Dynamo Letters2025-06-24T09:05:57-03:00

In addition to our usual communication channels with our fund’s unitholders, we have been writing — since the inception of Dynamo Cougar — the Dynamo Letter.

The Dynamo Letter is a publication issued four times a year, in which we analyse topics related to the capital markets and our investments.

Below, you may download the most recent Dynamo Letters. To ensure you receive future publications, subscribe via the Mailing menu.

Letter 44 – Behavior Finance I – Concepts

Considers the psychological influences and motivations of the financial decisions of the individuals.

Letter 29 – Tag-Along: a real case

Discusses the important issue of tag-along rights for minority shareholders, based on the description of a real legal decision case.

Letter 45 – Behavior Finance II – Heuristics and Bias

Presents the main bias of the individuals judgment process, illustrating with examples extracted from capital markets and corporate environment.

Letter 30 – Dispersion of Capital Ownership

Towards a more dispersed ownership and its benefits of permitting better share pricing and better governance conditions in companies.

Letter 46 – Fire and Iron I

Analyzes the peculiarities of the transition model of the Chinese economy, pointing its main challenges ahead.

Letter 31 – Forget the illiquidity premium; long may live the CDI (Brazilian interest rate)

Explanation of the excessive contempt for the non-liquidity premium in the Brazilian market, as due to a high opportunity cost of capital in an environment of asset administration with the exclusive CDI benchmark.

Letter 32 – The new Corporation Law: advances, absences, and problems

Technical comments on and criticisms of the reform of Brazilian Corporation Legislation, in the economic context of capital market evolution.

Letter 33 – About Swindlers and Swindlers

Discusses the practice of loan agreements between listed companies and their controlling shareholders and the implication of this practice in the inequitable distribution of value among shareholders.

Letter 34 – From Arbitrariness to Arbitration

Taking the opportunity of the installation of the BOVESPA Arbitrage Chambre, discusses the superiority of the arbitrage judgement over conventional Justice in settling corporate conflict.

Letter 24 – Fiscal Board

About the Fiscal Board: its attributions, responsibilities, and its importance
as an effective corporate governance tool.

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The information contained on this website is provided for informational purposes only and does not constitute an offer to sell funds, nor an endorsement or recommendation to use such information for financial products or investments. Dynamo BEARS no responsibility for any errors, omissions or inaccuracies in the information disclosed. Past performance is not a guarantee of future results. The performance figures shown are net of management and performance fees, but are not net of taxes, performance adjustments or exit fees, if applicable. Investment in funds carries risks. Please read the regulations, bylaws, annexes and appendices carefully before investing. Investments in funds are not guaranteed by the administrator or any insurance mechanism, nor by the Credit Guarantee Fund. Supervision and Oversight: Brazilian Securities and Exchange Commission (CVM) – Citizen Services Portal: www.cvm.gov.br

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