This year's investor letter from Stone Ridge did not disappoint. Ross Stevens is one of the brightest minds in the space and his humility is unmatched.

While everyone is focused on the bitcoin backed lending part of the letter (which is extremely exciting in its own right), I haven't seen anyone point out the message underlying the entire letter; Stone Ridge + NYDIG + other Stone Ridge subsidiaries are setting out to rethink how banking as an industry should work from the ground up.

Truly thinking disruptively.