plagues Transform Humanity"—a new series exploring how pandemics shaped the modern world.

TIMESTAMPS:0:00 - The Ships Arrive2:15 - The World That Was Stuck5:30 - Death Arrives9:45 - Feudalism Collapses12:30 - The Church Cracks14:20 - Innovation at Gunpoint18:00 - Why Europe and Not China?21:30 - The World It Made

COMING NEXT:

  • Episode 2: The Antonine Plague - How Disease Broke Rome
  • Episode 3: The Spanish Flu - 50 Million Dead and the Roaring Twenties
  • Episode 4: COVID and the Brave New World

CONNECT:

📩 Newsletter: https://thetimelessinvestor.substack.com💼 LinkedIn: https://linkedin.com/in/arievangemeren

SOURCES:

Paul Schmelzing, "Eight Centuries of Global Real Rates" (Bank of England, 2020)

Robert Allen, "The Great Divergence" David Herlihy, "The Black Death and the Transformation of the West"

#BlackDeath #History #Economics #Capitalism #MedievalHistory

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1 month ago
20 minutes 37 seconds

The Timeless Investor Show
When One Bank Almost Destroyed the British Empire | Barings Crisis 1890

November 8th, 1890. The head of the most powerful merchant bank on earth walks into the Bank of England to confess: in 72 hours, his bank will be bankrupt—and it might take the British Empire down with it.

Barings Brothers financed the Louisiana Purchase. They were called "the sixth great power of Europe." And they had just bet everything on Argentina—the AI boom of its era—and lost.

The Bank of England had one weekend to prevent global financial collapse. Their entire gold reserve barely covered what Barings owed. If markets panicked, Britain would be forced off the gold standard. Sterling would collapse. The world economy would implode.

This is the story of the first modern bailout, the birth of "too big to fail," and the playbook the Fed would use 118 years later in 2008.

But here's the kicker: this same bank—survivor of the 1890 crisis—collapsed again in 1995. One rogue trader. One earthquake. Sold for £1. Same disease, different century.

In this episode:→ How the yield chase destroyed Britain's mightiest bank→ Why currency mismatch is a silent killer→ The Rothschilds' second owner playbook→ What 1890 teaches us about the next crisis

Read more at The Timeless Investor on Substack. Invest alongside us at lombardequities.com.

Think well. Act wisely. Build something timeless.

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1 month ago
20 minutes 36 seconds

The Timeless Investor Show
When Tokyo Was Worth More Than America: The Japanese Real Estate Bubble & What It Means for Today

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In 1989, the land under Tokyo's Imperial Palace was worth more than all of California. Tokyo's real estate exceeded the entire United States in value. The Nikkei hit 38,957 — and didn't reach that level again until February 2024.
This isn't ancient history. It's a warning.

In this episode, I break down the Japanese real estate bubble — the most spectacular property mania in modern history — and why the playbook Japan invented after the crash is running in U.S. commercial real estate right now.
Syndicators making capital calls instead of handing back keys. Lenders restructuring instead of foreclosing. Everyone waiting for rate cuts to bail them out. This is "extend and pretend" — and we know how it ends.

But there's something bigger happening. Japan just ended 8 years of negative interest rates. The carry trade — trillions of dollars borrowed in cheap yen and deployed globally — is unwinding. This has massive implications for capital flows, real estate, and your portfolio.

We cover:

→ How the Plaza Accord planted the seeds of Japan's bubble
→ The psychology of mania: why smart people believed absurd valuations
→ The crash: 70% declines that still haven't recovered 35 years later
→ "Extend and Pretend" — Japan's invention, America's current strategy
→ Why Japan's rate hikes in 2024-2025 matter for global investors
→ Five timeless lessons every real estate investor needs to know

Wednesday's episode dives deep into the carry trade. Stay tuned.

Subscribe to the Timeless Investor Newsletter for our long-form content.

Follow the Timeless Investor Show if you want to hear more of our podcast content.

Get your own copy of Timeless Wealth: Real Estate Through the Ages.

If you want to learn about new investment opportunities through Lombard Equities Group (accredited investors only), please reach out here.

