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5 of the richest companies in history
Inconceivable wealth. And a few lessons in how not to get rich, too.

- You've definitely heard of Apple. But what about the Dutch East India Company?
- Did a 1911 Supreme Court decision result in more millionaires in America than any other court case?
- One example of how not to do it: the rise and fall of the Mississippi Company.
Dutch East India Company
The VOC flag. Photo credit: Michael Coghlan via Flickr.
Known under the initials VOC (Vereenigde Oostindische Compagnie), the Dutch East India Company would be worth about $7.8 trillion today. Founded in 1602, it accomplished globalist capitalism some 400 years before everyone else did. It began as a shipping company — with a 21 year monopoly on the Dutch spice market — before branching into almost every aspect of the spice trade, from production to consumer sales, while still keeping a massive footprint in the shipping industry at large for more than 100 years. But this success came at a massive moral cost: they exploited foreign workers, imprisoned many, and benefitted hugely from the slave trade. But for that 100 years, VOC was a gargantuan presence around the world. They controlled armadas of ships that were able to fight off navies and take territories, an impressive feat for a privately held company (imagine if Arby's began to take over entire city blocks).
You could probably say that the very idea of globalism stems from the VOC. Europeans wanted spices and textiles from Asia, but Asia didn't want very much in return except for precious metals — which Portugal and Spain had in abundance at the time. Paraphrasing here for the sake of brevity, the VOC created a hugely profitable trade corridor between Asia and Europe. And from around 1620 to 1630, the VOC used profits to reinvest in itself, becoming exponentially bigger in the process.
The Mississippi Company and the South Sea Company
John Law
Ooh, boy. This is a story. In you lived in France in the early 1700s you'd have likely heard of the Mississippi Company. Depending on which version of their history you read, you'll get two very different narratives about the company. They either controlled much of France's commercial interests in the New World for 20 years before fizzling out due to mismanagement... or they shipped convicts and prostitutes to Arkansas and Louisiana to ostensibly work for them in order to inflate their numbers and increase speculation on paper which nearly led to bankrupting France.
Both versions of the company history hold true. The central figure of the story was a Scottish economist named John Law who convinced the then-king of France, Louis XIV, to allow him to run the Banque Générale Privée ("General Private Bank") in 1716, taking on the national debt, which he then used to finance the Mississippi Company to organize trade with the New World. Law's company, in the space of two short years, bought several other shipping companies in order to create a near-monopoly of trade on the world's oceans. In order to fund such a massive operation, in 1720 the Mississippi Company became tied into the Banque Générale, which became the Banque Royale. Law kept pushing the valuation of his company and soon began shipping prisoners and prostitutes to America to work for his company as part of a marketing scheme which promised huge returns on stock.
The thing is: the scheme worked... but only for a very short while. Stocks soared, and then crashed. The whole cycle lasted just 4 years. Law fled to London and then to Venice, where he gambled away what he had left and died penniless in 1729 in Venice.
At roughly the same time, a joint-stock company was formed in England called the South Sea Company. John Law had been exiled from England after killing a man in a duel in 1694 (and was only free as he'd managed to escape prison and flee to Amsterdam), but after word of his successes with the Mississippi Company reached British shores they decided to set up their own similar joint-stock venture. The South Sea Company was given a monopoly to trade with South America. It, too, overvalued itself... mostly through speculation of a £70 million line of credit through the King of England himself, which never actually happened. A rush on stock by a who's-who of the who-was in England at the time (including Sir Isaac Newton, who had bought about £22,000 in South Sea stock) — followed by a slew of insider trading by South Sea employees who realized the bubble was about to burst — brought about a huge economic crash.
Both the South Sea Company and the Mississippi Company didn't actually do much trading with the Americas. It was mostly just a clever marketing ploy combined with public gullibility.
Saudi Aramco
Businessmen in Saudi Arabia
Invited foreign and Saudi investors attend the Future Investment Initiative (FII) conference in Riyadh, on October 24, 2017.
