{"id":4318,"date":"2025-06-24T09:05:57","date_gmt":"2025-06-24T12:05:57","guid":{"rendered":"https:\/\/www.dynamo.com.br\/cartas-dynamo\/"},"modified":"2025-06-24T09:05:57","modified_gmt":"2025-06-24T12:05:57","slug":"cartas-dynamo","status":"publish","type":"page","link":"https:\/\/www.dynamo.com.br\/en\/cartas-dynamo\/","title":{"rendered":"Dynamo Letters"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1365px;margin-left: calc(-5% \/ 2 );margin-right: calc(-5% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-1\"><p>In addition to our usual communication channels with our fund\u2019s unitholders, we have been writing \u2014 since the inception of Dynamo Cougar \u2014 the <strong>Dynamo Letter<\/strong>.<\/p>\n<p>The <strong>Dynamo Letter<\/strong> is a publication issued four times a year, in which we analyse topics related to the capital markets and our investments.<\/p>\n<p>Below, you may download the most recent Dynamo Letters. To ensure you receive future publications, subscribe via the <strong><a href=\"\/en\/?page_id=4286\">Mailing<\/a><\/strong> menu.<\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-0{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 2.375%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 2.375%;}@media only screen and (max-width:1177px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}@media only screen and (max-width:700px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-1{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" id=\"blog-row\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1365px;margin-left: calc(-5% \/ 2 );margin-right: calc(-5% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column fusion-content-nowrap\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-blog-shortcode fusion-blog-shortcode-1 fusion-blog-archive fusion-blog-layout-grid-wrapper fusion-blog-pagination\" id=\"cartas-dynamo\"><style type=\"text\/css\">.fusion-blog-shortcode-1 .fusion-blog-layout-grid .fusion-post-grid{padding:20px;}.fusion-blog-shortcode-1 .fusion-posts-container{margin-left: -20px !important; margin-right:-20px !important;}<\/style><div class=\"fusion-posts-container fusion-posts-container-pagination fusion-no-meta-info fusion-blog-rollover fusion-blog-layout-grid fusion-blog-layout-grid-1 isotope\" data-pages=\"11\" data-grid-col-space=\"40\" style=\"margin: -20px -20px 0;min-height:500px;\"><article id=\"blog-1-post-5320\" class=\"fusion-post-grid post-5320 post type-post status-publish format-link hentry category-cartas-en post_format-post-format-link\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:rgba(255,255,255,0);border:none;\">\n\n<div class=\"fusion-post-content-wrapper\" style=\"padding:0px 25px 0px 25px;\"><div class=\"fusion-post-content post-content\"><h2 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/www.dynamo.com.br\/en\/letter-128-the-serendipitists\/\">Report 128 &#8211; The Serendipitists<\/a><\/h2><div class=\"fusion-post-content-container\"><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"width:105% !important;max-width:105% !important;margin-left: calc(-5% \/ 2 );margin-right: calc(-5% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-2\"><p class=\"x_MsoNormal\"><i><span lang=\"EN-US\" data-olk-copy-source=\"MessageBody\">Expands on the theme of the previous Report, addressing situations in which human actions produce unintended favorable outcomes.<\/span><\/i><\/p>\n<\/div><ul class=\"fusion-checklist fusion-checklist-1\" style=\"font-size:16px;line-height:27.2px;\"><li style=\"background-color:rgba(255,255,255,0);\" class=\"fusion-li-item\"><span style=\"background-color:#3463ba;font-size:14.08px;height:27.2px;width:27.2px;margin-right:11.2px;\" class=\"icon-wrapper circle-yes\"><i class=\"fusion-li-icon fa-file-pdf fas\" style=\"color:#ffffff;\" aria-hidden=\"true\"><\/i><\/span><div class=\"fusion-li-item-content\" style=\"margin-left:38.4px;color:#595959;\">\n<p><a href=\"https:\/\/www.dynamo.com.br\/wp-content\/uploads\/2026\/04\/Dynamo-Report-128.pdf\" target=\"_blank\" rel=\"noopener\">Read Here<\/a><\/p>\n<\/div><\/li><\/ul><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-2{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-2 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 2.375%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 2.375%;}@media only screen and (max-width:1177px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}@media only screen and (max-width:700px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2-1{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div>\n<\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<article id=\"blog-1-post-5262\" class=\"fusion-post-grid post-5262 post type-post status-publish format-link hentry category-cartas-en