Audio: 10
Chapter 10:
By morning, Frey saw stone where Mara’s Dominion chart promised open water. At first it looked like another dark line beneath the clouds. Then the tide withdrew farther, exposing stairs descending from the sea itself.
Mara stood beside him. “You knew this was here?”
“No.”
“That’s reassuring.”
“It wasn’t meant to be.” Frey looked at her. She sighed.
They anchored beyond the exposed reef. Mara took only four crew members ashore. The others volunteered enthusiastically to remain with the ship. One sailor stared toward the black structure rising from the water. “Someone should protect the cargo.”
“From what?” He considered. “The sea.”
Mara nodded solemnly. “Brave man.”
Frey caught himself smiling. Then he looked back at the structure. The humor disappeared. Massive black stairs descended toward doors carved into the rock beneath the exposed coastline. Centuries of salt had eaten at the stone, yet the structure beneath remained unnervingly precise.
No Dominion seal marked it.
No province claimed it.
Frey had spent his life beneath buildings designed to remind people who ruled them. This one named no ruler at all.
They descended.
The doors stood between two enormous figures with smooth, featureless faces. Neither wore a crown. Neither carried a weapon. Each held its hands around a single circle carved into its chest. Frey raised his lantern. Fine lines radiated from the circle into the figures’ arms, throat, and brow, so faint he nearly missed them.
Three paths. Six intersections. All returning to one center. Something about the pattern held his attention longer than it should have. Not because he understood it. Because he had seen its logic before.
Somewhere. Mara noticed him staring. “Something?”
“I don’t know.”
“Excellent. Those are becoming my favorite words.” Frey ignored her and studied the figures again.
No names.
No faces.
No symbols of rank. Whoever had built this place hadn’t carved rulers at its entrance. They had carved people. Frey reached toward the damaged carving.
Mara caught his wrist.
“Ancient ruin. Unknown civilization. Building just emerged from the sea.” She released him. “Perhaps touch things second.”
Frey lowered his hand. Somewhere beneath them, seawater shifted through stone. A mechanism engaged. The doors slowly separated. Mara looked at him. “You may say it.”
“I wasn’t going to.”
“I told you I didn’t like this.”
“You did.”
“Thank you.”
Darkness waited beyond them. Their lanterns revealed no throne. No burial chamber. No mountain of treasure. Instead, Frey stepped into what looked like the machinery of a civilization.
Stone channels crossed beneath transparent floor sections, carrying seawater through enormous chambers. Rotating rings hung overhead, marked with stars, seasons, tides, and symbols Frey couldn’t read.
Walls held maps.
Not political borders.
Roads.
Ports.
Reservoirs.
Farmland.
Warehouses.
Trade routes.
Entire cities connected by lines of movement.
Frey walked closer. “This isn’t a temple.” Mara raised her lantern.
“No.”
“What is it?”
“I was hoping you knew.” One wall showed grain leaving fields, moving into storage houses, then along roads toward population centers. Another showed water diverted from mountains through channels into farmland.
Another tracked ships between distant coasts. Nothing stood alone. Everything fed something else. Yet something bothered Frey. The work did not belong to one age.
Some maps had been carved directly into stone. Others were etched into metals he had never seen. Certain mechanisms looked older than the walls supporting them, while newer structures had been carefully fitted around them.
Frey moved his lantern across the seams. “This place wasn’t built once.” Mara studied the layers. “Different builders.”
Frey nodded.
“Same work.” He thought of her manifests.
Purchase.
Transport.
Risk.
Return. Except whoever had built this place hadn’t been calculating a single voyage. They had been calculating generations. “They invested in all of this,” Frey murmured. Mara glanced toward him.
“The roads?”
“The things that made everything else possible.” He moved along the wall.
Water.
Storage.
Ports.
Knowledge.
Trade. The builders had not merely accumulated wealth. They had built things capable of producing it again.
And again.
Across generations that had never met one another. A shout echoed behind them. “Captain!” They turned.
Joren stood before an alcove filled with gold.
Coins.
Cups.
Jewelry.
Metal objects Frey couldn’t identify. Joren stared. “We’re rich.”
