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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Stone Ridge achieves exceptional returns by applying rigorous Bayesian iteration to unearth hidden value in natural gas and reinsurance, while maintaining a strong conviction in Bitcoin as the ultimate protection against fiat currency debasement."
The 2025 Stone Ridge Investor Letter highlights the firm's robust operational successes driven by Bayesian statistics and high adaptability. In energy, Stone Ridge Energy (SRE) discovered massive untapped resources in the Fayetteville Shale, raising expected lifetime revenue from $10 billion to $15 billion. Longtail Re executed a record $1.4 billion reinsurance deal with Everest Group, continuing its strong track record of 20% annualized ROE since 2020. CEO Ross Stevens strongly defends Bitcoin as an essential monetary lifeline for human rights, citing its usage by Venezuelan opposition leader María Corina Machado. Structurally, Stone Ridge continues to operate with a distinct firm culture, preserving five-day in-office weeks, a device-free meeting environment, and no HR department.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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