Dear Shareholders,

Thank you for continuing to invest your social capital in Courtney (DBA @tougherthanatwodollarsteak). As ever, we attribute results to adherence to our distinctive values of consistency and hard work.

The organization experienced a number of important shifts since our last Fitness Report including the relocation of headquarters, the loss of our company mascot, and the entire world shutting down for a global pandemic. 

In the reporting period, 0 miles were run indoors however more than 450 hours were ridden indoors. As always, totals can be found in the Appendix.

Our longtime strategy of Minimum Effective Dose delivered strong YOY returns for both running and cycling but underperformed for swimming (turns out the minimum effective dose for swimming is not zero).   

Returns in the Q3 and Q4 2019 included 4 podiums, guiding at the Paratriathlon National Championships, a World Championship with favorite board members, a Top 10 national ranking at the 70.3 distance, and two VERY long bike rides. We credit much of this success to the guidance of our strategic advisor, Dark Horse Triathlon.

Returns in 2020 were less public but impactful. Despite zero official events, age adjusted metrics trended positive. After relocating headquarters, the organization instituted a series of successful policies including a near daily yoga practice (350/365) and the return of winter sports.

Contributing to positive trends was an unexpected Q4 partnership with West Coast Speed Shop resulting in immediate return on investment. Shareholders, board members, and even our founder were shocked to see the return of spikes and running with runners. Analysts are optimistic about running forecasts for the first time since the Great Depression of 2003.Long-term investments that continue to pay dividends include kettlebells, pull-ups, hiking, climbing, and kooky multi-day adventures.

Past performance is not indicative of future results but after careful review the board expects positive trends to continue.

As ever, the organization would like to thank family and friends for their continued support of the corporate vision and contributions to the growth strategy.

Onward!