Mara didn’t move.
“No.”
Joren laughed. “Captain, unless poverty has changed considerably since yesterday.”
“Leave it.” His smile faded. “You cannot be serious.” Frey stared at the gold. For most of his life, that room would have represented everything he’d ever wanted.
No debt.
No hunger.
No labor pits.
Freedom.
Joren stepped closer. “Do you know what this could buy?” Frey looked back toward the enormous system surrounding them. Roads that had survived their builders. Waterworks still moving after centuries. Knowledge preserved in stone. Then at the gold sitting motionless in darkness.
“Less than whoever built this place.” Joren stared at him. “That may be the poorest sentence I’ve ever heard.” Mara’s mouth twitched. Joren reached for a golden cup. The floor shifted.
Mara seized the back of his coat with both hands. Stone collapsed where his foot had been. The cup disappeared into darkness. Joren fell backward. Nobody spoke. He stared into the opening. Mara released him.
“Still feel rich?”
Joren swallowed. “Temporarily less enthusiastic.”
“Growth.” Mara said. They continued.
Frey glanced back once. The remaining gold gleamed beneath the lantern. For the second time in his life, he walked away from treasure because something beyond it seemed more valuable.
The next chamber was smaller. Along the threshold, an ancient mechanism turned through six markings:
________________________________________________________________________________________
1. 2. 4. 8. 7. 5.
________________________________________________________________________________________
Three others sat apart from the sequence.
________________________________________________________________________________________
3. 6. 9.
________________________________________________________________________________________
Frey watched the mechanism complete another rotation. The pattern repeated exactly. Frey watched the mechanism complete another rotation.
The pattern repeated exactly.
When the three separated markings aligned, a faint vibration passed through the stone beneath his boots.
Mara had already continued ahead.
Frey looked once more at the separated numbers.
Then followed.
A circular stone table occupied the center of the chamber. There was no head. Seats surrounded it at equal intervals, each worn differently by generations of use.
Frey stopped.
Mara did too.
No one spoke. There were no thrones. No elevated seat. No place from which one person could look down upon the others. Joren raised his lantern. “Important people?” Mara studied the room. “Maybe they hadn’t decided who was important yet.” Frey moved closer.
At the center of the table was a shallow rectangular recess.
Empty.
Unlike the surrounding stone, its surface remained smooth, protected from centuries of wear. Frey traced the edge without touching it. Something had rested there.
Mara leaned over his shoulder. “Missing?” Frey studied the empty space.
“Moved.”
The answer came too quickly. Mara looked at him. Frey stared at the recess. He moved to the map carved across the table. It showed Eryth unlike any map he had seen. Auld Haven existed.
Solara.
The western flats.
Northern forests.
Coastlines extended far beyond modern Dominion maps.
And other places. Whole settlements.
Roads.
Ports.
Names deliberately scratched away. Frey’s skin tightened. This wasn’t forgotten geography. Someone had edited the world. He remembered the empty archive cases. Bram’s stolen histories. Mara’s old chart. A thousand sovereigns offered for obsolete maps.
Different clues were beginning to touch.
Yet not everything had been erased. Along several vanished routes, tiny lotus-shaped marks had been cut into the stone. They didn’t belong to the original map.
Someone had added them later.
Frey counted three before the trail disappeared beneath the table.
He touched one.
“What is that?”
Mara leaned closer.
“Someone refusing to forget.”
Frey looked at the scratched-away settlements again. “Someone knows these places existed.” Mara’s expression hardened. “And someone doesn’t want everyone else knowing.” A mark appeared beside one erased settlement. The same seven-part geometry from Mara’s chart.
Frey leaned closer. Beneath it, almost invisible, someone had carved a sentence.
Not Dominion script.
Older.
He recognized only pieces. Mara couldn’t read it either.
But one word stopped him
________________________________________________________________________________________
Steward.
________________________________________________________________________________________
Frey knew the word. That was the problem. He couldn’t remember learning it.
“Frey?”
He looked up.
“Nothing.” Mara watched him. He knew she didn’t believe him. For once, she let him keep the lie. A cry echoed from the next passage. They ran. Torren stood motionless at the entrance of a narrow chamber.
