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 46 – Fire and Iron I

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

Letter 45 – Behavior Finance II – Heuristics and Bias

Presents the main bias of the individuals judgment process, illustrating with examples extracted from capital markets and corporate environment.

Letter 44 – Behavior Finance I – Concepts

Considers the psychological influences and motivations of the financial decisions of the individuals.

Letter 43 – AmBev

Describes and updates the fundamentals of our investment in Ambev.

Letter 42 – Stock Options – II

Analyses the reasons for the excesses of the stock option plans in US corporations, suggesting the use of restricted shares as a market pay method. Describes and updates the fundamentals of our investment case in Caemi.

Letter 41 – Stock options – I

Presents the main concepts of stock option plans, analysing this pay method in the light of the Brazilian capital market peculiarities. Also comments the success and the importance of the IPO of Natura.

Letter 40 – Remuneration Systems

Examines the remuneration systems of the companies, presenting a number of pay methods. Also comments the main fundamentals of our investment case in Ambev

Letter 39 – Ten years

Ludic license for celebration: By the time of the tenth anniversary of Dynamo Cougar, we submit Dynamo to its own criteria of investment analysis.

Letter 38 – Charlie Munger’s Mental Models

Describes the main features of the sophisticated mental and analytical device developed by Charlie Munger, employed in the process of selecting Berkshire Hathaway investments.

Letter 37 – Being Transparent

Discusses the topic of transparency of companies in the context of the economy, corporate governance, and the regulatory environment. Also analyzes the basis of the investment in Caemi.

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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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