Think Well. Act Wisely. Build Something Timeless.

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1 month ago
15 minutes 35 seconds

The Timeless Investor Show
The Lloyd’s Disaster: How 34,000 Investors Lost Everything

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In 1993, thousands of investors around the world opened letters from Lloyd’s of London demanding sums that didn’t seem real. £300,000. £1 million. £3 million. Not money they invested — money they owed.

Doctors, farmers, aristocrats, retirees… entire families financially erased overnight.

In this episode of The Timeless Investor Show, I break down one of the greatest financial catastrophes in modern history — the Lloyd’s Disaster — where 34,000 individuals were ruined by a perfect storm of hidden liabilities, insider knowledge, and a 300-year-old system that finally buckled under its own complexity.

You’ll learn:

  • How the Lloyd’s underwriting system really worked
  • Why insiders saw the asbestos time bomb coming decades in advance
  • The LMX Spiral: the financial snake eating its own tail
  • How social proof and exclusivity trapped thousands of wealthy investors
  • Why this same pattern is unfolding again today in real estate, private credit, and alternative investments
  • How to protect yourself from hidden tail risk and complexity traps

This isn’t just a historical breakdown.
 It’s a blueprint for avoiding the next great financial wipeout.

If you invest in real estate, private credit, insurance, syndications, funds, or any alternative assets — this story is essential.

Think well. Act wisely. Build something timeless.

- Arie van Gemeren, CFA

Subscribe to the Timeless Investor Newsletter for our long-form content.

Follow the Timeless Investor Show if you want to hear more of our podcast content.

Get your own copy of Timeless Wealth: Real Estate Through the Ages.

If you want to learn about new investment opportunities through Lombard Equities Group (accredited investors only), please reach out here.

Think Well. Act Wisely. Build Something Timeless.

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1 month ago
22 minutes 35 seconds

The Timeless Investor Show
Pattern Recognition, Humility, and the YouTube Deal That Changed Everything — Sean Dempsey

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In 2005, Sean Dempsey tried to buy a tiny video startup on behalf of Google.
 The founders laughed him off.

Eighteen months later, Google paid $1.65 billion for that same company… and the entire industry mocked the decision. Analysts called it reckless. Wall Street rolled its eyes.

Today, that acquisition is worth over $300 billion.

In this episode, Sean — now co-founder of Merus Capital and an investor in multiple unicorns — breaks down the real story behind the YouTube deal and the deeper lessons it reveals for founders and investors:

We get into:

  • Why the best investors change their minds faster than everyone else
  • How to update your beliefs when the data shifts
  • Pattern recognition vs. prediction
  • Why humility compounds longer than “genius”
  • The mental models that separate long-term winners from one-cycle blowups
  • Lessons Sean carried into building Merus Capital and delivering 4.2x+ fund multiples

If you care about decision-making, inflection points, and developing an investor’s mindset, this conversation is a masterclass.

👉 Watch the full interview on YouTube here
👉 Follow for more conversations on real estate, investing, and building enduring wealth

Subscribe to the Timeless Investor Newsletter for our long-form content.

Follow the Timeless Investor Show if you want to hear more of our podcast content.

Get your own copy of Timeless Wealth: Real Estate Through the Ages.

If you want to learn about new investment opportunities through Lombard Equities Group (accredited investors only), please reach out here.

Think Well. Act Wisely. Build Something Timeless.

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1 month ago
58 minutes 23 seconds

The Timeless Investor Show
When Paper Money Destroys Nations: France’s Assignat Collapse

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In 1790, revolutionary France thought it had solved its financial crisis by printing a new kind of paper money — the Assignat — backed by confiscated church land.

Within five years, it destroyed the French economy, vaporized the middle class, and set the stage for dictatorship.

In this episode, Arie Van Gemeren breaks down the world’s first great fiat collapse — how the Assignat began as “secured money” and ended as worthless paper — and what it teaches investors about modern inflation, asset bubbles, and political denial.

