Seeing Through the Noise: The Investor Mindset That Survives Biotech Cycles
with Ales Vavra and Pavlina Walter
Biotech investing attracts some of the smartest capital allocators in the world. It also destroys more value than almost any other sector. The challenge is not simply technical risk. It is the structural complexity that surrounds science, regulation, execution, timelines, and human behavior. Most investors underestimate that complexity. Many ignore it until it is too late.
In this edition of Clinical Capital Conversations, I sat down with Ales Vavra, a former programmer turned hedge fund manager who built a reputation shorting companies that promised breakthroughs they could not deliver. Our conversation was honest, unfiltered, and deeply relevant to anyone managing capital in life sciences today.
Ales is not a scientist, yet he consistently identified weak biotech plays before the market did. He did not do this through intuition. He did it through discipline, skepticism, and an understanding of investor psychology.
What follows is not a summary of our conversation. It is an exploration of the deeper patterns behind it. Patterns that determine who survives in this sector, who builds durable value, and who gets lost in the noise.
Hope is Not a Strategy: The Psychological Trap in Biotech Investing
Biotech plays into one of the strongest human impulses: the desire to believe in a cure. For Alzheimer’s. For cancer. For obesity. For aging itself. Hope is powerful, and the industry knows how to package it.
Investors are not immune.
Ales explained how he watched seasoned investors ignore contradictory data because they wanted the story to be true. Cassava Sciences became his example. The data did not stand up to scrutiny, yet hope carried the valuation far beyond reason. The eventual correction was painful.
The lesson is simple and uncomfortable.
The biggest risk in biotech is not the molecule. It is the investor.
Biotech attracts those who want to be part of something meaningful. But the desire to contribute to human progress can cloud judgment. When the emotional appeal of a mission becomes stronger than the operational reality of the company, the outcome is predictable.
This is why disciplined skepticism is not negativity. It is responsible investing.
Fraud is Rare. Misalignment is Common. And Both Cost Millions.
Ales pointed out a truth many prefer not to discuss publicly. Full scientific fraud is rare, but misleading narratives are not. Most failures stem from poor governance, lack of regulatory discipline, or founders with limited operational experience. These are not criminal acts. They are structural weaknesses.
But they destroy value all the same.
The tension between scientific founders and investor expectations is growing. Many founders underestimate the complexity of clinical execution. Investors, in turn, underestimate how quickly a poorly run study can derail an otherwise promising asset.
The market focuses on the molecule.
But the molecule is only as good as the system that carries it.
Clinical study design, site selection, recruitment strategy, regulatory navigation, data integrity, and operational culture matter far more than the headline mechanism of action. Yet many investors chase the story instead of interrogating the system.
This is where an execution focused model creates an asymmetric advantage. When investors back teams with built-in trial infrastructure, cross-border regulatory knowledge, and operational discipline, the probability of success increases dramatically.
Not because the science is better.
Because the process is stronger.
AI as a Tool for Judgment, Not a Replacement for It
Ales spent years analyzing biotech companies without a scientific background. That alone challenges the myth that investors must be experts in molecular biology. What they need is structured thinking.
AI amplifies this. It accelerates pattern recognition. It helps filter noise. It speeds up orientation across large datasets and dense scientific language.
But Ales was clear. AI is a compass, not a map.
It can point you in the right direction, but it cannot make your decisions for you. It cannot verify the integrity of management. It cannot replace conversations with clinicians or regulatory advisors. And it cannot overcome biased or incomplete data.
Investors using AI must understand its limits. The danger is not incorrect outputs. It is misplaced confidence.
The future will belong to investors and operators who use AI to sharpen their judgment, not outsource it.
The Discipline of Saying No: Why Simplicity Outperforms Complexity
There is a temptation in biotech to believe that complexity is a sign of sophistication. But when Ales evaluates companies, he looks for the opposite.
If the value proposition is simple, investors can understand it. If the mechanism of action is clear, clinicians can evaluate it. If the regulatory pathway is straightforward, the company can execute efficiently.