post_format-post-format-link\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:rgba(255,255,255,0);border:none;\">\n\n<div class=\"fusion-post-content-wrapper\" style=\"padding:0px 25px 0px 25px;\"><div class=\"fusion-post-content post-content\"><h2 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/www.dynamo.com.br\/en\/letter-127-when-designs-deviate\/\">Letter 127 \u2013 When Designs Deviate<\/a><\/h2><div class=\"fusion-post-content-container\"><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2-2 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"width:105% !important;max-width:105% !important;margin-left: calc(-5% \/ 2 );margin-right: calc(-5% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-3\"><p>Examines the subject of unintended consequences of human actions and their implications for investors.<\/p>\n<\/div><ul class=\"fusion-checklist fusion-checklist-2\" style=\"font-size:16px;line-height:27.2px;\"><li style=\"background-color:rgba(255,255,255,0);\" class=\"fusion-li-item\"><span style=\"background-color:#3463ba;font-size:14.08px;height:27.2px;width:27.2px;margin-right:11.2px;\" class=\"icon-wrapper circle-yes\"><i class=\"fusion-li-icon fa-file-pdf fas\" style=\"color:#ffffff;\" aria-hidden=\"true\"><\/i><\/span><div class=\"fusion-li-item-content\" style=\"margin-left:38.4px;color:#595959;\">\n<p><a href=\"https:\/\/www.dynamo.com.br\/wp-content\/uploads\/2026\/02\/Dynamo-Report-127.pdf\" target=\"_blank\" rel=\"noopener\">Read Here<\/a><\/p>\n<\/div><\/li><\/ul><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-3{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-3 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 2.375%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 2.375%;}@media only screen and (max-width:1177px) {.fusion-body .fusion-builder-column-3{width:100% !important;}.fusion-builder-column-3 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}@media only screen and (max-width:700px) {.fusion-body .fusion-builder-column-3{width:100% !important;}.fusion-builder-column-3 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2-2{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div>\n<\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<article id=\"blog-1-post-4956\" class=\"fusion-post-grid post-4956 post type-post status-publish format-link hentry category-cartas-en post_format-post-format-link\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:rgba(255,255,255,0);border:none;\">\n\n<div class=\"fusion-post-content-wrapper\" style=\"padding:0px 25px 0px 25px;\"><div class=\"fusion-post-content post-content\"><h2 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/www.dynamo.com.br\/en\/letter-126-proxymity\/\">Letter 126 \u2013 Proxymity<\/a><\/h2><div class=\"fusion-post-content-container\"><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2-3 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"width:105% !important;max-width:105% !important;margin-left: calc(-5% \/ 2 );margin-right: calc(-5% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-4\"><p><span data-olk-copy-source=\"MessageBody\">Considers the role and practice of proxy advisory firms.<\/span><\/p>\n<\/div><ul class=\"fusion-checklist fusion-checklist-3\" style=\"font-size:16px;line-height:27.2px;\"><li style=\"background-color:rgba(255,255,255,0);\" class=\"fusion-li-item\"><span style=\"background-color:#3463ba;font-size:14.08px;height:27.2px;width:27.2px;margin-right:11.2px;\" class=\"icon-wrapper circle-yes\"><i class=\"fusion-li-icon fa-file-pdf fas\" style=\"color:#ffffff;\" aria-hidden=\"true\"><\/i><\/span><div class=\"fusion-li-item-content\" style=\"margin-left:38.4px;color:#595959;\"><a href=\"https:\/\/www.dynamo.com.br\/wp-content\/uploads\/2025\/08\/Dynamo-Report-126.pdf\" target=\"_blank\" rel=\"noopener\">Read Here<\/a><\/div><\/li><\/ul><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-4{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-4 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 2.375%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 2.375%;}@media only screen and (max-width:1177px) {.fusion-body .fusion-builder-column-4{width:100% !important;}.fusion-builder-column-4 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}@media only screen and (max-width:700px) {.fusion-body .fusion-builder-column-4{width:100% !important;}.fusion-builder-column-4 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2-3{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div>\n<\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<article id=\"blog-1-post-4867\" class=\"fusion-post-grid post-4867 post type-post status-publish format-link hentry category-cartas-en post_format-post-format-link\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:rgba(255,255,255,0);border:none;\">\n\n<div