I found this article really good. It tallies with what I have found with exercise, eating etc.
How exercise can make you fat
Ever spent hours pounding away on a treadmill, then coming to the end of the week and finding your weight hasn’t shifted at all?
Or how about eating cake in the knowledge you’d been for a long cycle ride, yet somehow piling on the pounds? You’re not alone – or going mad. You’ve simply fallen foul of something scientists are increasingly recognising: exercise often doesn’t help you lose weight. And worse yet, there’s increasing evidence that it could even make you fatter. Just last month, in an article for the British Journal Of Sports Medicine, doctors said we have wrongly emphasised that physical activity can prevent people becoming very overweight.
The truth, they said, is that while physical activity is useful in reducing the risk of disease, it “does not promote weight loss”. That false perception, they claimed, “is rooted in the food industry’s public relations machine, which uses tactics chillingly similar to big tobacco companies – denial, doubt and confusing the public”.
So I think exercise is good for all sorts of reasons, but losing weight is not one of them.