one of our best investments: exercise to improve health
because good health is true wealth
NOVEMBER 2023
by the Nina Capital team
foreword ~ by marta gaia
Like any other company, managing a venture capital firm requires thoughtful consideration about using limited financial resources to execute a strategy sustainably toward a long-term goal. In the early days, when you’re just starting, financial resources are exceptionally limited — I remember entire weekends spent assembling bargain office furniture, scouting Amazon for the best deals in electronics, and fixing laptops instead of rushing to buy the newest model. To this date, I am still waiting for Black Friday week to stock monitors and office supplies that we need for the rest of the year. You don’t need a Calligaris desk or more than 16 GB RAM to do your best work. On the contrary, there is one fundamental asset I felt strongly about empowering our team with from day one: exercise. It was a very proud moment for me when Nina’s first employee received an annual gym membership, paid for by the firm. Since then, everyone working with us has benefited from the same — our Visiting Analysts included. If you come by our office around noon each day, chances are high that you’ll find it almost empty. We are at the gym, taking care of ourselves. I try to lead by example by being the first to go each late morning, and when I feel my determination is lacking, I ask someone else to drag me out of my funk and out of the office. A few weeks ago, Nadin, our newest team member, pointed this team habit out to me — and, in doing so, inspired all of us to write this article. It turned out to be not only a celebration of our deeply shared belief that investing in exercise is good — but also a celebration of our diversity as a team. Whether your thing is throwing hoops or running 10k’s, go for it — and enjoy the healthy returns from your investment for many years to come.
austin: disc golf
During my childhood, sports were an integral part of my upbringing. This included anything from soccer tournaments to basketball night leagues, track and field competitions, and volleyball tournaments. Initially, my love for athletics was limited to fast-paced team sports. The thought of something like golf felt like watching paint dry, that is, until I found the strange joy of throwing plastic discs through trees in the forest. My family had a cabin on one of the Canadian Gulf islands off the coast called Pender. This peaceful oasis was known for its lakes, hiking, and, strangely enough, its world-famous disc golf course. Not knowing this existed, my parents accidentally took me to a local tournament on one of our walks. At that time, I was just as confused as you probably are right now when reading the title of my section. What the heck is disc golf? I witnessed people throwing frisbees into tiny baskets from hundreds of meters away. All while holding a fresh large Tim Hortons coffee — classic Canadians. I had never seen anything like it! How could someone possibly be that accurate and throw something that far? Weirdly enough, I was hooked.
The aim of disc golf is very similar to regular golfing. The goal is to start at a specified t-box and throw a small plastic disc into a cage (or hit a pole). Instead of being on an open course, you are most times in the middle of a forest or park, containing obstacles like trees, cliffs, banks, turns, and more. Your score is determined by the par of that hole and how many throws it takes you to hit the target. Just like golfers have different clubs, disc golfers have different frisbees. Each has a unique flight pattern that allows you to throw the disc in different directions and angles. Some curve left, curve right, fly fast, fly slow, turn later, flip upside down, and more. While boring at first glance, the technical and mental strategy behind the choice of disc and throwing technique was something I found fascinating. I had to be slow, focused, and steady — skills I had not needed in my other sports to succeed. I had to understand my own biomechanics of throwing and patiently optimize minute differences in my form over the years to improve. The better I understood my form, the better I was at selecting the discs that had flight paths to counteract my weaknesses. This taught me skills that helped me throughout all aspects of my life and became one of my favorite hobbies. I even drove across Canada, playing courses in every province I stopped in.
health facts:
The average disc golfer walks anywhere from 5–10km per course and, by the calculations from myfitnesspal, burns around 727 calories. Not a bad cardio session! The Stanford Woods Institute found that 90 minutes of walking through a natural environment showed a lowered amount of neural activity (Bratman et al., 2015) in the area of the brain that’s linked to mental illness. That’s about how long it takes me to play a round of disc golf, especially if I have to spend a few extra minutes in nature finding my disc. A 2018 study published in the National Library of Medicine found that “learning golf is feasible and safe for elderly people with cognitive problems, “ helping with memory loss.
