‘We’re the good ones. I really believe that’: meet the German billionaire behind the Enhanced Games

The article centers on Christian Angermayer’s push for the Enhanced Games, a controversial sports event built around performance-enhancing drugs, with organizers citing a study that 91% of athletes are using testosterone, 79% HGH, 41% EPO and 29% anabolic steroids. Angermayer argues medically supervised enhancement should be allowed and says the event has already benefited from strong publicity, while anti-doping authorities call it dangerous and irresponsible. The piece is largely opinionated and promotional rather than market-moving, though it touches on health, regulation and consumerized enhancement products.

Analysis

The investable angle is not the sporting event itself but the normalization pipeline it could accelerate across wellness, TRT, peptides, telehealth, and compounding pharmacies. If even a small share of viewers converts from curiosity to purchase behavior, the winners are the distribution layers: online clinics, cash-pay dermatology/aesthetics, and firms with loose enough regulatory posture to monetize “optimization” rather than disease. The losers are incumbent sports media and Olympic-adjacent sponsors that depend on virtue signaling; the headline risk here is less about direct revenue loss than brand contamination if mainstream advertisers get painted as enablers of a drug-turned-entertainment model.

The bigger second-order effect is regulatory regime drift. Once enhancement is framed as elective medicine with physician supervision, the line between wellness and pharmacology blurs, creating a longer-run tailwind for GLP-1 adjacencies, peptide platforms, men’s health, and at-home diagnostics. That said, this is a multi-quarter to multi-year theme, while near-term catalyst risk sits in the next 1-3 months: adverse events, documentary-style backlash, payment processors or app stores restricting sales, or a state/federal enforcement action could abruptly freeze distribution even if public curiosity remains high.

Consensus is likely underestimating how much this validates the premium-cash-pay model, not the spectacle. The market tends to dismiss “fringe” consumer medicine until a cultural trigger makes it aspirational; then unit economics matter more than morality. But the other side of the trade is that if regulators decide the Enhanced Games is effectively an unlicensed drug marketing channel, the same visibility that creates demand also increases legal discovery and enforcement risk for suppliers and distributors.

The best asymmetry is to express the theme through broad healthcare monetization rather than the event directly. Avoid buying the narrative at peak publicity; instead, wait for a pullback in names exposed to cash-pay optimization and pair that against sports/media or anti-doping-adjacent sentiment names if the coverage intensifies. Any long should be sized as a policy option, not a fundamental anchor, because headline velocity can reverse faster than customer adoption.

Key Decisions for Investors

• Initiate a medium-term basket long in HIMS / TEVA / ELV on any 5-8% pullback over the next 2-6 weeks; thesis is that cultural normalization lifts men’s health, TRT, and cash-pay prescribing volumes faster than consensus expects.
• Buy 3-6 month call spreads in HIMS or another cash-pay telehealth beneficiary with high gross-margin exposure; target a 2:1 to 3:1 payoff if the theme converts into repeat patient acquisition rather than one-time curiosity.
• Pair trade: long a healthcare monetization proxy / short a sports-media or event-adjacent sponsor basket on strength over the next 1-2 months; use this to isolate the “normalization of enhancement” revenue effect while hedging event-specific hype.
• Avoid shorting biotech or pharma broadly on moral grounds; if anything, the more interesting short is on companies with reputationally fragile consumer brands that could be forced into de-risking ad spend if mainstream backlash grows over 1-3 months.
• Set a regulatory trigger: if there is FDA/FTC/state AG action against peptides or telehealth marketing, rotate out of the basket immediately; if no action occurs after 90 days, scale the long as the market will likely reprice the theme as durable rather than novelty-driven.