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Hans Tung

Managing Partner, Notable Capital · 2 appearances on the record, plus 1 compilation re-air.

computed by AI from the episodes · how this works → · full disclaimer →

investorhost@hanstung ↗LinkedIn ↗hans.vc ↗

Hans Tung is a multi-year Forbes Midas List venture capitalist who leads investments across commerce, fintech, and AI applications. He is best known for backing prominent global tech companies, including Airbnb, Slack, Coinbase, Peloton, Affirm, Wish, Xiaomi, ByteDance, and Anthropic.

42statements → 15claims → 8claims resolved → 75%fully supported → 4.12/5average certainty → 1.93/5average debate potential → 4.4/5argument clarity · the sources → 13said about them ↓

6 supported 1 partly supported 1 contradicted 1 not yet assessed 4 not checkable as stated how the 15 claims stand · each chip opens the sources

3 predictions · 12 assertions · 3 opinions · 16 insights · 8 disclosures · every statement was checked. The predictions and assertions are the 15 claims: statements the public record can support or contradict. 10 are resolved, 1 is not yet assessed, and 4 name no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Hans argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported
Tung: Uber turned $1B–$2B investment in China into $7B Didi stake
“They put in about a billion to two in, and they have a stake that's worth seven billion.”
Hans Tung Jan 8, 2018 ▶ 7:16 20VC: Why This Is Just The Start for Consumer Mobile, 3 Lessons China Taught About How To Invest Better In The US & How To Think About The Opportunity Cost of Capital Deployment with Hans Tung, Managing Partner @ GGV Capital

Their most notable contradicted claim

Assertion Contradicted
GGV Capital and Wellington were the only firms in both Peloton and Affirm
“And I think the only other firm that did that was Matt at Wellington. So both of us only went and invested in both companies.”
Hans Tung Sep 20, 2021 ▶ 14:14 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital

Expressed certainty vs assessment result

none yet certainty 1
none yet certainty 2
0% certainty 3
88% certainty 4
75% certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

Argument clarity: do they answer the question? how? →

4.4 / 5 directness 4.6 · coherence 4.6 · precision 4.4 · compression 3.9

answered every one of 14 assessed questions directly

This is a score against a rubric. It is not a rank. Every host question → answer exchange is scored with names hidden on directness, coherence, precision and compression, 1–5 each, on meaning alone: disfluencies are ignored, and only raw unedited episodes count. This is the score that measures thought. Every scored exchange, scores shown → · The rubric and its checks →

How they sound: speaking style how? →

236 words/min while actually speaking · 16.3 um and uh per 1k words

Measured by listening to the audio itself: 3,317 words across 1 episode of raw-level tape, transcribed verbatim with every um and uh kept, each one attributed only where the alignment onto our timed stream is unambiguous. These are measurements of speaking style. We do not rank them: across this corpus, fluency and argument quality are nearly uncorrelated (ρ≈0.2), and smooth talking does not signal clear thinking. How it's measured →

How the interview went all their pushback → series average →

Across 3 rated episodes:

host pushback ▾ 4/10
pushed back at the host ▾ 2.3/10
setup questions received 36%

Everything Hans Tung said on 20VC that made the record, most notable first. Filter by type, assessment or year in the ledger →