ferran: swimming
Swimming isn’t just good exercise; it’s great exercise. I have been swimming since I started university. It’s a time when I can focus solely on the rhythm of my strokes and the sound of the water. To me, swimming is the most complete sport; it engages every muscle group and challenges my endurance. However, the best part is that it feels like meditation. I like to go for a swim at the last hour of the day, not only because the swimming pool is emptier but also because it’s the perfect exercise to make order in all your thoughts of the day before going to sleep relaxed. As I swim, the day’s stresses and worries dissolve in the water. The feeling of relaxation after leaving the gym and swimming for an hour is unmatched by any other sport. It’s an almost therapeutic experience that prepares me for a good night’s sleep.
In fact, the first thing I do when I have to spend significant time outside Barcelona is to look for a pool. This habit became especially important during my exchange experience in the U.S. During my university years, I had the opportunity to be part of the swimming team of my hosting university in Wisconsin. It was a great experience to train with my American colleagues. I was fascinated by how seriously American universities take sports! Overall, swimming has taught me a very important lesson: the value of consistency in everything I do and the goal of always striving to do a little better. It’s not easy to head to the swimming pool after work in the middle of winter, especially when you have that initial shock of jumping into cold water. However, it’s important to be there and to try to swim one more lap than the day before.
health facts:
The U.K. is so passionate about swimming that they encourage healthcare providers to prescribe it to patients. The benefits of this could potentially save the government an estimated $1 billion in healthcare costs. One study from 2017 demonstrated that swimming can lower the risk of early death by up to 28% (Swim England, 2017).
nadin: football
Growing up with three brothers was an adventure. From a young age, I found myself navigating a world where even my Barbies weren’t safe from playful destruction. Those decapitated Barbies became silent witnesses to the lively energy of my household. Amid the chaos, my introduction to football was unconventional, to say the least. My earliest memories of playing football involve me being used as target practice in our back garden. Shot after shot, I would run to the corner of the goal, eyes closed and hands raised, as my brothers honed their shooting skills. Yet, adversity fosters growth, and my relationship with football evolved as the years passed. No longer satisfied with being a mere target, I asserted myself and demanded a fair chance to compete on the field, or better said, our uneven patch of green at the back of the house.
My journey continued into middle and high school, where I participated in the organized activities of school teams. There, I found a sense of camaraderie that I had never experienced before — from being strangers at the beginning of the season to moving as one on the pitch after hours and hours of training. It taught me that football wasn’t about winning but respecting your teammates. Respecting the collective effort put in to win and leaving the pitch with dignity if you didn’t. In a way, football teaches you the art of compromise, of shared objectives, but most importantly, it shows you that there is invaluable strength in collective effort. This understanding of team has shaped me as an adult in my personal and professional life. I guess it’s something I have my brothers to thank for.
health facts:
Several studies have shown that football, out of several ball games, provided the best health benefits for those looking to make a lifestyle change (Oja et al. 2015; Krustrup et al. 2010; Krustrup et al. 2009). Furthermore, football has proven to be a strong holistic that can prevent, treat, and rehabilitate different lifestyle diseases. In particular, it has been shown to increase lung capacity and muscle mass and decrease blood pressure for those with hypertension (Krustrup et al. 2018). Finally, another study also demonstrated that women benefited from the sport as it improved their blood lipid profile and strengthened myocardial function (Krustrup et al. 2018).
marc: tennis
Playing tennis has become my passion over the last two years. I’ve always loved the game, but never found the time to practice consistently. Today it’s a major part of my life and important for several reasons. It keeps me physically fit and mentally sharp. Being quick and strong is essential in tennis. I can’t hit the ball correctly if I am slow, and the risk of injury is higher without strength. But tennis is more than physical skills; it’s about strategy and focus. Figuring out an opponent’s weaknesses and staying concentrated during the game are crucial for winning. This mental aspect makes tennis both exciting and challenging. The feeling of hitting the ball perfectly and the thrill of a great return are amazing. Tennis is also about self-competition, pushing your limits, and staying focused.