“Torren.”
He didn’t respond. Mara grabbed his shoulder. The man jerked away. “She was there.”
“Who?”
“My daughter.” His face had gone white. “She asked why I hadn’t come home.” The corridor beyond him was empty. Frey felt the hairs rise along his arms. Torren stepped toward it again. Mara blocked him. “She’s not there.”
“You don’t know that.”
“I know your daughter lives three hundred miles east.” Torren stared past her. Then slowly began to cry. Not loudly. That made it worse. Frey looked into the passage. For an instant, he smelled bread.
Thin bread.
Smoke.
Cold wind through damaged walls.
His mother.
Frey stepped forward. “Frey.” Mara’s voice sounded far away. Then another memory surfaced.
Not Harra.
A man’s hand. His father’s. Three fingers pressed briefly against Frey’s brow. A voice he could almost remember. Still your breathing first. Then something stranger. Another man’s voice from somewhere beyond the memory.
Colder.
“Again.” The image vanished. Frey’s heart began hammering. He had almost no memories of his father. He had none of the man whose voice had just followed him into one. Frey stepped backward. The smell disappeared. Mara watched him.
“Who did you see?”
“No one.”
“Everyone becomes a terrible liar in ancient ruins.” Frey said nothing. She didn’t push. They descended farther. The architecture changed. The enormous maps and infrastructure gave way to smaller inscriptions carved directly into black stone.
Frey raised his lantern. One read:
________________________________________________________________________________________
WHAT YOU BUILD REVEALS WHAT YOU EXPECT TO SURVIVE YOU.
________________________________________________________________________________________
Another:
________________________________________________________________________________________
WEALTH CONSUMED ENDS WITH ITS OWNER.
________________________________________________________________________________________
And beneath it:
________________________________________________________________________________________
WEALTH DIRECTED MAY OUTLIVE HIM.
________________________________________________________________________________________
Farther along, another inscription waited.
________________________________________________________________________________________
WHAT ONE AGE LEARNS, THE NEXT SHOULD NOT HAVE TO DISCOVER AGAIN.
________________________________________________________________________________________
Frey stopped. His entire life had been measured in survival. Food until tomorrow. Coin until next cycle. Work until exhaustion. Even when he’d imagined wealth, he’d imagined possessing more.
He had never considered building something that continued creating value after he was gone.
Roads.
Businesses.
Knowledge.
Land.
Systems.
Something transferable. Something another person could inherit rather than rebuild. He looked back toward the layers of ancient construction.
Different hands.
Different ages.
Same work.
Perhaps that was the real wealth of this place. Not one civilization’s knowledge. What survived many of them. His thoughts returned unexpectedly to Harra. She had possessed almost nothing. Yet she had given him a letter in the dirt.
Perhaps that had been an investment too. Not coin. Knowledge. Something planted in another human being with the hope it would survive its giver. His throat tightened.
Perhaps that was what this place had been built to do.
Not preserve wealth.
Preserve what created it.
Mara had continued ahead. Frey remained another moment. Then followed. The final chamber was nearly empty. At its center stood a circular stone basin filled with black water. Above it hung three enormous metal rings, suspended one inside another.
Each was divided by markings Frey couldn’t read. As he approached, the rings began to turn.
Slowly at first.
Then faster. One ring turned. Then another. The third followed.
Their movements seemed independent at first, different speeds, different directions, each following markings Frey couldn’t read.
Then, gradually, they began to agree. The chamber became perfectly still. The familiar pressure gathered behind Frey’s eyes.
Stronger this time.
Not pain.
Recognition.
Mara moved around the basin.
“There’s writing.”
Frey approached. Around its edge ran a single inscription:
________________________________________________________________________________________
IF YOU DO NOT GOVERN WHAT YOU VALUE, ANOTHER WILL.
________________________________________________________________________________________
Frey stopped. Anansi. Not the exact words. The thought beneath them. The same architecture of ideas.
Desire.
Discipline.
Direction.
Stewardship.
