I am always looking at history for new and interesting examples about investing. The main reason why I do this is because, the dual approach of investing and innovation have given us all the incredible advancements we see today. Without innovation, we would not have a refrigerator or a hot shower. But also, without capital those innovations would have never hit mass adoption, usage, and scale like they did. The dance between innovation and capital is perfectly played over long periods of time.

Which, brings me to the ancient Venetians and some of their wisdom. I am only just learning about them in detail and am greatly inspired to write down some notes here on my blog. Masters of trade from the 9th to the 18th century, they built an empire not on land, but on commerce, controlling the flow of spices, silks, and gold between East and West. By the 13th to 16th centuries, Venice was the richest and most powerful trading hub in Europe, dominating Mediterranean commerce and pioneering early financial instruments like bills of exchange. Buy where goods are plenty, sell where they are rare, and always keep an eye on new growth markets. At their peak, Venetians were arguably the greatest traders of their time.

Here’s a passage I found that reflects the Venetian merchant mindset:

“He who knows the value of goods in one city and their worth in another holds the power of profit in his hands. Let the wise merchant not despise small gains, for steady returns are the foundation of great wealth.

As a trader and investor myself, this quote hits especially hard:

“Beware of haste. The careful trader watches markets as a captain watches the sea, knowing that fortune favors the patient.”

And also, Pietro Casola, a 15th-century Venetian traveler and merchant who I am just learning about, who wrote in his travelogue:

“Venice does not make her riches from her own soil but from the toil of men who trade across the world. Gold flows not from the ground, but from the wisdom of the merchant who buys where there is abundance and sells where there is need.”

I hope you enjoyed this little time capsule into a great trading power, especially as we enter a new age of trading and commerce in our current political structure.