Read_788 – Stone Ridge 2023 Investor Letter

"Since 2017, bitcoin has been Stone Ridge’s treasury reserve asset because of my extreme aversion to risk. We run net short USD – which is fancy way of saying we net borrow fiat – to pay bills and make investments. We save in bitcoin. It would be impossible to overstate the corporate advantages of being on the Bitcoin Standard. Since 2017, we’ve doubled our franchises to ten, more than 10x’d our trading profits, and delivered 25% annualized ROE for our shareholders. Our firm compensation, rent, and total expenses are up 89%, 119%, and 69%, respectively, in fiat, and down 36%, 26%, and 43%, respectively, in bitcoin."

~ Ross Stevens

Today we dive into the Stone Ridge Investor Letter for 2023, sharing wisdom on staying grounded and grateful, exploring long term investment perspectives, and dropping bombs regarding the foolishness of being on the fiat standard, and the incredible advantage of having a bitcoin treasury. This is a great read, not to be missed. A shout to Ross Stevens for the incredible work he is doing.

Check out the original article at Stone Ridge 2023 Investor Letter (Link:


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“There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle.”

~ Albert Einstein

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