Complexity is not a moat unless it sits on top of operational excellence. More often, complexity hides weaknesses in thinking, data, or leadership.
This is why many biotech startups struggle to secure funding. It is not because capital is scarce. It is because founders fail to articulate a clear, credible, and operationally grounded case for how their asset reaches real patients.
Investors want clarity.
They want evidence of traction.
They want to see the pathway from Phase I to acquisition or licensing.
And above all, they want leadership that understands execution risk, not just scientific innovation.
Simplicity is not the absence of depth. It is the presence of clarity.
Diversification: The Old Truth Investors Still Ignore
In our discussion, Ales said something that many investors quietly know but often ignore. Diversification is the simplest, most effective risk management tool in biotech, yet large numbers of investors behave like single-asset gamblers.
They want to bet on the miracle. They want the story that becomes a legend. Hero or zero.
It is a destructive mindset.
Biotech is inherently probabilistic. Even well-executed programs face scientific uncertainty. Concentration is not courage. It is unnecessary exposure.
Sophisticated allocators diversify across modalities, therapeutic areas, regulatory risk, and execution models. They spread risk not because they lack conviction, but because they understand the nature of the sector.
Diversification is not a lack of vision. It is how vision survives the cycle.
The Role of Advisors: Why Expertise Matters More Than Ever
Ales made one point with exceptional clarity. Investors who do not understand the sector must hire advisors. The cost is small compared to the cost of getting it wrong.
But even this is not simple. The largest advisory firms often provide shallow analysis. Smaller firms may lack the breadth of experience needed for complex assets. The challenge is finding advisors who combine scientific depth with operational pragmatism.
Investors should look for three attributes in advisors:
Experience with real clinical execution, not just academic theory.
A track record of identifying operational risks early.
The ability to translate scientific and regulatory complexity into actionable investment insight.
Advisors should be a force multiplier, not a checkbox.
The Execution Gap: Why Startups and Investors Struggle to Meet Each Other
A recurring theme in our conversation was the disconnect between capital and innovation. There are more investors than ever looking for high-quality opportunities. There are more startups than ever looking for funding. Yet the two groups rarely meet.
Why?
Because most founders cannot articulate their operational pathway, and most investors lack the infrastructure to assess execution risk at scale.
Investors are no longer satisfied with scientific promise. They want evidence of execution capacity. They want trial readiness. They want regulatory clarity. They want systems, not slide decks.
Startups, meanwhile, need partners who bring not only capital, but real clinical infrastructure, strategic guidance, and operational discipline.
When these two conditions align, value accelerates. When they do not, innovation stalls.
This is the central challenge of modern biotech investing. And it is why hybrid models, combining CRO infrastructure with venture investing, are gaining momentum. They reduce friction. They compress timelines. They create alignment.
They bridge the gap.
Against the Mainstream: The Strength of Independent Thinking
Ales described the personal cost of going against consensus. Short sellers are never celebrated. Contrarian investors are often criticized before they are proven right. Challenging popular narratives requires more than intelligence. It requires resilience.
But this independence is also what protects capital in biotech.
If everyone loves the story, the valuation is usually already inflated. If everyone accepts the data without question, the diligence has not been deep enough. If everyone is optimistic, few are prepared for the downside.
Independent thinking is not contrarianism for its own sake. It is the discipline of evaluating reality, not the narrative.
In this sector, it is essential.
Longevity, Obesity, AI, and the New Wave of Hype
We also touched on the new shiny objects in healthcare: longevity, obesity, and AI therapeutics. These are important areas. They attract world-class science and capital. They will transform medicine.
But the hype cycle is already distorting judgment.
Simple interventions like movement, nutrition, and sleep have a more immediate impact on longevity than most early-stage therapeutics being pitched today. But they are not as attractive as a headline.
Investors must separate genuine innovation from narrative momentum.
They must differentiate between projects that have real clinical pathways and those that are built on aspirational storytelling.
The next decade will be shaped not by hype, but by execution. Obesity therapeutics, neurodegenerative treatments, and AI-enabled clinical systems will succeed only when the operational foundation is strong.
Investors who understand this will outperform those who chase noise.
