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!

Dear Shareholders,

Thank you for continuing to invest your social capital in Courtney (DBA @TougherThanATwoDollarSteak). The organization has returned to our inconsistent reporting periods and this report includes a summary of activities for the last 365 days.

As ever, we attribute results to adherence to our distinctive values of consistency and hard work.

In the last year, over 1,000 miles were run (zero miles indoors!) While no run PRs were achieved in the reporting period, age adjusted results continue to trend upward. Longtime shareholders may notice a substantial increase in mileage in the second half of the reporting period – the organization is pleased to report multiple breakthroughs not seen since the Great Depression of 2003. While past performance is not indicative of future results, we strive to facilitate ongoing run improvements until outcomes more closely resemble earlier performance metrics.

Running was supported by cycling (5,000+ miles) and swimming (200+ miles). Actually, maybe this year cycling was supported by running any swimming :shrug: This was the organization’s third year focused on triathlon and second focused on the 70.3 distance. Returns include an overall win, 3 overall podiums, and multiple age group podiums including 4 at the 70.3 distance. We credit much of this success to a series of strategic shifts following the appointment of a new advisor.

Shareholders may notice a sharp decline in activity following the new leadership. Unfortunately, an international incident required substantial investment in infrastructure and the installation of new hardware. The complexities of the required installation severely limited the organization’s ability to do anything requiring two arms. Analysts note that employee morale suffered during this decline in activity. The board is pleased to report that many hours on the trainer listening to hip-hop paid dividends when the organization was cleared to resume normal activity. Diplomatic relations have also been restored.

As with previous reporting periods, while noticeable improvements in aerodynamics were made analysts confirm room for growth. No puffy jackets have been spotted since the board’s intervention in 2017.

Long-term investments that continue to include kettlebells, barbells, yoga, hiking, and kooky multi-day adventure races. Rock Climbing has been put on hold but is expected to return in the coming quarter.

While hesitant to make forward looking statements, after a 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.

Dear Shareholders,

Thank you for continuing to invest your social capital in Courtney (DBA @TougherThanATwoDollarSteak).

This annual report summarizes the fitness activities of Courtney for the last 365 days. We once again attribute our strong results to strict adherence to our distinctive values of consistency and hard work.

Longtime shareholders may be surprised to be reading an annual report versus the organization’s standard biannual reporting period. The board is pleased to report that this change is due to organization’s first full year of consistent training and racing in more than 15 years. While analysts note that the organization has faced at least one quarterly downturn and a significant amount of volatility in each of the previous reporting periods, many have revised their expectations and valuations based on the successful execution of the organization’s corporate strategy (“Healthy and Strong, then Fast”) and efficient resource allocation (“Minimum Effective Dose”). Potential investors are encouraged to review results below and training details in the enclosed prospectus.

In the previous calendar year, the organization ran 894 miles averaging 2.2 runs per week. While no PRs were achieved in this reporting period, age adjusted results continue to trend upward. As the board’s suggestions we made a a very limited return to road racing; based on a small sample this likely remains in a recessionary gap but market indicators do appear positive. Continued reinvestment in heart-rate-based training bolstered run efficiency (see V02 Max and Threshold data) and the organization will strive to facilitate ongoing improvement in outcomes until they more closely resemble those that prevailed before the Great Depression of 2003.

While total run mileage remains below previous metrics, overall fitness has been buttressed by cycling (2,783 miles) and swimming (142 miles) both of which were significantly better than the midpoint of guidance. This was the organization’s second year focused on triathlon and our first focused on the 70.3 distance. We are pleased with the results of our investment: 8 triathlons with 1 overall podium, 1 relay win, and 4 age group podiums including 2 at the new 70.3 distance.

The organization saw substantial improvements in aerodynamics (adios Gatorskins!) with the move from cyclocross to a road bike to a big girl triathlon bike. Analysts confirm there is significant room for growth in this area.

The organization eschews the market’s standard Triathlon investment strategy (“Swim, Bike, Run Out of Money”) and employed more unique strategy where all profits were immediately reinvested into the organization’s closet due to a dramatic increase in latissimi dorsi.

Long-term R&D investments that continue to pay dividends include kettlebells, barbells, yoga, rock climbing, hiking, and crazy multi-day adventure races (please see the Appendix for a summary of the 222 hours invested).

Intercorporate investments in the reporting period are conservatively estimated at 20,000 miles driven (including an epic 8-state, 5-day road trip, 3,000 mile road trip with a Half Ironman in the middle), dozens of breakfasts, and a substantial public interest in the equity of other firms. Past performance is not indicative of future results, however, the board expects this positive trend to continue.