The head of oil giant Saudi Aramco said that a lack of recent investments in the oil sector could lead to a shortage of supplies. / AFP PHOTO / FAYEZ NURELDINE
Still around today, Saudi Aramco is one of the world's biggest oil producers. Adjusted for inflation, at it's height, the company was worth $4.1 trillion.
When oil was discovered in Bahrain in 1932, the Saudi government accepted a bid from the newly-founded California-Arabian Standard Oil Company to search for oil in nearby Saudi Arabia. Soon after, Texas OilCo bought a 50 percent stake in California-Arabian. For the next five years, no oil was discovered and the company was hemorrhaging money. Finally, oil was discovered in Dhahran in 1938 and production quickly soared. Changing its name to Arabian American Oil Co (or, for short, Aramco) in 1944, it was then forced to share its profits with the Saudi government starting in 1950. This essentially nationalized the oil production, leading the huge amounts of money for the Saudi government. In 1980, the Saudi government assumed full control of Aramco.
While not quite as colorful a history as the Mississippi Company, Aramco is itself responsible for what economists now call the "golden gimmick" — wherein (and I'm definitely paraphrasing) a country's government takes shares from the company because it's just so darn profitable. Must be nice.
Standard Oil
John D Rockefeller circa 1930: at work in his study. (Photo by Hulton Archive/Getty Images)
Ever heard the phrase "richer than a Rockefeller"? Well, that's because John D. Rockefeller founded Standard Oil in 1870 in Ohio. It became the largest oil refinery in the world for a number of years. Adjusted for inflation, in 1905, it was worth well over $1 trillion in today's money.
Rockefeller controlled 90 percent of the oil in America during the early 20th century; oil was used during that time primarily as a light source for lamps (this is before electricity became widely available) and then, with the invention of the car, became fuel for automobiles. Rockefeller was the cornerstone of two major industries until 1911, when Standard Oil was dissolved by none other than the U.S. Supreme Court for being an "illegal monopoly." When Standard Oil was broken up into 34 different companies — the shares of those companies became worth more than Standard Oil was, thus making Rockefeller obscenely wealthy instead of just extraordinarily wealthy.
How rich was John D. Rockefeller? Well, in 1913 he alone was worth about 2 percent of the entire U.S. GDP — about $400 billion, when adjusted for today's inflation. He attributed his success to a hard work ethic, his faith in God, and his abstinence from alcohol.
Oh, and those 34 companies? Two of them, Jersey Standard and Socony, became Exxon and Mobil, respectively. They eventually merged into a new company called Exxon-Mobil. That single company took over exactly where Standard Oil had left off and became a huge player in the gasoline industry. In 2007, it was worth $572 billion.
Apple
Apple CEO Steve Jobs speaks during an Apple special event April 8, 2010 in Cupertino, California. Jobs announced the new iPhone OS4 software. (Photo by Justin Sullivan/Getty Images)
Apple was founded back in 1976 by Steve Jobs, a canny marketer, and Steve Wozniak, an unparalleled programmer and computer genius. They had early successes in personal computers with the Apple I and the Macintosh, but by the mid-'90s they'd petered out, seemingly much more interested in appeasing shareholders than the public. Did you know Apple made CD players for a while? Digital cameras? A lot of people don't remember Apple's "weird" period.
But let's single out the the Apple Newton. This PDA (personal digital assistant) nearly bankrupted the company in 1993 after being rushed out before it was ready; it's handwriting recognition feature could barely read anything other than block letters and was widely mocked. Hold that thought for a paragraph.
Around 1997, Steve Jobs returned to the company and decided to concentrate on what the company did best: personal computing that catered to regular day-to-day users rather than avid tech professionals. He began to cater to different groups with singular products. The PowerMac for pro users. The iMac for classrooms. The MacBook and the MacBook Pro for people working out of coffeeshops.
