In this week’s Trade To Black Podcast, TDR Founder Shadd Dales and lead financial writer Benjamin A. Smith interview the founder of Apeiron Investment Group, Christian Angermayer. Aperion is best known in North America for its prominent investments in psychedelic biopharma leaders atai Life Sciences N.V. (NASDAQ:ATAI) and COMPASS Pathways plc (NASDAQ:CMPS). On the agenda for conversation: macro and crypto market volatility, the historic volatility gripping the biotech industry, the rise of life game-changing life extension technologies within our lifetimes, and more.
Christian Angermayer is an entrepreneur and investor and the founder of Apeiron Investment Group, his family office, and merchant banking business. Apeiron focuses on fintech, crypto assets, technology, Life Sciences, and other investments. Apeiron completes deals across the entire lifecycle and balance sheet of a company, from non-listed seed/start-Up investments to larger-scale restructuring and special situations deals. Additionally, it invests in venture and private equity funds.
Trade To Black Podcast Cliffsnotes:
Macro/Crypto
@1:28 Needless to say, the broad markets are extremely volatile in recent times. For example, the NASDAQ has declined for seven consecutive weeks for the first time since the Great Financial Crisis is 2008. Christian Angermayer gives his perspective on the current state of the markets. Apt reference to the dot.com era.
@4:07 The biggest difference in the market today vs. 2001—crisis of valuation not fundamentals.
@4:50 Benjamin A. Smith believes the psychedelics industry contains a number of companies with faulty business models with no differentiation or chance of success. Christian Angermayer believes there are only “a handful” of legit psychedelic companies.
@20:15 Benjamin A. Smith expands on Christian’s interest rate commentary and solicits his take on the crypto and stablecoin carnage, where several have crashed through the US$1 peg. Next steps for the crypto and DeFi market.
@22:58 The carnage in crypto wiped out more wealth than Lehman Brothers did on a percentage basis in 2008, yet the market handled the drawdown well. The crypto industry is resilient.
@25:05 Algorithmic stablecoins like Terra Luna performed like they were supposed to, and they failed. The crypto world is taking responsibility for investing in this failed experiment.
@26:45 A whole new lifestyle with a younger generation of investors.
Psychedelics
@7:43 There are bunch of biotech stocks trading at cash in the current environment. atai Life Sciences is only trading about US$200 million above cash (including Aperion’s COMPASS investment) on the balance sheet despite being the industry leader.
@9:08 Diversification in the psychedelics sector is important. Psychedelic compounds work, according to Christian Angermayer.
@11:40 Was diversification of the atai Life Sciences psychedelics pipeline a key reason why Apeiron Investment Group invested in the company before going public?
@14:58 Why has biotech been hit harder than other industries over the past few months? Christian believes interests rates will not rise as much as people expect. Rising interest rates is a net drag on the technology and biotech sectors.
@18:04 Biotech’s relative underperformance is tied to an outsized run in the bull market, meaning it had further to fall. Forced selling is likely taking place.
Life Extension/Wellness
@27:25 Christian Angermayer lives by a happier, healthier, longer philosophy and invests in companies that are developing therapies in that domain. Christian explains Apeiron’s investment in Rejuveron—a private company that is developing life extension technologies.
@30:56 Has COVID changed the way people view their health? The effects of the pandemic are starting to manifest itself.
@35:11 Christian Angermayer opines on whether life extension technologies, within our lifetime, will allow people to live healthy and productive lives well into their centennial years.
@38:01 Christian’s extensive supplement regime is focused on lowering the probability of heart disease and cancer so that he might participate in life extension technology of the future. Tips to maintain optimal health provided.