The Core of the Investor Mindset That Survives Cycles
When you distill the entire conversation, one message remains.
The investors who survive biotech cycles have three qualities:
Skepticism without cynicism.
They question aggressively, but they do not lose faith in innovation.Operational literacy.
They understand how trials work, how timelines slip, how regulatory pathways unfold, and how execution failures destroy value.Patience paired with discipline.
They know that timing matters, diversification matters, and alignment matters.
These investors do not rely on hope.
They rely on systems.
They do not wait for miracles.
They invest in processes that reduce uncertainty.
They do not chase noise.
They build the ability to see through it.
Clarity as a Competitive Advantage
Biotech will always contain risk. That is inherent to the sector. But much of the risk is avoidable. It comes from misjudging people, processes, and incentives. It comes from the temptation to believe too quickly and the reluctance to question deeply.
Ales reminded us that survival in this space is rarely about predicting the future. It is about building the mindset that protects you from the present.
The investors who thrive in biotech do not have perfect foresight.
They have structural clarity.
They know how to evaluate execution.
They know when simplicity matters more than complexity.
They know when AI clarifies and when it deceives.
They know that diligence is not a task, but a discipline.
Most importantly, they know that hope belongs in the clinic, not the investment memo.
Seeing through the noise is not a talent. It is a practice. And for investors in life sciences, it is the foundation of long-term success.
Timecode:
00:00 Introduction and Guest Background
01:44 Investment Strategies in Healthcare
03:13 Red Flags in Healthcare Investments
06:04 Role of AI in Investment Decisions
08:16 Advice for Healthcare Investors
12:01 Success Stories and Challenges
14:07 The Role of Sugar in Our Lives
14:55 Alcohol Consumption and Life Balance
15:43 The Hype and Reality of AI
18:40 Investment Challenges for Startups
21:48 Bitcoin and Long-Term Value
25:15 Personal Reflections and Future Outlook
26:17 Final Thoughts on Investment and Life
Links:
Peter M. Kovacs LinkedIn: https://www.linkedin.com/in/petermkovacs/
Peter M. Kovacs Personal Website:https://www.petermkovacs.com/
PMK Group Website: https://www.pmk-group.com/
Guests:
Ales Vavra https://www.linkedin.com/in/ales-vavra-6423475/
Pavlina Walter: https://www.linkedin.com/in/pavlinawalter/
Transcript:
Pavlina Walter: I would like to welcome here. Ales Vavra, we would like to today a little bit more, speak about the investments in healthcare sector. So I will ask you to actually introduce yourself to our audience and tell a little bit more about your experience in healthcare.
Dr. Peter M. Kovacs: Uh,
Ales Vavra: thank you for inviting me.
Dr. Peter M. Kovacs: Um, so where you started, so what was just very briefly, not from the kindergarten, just just your professional career.Yes, but,
Ales Vavra: uh, at the, at the first, I have to say that I'm not a. I was a programmer. Yeah, I'm, I'm, I'm, I'm text coding the programs and during this, my, let's say, short carry are, meet with a lot of new technologies and a lot of softwares and starting thinking like, uh, investor, that means what will happen as soon as I will buy the stock.Of companies, which tools I'm using every day in my, in my job. That's my beginning. And as a i, I did start as a, let's say, broker first take care of, uh, client's position and client's money. Then I was a portfolio manager of the hedge fund of Metatron Capital, which is, let's say. Daughter of J&T Bank. Private Czech Bank.Yeah, just Czech and Slovak Bank. Sorry. That's, that's my long story. Short. Yeah. And finally, finally, the fund, which I've managed was, uh, short only.
Ales Vavra: And it's mean. All my position was, uh, against the, the, the. The long position. I am hoping, uh, short means you are hoping that, uh, stock will go down in the future. Yes. That's first. That's my story. Yeah. Nothing important.
Dr. Peter M. Kovacs: And what was the key focus in your investment strategy? So do you have a, uh, an, any specific, um, industry or, or any specific, uh, yes.
