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"Since 2017, bitcoin has been Stone Ridge\u2019s treasury reserve asset because of my extreme aversion to risk. We run net short USD \u2013 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\u2019ve doubled our franchises to ten, more than 10x\u2019d 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."\n~ Ross Stevens\n\nToday 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. \n\nCheck out the original article at Stone Ridge 2023 Investor Letter (Link: http://tinyurl.com/j4serp6v)\n\nReferences\n\n Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones (Audible Audio Edition): James Clear, James Clear, Penguin Audio: Audible Books & Originals (Link: https://a.co/d/9RjwN0r)\n CryptoQuikRead_163 - A Cypherpunk's Manifesto [Eric Hughes] (Link: https://fountain.fm/episode/tOjGsxzRKlYyH7XOi79a)\n Wolf Bitcoin Accelerator in NYC - Leadership (Link: https://wolfnyc.com/leadership)\n\n\nHost Links\n\n Guy on Nostr (Link: https://tinyurl.com/yc376bff)\n Guy on X (Link: https://twitter.com/theguyswann)\n Bitcoin Audible on X (Link: https://twitter.com/BitcoinAudible)\n\n\nCheck out our awesome sponsors!\n\n Get 9% off the COLDCARD with code BITCOINAUDIBLE \u2060\u2060\u2060\u2060\u2060\u2060(Link: bitcoinaudible.com/coldcard\u2060\u2060\u2060\u2060\u2060\u2060)\n Swan: The best way to buy, learn, and earn #Bitcoin (Link: https://swanbitcoin.com)\n\n\n\u201cThere 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.\u201d\n~ Albert Einstein\n\n--- \n\nSend in a voice message: https://podcasters.spotify.com/pod/show/bitcoinaudible/message