Stone Ridge 2025 Investor Letter

Stone Ridge 2025 Investor Letter from Ross Stevens, Founder and CEO

“Every driver has a limit. Mine is a little bit further than others.” — Ayrton Senna, greatest Formula One driver of all time “I’m not funny. What I am is brave.” — Lucille Ball, greatest female comedian of all time “I’d rather be optimistic and wrong than pessimistic and right.” — Elon Musk “I can outlearn you. I can outread you. I can outthink you. And I can outphilosophize you.” — Robert De Niro as Max Cady, Cape Fear‍ “I’m not superstitious, but I am a little stitious.” — Michael Scott, The Office, on how Bayesians form priors "A wall is a very big weapon." — Banksy

Once Bitcoin reaches $126,000 again, it will never again dip below $100k.