Ales Vavra: Technology at the first, but, uh, uh, I. I, I have to say that I did see a lot of opportunities for shorts in, um, drugs, sectors mm-hmm.
And pharmacy, because there are the frauds and misleading investors. And, uh, I think that I make a lot of nice shorts against the, some, let's say miracles, which, um, unfortunately not happen.
Pavlina Walter: Can you actually. Like, say something more about it, because our audience is more from the healthcare sector, not the financial experts
Ales Vavra: as, as us.It's, uh, well, it's not easy to answer because I am watching as a, I don't want to say professional, but, um, the guy who did see a lot of, let's say, strange things first. A freelances is not exist. That's my first answer. If some, some projects, uh, has a, let's say, nice goes front of these projects very often is a hard, hard way to, to dig in or hard way to get it.And as soon as someone will tell you, I have a miracle for you. So quick. So easy. Yeah, just invest. Very probably not true.
Dr. Peter M. Kovacs: It's a red flag. It's the biggest red flag. Yes. Right? Yes, yes. 'cause there is no pill that cover solve all the diseases.
Ales Vavra: Yes. And especially if we are talking about, let's say, world's disease, world's biggest problem as a Alzheimer's.Mm-hmm. Problem, and so on and so on. It's this, this waste are so difficult.
Pavlina Walter: So you consider that the area of a CNS central nervous system like Alzheimer is the area where there is lots of throats, and then you have some other like examples for us.
Ales Vavra: Uh, it's a, it's, uh, some, some something. Uh, uh, I mean, yes, yes.For example, Cassava science is a, is was a fake, all, all, all FDA. Not all data, but on F1 and F two, there was a lot of mis misleading for investors and everyone wants to get a drug for Alzheimer's, but unfortunately, but as, as soon as you will have a see on the manage management and we'll, uh, we'll have a look, which companies did work for in the past, you can see, let's say some.Science, science. Science. Yes, there are some. There was, were two guy, two bad guys and working for similar company and was the misleading in foreign investor as well. And for in cassava there was, especially this guy was a unfortunately wrong guy. Hmm. So, but it's hard to, hard to answer because as soon as I will get this disease, I, I want to hope.Mm-hmm. But these things are not working like this. If you, something won't to. Unfortunately it could, could happen that will not happen.
Dr. Peter M. Kovacs: But it is the mistake that they didn't perform properly to due due diligence processes. I mean, the investors that they get so mislead, misled by this company. So how is it possible, because there are so long processes, right?
Ales Vavra: Yeah, I know, I know. Because it, it take takes, let's say years. Yes. I think seven or maybe eight. And the, the guys, which was were short as me. Did pay, let's say, a lot of, um, professors from university and opposite opinions to create, let's say, critical reports. But, uh, no one scared. No one scared these reports '
Dr. Peter M. Kovacs: cause everybody hoped that this should work.Yes. And
Ales Vavra: by the way, if you are against the, this. Something like this, you are, you are the bad guy because you don't want to be positive
Dr. Peter M. Kovacs: heal the
Ales Vavra: patients. You were against the the patients. It is not easy, but answer to your clients or to our audience is just be. Be a little skeptic. Not too much, but be a little skeptic.
Pavlina Walter: I have a question. Because you are not from the medical field, how come you can evaluate this kind of projects?
Ales Vavra: It's, it's, it's not easy because, but much easier for today because as soon as you will use a lot of AI tools. Mm-hmm. Yes. You can orient it very quickly. Yes. Because. In the past, I have to read a lot of text.
Mm-hmm. Texts. Mm-hmm. Uh, sorry. A lot of pages, a lot of books. And my focus is not the Be Biologists, but as soon as you will use AI tools, could. Help you and, uh, move to right direction, but mm-hmm. Be, be, be, be skeptic as well against ai. It's just
Dr. Peter M. Kovacs: a good hint. But, but not, no, no. Yes, it's not
Ales Vavra: 100%.Unfortunately. We are
Pavlina Walter: now discussing a lot with ai, the data protection, security, not disclosing confidential information. If you are using ai, you need to put some information that AI is able to give you some hints, for example. Yeah. Mm-hmm. So what kind of information you can disclose. Uh, and how you fit your AI to.I mean, to give you some kind of report or opinion, or even like, results already.
