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 123 – Particles and Purposes

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

Letter 60 – Abapuru

Points out the differences between the fundamentals of the banking sector in Brazil and abroad, describing our investment in Itaú-Unibanco.

Letter 76 – The Skilled

Completes the argument of our last Report, discussing the matter of Skill among investment managers

Letter 92 – BVMF II

Resumes the narrative of our investment in BVMF up to today.

Letter 61 – ATtributes

Illustrates how our investments in Totvs, Ultrapar and Drogasil can benefit from the improvement in the business environment as Brazil increases efforts to fight against tax evasion.

Letter 77 – The Card´s Credit I

Describes our investment in Cielo and Redecard, discussing the regulatory issue of the Brazilian merchant acquiring market.

Letter 93 – Hearing stars

In the discovery of gravitational waves, we founded another mental model that inspires our research process

Letter 62 – The Other Crisis

In light of this latest crisis, updates the discussion on the mental models used in finance.

Letter 78 – The Card´s Credit II

Completes the narrative of our former Report, about our investment in Cielo and Redecard, analyzing the competitive environment of Brazilian´s merchant acquiring market post openness. Makes some comments on contrarianism in investments.

Letter 47 – Fire and Iron II

Discusses the dynamics of iron ore global market and our investment thesis in CVRD/Caemi, in the light of the growth of the Chinese steel industry.

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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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