Discusses the practice of loan agreements between listed companies and their controlling shareholders and the implication of this practice in the inequitable distribution of value among shareholders.

Taking the opportunity of the installation of the BOVESPA Arbitrage Chambre, discusses the superiority of the arbitrage judgement over conventional Justice in settling corporate conflict.

Analyzes the different aspects of the composition of boards of directors and the performance of their members, as elements that establish the governance of companies. Report 34

Discusses the importance of tag along as an alignment of interests tool between shareholders, recommending it as a criteria of resources allocation for investors. Also comments on Warren Buffett’s vision of corporate governance of boards of directors, as stated in the Berkshire Hathaway annual report.

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.

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

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

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

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.

Explains the market distortions of control premiums in Brazil as a consequence of the imbalance of power in companies, based on the concentrated capital structure and on the illegal lack of support for the non-controlling shareholder. Also describes the corporate restructuring of Ultrapar and the important decision to extend tag-along rights to all shareholders.