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 85 – Doing Business: a Global Overview

Presents the results of World Bank´s latest Doing Business report, analyzing Brazil´s relative positing in this ranking.

Letter 84 – Renner : The Path of the Palindrome

Resumes the chronology of Lojas Renner´s course from 2005 on, situating our recent investment.

Letter 83 – Renner: The Geometry of Retail

Describes the trajectory of Lojas Renner up to 2005, emphasizing our investment during the period 1994-1998.

Letter 82 – System 3

Considers the influence of emotions in individual judgments. Describes our collective model of investment decision making.

Letter 81 – The Experience of Intuition

Examines the role of experience –and intuition – in our investment activity

Letter 80 – Letter to My Partner

This Report is a tribute to Dynamo’s twentieth anniversary

Letter 79 – Keynes as an Investor

Describes and analyses J.M. Keynes´ personal experience as an investor.

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 77 – The Card´s Credit I

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

Letter 76 – The Skilled

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

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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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