You’ll learn:
• How the Assignat was backed by land — and why that didn’t save it
• The psychology of inflation and why every regime thinks “this time is different”
• Why all fiat systems eventually converge toward debasement
• How to position yourself in real assets before the next currency reset

History doesn’t repeat — it just changes costume. The Assignat collapse is the blueprint for every modern inflation crisis.

🔔 Subscribe to The Timeless Investor Show for weekly deep dives into history, money, and the timeless principles of wealth.

#TheTimelessInvestor #Assignat #FrenchRevolution #Inflation #FiatMoney #HistoryOfMoney #ArieVanGemeren #RealAssets #WealthPreservation #Investing

Subscribe to the Timeless Investor Newsletter for our long-form content.

Follow the Timeless Investor Show if you want to hear more of our podcast content.

Get your own copy of Timeless Wealth: Real Estate Through the Ages.

If you want to learn about new investment opportunities through Lombard Equities Group (accredited investors only), please reach out here.

Think Well. Act Wisely. Build Something Timeless.

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2 months ago
13 minutes 18 seconds

The Timeless Investor Show
The Panic That Birthed the Fed: JP Morgan, Jekyll Island, and the Secret Origins of the Federal Reserve

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In October 1907, the U.S. banking system imploded overnight.
 Knickerbocker Trust collapsed, panic spread through New York, and the entire American economy teetered on the edge of destruction.

Only one man could stop it—J.P. Morgan, a private citizen wealthier than the U.S. Treasury.
For three weeks, Morgan personally decided which banks lived and which died, locking financiers in his library until they agreed to save the system.

From the ashes of that crisis came something even more powerful: the Federal Reserve. Conceived in secret on Jekyll Island by seven men representing one quarter of the world’s wealth, the Fed was designed to stabilize the system—but it also concentrated control over money like never before.

In this episode, Arie Van Gemeren explores:

  • How the Panic of 1907 exposed the fragility of the U.S. financial system
  • The secret Jekyll Island meeting that created the Federal Reserve
  • How crises always consolidate power—and how investors can use that pattern to their advantage
  • Timeless lessons on liquidity, leverage, and positioning for the next downturn

This is The Timeless Investor Show—where history, finance, and timeless wisdom converge.

Subscribe to the Timeless Investor Newsletter for our long-form content.

Follow the Timeless Investor Show if you want to hear more of our podcast content.

Get your own copy of Timeless Wealth: Real Estate Through the Ages.

If you want to learn about new investment opportunities through Lombard Equities Group (accredited investors only), please reach out here.

Think Well. Act Wisely. Build Something Timeless.

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2 months ago
18 minutes 30 seconds

The Timeless Investor Show
The Match King: How Ivar Kruger’s $6 Billion Fraud Brought Europe to Its Knees

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In 1932, the world’s richest man pulled the trigger that ended an empire.
 Ivar Kruger, known as The Match King, controlled ¾ of the world’s match production, financed governments across Europe, and was hailed as the “savior of Europe.” But behind the empire was one of the greatest financial frauds in history—$6 billion (2024 value) in forged bonds, fake subsidiaries, and Ponzi-style leverage.

In this episode of The Timeless Investor Show, host Arie Van Gemeren, real-estate fund manager and financial historian, unpacks how Kruger’s empire rose and collapsed—and why his methods still echo today in FTX, Theranos, WeWork, and Madoff.

You’ll learn:

  • How complexity hides deception and why simplicity is a safeguard.
  • Why charisma and opacity are a deadly mix for investors.
  • How leverage magnifies fraud and turns lies into catastrophe.
  • The timeless red flags that can protect your portfolio.

📚 Inspired by true history, this is part of the Timeless Greed series—stories of financial fraud, manipulation, and the recurring patterns that shape markets and human behavior.

🔗 Subscribe to the newsletter → https://thetimelessinvestor.substack.com

🎧 More episodes → The Timeless Investor Show on Spotify, Apple Podcasts & YouTube
💬 Follow Arie on LinkedIn → https://linkedin.com/in/arievangemeren

#IvarKruger #FinancialHistory #Fraud #PonziScheme #TimelessInvestor #InvestingLessons #FinancePodcast #EconomicHistory #WeWork #FTX #Theranos #Madoff #GreatDepression

Subscribe to the Timeless Investor Newsletter for our long-form content.

