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 55 – The Order of Complexity

Suggests that financial markets can be viewed as Complex Adaptive Systems.

Letter 54 – Cherry Picking

Illustrates some of Dynamo’s investments in this IPO cycle.

Letter 53 – Poison

About the antitakeover defenses included in the bylaws of the recent IPOed companies in Brazil.

Letter 52 – Dispersed and Concentrated Ownership – A Topic Revisited

Revisits the literature and updates ours reflections on the fundamental theme of the ownership regime.

Letter 51 – The Offer and the Aroma

Under the occasion of the recent events in our equity market, considers the benefits of a market of corporate control.

Letter 50 – Going Public – II

Examines the empirical patterns and the internal processes of the IPOs, situating Dynamo´s competitive position in these offerings.

Letter 49 – Going Public – I

Discusses the recent initial public offerings cycle, examining the motivations that push the companies to going public.

Letter 48 – Fire and Iron III

Examines the fundamentals of our investments in the long steel sector.

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.

Letter 46 – Fire and Iron I

Analyzes the peculiarities of the transition model of the Chinese economy, pointing its main challenges ahead.

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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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