Resumes the narrative of the former Report, approaching three other angles of analogies: adaptation, teambuilding and leadership.

Recounts the Antarctic epic expeditions from our perspective as contemporary investors, drawing parallels in the topics of ´animal spirits´, focus and preparation.

Illustrates the daily difficulties our companies face with excessive regulation in Brazil. Situates Dynamo´s way of investing in this environment.

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

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

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

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

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

This Report is a tribute to Dynamo’s twentieth anniversary

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