Taking advantage of the recent prestige of our country’s “institutions”, we reread the work of Douglass North, highlighting elements that may help us in our investing endeavors.

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