<p>Anthropologist and best-selling author <strong>Jack Weatherford</strong>, whose <em>Genghis Khan and the Making of the Modern World</em> redefined how we view empire and innovation, joins <strong>Ross Butler</strong> to explore how the Mongol world prefigured today’s <strong>private equity</strong> model.</p><p><br></p><p>When the Mongols swept across Eurasia in the thirteenth century, they destroyed old orders, but they also built new ones. In this conversation, <strong>Jack Weatherford</strong> explains how <strong>Genghis Khan</strong> combined conquest with institution-building, creating a meritocratic system that elevated productivity and aligned incentives in a way that modern investors would recognise.</p><p><br></p><p>We discuss how <strong>Mongol queens managed </strong><em><strong>ortōq</strong></em><strong> enterprises, </strong>private trading ventures that resemble early forms of private equity, how religious freedom became the first international law, and how the empire’s census, taxation and communication systems created transparency across continents.</p><p><br></p><p>As the empire matured, <strong>Kublai Khan’s</strong> experiments with <strong>paper money, movable type and naval technology</strong> expanded global trade and spread ideas that helped ignite the European Renaissance. The discussion links thirteenth-century portfolio thinking to today’s <strong>private markets</strong>, showing why creative destruction only endures when creation wins.</p><p><br></p><p>0:00 Creative destruction and leadership<br>1:26 Learning loops, humility and meritocracy<br>3:56 Parallels with private equity ownership<br>10:22 Building value through safety and trade<br>15:02 Census, taxation and the power of numbers<br>16:21 Queens as capital allocators – the <em>ortōq</em> system<br>19:19 Religious freedom as economic policy<br>26:59 A family-office view of the known world<br>31:49 Kublai Khan’s operating model<br>37:36 Paper money and the limits of fiat<br>45:02 Global trade and early financial flows<br>46:05 Europe’s asymmetric gains from knowledge transfer<br>52:13 Technology recombination in warfare<br>58:12 Naval trebuchets and siege innovation<br>1:01:27 Horse economies and resilience<br>1:05:22 Genghis Khan’s Western intellectual legacy<br>1:08:16 Enduring principles for modern investors</p><p><br></p><p><strong>Jack Weatherford</strong> is an anthropologist, historian and author of <em>Genghis Khan and the Making of the Modern World</em> and <em>The History of Money</em>. His work explores how ideas, trade and governance evolved across civilisations and how they continue to shape modern institutions.</p><p>📘 Read <em>Genghis Khan and the Making of the Modern World</em>:</p><p><br>https://www.amazon.co.uk/Genghis-Khan-Making-Modern-World/dp/0609809644</p><p><br></p><p>private equity, private markets, Fund Shack, Ross Butler, Jack Weatherford, Genghis Khan, creative destruction, history of finance, financial history, ortōq, family office, meritocracy, value creation, governance, institutional investing, long-term capital, wealth management, portfolio construction, alternative investments, anthropology of markets, economic history, private equity podcast, private markets podcast</p><p>🔹🔹🔹🔹🔹🔹</p><p><br></p><p>Ross ButlerFounder and Host Fund Shack </p><p>🌐 www.fund-shack.com</p><p>CONNECT on LinkedIn www.linkedin.com/in/rossbutler1/📘 Pre-order </p><p>Ross Butler’s book </p><p><br></p><p>👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution </p><p><br></p><p>♾️ http://q-r.to/Invest-Like-A-Barbarian</p><p><br></p><p><br></p><p>🔹🔹🔹🔹🔹🔹</p><p><br></p><p>Fund Shack is the private equity podcast with in-depth conversations with investors, founders, and thought leaders shaping the future of private markets.</p><p><br></p><p>🔗 More episodes www.fund-shack.com 📩 Subscribe to our Substack: </p><p>https://privateequitypodcastfundshack.substack.com/<br></p>