Dynamo Letters

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 27 – The false dilemma

Discusses the false dilemma between greater protection versus extinction of the local capital market, in discussing the draft bill for the new Corporate Law. As reference, presents theoretical and empirical evidence that the more regulated markets are the more developed ones.

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Letter 26 – Controlling premiums in Brazil: Why, How, and to Whom?

Explains the market distortions of control premiums in Brazil as a consequence of the imbalance of power in companies, based on the concentrated capital structure and on the illegal lack of support for the non-controlling shareholder. Also describes the corporate restructuring of Ultrapar and the important decision to extend tag-along rights to all shareholders.

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Letter 24 – Fiscal Board

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

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