Lucas Swisher on Coatue's Growth Fund Strategy

I am so fricking bored of guests that go on 10 podcasts and say the same frameworks again and again. Coatue manages $30BN on the private side. Their growth fund is $7BN. They have investments in Revolut, Anthropic, OpenEvidence, Canva and more. And yet, the Co-Head of Coatue, Lucas Swisher, never does podcasts. That changes today. @LucasSwisher1👇 Spotify 👉 https://open.spotify.com/episode/5QxHPwi… Youtube 👉 https://youtu.be/Hom5OMMzOQ0 Apple Podcasts 👉 https://podcasts.apple.com/us/podcast/20… Timestamps: 00:00 Intro 01:04 Why Public SaaS Is Getting Crushed in the AI Wave 07:35 Durability of Revenue in AI 15:28 Market Size vs Founder Quality: What Wins? 16:52 Why Price is the Last Thing to Matter 23:32 Mega-Funds Math: Can $5B+ Funds Still Generate Venture Returns? 27:01 What Returns Are 'Enough'? Why 3x Isn't Exciting at Growth 29:54 When Double-Downs Go Wrong: Overestimating TAM and Multi-Product Expansion 32:37 Margin Matters… But at Scale: AI Gross Margins, Cost Curves & Efficiency 37:11 Why it has never been harder to be a seed investor 40:11 Is 'Kingmaking' a Myth: When Capital Helps (and When It Hurts) 45:23 Is Canva Really a Platform Company? Multi S-Curves and Leaning into AI Early 46:52 Lessons from Mary Meeker 50:08 Lessons from Mamoon Hamid 51:34 LP 'Pick One' Games: Mamoon Hamid, Mary Meeker, Insight Partners 53:40 OpenAI vs Anthropic: Who Wins? 59:17 Most Memorable Founder Meeting 01:01:35 Career Decisions & Misses