“There are these two young fish swimming along and they happen to meet an older fish swimming the other way, who nods at them and says ‘Morning, boys. How’s the water?’ And the two young fish swim on for a bit, and then eventually one of them looks over and the other and says, ‘What’s water?’”

This parable is there to teach us that sometimes “the most obvious, most important realities are the ones that are hardest to see, hidden in plain sight.” This is the so-called “default setting.”

For Americans alive today, one of our ‘What’s water?’ questions is ‘What’s money?’.

- an excerpt from the 2-minute version of Stone Ridge 2020 Shareholder Letter https://www.2minutebitcoin.org/blog/stone-ridge-2020-shareholder-letter