class=\"fusion-post-content-wrapper\" style=\"padding:0px 25px 0px 25px;\"><div class=\"fusion-post-content post-content\"><h2 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/www.dynamo.com.br\/en\/letter-125-redes-anatomy\/\">Letter 125 \u2013 Rede&#8217;s Anatomy<\/a><\/h2><div class=\"fusion-post-content-container\"><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2-4 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"width:105% !important;max-width:105% !important;margin-left: calc(-5% \/ 2 );margin-right: calc(-5% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-5 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-5\"><p><span data-olk-copy-source=\"MessageBody\">Narrates succinctly Rede D\u2019Or\u2019s entrepreneurial journey and our investment in the company.<\/span><\/p>\n<\/div><ul class=\"fusion-checklist fusion-checklist-4\" style=\"font-size:16px;line-height:27.2px;\"><li style=\"background-color:rgba(255,255,255,0);\" class=\"fusion-li-item\"><span style=\"background-color:#3463ba;font-size:14.08px;height:27.2px;width:27.2px;margin-right:11.2px;\" class=\"icon-wrapper circle-yes\"><i class=\"fusion-li-icon fa-file-pdf fas\" style=\"color:#ffffff;\" aria-hidden=\"true\"><\/i><\/span><div class=\"fusion-li-item-content\" style=\"margin-left:38.4px;color:#595959;\">\n<p><a href=\"https:\/\/www.dynamo.com.br\/wp-content\/uploads\/2025\/07\/Dynamo-Report-125.pdf\" target=\"_blank\" rel=\"noopener\">Read Here<\/a><\/p>\n<\/div><\/li><\/ul><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-5{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-5 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 2.375%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 2.375%;}@media only screen and (max-width:1177px) {.fusion-body .fusion-builder-column-5{width:100% !important;}.fusion-builder-column-5 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}@media only screen and (max-width:700px) {.fusion-body .fusion-builder-column-5{width:100% !important;}.fusion-builder-column-5 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2-4{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div>\n<\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<article id=\"blog-1-post-4634\" class=\"fusion-post-grid post-4634 post type-post status-publish format-link hentry category-cartas category-cartas-en post_format-post-format-link\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:rgba(255,255,255,0);border:none;\">\n\n<div class=\"fusion-post-content-wrapper\" style=\"padding:0px 25px 0px 25px;\"><div class=\"fusion-post-content post-content\"><h2 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/www.dynamo.com.br\/en\/carta-124\/\">Letter 124 &#8211; Passive Purposes<\/a><\/h2><div class=\"fusion-post-content-container\"><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2-5 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"width:105% !important;max-width:105% !important;margin-left: calc(-5% \/ 2 );margin-right: calc(-5% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-6 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-6\"><p>Continues the theme of our last Report, narrating the journey of passive investments<\/p>\n<\/div><ul class=\"fusion-checklist fusion-checklist-5\" style=\"font-size:16px;line-height:27.2px;\"><li style=\"background-color:rgba(255,255,255,0);\" class=\"fusion-li-item\"><span style=\"background-color:#3463ba;font-size:14.08px;height:27.2px;width:27.2px;margin-right:11.2px;\" class=\"icon-wrapper circle-yes\"><i class=\"fusion-li-icon fa-file-pdf fas\" style=\"color:#ffffff;\" aria-hidden=\"true\"><\/i><\/span><div class=\"fusion-li-item-content\" style=\"margin-left:38.4px;color:#595959;\"><a href=\"https:\/\/www.dynamo.com.br\/wp-content\/uploads\/2021\/08\/e44e84e8094c0b9e663f0d936f08c20576525665.pdf\" target=\"_blank\" rel=\"noopener\">Leia aqui<\/a><\/div><\/li><\/ul><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-6{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-6 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 2.375%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 2.375%;}@media only screen and (max-width:1177px) {.fusion-body .fusion-builder-column-6{width:100% !important;}.fusion-builder-column-6 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}@media only screen and (max-width:700px) {.fusion-body .fusion-builder-column-6{width:100% !important;}.fusion-builder-column-6 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2-5{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div>\n<\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<article id=\"blog-1-post-4633\" class=\"fusion-post-grid post-4633 post type-post status-publish format-link hentry category-cartas-en category-cartas