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 105 – The Order and Disorder of Merit

Reflections on meritocracy, its journey and current dilemmas

Letter 104 – From Maxwell to Munger

About phase transitions in matters and regime of changes in companies

Letter 103 – … and Convex

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

Letter 102 – Concave…

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

Letter 101 – Negative Interest Rates 101

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

Letter 100 – Continuation

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

Letter 99 – Beginnings and Principles

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

Letter 98 – Melius Cras

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

Letter 97 – Mutate in Melius

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

Letter 96 – Platforms

On the business model of platform companies

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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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