Ales Vavra: Okay. Uh, I, I, I will, I will tell you how, which tools I'm using mm-hmm. Every day and how I'm doing. Uh, first I think that much better to use AI tools for your own data. It mean find the, any robots or any application where, where could, could you put all your, your data and the, the algorithms will work only behind your data's much.
Uh, much better. Much better. For, for, for digging. We, we are saying digging because there are no not lot of, um, wrong noises and some, uh. How does it say it's, uh,
Dr. Peter M. Kovacs: this phantom data? Yes, yes.
Ales Vavra: That is, and I'm using, let's say for example, it's this tool calls. It's from Google. It's, uh, not, not a book. LM very, very useful.Mm-hmm. Very useful. You can put, uh, uh, interview like our mm-hmm. You can put your data. Mm-hmm. And as soon as you are good programmer, you can connect it to your own database. Mm-hmm. It is really good. That's, that's to which I'm using every day.
Pavlina Walter: Okay.
Ales Vavra: To, to be, let's say, oriented in, in large area of data.
Pavlina Walter: Mm-hmm. So coming back to your, like, previous focus on healthcare sector, so if we would be now investors, we would like to invest the money, what would be your advice to us? How you would guide us and what you would recommend?
Dr. Peter M. Kovacs: Where to start, where to start, what to evaluate, how to go.
Ales Vavra: It's, it's not easy, but first not to
Pavlina Walter: lose.
Ales Vavra: Of course. Of course. But as, as you said, anytime when someone invest, could happen, unfortunately. Anything, yes. Sure. First. Second, if you want to manage your risk, you can do it via, let's say. You, you not to put all your money on one project. Yes. Finally. Diversification. Yes. Diversification is really un but you will be so surprised how many investor did not do it.Yeah. Right. Because just believe only one thing want to be. Uh, say want to be hero or zero? Yeah, we are, we are calling this kamikaze as a style because it's, sometimes you are nice or no, sometime not, but unfortunately. But kamikaze a style is not definitely the way which your, you have to do, you have to do. And
Dr. Peter M. Kovacs: based on your experience and what you explained in the last few minutes, uh, so the personal behaviors is the main significant bias for the good investments.
Ales Vavra: Yeah. Yeah. Yeah. Yes, yes. But, uh, just use, use advisors. Yeah. It's, uh, let me give you some example. I, I'm, I'm, I don't know if I'm good in this business, but definitely I'm not a good cooker. I'm not good. Uh, bricklayer, I'm not a good, uh, anything. But if I need this type of job or work, I have to hire something.
Mm-hmm. Just hire advisor, maybe pay. Before put any investment for consulting, it's uh, it's the same like with a car. How many people visit the car room before they buy the car? But how many investors ask any other advisor which invest is good or not? Almost no one.
Pavlina Walter: We are talking about, uh, healthcare technologies.So they are very difficult, especially nowadays when the development goes so fast, how actually those kind of advisors can oriented, can be oriented. In this sector? Yeah. If you have some new application with ai, how they distinguish this application is much better than the other one. Mm-hmm. So they would tell me, Pavlina, invest money to this kind of application rather than to the one which you wanted.
Ales Vavra: As I said, it's not easy to answer basically, but. AI is really, uh, a good tool. Definitely. I'm pretty sure that as soon as we will make this interview after 10 years, AI will be there, but question will be, which project will be there, if you will have any project which is working on really big data, I guess.So it'll be good as we talk before, if you use your ring, your watches, your. Data from doctor collecting and create some, let's say, report or early warning. Nice one. Nice one. Mm-hmm. We are work on it. Yes. Nice one. Mm-hmm. For example, if to, it will be, goes together with your drinks, with your food. I mean not, um, your, um, I mean what, what you, what you are drinking or eating and, and finally if you will have a, let's say in toilet at some.It collection of data in toilets. It'll be, it's working already. Yeah, it's already working. I know, I know. It's sort of some existing project.
Pavlina Walter: What was your, the biggest success?