post_format-post-format-link\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:rgba(255,255,255,0);border:none;\">\n\n<div class=\"fusion-post-content-wrapper\" style=\"padding:0px 25px 0px 25px;\"><div class=\"fusion-post-content post-content\"><h2 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/www.dynamo.com.br\/en\/carta-123\/\">Letter 123 &#8211; Particles and Purposes<\/a><\/h2><div class=\"fusion-post-content-container\"><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2-6 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"width:105% !important;max-width:105% !important;margin-left: calc(-5% \/ 2 );margin-right: calc(-5% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-7 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-7\"><p>About systematic investment strategies and how they impact our day by day as long-term value investors.<\/p>\n<\/div><ul class=\"fusion-checklist fusion-checklist-6\" style=\"font-size:16px;line-height:27.2px;\"><li style=\"background-color:rgba(255,255,255,0);\" class=\"fusion-li-item\"><span style=\"background-color:#3463ba;font-size:14.08px;height:27.2px;width:27.2px;margin-right:11.2px;\" class=\"icon-wrapper circle-yes\"><i class=\"fusion-li-icon fa-file-pdf fas\" style=\"color:#ffffff;\" aria-hidden=\"true\"><\/i><\/span><div class=\"fusion-li-item-content\" style=\"margin-left:38.4px;color:#595959;\"><a href=\"https:\/\/www.dynamo.com.br\/wp-content\/uploads\/2021\/08\/359c37264d043c6362f01c55446262f11417ef2f.pdf\" target=\"_blank\" rel=\"noopener\">Leia aqui<\/a><\/div><\/li><\/ul><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-7{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-7 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 2.375%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 2.375%;}@media only screen and (max-width:1177px) {.fusion-body .fusion-builder-column-7{width:100% !important;}.fusion-builder-column-7 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}@media only screen and (max-width:700px) {.fusion-body .fusion-builder-column-7{width:100% !important;}.fusion-builder-column-7 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2-6{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div>\n<\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<article id=\"blog-1-post-4632\" class=\"fusion-post-grid post-4632 post type-post status-publish format-link hentry category-cartas category-cartas-en post_format-post-format-link\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:rgba(255,255,255,0);border:none;\">\n\n<div class=\"fusion-post-content-wrapper\" style=\"padding:0px 25px 0px 25px;\"><div class=\"fusion-post-content post-content\"><h2 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/www.dynamo.com.br\/en\/carta-122\/\">Letter 122 &#8211; Negative Externalities and Their Discontents<\/a><\/h2><div class=\"fusion-post-content-container\"><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2-7 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"width:105% !important;max-width:105% !important;margin-left: calc(-5% \/ 2 );margin-right: calc(-5% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-8 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-8\"><p>In light of advances in the environmental agenda, discusses reforms in the governance regime and considers shareholders\u00b4 role and engagement.<\/p>\n<\/div><ul class=\"fusion-checklist fusion-checklist-7\" style=\"font-size:16px;line-height:27.2px;\"><li style=\"background-color:rgba(255,255,255,0);\" class=\"fusion-li-item\"><span style=\"background-color:#3463ba;font-size:14.08px;height:27.2px;width:27.2px;margin-right:11.2px;\" class=\"icon-wrapper circle-yes\"><i class=\"fusion-li-icon fa-file-pdf fas\" style=\"color:#ffffff;\" aria-hidden=\"true\"><\/i><\/span><div class=\"fusion-li-item-content\" style=\"margin-left:38.4px;color:#595959;\"><a href=\"https:\/\/www.dynamo.com.br\/wp-content\/uploads\/2021\/08\/5eb744181480bcfa61e4574cf00ceee9829a92d7.pdf\" target=\"_blank\" rel=\"noopener\">Leia aqui<\/a><\/div><\/li><\/ul><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-8{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-8 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 2.375%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 2.375%;}@media only screen and (max-width:1177px) {.fusion-body .fusion-builder-column-8{width:100% !important;}.fusion-builder-column-8 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}@media only screen and (max-width:700px) {.fusion-body .fusion-builder-column-8{width:100% !important;}.fusion-builder-column-8 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2-7{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div>\n<\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<article