Peter Mantas on the Coiled Spring of Biotech: FDA Shakeups, uniQure's Breakthrough, and AI Drug Discovery

Peter Mantas on the Coiled Spring of Biotech: FDA Shakeups, uniQure's Breakthrough, and AI Drug Discovery

In this episode of This Week in Intelligent Investing, hosts John Mihaljevic and Elliot Turner welcome Peter Mantas, General Partner and Chief Investment Officer at Logos LP. Recorded on May 12, 2026, the discussion dives deep into the rapidly shifting landscape of biotechnology and life sciences investing. Peter breaks down the recent regulatory drama at the FDA, the profound impact of artificial intelligence on drug discovery, and the economic realities of life-changing gene therapies. With a unique interdisciplinary background spanning corporate law and capital markets, Peter offers a masterclass on finding asymmetric, uncorrelated value in a highly complex sector. Key Topics Discussed: * FDA Shakeups & Regulatory Shifts: The resignation of Marty Makary and what the removal of the "MAHA movement" influence means for the future of gene and cell therapy approvals. * The uniQure Saga: A deep dive into uniQure's AMT-130 for Huntington's disease, the ethical implications of requiring Phase 3 trials for devastating rare diseases, and the growing regulatory pressure on the US from the UK and EU. * Biotech Infrastructure & "Picks and Shovels": How regulatory bottlenecks and delayed approvals compress valuations for life sciences tools and drug delivery companies like ClearPoint Neuro and Repligen. * AI as a Biotech "Coiled Spring": Why AI is drastically cutting the cost of knowledge in preclinical discovery, and why regulatory frameworks must adapt to prevent a massive clinical bottleneck. * Pricing Curative Therapies: The math behind why health insurers are willing to pay millions for single-dose gene therapies that cure patients and restore them to the active workforce. * Building an Edge: How Peter transitioned into a specialized biotech investor, how he uses AI as a "pocket analyst," and insights from his Substack publication, Back of the Napkin Bios.   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.   About the Guest: Peter Mantas is the General Partner and Chief Investment Officer at Logos LP, a privately held investment firm specializing in interdisciplinary value investing. With a robust background spanning finance, law, and technology, Peter brings a multifaceted perspective to capital markets and business advisory. Alongside his work at Logos LP, he is the Co-Founder and Co-Managing Partner at Orion Legal Group. Earlier in his career, Peter served as a corporate lawyer in the capital markets and alternative investments groups at McCarthy Tétrault LLP and held management positions within international technology firms, including Wolters Kluwer and Proofpoint. A frequent speaker and commentator on emerging technologies, life sciences, and portfolio construction, Peter is also known for his work on the Back of the Napkin Bios podcast series. He holds an Honours Baccalaureate in Commerce from the University of Ottawa and both an LL.B. and B.C.L. from McGill University’s Faculty of Law. About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy. John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.

Shaun Heelan on Market Complacency, the AI Capital Trap, and Deep Value Case Studies

Guest: Shaun Heelan, MAAT Investment Group Hosts: Elliot Turner & John Mihaljevic This week on This Week in Intelligent Investing, Elliot and John are thrilled to welcome Shaun Heelan of MAAT Investment Group. Shaun brings a masterclass in deep-value investing and private-equity-style due diligence, offering a contrarian take on today's market complacency and the tech-heavy concentration of passive indices. In this episode, we explore the widening cracks in the credit market, dig into the forensic accounting details of a passed opportunity, and discuss why the current AI boom might look a lot like the historical capital traps of railroads and aviation. Shaun also breaks down MAAT’s newest portfolio addition, illustrating exactly how to calculate a true margin of safety when the broader market is in despair. Key Topics & Episode Breakdown: * The Foundation of MAAT Investment Group: Shaun shares his path in investing, key lessons learned, and the unique operational advantages of having a core team that has worked together before. * Market Complacency & Concentrated Risks: A look at the macro environment through a deep-value lens. We examine the widening cracks in the credit market and contrast this risk with today's top-heavy passive indices. * The AI Debate: Information vs. Knowledge: Are LLMs scientists, or just "smart librarians"? Shaun explains why he believes the AI revolution will actually reinforce traditional intangible moats rather than destroy them, drawing fascinating parallels to historical capital traps. * Deep Dive Case Study: Vistry Group (The Passed Opportunity): We look under the hood of MAAT's due diligence process. Shaun explains why his team rejected the "NVR of the UK" analogy due to structural constraints, and unpacks the forensic accounting red flags surrounding their percentage-of-completion accounting. * Deep Dive Case Study: Edenred (Navigating Market Despair): A breakdown of MAAT's newest portfolio addition. We walk through Edenred's B2B2C network and zero-cost float, analyze the market's overreaction to regulatory shocks in Italy and Brazil, and discuss why the sum-of-the-parts valuation reveals a deeply discounted core business. Listen now to hear Shaun’s insights on navigating today’s complex market landscape through an intentional, deep-value philosophy.   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.   About the Guest: Shaun Heelan serves as Chief Investment Officer of MAAT Investment Group, based in Munich. Shaun brings over 20 years of investment experience across a broad range of asset classes. His career spans both the sell-side and buy-side, covering everything from highly liquid instruments to complex, illiquid assets. Known for his disciplined investment process and strong risk management, Shaun’s expertise has shaped MAAT’s philosophy and long-term approach. About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy. John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.

