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Stone Ridge 2025 Investor Letter

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Starting in 1969 and for 5,954 straight days, treasure hunter Mel Fisher sought what was waiting for him: the wreckage of the Nuestra Señora de Atocha, a Spanish galleon that sunk in 1622. How do you recruit, retain, and motivate a crew when you are not sure when you will find the treasure, if you will find the treasure, or what the treasure will be worth? Fisher developed a powerful operating philosophy, captured in its entirety with three amazing words. “Today’s the day.” Every morning, for 16 years, Mel Fisher banged pots and pans in the pre-sunrise to rouse his crew, shouting and smiling, “Today’s the day, men. Today’s the day.” Eventually it was true. On July 20, 1985, Mel and his crew discovered the most valuable shipwreck in history, 70 miles off the coast of Key West. The Atocha yielded gold and silver today worth more than $10 billion. Fisher’s “today’s the day” philosophy reframed what could have otherwise been a mentally tortuous journey – will we ever find the treasure? Is

Stone Ridge 2025 Investor Letter UX Design & Webflow Agency NYC | Composite Global Insights About Who We Serve Contact Login Link Four All Insights All Insights All Insights Stone Ridge 2025 Investor Letter By Ross Stevens December 28, 2025 Webinar Overview Speakers PDF | Download the full letter to print or read anytime Download PDF | Download the full letter to print or read anytime Download “Every driver has a limit. Mine is a little bit further than others.” — Ayrton Senna , greatest Formula One driver of all time ‍ “I’m not funny. What I am is brave.” — Lucille Ball, greatest female comed

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