Ales Vavra: I mean, you mean on the short? Mm-hmm. Yes. Yes. The cassava science was my biggest mm-hmm. Biggest success because it was so clear that Yeah, the, the, the drug doesn't work, but.Timing is a good for this, my short, but as, as we said before, timing is a key point. Yeah. As you will find the, any future project, I mean, not you, your clients, timing is good as well because it, unfortunately, I have to say, that'll not happen immediately, but. You have to be patient. This the same case for the short cassava was nice.And mine Max. mine Max was a, another good one. It was a fake fake. Um, uh, if you cut a knife to the head, there is some special, um, how does it say? Some Gaza or something I think, and doesn't work as well, but yeah. But takes five years already. And there are a lot of, there are a lot of mid misleading investors in these sectors, for example, for losing weights.Mm-hmm. And be strong and so on, because not easy to, let's say, measure these successes. So.
Pavlina Walter: You touched a little bit this, okay. Weight loss, maybe longevity things. So what's your opinion about this sector right now?
Ales Vavra: I, I, I have to, um, I have to say again, I'm optimistic. I want to progress. I want to have a be in better life.But unfortunately, there are a lot of, let's say Misleadings, for example, longevity is a new, new age, but. How, how many people, how often anyone, let's say don't use Lyft. Yeah. As soon as every day you will not use a Lyft and will use the steps. It's a such a easy hack for longevity, but no one's doing it. No one's doing, but only because this is in the headlines and now, and now that's very sexy headline.
Yeah. It's very the, the same, the same. The, the sugar. Mm-hmm. The sugar. I, I'm happy that we are drinking water and I'm happy that my. My kids are drinking water as well. For me, it's hard to, let's say, understand how could, for example, companies like Coca-Cola use sugar for, for the future, for let's say after 20 years.Because su every, every, everybody knows that sugar is not a
Dr. Peter M. Kovacs: healthy eating.
Ales Vavra: Yes. But by the way, how, how many from this table are, let's say, eating ice cream? Ice cream is just a sugar and water. Water and water, yes. Nothing, yes cream, but yes, it's, it's original from the fruits. Mm-hmm. Some this is different.Let's say about alcohol. This is the same. Alcohol is, I, fortunately, I, I'm drinking alcohol. I'm not a drunker, but, but still drinking, but it's happening. Yes. Sometimes it's happening and, but I'm really know that it's not a best way how to long. Longer, but not a lot of stories starting when we meet each other and start drinking water.That's my answer. The life balance is a key point. Mm-hmm. For me,
Dr. Peter M. Kovacs: quite rare that we are going for water testing. Okay.
Ales Vavra: I'm sorry. I don't know if you understand, uh, answer your question. Yes. But, but mm-hmm. It's, uh, there are a lot of, let's say.
Dr. Peter M. Kovacs: New, new headlines. Yeah. But this hype is also biased. Many investors that it's a two, two big hype and also is a question we are living now.It's a booming, the ai, I see that it is also a big hype and how you can differentiate between the hype and the real values.
Ales Vavra: It's not easy answer, but uh, uh, AI is, uh, is, is here. And I think that will be there, let's say after 10 years, no doubt. But AI is not a. Put, put some text and create some, some, imagine some it's not AI or, or just the, let's say, asking what time is it or when the Second World War did start, it's not for ai, but it cost the money for the chips and chip sets for the developing languages, but for the electricity as well.I think that AI will be there, but uh, there will be. Much different levels. For example, some levels for the doctors, some levels for the university students, and some, some level for, let's say kids or parents for school is really good. Nice tool. But for what the cost and my answer is, uh, to, to stay for AI will be key point.If, let's say. Money will return back to the system because as soon as you will pay 20 US dollars for ChatGPT, it's uh, uh, losing money for the, the creating of ChatGPT. It's, uh, cost more than create, uh, revenue. And I think that AI will be there. Maybe we'll be much, much expensive and, and focusing for various specific.Issue maybe in the, in the, your segment for the developing drugs. I think that will spend, save a lot of time for developing, I guess so.