The organization would like to thank family, friends, and coaches for their continued support of the corporate vision and contributions to the growth strategy. We expect adherence to our values will yield similar rewards for the next reporting period and truly appreciate your interest in the organization’s future.

Dear Shareholders,

Thank you for continuing to invest your social capital in Courtney (DBA @TougherThanATwoDollarSteak). This biannual report summarizes the fitness activities of Courtney in the first half of 2016. We once again attribute our strong results to adhering to our distinctive values of consistency and hard work.

In the first two quarters of 2016, Courtney ran 391 miles. While no PRs were achieved in this reporting period, age adjusted earnings continue to be on the upswing. Continued reinvestment in heart-rate-based training and track work are bolstering results and the organization will strive to facilitate ongoing improvement in outcomes until they more closely resemble those that prevailed before the Great Depression of 2003.

Longtime shareholders may note that total mileage remains below previous biannual metrics, however, overall fitness has been buttressed by the addition of cycling (819 miles) as well as substantial investment of R&D into swim lessons (52 miles). These unusual R&D investments were deemed essential after the board of directors presented the organization a new challenge: Triathlon. Regarding two wheeled transport, the organization made a calculated decision to minimize bike commuting to and from headquarters while increasing the time going nowhere (but going fast!) on a trainer, this decision coincides with a major increase in hours of entertainment consumed. In the water, investments in swimming are currently outpacing the S&P, however, we must caution shareholders that the rate of growth is likely due to the fact that benchmark index has never reached a low on par with nearly drowning in front of a group of kids in a swim lesson. This unique investment strategy has paid off with the organization returning five age group podiums in six races as well as a top ten finish in her first Half Ironman.

Long-term R&D investments that continue to pay dividends include kettlebells, barbells, yoga, rock climbing, hiking, and crazy multi-day adventure races (please see the Appendix for a summary of the 98 hours invested).The organization continues to experience progress and expects a positive trend to continue.

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

While past performance is not indicative of future results, we expect adherence to our values will yield similar rewards for the remainder of the year.

Thank you for your continued support.

Dear Shareholders,

Thank you for continuing to invest your social capital in Courtney (DBA @TougherThanATwoDollarSteak). The biannual report above summarizes the fitness activities of Courtney in the first half of 2015. We attribute our strong results to adhering to our distinctive values of consistency and hard work.

In the first half of 2015, Courtney ran 409 miles. Longtime shareholders may note that this number is well below previous biannual averages but headquarters assures you that while mileage is low, intensity is at a decade long high. Mileage includes two half marathons, four Spartan Races, and numerous examples of community involvement of the 10K variety. While no PRs were achieved in this reporting period, age adjusted earnings were substantial. In addition, Courtney reinvested in heart rate based training and track work for the first time since the 2003 Depression.

In the reporting period, the organization invested substantial R&D into spear making and throwing which saw an immediate returns. Long-term R&D investments that continue to pay off include kettlebells, barbells, yoga, rock climbing, and hiking (please see the appendix details on those 154 hours).

After consulting with the board of directors, Courtney secured an increased supply of polyhydroxy aldehydes and ketones and reduced consumption of ethanol and certain methylxanthine alkaloids. Shareholders will be pleased to know that the organization continues to focus on efficiency and parallel processing by bike commuting from headquarters.

The organization would like to thank friends and training partners for their continued support of the corporate vision, as well as the OCR Grinders for their contributions to the growth strategy.

Courtney has a number of exciting opportunities in the second half of 2015. Past performance is not indicative of future results but we expect adherence to our values will earn similar rewards in the second half of 2015.

Thank you for your continued support.

January
SoCal Spartan Super 1st Open Female

February
Training

March
LA Marathon Charity Relay for Fulfillment Fund
PCRF Reaching for the Cure 10K Age Group Winner, 2nd Female Overall

April
Las Vegas Spartan Super 16th Elite Female
Costa Mesa Community 10K Age Group Winner, 5th Female Overall

May
Austin Spartan Sprint 9th Elite Female
Austin Spartan Super 6th Elite Female

June
Walkway Over the Hudson Half Marathon, 7th in Age Group, 25th Female Overall
(A wonderful training run in support of the inaugural race in my hometown, learn more & sign up for 2016 here)

Biannual Fitness Report (Q1 & Q2 2015)

July
Injured

August
Injured
Hawaii Spartan Trifecta (Beast, Super, Sprint) Open Heat Fun

September
Rebuilding
Temecula Spartan Beast Open Heat Fun

October
Rebuilding

November
Rebuilding

December
Rebuilding