Insight
Hans Tung: Tiger Global's public-private hybrid model is the future of VC
“But I mentioned that I think back in 2013, the model to look at will ends up being something what Tiger Global is building because it's multi-stage and it is a public fund that if you do that well, The profits of that can help to subsidize growth of their priv…”
Hans Tung Sep 20, 2021 ▶ 15:21 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Prediction Not checkable as stated
Hans Tung: Tech will face regulation because its benefits are unprecedentedly concentrated
“You will see regulation. You will see some pushback because tech does not benefit all. It does not benefit all. It is more concentrated than almost any form of innovation we have seen before, so that needs to be dealt with.”
Hans Tung Sep 20, 2021 ▶ 35:54 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Prediction Not checkable as stated
Hans Tung: Globalization of consumer mobile internet is the decade's biggest trend
“Over the next 10 years, between 2013 and 20 23, globalization of mobile internet, especially for consumer companies, Will be the most important trend I will ever bet on in my career, and hence, because I have a more global view, I am still extremely bullish on…”
Hans Tung Jan 8, 2018 ▶ 5:30 20VC: Why This Is Just The Start for Consumer Mobile, 3 Lessons China Taught About How To Invest Better In The US & How To Think About The Opportunity Cost of Capital Deployment with Hans Tung, Managing Partner @ GGV Capital
Insight
Tung: Startups should prioritize high volume over high profit margins
“Don't worry about high margin. Worry about high volume.”
Hans Tung Jan 8, 2018 ▶ 10:18 20VC: Why This Is Just The Start for Consumer Mobile, 3 Lessons China Taught About How To Invest Better In The US & How To Think About The Opportunity Cost of Capital Deployment with Hans Tung, Managing Partner @ GGV Capital
Assertion Partly supported
Hans Tung: Tiger Global subsidizes private equity diligence with public fund profits
“The model to look at will end up being something what Tiger Global is building, because it's multi-stage, And it is a public fund that if you do that well, the profits of that can help to subsidize growth of their private equity business, and they can afford t…”
Hans Tung Feb 23, 2022 ▶ 10:49 The Tiger Global Memo: From Sequoia Capital to Benchmark and Thrive: The World's Best on the Rise of Tiger Global
Prediction Not checkable as stated
Hans Tung: Fast-funded startups and venture funds will fail medium-term
“Medium terms, you know, some of the companies are not going to make it. Some of the funds are not even going to make it.”
Hans Tung Sep 20, 2021 ▶ 8:41 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Insight
Hans Tung: The best startups are always expensive in every funding round
“One of the key lessons I learned as a multi-stage investor over my career is that the best companies are always going to be expensive every single round.”
Hans Tung Sep 20, 2021 ▶ 8:50 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Insight
Hans Tung: Venture scale requires replacing fundamental behavior, not just incumbents
“If you believe that is a substitution of gym membership and enlarging the pie, and you can argue for those that miss Uber or anything that drive sharing, it's a car ownership substitution, not just a substitution of taxi services, then the pie becomes a lot bi…”
Hans Tung Sep 20, 2021 ▶ 12:56 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Insight
Hans Tung: Emerging tech markets experience valuation busts within 3-5 years
“Anytime you look at a new market, initially it will be something that needs to be proven out. So people are cautious. And once you reach that inflection point where people think, oh, this could be the next big thing. And then short term, a lot more capital rus…”
Hans Tung Sep 20, 2021 ▶ 19:20 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Opinion
Tung: Multi-stage investing is superior to single-stage venture capital
“Again, this is why investing in multi-stage is much better than investing in single stage, because you get to see and choose, okay, I love this sector, I love this founder, but it's just a bit too early, or they're at a tough We should come back to it later wh…”
Hans Tung Sep 20, 2021 ▶ 21:48 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Disclosure
Hans Tung: GGV exits post-IPO positions by selling 5-10% quarterly
“Once our company go public, instead of trying to figure out which one's likely to be the next square and next Zendesk and continue to, or Airbnb and continue to rise, we have sort of adopted approach of being willing to exit evenly, quarter by quarter, a finit…”
Hans Tung Sep 20, 2021 ▶ 23:24 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Assertion Supported
Tung: Uber turned $1B–$2B investment in China into $7B Didi stake
“They put in about a billion to two in, and they have a stake that's worth seven billion.”
Hans Tung Jan 8, 2018 ▶ 7:16 20VC: Why This Is Just The Start for Consumer Mobile, 3 Lessons China Taught About How To Invest Better In The US & How To Think About The Opportunity Cost of Capital Deployment with Hans Tung, Managing Partner @ GGV Capital
Insight
Tung: Western tech companies must enter China via local strategic partners
