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![tbpn Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1838288550569349120.png) TBPN [@tbpn](/creator/twitter/tbpn) on x 93.6K followers
Created: 2025-07-16 22:59:16 UTC

We asked @LucasSwisher1 (GP, Coatue) how investors should make sense of the post-ZIRP world.

“Quality matters is probably the number one lesson from the ZIRP 2021 era.”

“Ramp’s a great example. People thought it was expensive,  200x gross profit. But if you're investing in a quality business, often at really any stage, over duration you're going to be in a great spot.”

“Where folks got in trouble was chasing rounds in sectors they didn’t understand. Growth investors doing early venture, too many companies funded, chasing yield.”

“We were at the end of the SaaS era before AI hit, and people were funding literally everything. The lesson now is back the very few that are truly high quality. Only those.”

![](https://pbs.twimg.com/amplify_video_thumb/1945619206911004672/img/5Nw-fPiu1vxPbDym.jpg)

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