In an August 2016 interview with Rolling Stone, Peter talked about The Monkees' third #1 single, 1967's "Daydream Believer":
"This comes from what I called the 'mixed-mode' period. The first one was the Don Kirshner mode where he oversaw the records and everything was under his control. Then we did Headquarters where it was just us. 'Mixed' was us and some pros in the studio. With 'Daydream Believer,' I was on the piano and I came up with this opening lick which I thought was just sparklingly original. When you play it today, everyone thinks of 'Daydream Believer.'
"What really makes the song work, I think, is the chord change on 'Jean' in 'Cheer up sleepy Jean.' It goes from a IV chord to a V chord to a III. That's a very unexpected and sweet chord change. It really grabs your attention. Then there's the line, 'What can it mean to a daydream believer and a homecoming queen.' It doesn't go right in your face, but when you think about it you figure it out. You're like, 'Okay, the guy is in a workaday world and he's got his head in the clouds. His girlfriend was a homecoming queen, but they're still scratching.' You don't get all that until you think about it for a long time.
"Davy sings this one, and he was such a talented guy, and a good actor. He was probably the best actor among us. He probably had the best musical mind, too. The best brain and maybe the best heart. "
Monkees Farewell Tour