Follow the Timeless Investor Show if you want to hear more of our podcast content.

Get your own copy of Timeless Wealth: Real Estate Through the Ages.

If you want to learn about new investment opportunities through Lombard Equities Group (accredited investors only), please reach out here.

Think Well. Act Wisely. Build Something Timeless.

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2 months ago
23 minutes 6 seconds

The Timeless Investor Show
Venice: How a Blind 97-Year-Old Built a 1,000-Year Empire | The Timeless Investor

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April 12th, 1204 AD. A 97-year-old blind man led the assault on Constantinople—the richest city on earth—and walked away with three-eighths of an empire. His name was Enrico Dandolo, Doge of Venice. And what happened next changed the course of Western history.

This is the story of how Venice—built on mud, wooden stakes, and 118 swampy islands—became the wealthiest trading empire in medieval history. How they lasted over 1,000 years as an independent republic. How they controlled Mediterranean trade for 600+ years. And how they invented mass production six centuries before Henry Ford.

Venice didn't conquer territory. They conquered trade routes. They didn't build armies. They built the Venetian Arsenal—the world's first factory—which could produce a fully equipped warship in a single day. When King Henry III of France visited in 1574, Arsenal workers built an entire combat-ready warship during his lunch just to flex.

But Venice's real genius was understanding that wealth isn't built on land—it's built on controlling what flows across it. Infrastructure. Capital. Network effects. Financial innovation. Information advantage.

In this episode, we explore:

  • How Venice's geographic weakness became their strategic strength
  • The Venetian Arsenal's assembly line production (1104 AD)
  • Why vertical integration created an unbeatable cost advantage
  • The 1204 Sack of Constantinople and strategic infrastructure acquisition
  • How Vasco da Gama's 1498 voyage destroyed Venice's monopoly overnight
  • 8 investing lessons for building wealth that lasts

If you're a real estate investor, business builder, or anyone thinking long-term about wealth creation, Venice offers a masterclass in competitive advantage, infrastructure control, and what happens when your moat disappears.

Subscribe to The Timeless Investor for weekly deep dives into the builders, empires, and timeless principles that create lasting wealth.

Subscribe to the Timeless Investor Newsletter for our long-form content.

Follow the Timeless Investor Show if you want to hear more of our podcast content.

Get your own copy of Timeless Wealth: Real Estate Through the Ages.

If you want to learn about new investment opportunities through Lombard Equities Group (accredited investors only), please reach out here.

Think Well. Act Wisely. Build Something Timeless.

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2 months ago
24 minutes 56 seconds

The Timeless Investor Show
From Slave to Supreme Admiral: Zheng He's Treasure Fleet & 6 Investing Lessons

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What if China had a 100-year head start on European colonial dominance—and threw it away?

In 1405, nearly a century before Columbus, Chinese Admiral Zheng He commanded 317 ships and 27,800 men. His fleet was the largest in human history. His flagship was five times bigger than the Santa Maria. He reached East Africa, mapped the Indian Ocean, and built trade networks across three continents.

Then, within years of his death, bureaucrats burned the maps, dismantled the ships, and made it illegal to build ocean-going vessels. Europeans who came later weren't discovering new routes—they were following maps China had abandoned.

This is the story of Zheng He: a slave who rose to command the greatest fleet in history, built infrastructure that should have lasted centuries, and watched it all get destroyed by the very people he served.

In this episode, we explore six timeless investing lessons from Zheng He's treasure fleet:

  • First-mover advantage compounds (but only if you maintain it)
  • Scale changes the nature of negotiations
  • Trade beats conquest—better economics, sustainable relationships
  • Information asymmetry is alpha
  • Systems outlast individuals (if you let them)
  • Political risk can destroy everything you build

Whether you're a real estate investor, private equity professional, or building generational wealth, Zheng He's story reveals what separates wealth that compounds from wealth that dissipates.

This is part of our Builders Series—exploring great builders of past and present to make ourselves better investors and more understanding of timeless principles.