Dr. Peter M. Kovacs: I guess so. And that's money is also because time is money. Yes. It's money because
Ales Vavra: as soon as you, you have to pay some experts in the laboratories and, and you are wasting time and, and sources of, of course, yes.I will be and definitely will be there in the school sector. I think it's. Nice too for, for kids. Uh, when, when I was born was small, we are always reading book. Yeah. No one will read a book again. Mm-hmm. Everyone will be. Texting with a, with a, with a machine, with a chat. It's real.
Dr. Peter M. Kovacs: I saw a very nice study from MIT couple of weeks ago.They tested the, the people who are using check GPT, how their cognitive decline mm-hmm. Is visible because you are not thinking anymore.
Ales Vavra: Yes. But if you, you, you will, you will use, let's say pessimistic view of point. You can. Protect your brain to, to collapse. Yes. Yes. That, that was my answer. Sorry.
Dr. Peter M. Kovacs: Okay.Just turning back a bit to the investment part. So, uh, we are trying to have for, um, small startup companies, small biotech, MedTech companies, uh. Um, to go and to speed up, uh, the go to market strategy, it's very difficult because everybody's lacking financing. Uh mm-hmm. They, they, they're lacking, uh, uh, uh, experience and expertise.How do you see in the, in the optimal and the best case scenario? Uh, um, investment model, uh, 'cause there are a lot of investors. There are a lot of startups waiting for investment, but, um, the overlap is very small. So there are much more money on the market. There are a lot of startups, but they never meet each other.How is it possible how you could solve this, this dilemma?
Ales Vavra: I, I, I really don't know. Sorry. I really don't know, but, uh. Uh, maybe easy answer is just if the product is very simple. Every, everyone is understanding what product is for what, yeah, how does it work, and so on and so on. Maybe the answer is, uh. The simplicity.Yes. Yes. That may, maybe that's the reason because no one understand financing. No one, sorry. Yeah. Yeah. A few people only, and, but everyone's, everyone will be understand what, what, what is inside this class if it tastes good or not. That's my answer. But I'm not an expert, sorry.
Pavlina Walter: But I hope that at least you understand the financing.Yes. I, I guess so. I guess so. Guess so.
Ales Vavra: But I mean, uh, the other people, sorry. So
Pavlina Walter: yeah, I have a question. So if I would, um, like to invest to some portfolio, I can come to you and you will tell me like what would be the best, uh,
Ales Vavra: that's, that's my job. Yes. Yes. But as I said before. Just if you doesn't understand anything mm-hmm.Just hire advisor. Mm-hmm. Yes. Special advisor because we are many times doing in our company, because we don't, we don't have a chance to understand everything. I mean, we just pay special guy who understand something special. We are ready to pay really huge fee for let's say, two or three hours consulting, and then we know that we are doing maximum to get all the information.I think that could do
Dr. Peter M. Kovacs: everybody. Yeah, but I, I also had some quite bad experience with advisors. Even with the top five. Really? I'm so sorry. Sorry to hurry. It's also difficult to find them because, um, some of them, they're the big ones, uh, they are very superficial. Mm-hmm. Uh, the smaller ones, they are sometimes a bit biased because they don't have the enough experience.So it is also difficult to find the good advisor. Yes. I, I do,
Ales Vavra: I do agree. But life is difficult. Sorry. Yeah. And that's, yes. Investing is difficult. It's not, not, not, it's not easy. Mm-hmm. And it's. It's a fair say. It's much too complicated for me. I cannot invest. It's fair. Say Okay. Don't be afraid to say it.
Dr. Peter M. Kovacs: Okay. Because you are not confident. Yes. Because everyone,
Ales Vavra: every, everybody wants to have a nice sleep. Yeah. Without, without a ring or without, it's, it's normal.
Pavlina Walter: Okay. And then, um, also we touch a little bit the Bitcoin, even if we say we will not so speak about this topic. So what's your opinion about the bitcoin?
