Dynamo Reports

Transparency in management is a highly cultivated asset in Dynamo. Besides the usual channels of communication with our investors, we usually write - since Dynamo Cougar inception – the Dynamo Report.

The Dynamo Report is a quarterly newsletter that seeks to critically analyze relevant issues of today's capital markets, and also presents our performance during the relevant period, highlighting the most significant events related to our investments.

Below you can download (PDF file) the last Dynamo reports available. To ensure receipt of future publications, please register on the Mailing menu.

Report 113

Climate: The Price of Conquest

Discusses carbon prices and carbon markets: their importance and implications

Report 112

In Times of Climate Change

On climate action urgency and challenges.

Report 111

In Company with the Forest

Resumes and concludes the narrative of our investment in Suzano.

Report 110

The Nature of the Tree

Narrates Suzano´s journey, from the entrepreneurship of the beginnings to the current possibilities of its platform of technological innovations.

Report 109


Addresses the consequences of recent transformations in different dimensions of companies' ecosystem.

Report 108

Contours of Growth

Still on the subject of growth, looks for inspiration in other disciplines, presents the pattern of expansion of companies in the traditional environment and describes how digital companies try to overcome it. It ends by commenting on the importance of sustainable growth for the long-term investor

Report 107

Paths of Growth

Revisits theoretical contributions and empirical discussions on the theme of company growth, discussing its determinants and strategic alternatives

Report 106

Thoughts on Digital Transformation

Describes the main elements of the companies' IT configurations, analyzing dilemmas, challenges, impacts and opportunities in their course of digital transformation.

Report 105

The Order and Disorder of Merit

Reflections on meritocracy, its journey and current dilemmas

Report 104

From Maxwell to Munger

About phase transitions in matters and regime of changes in companies

Report 103

… and Convex

Addresses the repercussions of the pandemic on economic activity, on capital markets and on our investment processes

Report 102


Brings together elements about the virus and the disease, as well as aspects of its transmission mechanisms

Report 101

Negative Interest Rates 101

Discusses the reality of negative interest rates and their possible impacts on our investment environment

Report 100


Continuing in the opportunity of Dynamo’s 25th anniversary, we recover the main messages of Reports 17 to 32.

Report 99

Beginnings and Principles

We take the occasion of Dynamo’s 25th anniversary to go back in time and remember Reports 1 to 16.

Report 98

Melius Cras

Details the analysis of platforms and of Mercado Libre’s business model.

Report 97

Mutate in Melius

Briefly narrates the trajectory of Mercado Libre and our investment in the Company

Report 96


On the business model of platform companies

Report 95


Describes the structure through which digital technology is organized, namely, the network paradigm

Report 94


Highlights episodes in the history of technological progress that supported the digital transformations of today