Subscribe to the Timeless Investor Newsletter for our long-form content.

Follow the Timeless Investor Show if you want to hear more of our podcast content.

Get your own copy of Timeless Wealth: Real Estate Through the Ages.

If you want to learn about new investment opportunities through Lombard Equities Group (accredited investors only), please reach out here.

Think Well. Act Wisely. Build Something Timeless.

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3 months ago
28 minutes 46 seconds

The Timeless Investor Show
The Shadow Banking Collapse of 1772 (And Why Wall Street Is Selling It To You Again)

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December 27, 1772. Clifford & Co.—one of Europe's most prestigious banking houses—shuts its doors with nearly $1 billion in liabilities (in today's money). Within weeks, the contagion spreads: 20 banks collapse across Amsterdam, London, Hamburg, and beyond. The world's first global financial crisis.

The culprit? Mortgage-backed securities on Caribbean plantations, marketed as "safe and stable" to Dutch middle-class investors who trusted the reputation of shadow banks operating outside any regulation.

In 2025, history is rhyming.

BlackRock, Apollo, State Street, and KKR are packaging private credit for Main Street investors using identical structures, promises, and marketing language. The SEC just loosened restrictions. Your 401(k) provider will likely offer it soon. And credit rating agencies are already sounding alarms.

This episode breaks down:

  • How Amsterdam's shadow banks created negotiaties—pooled plantation loans with zero transparency
  • Why maturity mismatches (short-term liquidity promises on long-term illiquid assets) always end the same way
  • The information asymmetry that benefits insiders and destroys retail investors
  • What Alexander Fordyce's £300,000 loss triggered across three continents
  • The 6 structural flaws of 1772 that exist in modern private credit
  • What Moody's warned about in June 2025 (spoiler: systemic consequences)

Critical Modern Parallels: The same reputation-based investing. The same opacity. The same carry trade dynamics. The same maturity mismatches. The same "this time is different" mentality.

Except now it's being sold to your retirement account.

Key Takeaways:

  • If something promises high returns + low risk + low volatility, at least one of those is false
  • Ask these questions before investing: What are the actual companies? How leveraged? What happens in a redemption freeze? How are assets valued?
  • The investors who survive crises aren't the ones maximizing returns during booms—they're the ones who survive busts
  • When Wall Street packages something for retail, it's often because institutional money is getting cautious

Episode Resources:

  • Full show notes with sources at thetimelessinvestor.com
  • Subscribe to The Timeless Investor newsletter for deep dives into financial history
  • Previous episode: Overend, Gurney & The Panic of 1866

About The Timeless Investor Show: Real estate fund manager and financial historian Arie van Gemeren explores the wreckage of financial catastrophes past and present, extracting timeless lessons for modern builders and investors. Because the best way to navigate the future is to understand the patterns of the past.

Think well. Act wisely. Build something timeless.

Episode Length: ~34 minutes

Topics: Financial History, Private Credit, Shadow Banking, Investment Strategy, Retirement Planning, Financial Crisis, Wealth Preservation, Amsterdam 1772, M

Subscribe to the Timeless Investor Newsletter for our long-form content.

Follow the Timeless Investor Show if you want to hear more of our podcast content.

Get your own copy of Timeless Wealth: Real Estate Through the Ages.

If you want to learn about new investment opportunities through Lombard Equities Group (accredited investors only), please reach out here.

Think Well. Act Wisely. Build Something Timeless.

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3 months ago
34 minutes 18 seconds

The Timeless Investor Show
The Potosí Silver Scandal: How Fraud Destroyed the Spanish Empire

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What happens when the world's most trusted currency becomes worthless overnight? Not through war or conquest, but fraud so massive it brings down an empire.

This is the story of the Potosí mines scandal - how Spanish officials debased silver coins, stole billions, and destroyed the foundation of global finance in the 1600s. The Spanish Empire went from controlling 25% of the world to defaulting repeatedly, all because trust in their currency collapsed.

But this isn't just ancient history. The patterns are repeating today with massive government debt, currency concerns, and recent financial scandals like Tricolor Holdings.