But then Apple created the iPod, which could hold an entire library of music in your pocket. It was followed by the iPhone... a landmark device that put the internet, colors and all, in your pocket. The iPhone, funnily enough, has huge similarities to the much maligned Newton. Now consider the iPad and the Apple Pencil and how their handwriting recognition technology is considered the best in the industry. Sometimes you have the right idea but just 20 years too soon.
Then there was the iTunes store, which took over the music industry. Then the App Store, which transformed the tech ecosystem. In August of 2018, they became the most valuable company in the world with $1 trillion in value.
Which is still pennies compared to the Dutch East India Company. But hey. Who's counting?
Iron Age discoveries uncovered outside London, including a ‘murder’ victim
A man's skeleton, found facedown with his hands bound, was unearthed near an ancient ceremonial circle during a high speed rail excavation project.
- A skeleton representing a man who was tossed face down into a ditch nearly 2,500 years ago with his hands bound in front of his hips was dug up during an excavation outside of London.
- The discovery was made during a high speed rail project that has been a bonanza for archaeology, as the area is home to more than 60 ancient sites along the planned route.
- An ornate grave of a high status individual from the Roman period and an ancient ceremonial circle were also discovered during the excavations.
Foul play?
<p>A skeleton representing a man who was tossed face down into a ditch nearly 2,500 years ago with his hands bound in front of his hips was dug up during a high speed rail excavation.</p><p>The positioning of the remains have led archaeologists to suspect that the man may have been a victim of an ancient murder or execution. Though any bindings have since decomposed, his hands were positioned together and pinned under his pelvis. There was also no sign of a grave or coffin. </p><p>"He seems to have had his hands tied, and he was face-down in the bottom of the ditch," <a href="https://www.livescience.com/iron-age-murder-victim-england.html" target="_blank">said archaeologist Rachel Wood</a>, who led the excavation. "There are not many ways that you end up that way."</p><p>Currently, archaeologists are examining the skeleton to uncover more information about the circumstances of the man's death. Fragments of pottery found in the ditch may offer some clues as to exactly when the man died. </p><p>"If he was struck across the head with a heavy object, you could find a mark of that on the back of the skull," Wood said to <a href="https://www.livescience.com/iron-age-murder-victim-england.html" target="_blank">Live Science</a>. "If he was stabbed, you could find blade marks on the ribs. So we're hoping to find something like that, to tell us how he died."</p>Other discoveries at Wellwick Farm
<p>The grim discovery was made at Wellwick Farm near Wendover. That is about 15 miles north-west of the outskirts of London, where <a href="https://www.hs2.org.uk/building-hs2/hs2-green-corridor/" target="_blank">a tunnel</a> is going to be built as part of a HS2 high-speed rail project due to open between London and several northern cities sometime after 2028. The infrastructure project has been something of a bonanza for archaeology as the area is home to more than 60 ancient sites along the planned route that are now being excavated before construction begins. </p><p>The farm sits less than a mile away from the ancient highway <a href="http://web.stanford.edu/group/texttechnologies/cgi-bin/stanfordnottingham/places/?icknield" target="_blank">Icknield Way</a> that runs along the tops of the Chiltern Hills. The route (now mostly trails) has been used since prehistoric times. Evidence at Wellwick Farm indicates that from the Neolithic to the Medieval eras, humans have occupied the region for more than 4,000 years, making it a rich area for archaeological finds. </p><p>Wood and her colleagues found some evidence of an ancient village occupied from the late Bronze Age (more than 3,000 years ago) until the Roman Empire's invasion of southern England about 2,000 years ago. At the site were the remains of animal pens, pits for disposing food, and a roundhouse — a standard British dwelling during the Bronze Age constructed with a circular plan made of stone or wood topped with a conical thatched roof.</p>Ceremonial burial site
<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzUzMTk0Ni9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY0NDgwNTIyMX0.I49n1-j8WVhKjIZS_wVWZissnk3W1583yYXB7qaGtN8/img.jpg?width=1245&coordinates=0%2C82%2C0%2C83&height=700" id="44da7" class="rm-shortcode" data-rm-shortcode-id="46cfc8ca1c64fc404b32014542221275" data-rm-shortcode-name="rebelmouse-image" alt="top down view of coffin" data-width="1245" data-height="700" />A high status burial in a lead-lined coffin dating back to Roman times.