“We think that a way to go to China is not necessarily to do it yourself, but find a strategic partner in the same way that Yahoo found Alibaba, and that's the right model. So it's not an issue of market. It's an issue of entry model in China.”
Hans Tung Jan 8, 2018 ▶ 7:26 20VC: Why This Is Just The Start for Consumer Mobile, 3 Lessons China Taught About How To Invest Better In The US & How To Think About The Opportunity Cost of Capital Deployment with Hans Tung, Managing Partner @ GGV Capital
Assertion Not publicly verifiable
Hans Tung: 75% of GGV Capital's team are women
“In our firm, 75% are women, and amongst our six GPs, we have one that's women, and most of our VPs are women.”
Hans Tung Jan 8, 2018 ▶ 21:25 20VC: Why This Is Just The Start for Consumer Mobile, 3 Lessons China Taught About How To Invest Better In The US & How To Think About The Opportunity Cost of Capital Deployment with Hans Tung, Managing Partner @ GGV Capital
Assertion Supported
Hans Tung: Andreessen Horowitz limits global expansion due to operational complexity
“They're not trying to go global. They do mostly in primarily US and they will dabble here and there, but primarily focus on the US market because it's operational heavy to scale their model.”
Hans Tung Feb 23, 2022 ▶ 13:12 The Tiger Global Memo: From Sequoia Capital to Benchmark and Thrive: The World's Best on the Rise of Tiger Global
Opinion
Hans Tung: Today's crypto movement mirrors the 1993 Netscape internet boom
“Seeing some of my classmates end up going to Yahoo, end up going to Netscape, end up going to some other internet startups, It's kind of like what you see with crypto today, and you just see, wow, anything's possible”
Hans Tung Sep 20, 2021 ▶ 3:58 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Insight
Hans Tung: Innovating during market downturns creates stronger companies
“So having gone through a few cycles earlier in three big ones with Asia financial crisis, internet bubble, the first one, and then the financial crisis from the U S it gives you perspective on when other people are afraid and Stop investing or stop innovating.…”
Hans Tung Sep 20, 2021 ▶ 5:40 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Insight
Hans Tung: Venture investment outcomes take seven to nine years to determine
“And as you know about venture, you don't know exactly what will happen until year seven, year eight, year nine.”
Hans Tung Sep 20, 2021 ▶ 6:27 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Disclosure
Hans Tung: Sub-$100M startup investments can reach $100B valuations
“I invested in some of the companies at, you know, sub one hundred million valuation. When they become, you know, five, 10, 20, sometimes even a hundred billion dollar valuation, it really doesn't matter what I'm to the rest of a portfolio.”
Hans Tung Sep 20, 2021 ▶ 9:46 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Insight
Hans Tung: Growth-stage financial models rarely predict returns beyond 5x
“So even in the analysis that you do, it's hard to predict anything beyond three to five X in the growth stage. So you have to pick ones that has a special possibility for a lot more.”
Hans Tung Sep 20, 2021 ▶ 11:57 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Assertion Contradicted
GGV Capital and Wellington were the only firms in both Peloton and Affirm
“And I think the only other firm that did that was Matt at Wellington. So both of us only went and invested in both companies.”
Hans Tung Sep 20, 2021 ▶ 14:14 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Insight
Tung: Back multiple interconnected players forming an ecosystem around a trend
“If you're betting on the trend, you want to bet on multiple players that are somehow working together, forming ecosystem to grow together.”
Hans Tung Sep 20, 2021 ▶ 14:19 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Assertion Supported
Hans Tung: Andreessen Horowitz limits global expansion due to operational intensity
“And you talk to fine folks at Andreessen, they're not trying to go global. They do mostly in primarily US and they will dabble here and there, but primarily focus on the US market because it's operational heavy to scale their model.”
Hans Tung Sep 20, 2021 ▶ 17:42 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
Disclosure
Tung: GGV Invested in Square at an $800 Million Valuation
“We invested in Square at about an eight hundred million dollar valuation, and then when a company went public, the valuation for the first two years was not great, but thereafter, they really found the right market fit and found the right engine for the scale,…”
Hans Tung Sep 20, 2021 ▶ 20:17 20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital

Show 18statements(18 left)

The other half of the tape: Hans Tung's own voice is left out of every number here. Other people bring the name up 13 times in 4 episodes on 20VC. every mention, with the transcript →

Who brings them up most Harry Stebbings 8Glenn Solomon 3Jeff Richards 2

Every mention by year

Appearances (3)

EpisodeDateSpeaking time
The Tiger Global Memo: From Sequoia Capital to Benchmark and Thrive: The World's Best on t compilation Feb 23, 2022 3m
20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Pi Sep 20, 2021 26m
20VC: Why This Is Just The Start for Consumer Mobile, 3 Lessons China Taught About How To Jan 8, 2018 15m
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