Frey suddenly remembered conversations in which Anansi seemed less like a man explaining something. And more like someone remembering it. A chill moved through him. “How old did you say Anansi was?” Mara looked at him.
“I didn’t.”
Frey stared into the basin. His reflection stared back. For a moment the turning rings fractured it into pieces.
An eye.
A mouth.
A hand.
Then the rings aligned overhead. The water settled. His reflection became whole again. Frey frowned.
Mara looked over. “What?”
“Nothing.” Joren groaned somewhere behind them. “I’m beginning to hate that answer.” A deep grinding rolled through the structure.
The tide.
Water began pouring through the channels beneath the floor. Mara turned immediately. “We’re leaving.” Nobody argued. As they climbed, Frey passed the chamber of gold again.
It remained untouched.
Behind it stood the maps.
The waterworks.
The roads.
The accumulated knowledge of people dead for centuries. For most of his life, Frey would have called the gold their wealth. Now he knew better. Gold could be spent. Buildings could fall. Civilizations could disappear. But if knowledge survived, someone could build again.
The temple trembled.
Frey ran after Mara toward daylight.
Behind them, somewhere deep beneath the returning sea, the empty recess waited at the center of the ancient table. Whatever had once rested there was gone. The knowledge it had helped preserve was not.
Farther below, the three great rings slowed above the basin.
One rotation.
Then another.
Until all three fell still.
The water beneath them settled with the returning tide.
Frey’s Journal: Cycle 5, Phase 2, Solar Arc 218
Understand What Creates Lasting Value
Lasting value usually comes from producing useful goods, services, cash flow, or durable purchasing power.
Price and value are not identical: a valuable asset can be a poor purchase at an excessive price. Ask what benefit the asset provides, who pays for it, what threatens it, and what debt or cost supports it. If profit depends only on finding a later buyer, the purchase is primarily speculative.
Investing is the process of growing wealth over time by purchasing assets like stocks, bonds, and other securities. These investments can help fund essential milestones such as buying a home, saving for your child’s education, or preparing for retirement. Unlike savings accounts, where deposits are protected by government insurance, investment values fluctuate. This means your investment value can rise or fall depending on market conditions, and there’s no guarantee of profit.
Instance: If you invest $10,000 in the stock market, the value can rise if the companies you’re invested in perform well, or it could fall if those companies face challenges. Unlike a savings account, where the money stays the same unless you add to it, investments carry the risk of growth and loss: news, Armed conflict, tariffs, and more can cause prices to go up and down.
#1 Rule: Always check the news or your sources for accurate information about what’s happening worldwide, especially around you; you’re not here to gamble.
Entry: Cycle 5, Phase 2, Solar Arc 218
After looking it over, ask yourself: What are the implications of this news? What, who, and how much does this affect, and can you make or secure money here? I suggest making a journal with a script of three questions that must be answered for you before making any investment decisions:
- What is the key event or news item, and how is it relevant to my investments or financial goals?
- How does this impact the market, and which industries, companies, or sectors will likely be affected the most?
- Can I take action here by buying, holding, or selling, and how will this decision fit into my long-term strategy?
You should keep a journal. Having these questions in your journal will help you focus on the bigger picture, avoid emotional decisions, and stay aligned with your financial goals. Always step back to evaluate and ensure your choices are grounded in research, not speculation.
Present Value of Future Cash Flows:
Present value helps you determine what money received in the future is worth today. This matters because money available today can be saved or invested, while inflation may reduce what the same amount can purchase in the future.
The formula for the present value of one future payment is:
- PV = Present value
- FV = Future value
- r = Discount rate
- t = Number of time periods
The discount rate represents the return you could reasonably earn elsewhere on an investment with similar risk. When an investment provides several future payments, calculate the present value of each payment separately and add the results together.
Instance: Imagine you are considering placing $1,000 into a four-year CD that pays $50 in annual interest and returns your original $1,000 at the end of the fourth year.
If your required return is 6%, you would discount each $50 interest payment and the final $1,000 repayment back to its value today. Together, those future payments have a present value of approximately $965.