My dedication to tennis motivates me to lead a healthier lifestyle. I pay attention to my diet, go to the gym, swim regularly, and ensure proper warm-ups. So, tennis is not just a game for me; it’s a way to stay healthy and teaches me valuable life skills. After these two years, I can confidently affirm that tennis has become a vital component of my life, substantially improving my physical and mental well-being.
health facts:
A comprehensive study highlighted that tennis offers numerous health benefits for individuals of all ages, enhancing cardiovascular, metabolic, and bone health. It also improves agility, coordination, and plays a role in managing stress and anxiety. This makes tennis an effective fitness activity, difficult to match in terms of the range of health benefits it offers (Groppel et al. 2009). Another study focused on the role of tennis in promoting health and preventing diseases associated with a sedentary lifestyle. This research included a review of 24 studies addressing the physical fitness of tennis players, the intensity of play, and maximum oxygen uptake. The findings suggest that tennis players have improved aerobic fitness, lower body fat percentage, a more favorable lipid profile, and reduced risks of cardiovascular disease and osteoporosis (Pluim et al. 2007).
seb: surfing
To understand the tranquility that can be found in floating weightlessly in water, one simply needs to pull out a copy of Nirvana’s Nevermind album, be it an LP (the fun kind…), cassette, or CD (if you do not own one, shame on you); that baby tells you all you need to know. Bliss. This is why I surf. Surfing is one of those particular sports that successfully amalgamates a plethora of elements that culminate into a truly holistic experience. It challenges you both physically and mentally while, oxymoronically, it helps you to relax, again both physically and mentally, all the while being outdoors in nature. This sport requires the physical strength to paddle out, fight currents, brace against breaking waves, and the skill to time when to duck-dive and hold your breath to get through to the other side. You have to be able to read the ocean, understand which wave to let go and which to commit to, when to paddle hard, pop up, and ride that wave as long as you can, all the while being mindful of your surroundings and other surfers sharing that very same experience.
Surfing also teaches you that the key to dealing with stressful situations is to remain calm, relax, and not panic. If you get caught in a strong rip current, do not fight it; instead, accept that it will drag you out to sea, where you can slowly paddle along the coast and safely escape. Fighting the current will simply lead to exhaustion and panic. The same can be said when you inevitably get pulled under by a crashing wave — just relax, stay loose, and let the wave tumble you until it has passed, and you can come up for air. You can hold your breath longer than you think; tensing up and trying to fight the turmoil to get free will only use up precious oxygen for no gain other than panic. On the flip side of the coin, there is nothing more serene than lounging on your board behind all that chaotic violence, listening to the breaking waves, feeling the undulations of the swell, the water on your skin, the expanse of ocean, the calmness of it all. Throw in a sunrise or sunset, and you could very well reach Nirvana.
health facts:
Surfing is a full-body workout in its own right, combining strength, endurance, and aerobic exercise. However, beyond all the physical health benefits, there is growing evidence of mental health benefits to surfing, from substance abuse disorders to anxiety to autism, so much so that there is a growing concept called Surf Therapy (Healthline: Surf’s Up; McKenzie et al. 2021; Van der Merwe et al. 2021)
yahel: running
I was born into a family of athletes — some at a professional level, others at the proficiency level, all very active in various sports. Naturally, I followed a similar path, but nothing stuck. I transitioned from tennis to swimming, experimented with dancing and martial arts (both were miserable fails), yet consistently remained active. I possess an inherent tendency to push boundaries, and sports offer a simple way to test the limits of both physical and mental states. This inclination led me to enjoy high-intensity workouts that push me to the limits, incentivizing me to do more with loud music and friendly competition. However, these workouts are just a fun activity for me. Running, on the other hand, is the ultimate mental battle where, at any given moment, I can choose to stop or continue. When I need to clear my mind, take a mental break, or simply pause, I turn to running.