Matt Peterson on His Investment Approach and Proprietary AI Research Platform

In this episode, co-hosts Elliot Turner and John Mihaljevic welcome special guest Matthew Peterson, Managing Partner of Peterson Capital Management [https://www.petersonfunds.com/], to discuss his investment philosophy and an internally developed, proprietary AI research platform. Matt's investment approach combines a value-oriented, research-intensive process with sophisticated options strategies to generate superior risk-adjusted returns. Veritas Alpha [https://www.veritasalpha.com/] is a AI equity research platform for family offices, endowments, and serious investors. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.   About the Guest: Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. Peterson Investment Fund I was established in 2011 as a capital allocation vehicle with a mission to build enormous wealth for long-term partners. Matthew has been working as a financial professional for two decades. His experience includes working with global financial services firms Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. Prior to forming Peterson Capital Management, LLC and launching Peterson Investment Fund I, LP, Matthew split time between Wall Street and London as Capital Markets Manager at Diamond Management and Technology Consultants. Matthew worked as a member of both the US and UK offices, with expertise spanning risk management and derivative processing. During his tenure with Diamond, Matthew worked with top-tier investment banks, global payments firms, and international insurance companies to deliver high impact solutions to his clients’ most challenging business problems. In 2010, Diamond was purchased by PwC and became Diamond Advisory Services. Before Diamond, Matthew worked with Merrill Lynch and founded M. Peterson Financial Services, a financial planning firm that offered client planning services to American Express Financial Advisors. Matthew holds a Chartered Financial Analyst (CFA) designation. He earned his Bachelor of Science in economics and minor in mathematics from the University of Puget Sound. Matthew has lived and worked in China, England, and the United States. Matthew resides in Austin, Texas, with his wife, Gamze, and their two children, Isabel and Adrian. About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy. John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.

Bill Chen on Trends and Opportunities in Publicly Traded Real Estate

In this episode, co-hosts Elliot Turner and John Mihaljevic welcome back special guest Bill Chen, founder and managing partner of Rhizome Partners, to discuss public equity investing in real estate. Bill shares his thoughts on key trends and opportunities he sees in the sector. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.   About the Guest: Bill Chen is the founder and managing partner of Rhizome Partners (2013), Rhizome Real Asset Opportunity Fund (2020), and Rhizome Hard Asset Opportunity Fund (2023). Prior to forming Rhizome Partners in March 2013, Mr. Chen traded and invested his own assets, utilizing strategies that focused on deep value investments and event-driven strategies. From August 2009 until January 2011, he was the Director of Research at New York Global Group, a private equity firm that invested in growth companies in mainland China. From October 2006 to March 2009, Mr. Chen was an Analyst in Citigroup’s real estate investment banking group, a group that focused on M&A transactions of up to $1 billion. From October 2005 until October 2006, Mr. Chen was a mechanical engineer for Bladykas Engineering. Mr. Chen received his B.S. in Mechanical and Aerospace Engineering from Cornell University in 2004. About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy. John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.

Bloomberg Opinion Columnist Justin Fox on the AI Spending Boom

In this episode, co-hosts Elliot Turner and John Mihaljevic welcome Justin Fox, Bloomberg Opinion columnist covering business, economics, and other topics. He is also the author of The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street. Justin discusses the AI spending boom and how he sees it playing out based on his research into the current period and similar episodes in history. Enjoy the conversation! ----- Further reading: * "This Is How the AI Stock Boom Plays Out [https://www.bloomberg.com/opinion/articles/2025-10-28/this-is-how-the-ai-stock-boom-plays-out?srnd=undefined]" * "The Party Is Like 1999, But Better [https://www.bloomberg.com/opinion/newsletters/2025-10-13/stocks-are-pushing-up-but-this-isn-t-like-the-dot-com-bubble?srnd=undefined]" * "The AI Spending Boom Is Massive But Not Unprecedented [https://www.bloomberg.com/opinion/articles/2025-10-08/the-ai-spending-boom-is-massive-but-not-unprecedented?srnd=undefined]" ----- Justin Fox is a Bloomberg Opinion columnist covering business, economics and other topics involving charts. A former editorial director of the Harvard Business Review, he is author of “The Myth of the Rational Market.” ----- The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time. ----- About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy. John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.