Because the CD costs $1,000 but its future payments are worth approximately $965 based on your required return, it may not be the strongest available choice. However, you should also consider interest rates, fees, penalties, liquidity, deposit insurance, and the risk of alternative investments.
You can complete this calculation using a financial calculator, spreadsheet, or online present-value calculator.
Why Present Value Matters
Learning present value helps you compare money received at different times on equal terms. It allows you to determine whether an investment, loan, business opportunity, or major purchase is truly worth its cost. Without considering time and opportunity cost, a large future payment may appear more valuable than it actually is today.
Using a financial calculator’s Time Value of Money function, first clear the previous TVM entries. Because the payments occur annually, set P/Y and C/Y to 1. Confirm that the calculator is in END mode, since each payment is received at the end of the year.
Enter:
- N = 4 — number of annual payment periods
- I/Y = 5 — annual discount rate
- PMT = 300 — annual payment received
- FV = 1,000 — principal returned at the end of year four
- PV = ? — the amount being calculated
Press CPT → PV.
The calculator should return approximately −$1,886.49. The negative sign represents the amount you would pay today to receive positive future payments. It does not mean the investment loses money.
For comparison purposes, the present value is $1,886.49.
|
Year |
Future Cash Flow |
Present Value (Discounted @ 5%) |
|
1 |
$300 |
$285.71 |
|
2 |
$300 |
$272.11 |
|
3 |
$300 |
$259.15 |
|
4 |
$1,300 (300 + 1000 lump sum) |
$1,069.52 |
|
Total PV: $1,886.49 |
Although the investment pays $2,200 in total, those payments are received at different times. After discounting each payment at 5%, the entire stream of future cash flows is worth approximately $1,886.49 today.
This means someone could theoretically pay $1,886.49 today, receive the stated payments, and earn a 5% annual return. If the investment were available for only $1,000, its present value would exceed its cost by $886.49, making it appear financially attractive.
Present value allows you to compare money received at different times using the same value: today’s dollars.
In this case, $2,200 in the future is worth only $1,886.49 today at a 5% return.
Time Value of Money Calculator
Entry: Cycle 5, Phase 2, Solar Arc 218 218
Failure is full of benefits, never be afraid to pay the price.
Financial Markets Overview:
1. Money Markets – Short-term debt instruments (T-bills, CDs, Commercial Paper).
2. Stock Markets – Equity securities (common and preferred stock).
3. Bond Markets – Fixed-income securities are affected by interest rates.
4. Derivatives Markets – Contracts based on commodities, interest rates, or financial assets.
When considering investments, choosing the right vehicle is essential, shaped by your goals, risk tolerance, and market knowledge. Investment vehicles are the types of investments you can buy, such as stocks, bonds, mutual funds, and real estate. Each type has its level of risk and potential return, and the best choice will depend on factors like how much risk you’re willing to take, how much money you can invest, and how long you can leave your money invested.
Stocks represent partial ownership in a company. Their value can rise or fall with the company’s performance. Stocks are suitable for investors seeking long-term growth but carry higher volatility. Each share entitles its owner to one vote on corporate governance matters and a prorated share of the dividends paid to shareholders. Stockholders (equity owners) are the residual claimants of the firm’s income.
Many stock market indexes measure the overall market’s performance. The oldest and best-known indicators, the Dow Jones averages, are price-weighted indexes. Today, many broad-based, market value-weighted indexes are computed daily. These include the Standard & Poor’s Composite 500 Index, the NASDAQ Index, the Wilshire 5000 Index, and several international indexes.
An IPO is the first time a formerly privately owned company sells stock to the general public. A seasoned equity offering (or seasoned issuance) is the sale of stock by a company that has already gone public.
Instance: If you buy stock in a company like Apple, and the company performs well, the value of your stock may increase, allowing you to sell it for a profit. However, if Apple faces setbacks (product recalls, market competition), the stock price may decline, and you could lose money.
Bonds:
Bonds are loans you make to companies or governments. In exchange for lending your money, you receive regular interest payments and the return of your principal at the bond’s maturity. Bonds are generally less risky than stocks, but they tend to offer lower returns.