id=\"blog-1-post-4631\" class=\"fusion-post-grid post-4631 post type-post status-publish format-link hentry category-cartas category-cartas-en post_format-post-format-link\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:rgba(255,255,255,0);border:none;\">\n\n<div class=\"fusion-post-content-wrapper\" style=\"padding:0px 25px 0px 25px;\"><div class=\"fusion-post-content post-content\"><h2 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/www.dynamo.com.br\/en\/carta-121\/\">Letter 121 &#8211; Intentions and Gestures<\/a><\/h2><div class=\"fusion-post-content-container\"><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2-8 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"width:105% !important;max-width:105% !important;margin-left: calc(-5% \/ 2 );margin-right: calc(-5% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-9 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-9\"><p>Examines corporate documents and shareholders\u00b4 discussions in a sample of global companies exposed to the energy transition theme.<\/p>\n<\/div><ul class=\"fusion-checklist fusion-checklist-8\" style=\"font-size:16px;line-height:27.2px;\"><li style=\"background-color:rgba(255,255,255,0);\" class=\"fusion-li-item\"><span style=\"background-color:#3463ba;font-size:14.08px;height:27.2px;width:27.2px;margin-right:11.2px;\" class=\"icon-wrapper circle-yes\"><i class=\"fusion-li-icon fa-file-pdf fas\" style=\"color:#ffffff;\" aria-hidden=\"true\"><\/i><\/span><div class=\"fusion-li-item-content\" style=\"margin-left:38.4px;color:#595959;\"><a href=\"https:\/\/www.dynamo.com.br\/wp-content\/uploads\/2021\/08\/de817d151cb9fce328e896e30fea243bfeec226c.pdf\" target=\"_blank\" rel=\"noopener\">Leia aqui<\/a><\/div><\/li><\/ul><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-9{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-9 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 2.375%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 2.375%;}@media only screen and (max-width:1177px) {.fusion-body .fusion-builder-column-9{width:100% !important;}.fusion-builder-column-9 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}@media only screen and (max-width:700px) {.fusion-body .fusion-builder-column-9{width:100% !important;}.fusion-builder-column-9 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2-8{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div>\n<\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<article id=\"blog-1-post-4630\" class=\"fusion-post-grid post-4630 post type-post status-publish format-link hentry category-cartas-en category-cartas post_format-post-format-link\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:rgba(255,255,255,0);border:none;\">\n\n<div class=\"fusion-post-content-wrapper\" style=\"padding:0px 25px 0px 25px;\"><div class=\"fusion-post-content post-content\"><h2 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/www.dynamo.com.br\/en\/carta-120\/\">Letter 120 &#8211; CEOs: The Floor is Yours II<\/a><\/h2><div class=\"fusion-post-content-container\"><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2-9 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"width:105% !important;max-width:105% !important;margin-left: calc(-5% \/ 2 );margin-right: calc(-5% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-10 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-10\"><p>Continues the interviews with CEOs, started in the last Report.<\/p>\n<\/div><ul class=\"fusion-checklist fusion-checklist-9\" style=\"font-size:16px;line-height:27.2px;\"><li style=\"background-color:rgba(255,255,255,0);\" class=\"fusion-li-item\"><span style=\"background-color:#3463ba;font-size:14.08px;height:27.2px;width:27.2px;margin-right:11.2px;\" class=\"icon-wrapper circle-yes\"><i class=\"fusion-li-icon fa-file-pdf fas\" style=\"color:#ffffff;\" aria-hidden=\"true\"><\/i><\/span><div class=\"fusion-li-item-content\" style=\"margin-left:38.4px;color:#595959;\"><a href=\"https:\/\/www.dynamo.com.br\/wp-content\/uploads\/2021\/08\/095b332e8cb16f59135314fa3d39c452b33b498f.pdf\" target=\"_blank\" rel=\"noopener\">Leia aqui<\/a><\/div><\/li><\/ul><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-10{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-10 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 2.375%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 2.375%;}@media only screen and (max-width:1177px) {.fusion-body .fusion-builder-column-10{width:100% !important;}.fusion-builder-column-10 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}@media only screen and (max-width:700px) {.fusion-body .fusion-builder-column-10{width:100% !important;}.fusion-builder-column-10 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2-9{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div>\n<\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<article