This makes sense to me. I hear this on HN all the time and don't doubt that exercise does provide mental benefits to most people.
However, anecdotally, exercise (and getting a good night's sleep) has had no noticeable impact on my focus and/or productivity.
Is there anyone else that doesn't feel like exercise doesn't do anything? Or is it because I'm not exercising long enough or with enough intensity to make a difference?
At one point I went from being completely sedentary for about 6 years to spending about 3 months running 2-3 miles a day on an elliptical about 4 times a week with decent consistency. After a while, it did become easier to run further and for a longer period of time (from 2 miles to 3 miles), but I didn't notice any of the mental benefits that seem to be attributed to exercise. I still felt a general "brain haze" and sluggishness that I had assumed was a direct result of being out of shape. I've since gone to exercising on and off for another 3 months before going back to essentially being completely sedentary for several months and nothing about my mental state seems to have changed.
That being said, I do plan on exercising again to ideally get healthy in the longer term regardless of whether or not I get any immediate mental benefit. And I also plan on recording things more diligently to determine if there actually is a result for me.