Key Topics Covered:

  • The Potosí silver mines and Spanish imperial overreach
  • How the fraud was committed and eventually detected
  • Spain's addiction to borrowing against future silver shipments
  • Why trust is the foundation of all financial systems
  • Modern parallels to current monetary policy
  • Why hard assets matter in uncertain times

Resources Mentioned:

  • The Bitcoin Standard by Saifedean Ammous
  • The Creature from Jekyll Island by G. Edward Griffin
  • The Crisis of 33 AD (previous episode)

Connect with Arie:

  • Newsletter: The Timeless Investor on Substack
  • Website: www.lombardequities.com
  • YouTube: https://www.youtube.com/@TheTimelessInvestor
  • LinkedIn: https://www.linkedin.com/in/arievangemeren/
  • Investment Opportunities: https://timelessinvestor.short.gy/9ppnK5

For more historical lessons on building timeless wealth, subscribe to The Timeless Investor Show.

Subscribe to the Timeless Investor Newsletter for our long-form content.

Follow the Timeless Investor Show if you want to hear more of our podcast content.

Get your own copy of Timeless Wealth: Real Estate Through the Ages.

If you want to learn about new investment opportunities through Lombard Equities Group (accredited investors only), please reach out here.

Think Well. Act Wisely. Build Something Timeless.

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3 months ago
19 minutes 6 seconds

The Timeless Investor Show
Black Friday 1866: The Banking Collapse That Changed Finance Forever | Shadow Banking Crisis History

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In May 1866, the world's largest financial institution collapsed in a single day, triggering the first global banking crisis and reshaping modern finance forever. Overend, Gurney & Company wasn't just any bank - they were THREE TIMES larger than their nearest competitor and considered the safest institution in the world. When they fell, over 200 companies failed, the Bank of England abandoned the gold standard, and the entire global financial system nearly imploded.

In this episode, real estate fund manager and financial historian Ari Van Gemeren reveals:

  • How a conservative Quaker bank became a reckless shadow bank in just 5 years
  • The IPO scam that let partners cash out before the collapse (perfectly legal in 1866!)
  • Why the Bank of England's decision to let them fail changed capitalism forever
  • The eerie parallels to Silicon Valley Bank, Lehman Brothers, and today's shadow banking system
  • Critical lessons for real estate investors using bridge debt and short-term financing
  • How "reputation lag" hides failing institutions until it's too late

From Victorian London to modern private credit funds, discover why this forgotten crisis holds the key to understanding financial collapses - and how to protect yourself from the next one.

Topics: Financial history, banking crisis, Black Friday 1866, Overend Gurney, Bank of England, shadow banking, financial collapse, Victorian era finance, bank runs, leverage crisis, real estate investing, private credit, bridge debt, financial panic, British Empire, discount houses, railway bubble, limited liability, systemic risk, too big to fail

Perfect for: Real estate investors, finance professionals, history enthusiasts, anyone interested in understanding financial crises and protecting their wealth

🎧 The Timeless Investor Show: Where history's greatest financial lessons meet modern investing strategy.

Subscribe to the Timeless Investor Newsletter for our long-form content.

Follow the Timeless Investor Show if you want to hear more of our podcast content.

Get your own copy of Timeless Wealth: Real Estate Through the Ages.

If you want to learn about new investment opportunities through Lombard Equities Group (accredited investors only), please reach out here.

Think Well. Act Wisely. Build Something Timeless.

Show more...
3 months ago
20 minutes 51 seconds

The Timeless Investor Show
From $500M in Called Loans to Self-Storage Empire: Brad Minsley's Vertical Integration Playbook

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In 2008, Brad Minsley faced every real estate developer's nightmare: $500 million in loans called across 27 banks. Most operators would have been wiped out. Instead, Brad fought back, survived the crisis, and used those hard-won lessons to build Ten Federal - one of the most innovative self-storage companies in America.

Today, Ten Federal operates 120 facilities with revolutionary automation technology, proprietary DaVinci locks, and just 0.6 employees per store (compared to 2+ at major REITs). Their funds have consistently outperformed, with their 2019 fund finishing #1 among all commercial real estate funds that year.