Ales Vavra: Ah, yeah, I'm sorry. Uh, it's hard to answer easy, but I'm not a big fan, unfortunately because, uh, it's, uh, just data database mm-hmm. Database. There is, uh, not a lot of other information in this database, and, and I, I, I believe. For hardworking. Mm-hmm. I believe the guy who did build, let's say some company which is there over 100 years, created a lot of position, created a lot of jobs, impacts, yes.Uh, big impacts for the community, for the state. Pay a lot of taxes. That's, that's, that's the way, which I believe the value as the value. Long-term value. As soon as you'll use the valuation of the Bitcoin only skill is that you will buy it before me for better price. The word can be built on this, let's say Ed.I think it's already there. Yes. I, I accept it already there, but definitely we will not, um, let's say change the, the fiat system or something like this. Is there, okay. I respect, but it's, I, I'm, I will be the last one on the planet, which you will buy the, the Bitcoin, I have to say. The last one will be me
Dr. Peter M. Kovacs: and you.You say that, so how you feel yourself? You, you are a pioneer or, or you are just some, some person with, with the extraordinary skills and mindset.
Ales Vavra: It's, uh, it's, uh, it's hard to answer, but, uh, I'm, I'm still, I'm, I'm not a how to answer, but let, let me answer it this way. I'm still thinking, still, still thinking about everything.And, uh, I'm, I'm, I'm, I'm not thinking about the only because when I'm doing sports or sleeping, maybe during the, the dreams, I, I, I started to write my dreams and you, you will not have, imagine what I'm dreaming about. It's crazy. But, but, but that's my answer. I'm, I'm still thinking and I still need the information, and that's my answer.Mm-hmm. If, if I'm good or not, I, I really don't know, but still. Work with the brain is a key point for, for longevity. I, I, I think so. I think so, definitely. Unless alcohol, of course.
Dr. Peter M. Kovacs: And you, you, you went many times against the mainstream and, uh, was it really hard or, or Yes, absolutely.
Ales Vavra: It's always hard. It's, it's always hard.It's always hard and, and, uh, it's a very, really big pressure from, because if, if I was a short and I was right, I will be only one guy in the room who will be happy because I will make money. Other guy in the room was upset. Yes. Yes. That, that's a key point. If I will tell you something wrong about your investment, you will not like me because
Dr. Peter M. Kovacs: you see something wrong with I don't.Yes,
Ales Vavra: but it's not easy. Not easy, not easy. But I'm happy to get a chance to be there and still thinking and uh, and I get a lot of new friends because from this area. Um, I get a lot of, let's say, new view of points. Really different thinking. Yeah. Yes. And, and definitely AI is, is, uh, really good, good tool for everyone, everyone in the room, really.
Dr. Peter M. Kovacs: And where do you see yourself in the next five, 10 years?
Ales Vavra: I hope still alive. I hope so. It's a good start. Yes, yes. And I hope that my, I hope that my family will be cool. Will be good. My wife and my to my sons. And then I really don't know. I, I, I think that I will still meet the very interesting people Yeah.During my life and still my brain will work. Yeah. But doesn't matter what I will do.
Dr. Peter M. Kovacs: And is it easy for you to shift quickly based on the circumstances,
Ales Vavra: uh, changes? Yes. It is not, not hard for me to, to switch. It depends on the project of the people and so on. It has to be so challenging for me and, uh, really nice.Let's say. Group of people or, or colleagues are very, it's, it, it was, I was so happy to work with very smart people in the past and very, let's say, dedicated positive. Yes, yes. It's, it's, it's, it was my, my, it was my, my for fortune, it was my. Best, best, best luck in the world after I've met my wife, of course.Okay.
Pavlina Walter: And if you would say the last positive comments for our audience or recommendation Yes. Is gonna be
Ales Vavra: yes. Don't afraid, don't afraid. Uh, if you want to invest, you have to accept some risk. But, uh, investment ha ha has a lot of ways, a lot of ways invest in. Your own health. It's invest, invest to the friends and friendship is investment.And if you want to invest money, just, just be, don't worry, but be, be careful. That's my answer.
Pavlina Walter: Excellent. Thank you.
Ales Vavra: Thank you so much,thank you for inviting. Thank you.