$12 million turned into 154 tonnes of gold and 7,440 tonnes of silver. Not crypto. The year was 1492.
Columbus's term sheet: 10% of all revenue, forever, hereditary. The Crown said yes.
Four voyages, $170M deployed, near-zero direct returns. Then the portfolio kicked in: Cortes ($0 invested, infinite ROI), Pizarro's $580M ransom haul, Magellan's 1,700% return, the Armada's $25B total loss.
The founder got diluted to zero. His heirs sued for 28 years.
The power law isn't a Silicon Valley invention. It's 500 years old.
https://italiantribune.com/the-financing-of-columbus/