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 75 – The Fortunate

Treats the subject of luck (fortune) and its influences on our day-to-day investing activity.

Letter 74 – Philosophy of Patience

Illustrates the discussion of ‘short-termism’ and its effects on our daily condition of long term investors.

Letter 73 – Physiology of Impatience

Searches explanations for the prevalence of behaviors ‘short-termism’ between investors and other market participants.

Letter 72 – Takeover – My cup of Tea

Describes the British model of takeover regulation, compares with the American one and provides insights into the Brazilian case.

Letter 71 – Takeover – American way

Investigates the reasons for a pro management bias of takeover regulation in the United States.

Letter 70 – 7x (with interest)

Extends the analysis of our previous Report, about the credit market in Brazil, and updates our investment in Itaú Unibanco.

Letter 69 – Installments

Describes the credit market in Brazil, in light of the American financial crisis.

Letter 68 – Estreito

Discusses the business model of GDF Suez/Tractebel.

Letter 67 – Budding

Describes the map of opportunities that we believe to be present on Anheuser-Busch Inbev´s radar.

Letter 66 – Buddy

Describes the economics of the acquisition of Anheuser-Busch by Inbev.

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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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