This is my fifth interview with Peter Mantas. I learn something new each time I talk to Peter.<br>This week, we discuss Peter&#x27;s views on where the Left Tail lies in biotech, why bubbles are great for biotech&#x27;s long-term success, and how to spot the real AI winners from vaporware in the biotech space.<br>I loved recording this episode and learned a ton, I know you will too.<br>PLEASE NOTE THAT NOTHING IS INVESTMENT ADVICE. DO YOUR OWN WORK. NOTHING IS ADVICE ON THIS PODCAST.

Peter Mantas: The Biotech Bubble Whisperer

Value Hive Podcast

# Full Transcript

**Podcast:** Value Hive Podcast

## Participants

- **Brandon Beylo** (Value Hive Podcast)
- **Peter Mantas** (None)

## Transcript

All right, another day, another Brandon Beylo interview, my healthcare biotech savant, as I think nobody calls you. Peter Mantas Very kind. Peter Mantas But you should go about that nickname. I think that's interesting. I have this view that, and this will probably be proven wrong in time, because trying to time markets is hilarious, but I have this view that healthcare has bottomed.

Peter Mantas And I think healthcare has bottomed. I also think biotech is going to be this next massive wave of AI capital. If I look at flows, first it was the data centers, semiconductors, then it's space and robotics. And I think eventually that flow finds its way to medicine and biology and biotech.

Peter Mantas And so I'm willing to be totally proven wrong. I'm probably going to be wrong in a lot of that directionally, but I want to know from you, I guess the first thing is how do you sauce the real biotech AI capabilities versus vaporware? Peter Mantas Because that's, I think, a very pressing issue for me as a generalist. It's like there's a lot of exciting biotech companies that say that they're doing stuff with AI, but how do I know what's legit and what's not?

Peter Mantas Yeah, so thanks for having me on again. Savant is a very kind word. I don't think I'm a, I don't think I'm any god or deity or anything like that. But, you know, if you were to pick out all the sectors in the market, and I'm just talking about from a market perspective, and you say like, what truly has the greatest secular tailwind that AI can provide?

Peter Mantas AI, tangentially or peripherally, is kind of a threat to everything else, right? Like whether it's software, whether it's services, whether it's payments, whether it's whatever. But biotech truly is the greatest, AI is one of the greatest elements.

Peter Mantas But I want to contain it to more on the discovery side, because the bottleneck that AI faces is the regulatory capture piece. You're still going to have to go through trials. It's still going to take a long time to test for humans. There's still safety issues.

Peter Mantas So, you know, you might be able to cut off time on a preclinical asset a little bit. But you still are going to have very expensive drugs, because of the of the fact that they are regulated, right? And that is where the moat is in biotech. It's you're creating mini monopolies. Whenever drug gets approved, that it's a mini monopoly.

Peter Mantas So, will it exhilarate drug discovery or molecule design? Yeah, sure. Absolutely. Will it mean that you can get a gene therapy to market in two years? No way. Peter Mantas So, I think it's important to temper expectations on that front.

Peter Mantas And look, I'm just high level. I'm more of a capital cycle biotech investor. And what I mean by that is like, I'm my strength is more about identifying identif...

Peter Mantas: The Biotech Bubble Whisperer

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
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Peter Mantas: The Biotech Bubble Whisperer

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.