For a while, I aimed to push my limits by running half marathons with the goal of achieving a full marathon. Unfortunately, I got injured in the process and couldn’t run for almost six months. This experience taught me that with running, I don’t want to push; I want to breathe. Running takes me from closed spaces to the beach, mountains, and the beautiful streets of Barcelona. I want to enjoy these moments rather than obsess over my speed and heart rate. Running doesn’t require expensive gear or ridiculous outfits; you only need to step off the sofa and hit the street. Its accessibility is incredibly easy, and instead of stressing about getting to a workout on time, running becomes the ultimate stress reliever. The sense of freedom and accomplishment that accompanies each run, regardless of distance, transforms running into not just a sport but a fulfilling choice.
health facts:
Apart from the joy it brings, running has numerous health benefits. The most immediate benefit is a reduced risk of cardiovascular diseases and mortality (Oja et al., 2017). Engaging various muscle groups, running promotes overall muscle tone, strengthens bones, and reduces the risk of osteoporosis. It also improves posture, contributing to spine health by evenly distributing the load. A study of 675 marathon runners revealed lower arthritis rates and positive effects on their knees and backs (Gordon et al., 2018). The more you run, the lower your odds of back problems as you age. In addition to physical benefits, running positively impacts mental well-being. The release of endorphins during running contributes to improved mood, stress reduction, and overall mental resilience (Schuch et al., 2016).
marta gaia: boxing
I entered adulthood swimming and hiking. At times when pools and Alpine trails became inaccessible, I picked up some yoga, broke my spine learning to use the snowboard, played a bit of tennis, and got a windsurfing certificate. Now that I live in a civilized society, I still aim to the pool once a week. I need my dose of mountain biking twice on weekends, which I religiously seek rain or shine, yet I don’t think of it as exercise — it’s hard as hell, but mostly, my bike and I alone on a trail is freedom and fun. It wasn’t until I started boxing that something clicked. Outside of my work at Nina, boxing brings me closest to a state of flow. It’s the only sport that silences the voices in my head. Thinking about an email requiring an urgent response, the afternoon meeting for which you’re not quite ready yet, the founders who’re having a terrible month while you’re running out of resources to help them… This thinking will get you punched in the face or, even worse, in the liver. If you want to leave the ring feeling proud of yourself and possibly not bruised or breathless, you must honor the sport — and give it your full and undivided attention.
There’s a lot of respect in boxing, not just for the activity itself, but for the person in front of you, your partner; you are not boxing against them, you’re boxing with them. Your real adversary is your ego, especially when you get hit. The key is not to let it overcome you; at all times, especially when you’re hurt, you must keep your head in the game and move on. In boxing, strength matters, speed matters more, and resilience matters most. As if the trio weren’t enough, you need coordination. I enjoy practicing long sequences that challenge my ability to move nimbly through all different punches, the foundation of boxing. You need style, too — the great Cassius Clay was an “out-fighter,” a classic stylist. My style is “stiff,” according to my trainer, who reminds me daily that I am not “chulo.” If he were American, he’d be saying I don’t look “cool.” My trainer’s words can hurt deeper than his uppercuts, but I know they come from a place of love. And just like love, boxing can be scary, but “it’s what you do with fear that matters” (cit. Cus D’Amato), and the ring coaches you how in three-minute intervals.
health facts:
Evidence on the health benefits of boxing in the literature is not abundant; however, it’s convincing. Boxing improves cardiovascular fitness, upper body strength, body composition, gait independence, and gait speed in people with diverse health conditions (Sanchez-Lastra et al., 2020). Far from being a young man’s sport only, boxing can help older adults maintain their independence in daily activities by improving balance, training hand-eye coordination, and strengthening the core (Valdes-Badilla et al. 2021). Boxing has not only physical but also mental health benefits (Bozdarov et al. 2022). Studies show self-efficacy and quality of life benefits in populations including woman-identified survivors of gender-based violence (Gammage et al. 2021), people with Parkinson’s disease (MacCosham et al., 2019), victims of stroke (Park et al. 2017) and adults of all ages suffering from symptoms of anxiety, depression, PTSD, and negative symptoms of schizophrenia (Bozdarov et al. 2022).
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