Photo Credit: HS2
<p>While these ancient people moved away from Wellwick Farm before the Romans invaded, a large portion of the area was still used for ritual burials for high-status members of society, Wood told Live Science. The ceremonial burial site included a circular ditch (about 60 feet across) at the center, and was a bit of a distance away from the ditch where the (suspected) murder victim was uncovered. Additionally, archaeologists found an ornately detailed grave near the sacred burial site that dates back to the Roman period, hundreds of years later when the original Bronze Age burial site would have been overgrown.</p><p>The newer grave from the Roman period encapsulated an adult skeleton contained in a lead-lined coffin. It's likely that the outer coffin had been made of wood that rotted away. Since it was clearly an ornate burial, the occupant of the grave was probably a person of high status who could afford such a lavish burial. However, according to Wood, no treasures or tokens had been discovered. </p>Sacred timber circle
<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzUzMTk0Ny9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY2MDAwOTQ4Mn0.eVJAUcD0uBUkVMFuMOPSgH8EssGkfLf_MjwUv0zGCI8/img.jpg?width=1245&coordinates=0%2C149%2C0%2C149&height=700" id="9de6a" class="rm-shortcode" data-rm-shortcode-id="ee66520d470b26f5c055eaef0b95ec06" data-rm-shortcode-name="rebelmouse-image" alt="An aerial view of the sacred circular monument." data-width="1245" data-height="700" />An aerial view of the sacred circular monument.
Photo Credit: HS2
<p>One of the most compelling archaeological discoveries at Wellwick Farm are the indications of a huge ceremonial circle once circumscribed by timber posts lying south of the Bronze Age burial site. Though the wooden posts have rotted away, signs of the post holes remain. It's thought to date from the Neolithic period to 5,000 years ago, according to Wood.</p><p>This circle would have had a diameter stretching 210 feet across and consisted of two rings of hundreds of posts. There would have been an entry gap to the south-west. Five posts in the very center of the circle aligned with that same gap, which, according to Wood, appeared to have been in the direction of the rising sun on the day of the midwinter solstice. </p><p>Similar Neolithic timber circles have been discovered around Great Britain, such as one near <a href="https://bigthink.com/culture-religion/stonehenge-sarsens" target="_blank">Stonehenge</a> that is considered to date back to around the same time. </p>Skepticism: Why critical thinking makes you smarter
Being skeptical isn't just about being contrarian. It's about asking the right questions of ourselves and others to gain understanding.
- It's not always easy to tell the difference between objective truth and what we believe to be true. Separating facts from opinions, according to skeptic Michael Shermer, theoretical physicist Lawrence Krauss, and others, requires research, self-reflection, and time.
- Recognizing your own biases and those of others, avoiding echo chambers, actively seeking out opposing voices, and asking smart, testable questions are a few of the ways that skepticism can be a useful tool for learning and growth.
- As Derren Brown points out, being "skeptical of skepticism" can also lead to interesting revelations and teach us new things about ourselves and our psychology.
New study suggests placebo might be as powerful as psychedelics
New study suggests the placebo effect can be as powerful as microdosing LSD.
- New research from Imperial College London investigated the psychological effects of microdosing LSD in 191 volunteers.
- While microdosers experienced beneficial mental health effects, the placebo group performed statistically similar to those who took LSD.
- Researchers believe the expectation of a trip could produce some of the same sensations as actually ingesting psychedelics.