In this episode, we cover:

  • How Brad survived the 2008 crisis when banks called $500M in development loans
  • Why the combination of high leverage + balloon payments is a death sentence
  • The hidden danger of material adverse change clauses in loan documents
  • How Ten Federal pioneered unmanned self-storage operations
  • The vertical integration strategy that creates unfair competitive advantages
  • Why most real estate operators actually harm performance
  • Data science and machine learning in self-storage investing
  • Building proprietary technology that now operates in 1 of every 7 storage facilities nationwide

Key Takeaways:

  • You can survive high leverage OR balloon payments, but not both
  • Deep operational knowledge prevents exploitation by contractors and vendors
  • Automation + enterprise software creates massive competitive moats
  • The best opportunities exist where sophisticated operators can outcompete mom-and-pop owners

This conversation reveals how crisis-tested experience, combined with technological innovation and operational discipline, creates sustainable competitive advantages in real estate.

Connect with Brad Minsley: 

Email: brad@10federal.com 

Website: www.10federal.com 

Company: Ten Federal (self-storage development, automation, and fund management)

Resources mentioned:

  • Poor Richard's Almanac by Benjamin Franklin
  • Poor Charlie's Almanac by Charlie Munger
  • The New Personality Self-Portrait by John Oldham
  • Death of Money by James Rickards
  • Big Debt Crises by Ray Dalio

The Timeless Investor Show explores enduring principles of wealth creation through history, philosophy, and practical experience. Subscribe for weekly conversations with battle-tested investors and timeless market insights.

Subscribe to the Timeless Investor Newsletter for our long-form content.

Follow the Timeless Investor Show if you want to hear more of our podcast content.

Get your own copy of Timeless Wealth: Real Estate Through the Ages.

If you want to learn about new investment opportunities through Lombard Equities Group (accredited investors only), please reach out here.

Think Well. Act Wisely. Build Something Timeless.

Show more...
3 months ago
1 hour 14 minutes 18 seconds

The Timeless Investor Show
The Sassoon Dynasty: From Baghdad to Bombay - How Refugees Built Asia's Real Estate Empire

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They called him the Rothschild of the East. But while the Rothschilds moved paper, David Sassoon built infrastructure.

In 1829, he fled Baghdad with nothing but two saddlebags of gold. By 1860, his family controlled the largest trading house in Asia. By 1940, they owned half of Shanghai.

This isn't just another rags-to-riches story. It's a masterclass in turning displacement into dynasty.

In this episode, we explore:

  • How a stateless refugee became the unofficial bank of Bombay
  • Why owning warehouses beats owning goods (the original REIT model)
  • The concept of "cultural arbitrage" and why immigrants have a superpower
  • How the Sassoons timed every market perfectly across 130 years
  • Why infrastructure always wins, regardless of who's in power

From the opium trade to Shanghai jazz clubs, from Bombay swampland to prime real estate - the Sassoons proved that disruption creates opportunity, displacement creates advantage, and infrastructure creates dynasties.

Whether you're a real estate investor, a student of history, or someone interested in how fortunes are really built, this episode reveals timeless principles that work in any era.

Think Well. Act Wisely. Build Something Timeless.


Subscribe to the Timeless Investor Newsletter for our long-form content.

Follow the Timeless Investor Show if you want to hear more of our podcast content.

Get your own copy of Timeless Wealth: Real Estate Through the Ages.

If you want to learn about new investment opportunities through Lombard Equities Group (accredited investors only), please reach out here.

Think Well. Act Wisely. Build Something Timeless.

Show more...
4 months ago
21 minutes 24 seconds

The Timeless Investor Show

The Timeless Investor Show explores how serious thinkers build wealth, resilience, and lasting success across generations.



Hosted by Arie van Gemeren, CFA - The Timeless Investor Show connects history, philosophy, and real-world investing lessons into practical frameworks for today's investors, with a core focus on real estate investing.



We study empires, cycles, currencies, and capital stewardship - and translate timeless principles into real-world action.



Think well. Act wisely. Build something timeless.