More brilliant writing...

"Those who excel at delaying gratification, and mentally managing the associated uncertainty along the way, end up accumulating the vast majority of capital and enjoying the vast majority of health and prosperity. Low time preference is the most reliable source of life inequality. This means stay humble, stack sats, and HODL an uncomfortable amount of bitcoin for an uncomfortably long time. Bitcoin is the most potent device ever invented for transferring wealth from the impatient to the patient. Be patient."

- Ross Stevens

Source:

https://cdn.prod.website-files.com/614e11536f66309636c98688/6772064c0f83b9dad82414b4_Stone%20Ridge%202024%20Investor%20Letter.pdf

Reply to this note

Please Login to reply.

Discussion

Is the Ross Steven’s investor letter the new Warren Buffet Berkshire letter?

I think they are incredible.

Awesome. Fiat society does everything to make us seek immediate gratification. Debasing money is the subconscious motor for that.

And it will be uncomfortable, but so is anything else that's worth it.

“Low time preference is the most reliable source of life inequality”