Psychedelics: The scientific renaissance of mind-altering drugs
<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="92360c805fe66c11de38a75b0967f417"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/5T0LmbWROKY?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span><p>For the study published in eLife, the team recruited 191 citizen cosmonauts to microdose either LSD or a placebo over the course of several weeks and note the psychological effects. Volunteers were already microdosing LSD, so there was no true control. Each volunteer was given instructions on creating their own low-dose gel capsules, some containing LSD, others not. Then they mixed the capsules in envelopes so they didn't know if they were taking the real thing or not.</p><p>The trial design was ingenious: each capsule featured a QR code that was scanned after the addition of ingredients but before they were placed in the envelope so that researchers knew what they were ingesting.</p><p>The problem: volunteers sourced their own LSD. Lack of quality control could have had a profound effect on the results. </p><p>The results: LSD microdosers reported feeling more mindful, satisfied with life, and better overall; they also noticed a reduction in feelings of paranoia. </p><p>The catch: the control group felt the same thing, with no statistical difference between the groups. </p><p>Lead author Balázs Szigeti comments on the findings: "This suggests that the improvements may not be due to the pharmacological action of the drug but can instead be explained by the placebo effect." </p>Credit: Alexander / Adobe Stock
<p>Psychedelics are notoriously difficult to control for given the intensity of the experience. Yet there is precedent for the above findings. A <a href="https://link.springer.com/article/10.1007/s00213-020-05464-5" target="_blank">2019 study</a> found that 61 percent of volunteers that took a placebo instead of psilocybin felt some psychedelic effects, with a few volunteers experiencing full-on trips.</p><p style="margin-left: 20px;">"Several stated that they saw the paintings on the walls 'move' or 'reshape' themselves, others felt 'heavy. . . as if gravity [had] a stronger hold', and one had a 'come down' before another 'wave' hit her."</p><p>The Imperial team believes the expectation of a trip might have been enough to produce similar results. Senior author David Erritzoe is excited for future studies on the topic, believing they tapped into a new wave of citizen science that could push forward our knowledge of psychedelic substances.</p><p style="margin-left: 20px;">"Accounting for the placebo effect is important when assessing trends such as the use of cannabidiol oils, fad diets or supplements where social pressure or users' expectations can lead to a strong placebo response. Self-blinding citizen science initiatives could be used as an inexpensive, initial screening tool before launching expensive clinical studies."</p><p>As investments into the psychedelics market explode, with one company <a href="https://www.bloomberg.com/news/articles/2021-03-03/thiel-backed-magic-mushroom-firm-atai-hits-2-billion-valuation" target="_blank">reaching a $2 billion valuation</a>, a recurring irony appears in the long arc of psychedelics and research: the power of our minds might be enough to feel greater life satisfaction and a deeper sense of mindfulness. If that's possible with a placebo, we have to question why the rush to create more pharmacology is necessary. </p><p>This is, mind you, a separate conversation over the role of psychedelics and rituals for group bonding. The function of group cohesion around consciousness-altering substances will continue to play an important role in many communities. </p><p>Of course, we should continue to explore the efficacy of psychedelics on anxiety, depression, suicidal ideation, PTSD, and addiction. <a href="https://bigthink.com/surprising-science/antidepressant-effects" target="_self">Pharmacological dependence</a> is a stain on the psychiatry industry. Whether or not psychedelics can be prescribed for daily use remains to be seen, but we know a moneyed interest is expecting a return on investment—the above company, ATAI Life Sciences, raised $157 million in its Series D round. </p><p>When it comes to wellbeing, some things money just can't buy. How we navigate the tricky terrain of mainstreaming psychedelics remains to be seen. </p><p>--</p><p><em>Stay in touch with Derek on <a href="http://www.twitter.com/derekberes" target="_blank">Twitter</a> and <a href="https://www.facebook.com/DerekBeresdotcom" target="_blank" rel="noopener noreferrer">Facebook</a>. His most recent book is</em> "<em><a href="https://www.amazon.com/gp/product/B08KRVMP2M?pf_rd_r=MDJW43337675SZ0X00FH&pf_rd_p=edaba0ee-c2fe-4124-9f5d-b31d6b1bfbee" target="_blank" rel="noopener noreferrer">Hero's Dose: The Case For Psychedelics in Ritual and Therapy</a>."</em></p>Your genetics influence how resilient you are to the cold
What makes some people more likely to shiver than others?
