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 119 – CEOs: The Floor is Yours I

On the occasion of Dynamos thirty years, instead of speaking ourselves, we preferred to give voice to the CEOs of some companies we invest in.

Letter 104 – From Maxwell to Munger

About phase transitions in matters and regime of changes in companies

Letter 120 – CEOs: The Floor is Yours II

Continues the interviews with CEOs, started in the last Report.

Letter 105 – The Order and Disorder of Merit

Reflections on meritocracy, its journey and current dilemmas

Letter 121 – Intentions and Gestures

Examines corporate documents and shareholders´ discussions in a sample of global companies exposed to the energy transition theme.

Letter 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.

Letter 122 – Negative Externalities and Their Discontents

In light of advances in the environmental agenda, discusses reforms in the governance regime and considers shareholders´ role and engagement.

Letter 107 – Paths of Growth

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

Letter 123 – Particles and Purposes

About systematic investment strategies and how they impact our day by day as long-term value investors.

Letter 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

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