Dear Friend of Tugboat Institute®,

Coming off several very difficult years filled with unexpected challenges and unforeseeable obstacles post-COVID, our members largely saw a more predictable business environment in 2023. Supply chain woes improved, hiring, while still challenging, became possible again in many industries, and inflation has started to cool. Not all businesses weathered this chaos as well as Evergreen® businesses; because of our discipline and long-term mindset, most of our members not only survived the recent wild ride, but in most cases, capitalized on opportunities it presented. It was a year that confirmed the strong position of the Evergreen company in an ever-changing world.