Instance: If you purchase a government bond for $1,000 with a 3% annual interest rate, you’ll receive $30 annually for the bond’s life. At the end of the bond term (say, 1 year), you’ll get back your initial $1,000. While safer than stocks, bonds offer lower returns but provide a steady income stream.Entry: Cycle 5, Phase 2, Solar Arc 218 218
I used to think wealth meant having more.
Today I walked past gold to study roads.
Gold can be spent once.
A road can carry a thousand fortunes.
Water can feed generations. Knowledge can survive the person who learned it. A business can continue producing after its founder sleeps.
Maybe the question isn’t only what something is worth.
Maybe it’s what that value can keep creating after you’re gone.
Mutual Funds
These funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other assets. Mutual fund benefits include the ability to invest small amounts of money, diversification, professional management, low transaction costs, tax benefits, and streamlined administration. The disadvantages of mutual funds are generally operating expenses, marketing expenses, distribution charges, and loads. Loads are fees paid when investors purchase or sell shares.
Instance: You invest in a mutual fund that holds a mix of 50 different stocks. If one stock performs poorly, it won’t severely affect your portfolio, as the other stocks will balance the risk. However, returns are shared with other investors, so you won’t be able to capture all the potential gains.
Real Estate
Investing in real estate involves purchasing property to generate rental income or sell for a profit. Real estate can provide steady cash flow and long-term appreciation, but it requires more management and often carries higher upfront costs.
Instance: You purchase a rental property for $200,000, and its value increases. You can sell the property for a profit or continue collecting rental income. However, managing tenants, property maintenance, and market fluctuations can add complexity and costs.
Arbitrage Opportunities
Arbitrage allows for riskless profit by exploiting price differences in different markets. The Law of One Price states that two identical securities should trade at the same price. If not, an arbitrage opportunity exists.
Instance: Buying an underpriced asset in one market and selling it for a higher price in another market.
Exchange-traded funds (ETFs)
ETFs are similar to mutual funds but trade on stock exchanges like individual stocks. They typically have lower fees and are a good option for investors seeking diversification with a smaller initial investment.
Instance: You invest in an ETF that tracks the S&P 500 index, which holds shares of the 500 largest publicly traded companies in the U.S. The value of the ETF will rise or fall with the performance of those companies. ETFs, with lower fees than mutual funds, can be a cost-effective investment option that offers a diverse range of mutual funds.
Hedge funds
They face far less regulation because they are part of private partnerships and are exempt from most SEC rules. They permit investors to take on many risks unavailable to mutual funds. Hedge funds typically require higher fees (management and performance fees), are available only to accredited investors (those with minimum net worth requirements), and offer less transparency to investors. This lack of openness creates significant counterparty risk, and hedge fund investors must be more careful in their fund selection.
-
Mutual Funds
Hedge Funds
Management Fee
Yes
Yes
Performance Fee
No
Yes
SEC Regulation
Heavy
Light
Initial Lock-up Periods
No
Frequent
Leverage
Minimal
Unlimited
Short Sales
Not Permitted
Permitted
Transparency to Investors
High
Low
Selecting the right investment vehicle depends on several personal factors, including:
– Market Knowledge: If you’re experienced and knowledgeable about the market, you may prefer individual stocks or bonds, as they offer greater control but require more research.
– Financial Skills: Some investments, such as real estate or trading options, require more management expertise, while others, like mutual funds or ETFs, are easier for beginners to manage.
– Risk Tolerance: If you’re risk-averse, you might prefer bonds or a diversified portfolio of mutual funds or ETFs. If you’re comfortable with higher risk, stocks and real estate may be more suitable.
You might focus on equities and growth stocks for long-term growth (such as retirement). For short-term goals (such as buying a home in a few years), you might choose safer, more stable investments like bonds.
Instance: If you’re saving for retirement and have a long time horizon, investing in growth stocks or equity-focused mutual funds may be more appropriate. If you’re saving for a down payment on a house in a few years, you might opt for bonds or a money market account, which are safer but offer lower returns. By understanding the basics of investing, knowing the available investment vehicles, and aligning your choices with your financial goals and risk tolerance, you can make informed decisions that help you build wealth over time.