id=\"blog-1-post-4629\" class=\"fusion-post-grid post-4629 post type-post status-publish format-link hentry category-cartas category-cartas-en post_format-post-format-link\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:rgba(255,255,255,0);border:none;\">\n\n<div class=\"fusion-post-content-wrapper\" style=\"padding:0px 25px 0px 25px;\"><div class=\"fusion-post-content post-content\"><h2 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/www.dynamo.com.br\/en\/carta-119\/\">Letter 119 &#8211; CEOs: The Floor is Yours I<\/a><\/h2><div class=\"fusion-post-content-container\"><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2-10 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"width:105% !important;max-width:105% !important;margin-left: calc(-5% \/ 2 );margin-right: calc(-5% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-11 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-11\"><p>On the occasion of Dynamos thirty years, instead of speaking ourselves, we preferred to give voice to the CEOs of some companies we invest in.<\/p>\n<\/div><ul class=\"fusion-checklist fusion-checklist-10\" style=\"font-size:16px;line-height:27.2px;\"><li style=\"background-color:rgba(255,255,255,0);\" class=\"fusion-li-item\"><span style=\"background-color:#3463ba;font-size:14.08px;height:27.2px;width:27.2px;margin-right:11.2px;\" class=\"icon-wrapper circle-yes\"><i class=\"fusion-li-icon fa-file-pdf fas\" style=\"color:#ffffff;\" aria-hidden=\"true\"><\/i><\/span><div class=\"fusion-li-item-content\" style=\"margin-left:38.4px;color:#595959;\"><a href=\"https:\/\/www.dynamo.com.br\/wp-content\/uploads\/2021\/08\/485d401684f883a353a9e9849ef0cd11fb1182bc.pdf\" target=\"_blank\" rel=\"noopener\">Leia aqui<\/a><\/div><\/li><\/ul><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-11{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-11 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 2.375%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 2.375%;}@media only screen and (max-width:1177px) {.fusion-body .fusion-builder-column-11{width:100% !important;}.fusion-builder-column-11 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}@media only screen and (max-width:700px) {.fusion-body .fusion-builder-column-11{width:100% !important;}.fusion-builder-column-11 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2-10{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div>\n<\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<div class=\"fusion-clearfix\"><\/div><\/div><div class=\"pagination clearfix\"><span class=\"current\">1<\/span><a href=\"https:\/\/www.dynamo.com.br\/en\/wp-json\/wp\/v2\/pages\/4318\/page\/2\/\" class=\"inactive\">2<\/a><a href=\"https:\/\/www.dynamo.com.br\/en\/wp-json\/wp\/v2\/pages\/4318\/page\/3\/\" class=\"inactive\">3<\/a><span class=\"pagination-dots paginations-dots-end\">&middot;&middot;&middot;<\/span><a href=\"https:\/\/www.dynamo.com.br\/en\/wp-json\/wp\/v2\/pages\/4318\/page\/11\/\" class=\"inactive\">11<\/a><a class=\"pagination-next\" rel=\"next\" href=\"https:\/\/www.dynamo.com.br\/en\/wp-json\/wp\/v2\/pages\/4318\/page\/2\/\"><span class=\"page-text\">Next<\/span><span class=\"page-next\"><\/span><\/a><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-1{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-1 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 2.375%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 2.375%;}@media only screen and (max-width:1177px) {.fusion-body .fusion-builder-column-1{width:100% !important;order : 0;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}@media only screen and (max-width:700px) {.fusion-body .fusion-builder-column-1{width:100% !important;order : 0;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 2.375%;margin-left : 2.375%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;min-height:100vh;}<\/style><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-4318","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.dynamo.com.br\/en\/wp-json\/wp\/v2\/pages\/4318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dynamo.com.br\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.dynamo.com.br\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.dynamo.com.br\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dynamo.com.br\/en\/wp-json\/wp\/v2\/comments?post=4318"}],"version-history":[{"count":8,"href":"https:\/\/www.dynamo.com.br\/en\/wp-json\/wp\/v2\/pages\/4318\/revisions"}],"predecessor-version":[{"id":4438,"href":"https:\/\/www.dynamo.com.br\/en\/wp-json\/wp\/v2\/pages\/4318\/revisions\/4438"}],"wp:attachment":[{"href":"https:\/\/www.dynamo.com.br\/en\/wp-json\/wp\/v2\/media?parent=4318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}