Dynamo Reports

Transparency in management is a highly cultivated asset in Dynamo. Besides the usual channels of communication with our investors, we usually write - since Dynamo Cougar inception – the Dynamo Report.

The Dynamo Report is a quarterly newsletter that seeks to critically analyze relevant issues of today's capital markets, and also presents our performance during the relevant period, highlighting the most significant events related to our investments.

Below you can download (PDF file) the last Dynamo reports available. To ensure receipt of future publications, please register on the Mailing menu.

Report 100


Continuing in the opportunity of Dynamo’s 25th anniversary, we recover the main messages of Reports 17 to 32.

Report 99

Beginnings and Principles

We take the occasion of Dynamo’s 25th anniversary to go back in time and remember Reports 1 to 16.

Report 98

Melius Cras

Details the analysis of platforms and of Mercado Libre’s business model.

Report 97

Mutate in Melius

Briefly narrates the trajectory of Mercado Libre and our investment in the Company

Report 96


On the business model of platform companies

Report 95


Describes the structure through which digital technology is organized, namely, the network paradigm

Report 94


Highlights episodes in the history of technological progress that supported the digital transformations of today

Report 93

Hearing stars

In the discovery of gravitational waves, we founded another mental model that inspires our research process

Report 92


Resumes the narrative of our investment in BVMF up to today.

Report 91


Describes the context of the beginning of our investment in BVMF.

Report 90

Resilience and Robustness

Discusses the resilience/robustness of companies.

Report 89

Heading North

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.

Report 88

LAt(t)itude II

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

Report 87


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

Report 86

Our Knots

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

Report 85

Doing Business: a Global Overview

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

Report 84

Renner : The Path of the Palindrome

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

Report 83

Renner: The Geometry of Retail

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

Report 82

System 3

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