13F Timing Lab / BABA · Q4 2022
Scion Asset Management
& Alibaba.
Michael Burry’s Scion reported 50,000 Alibaba depositary shares in February 2023. From the next session’s close, BABA lost value and trailed SPY at both observation windows.
Explore the record
Change the timing. See the difference.
Reviewed filing
Scion Asset Management → BABA
Scion Asset Management · Q4 2022
Read the dates before the headline
The holding came first. Your entry comes later.
45 days between the portfolio snapshot and the filing. Calendar days, not trading sessions.
- The portfolio snapshotDec 31, 2022Shares held on this date. It is not the purchase date.
- SEC accepts the filingFeb 14, 202310:59:39 Eastern
During market hours - Your selected entryFeb 15, 2023Next trading session’s close
BABA at $103.08 - The common exitMay 12, 202360 sessions after the base entry.
60 sessions held in this replay.
We do not know the manager’s purchase date or price. Changing your entry moves only your replay; the exit stays fixed. Timeline steps are equally spaced, not a time scale.
Entry: Feb 15, 2023 at $103.08. Exit: May 12, 2023 at $85.34. 60 trading sessions between closes.
Same stock. Same exit. Different entry.
The exit stays May 12, 2023. Waiting shortens the holding period. “pp” means percentage points; this is a price comparison, not risk-adjusted alpha.
Scroll sideways to compare every column ↔
| Entry timing | Entry date | BABA | SPY | Difference |
|---|---|---|---|---|
| First session | Feb 15, 2023 | -17.21% | -0.58% | -16.63 pp |
| Wait 1 session | Feb 16, 2023 | -17.23% | +0.81% | -18.04 pp |
| Wait 5 sessions | Feb 23, 2023 | -9.37% | +2.73% | -12.10 pp |
Inspect the daily prices behind this chart
| Date | BABA | SPY |
|---|---|---|
| Feb 15, 2023 | $103.08 | $413.98 |
| Feb 16, 2023 | $103.11 | $408.28 |
| Feb 17, 2023 | $100.01 | $407.26 |
| Feb 21, 2023 | $95.10 | $399.09 |
| Feb 22, 2023 | $94.78 | $398.54 |
| Feb 23, 2023 | $94.16 | $400.66 |
| Feb 24, 2023 | $89.00 | $396.38 |
| Feb 27, 2023 | $89.25 | $397.73 |
| Feb 28, 2023 | $87.79 | $396.26 |
| Mar 1, 2023 | $89.95 | $394.74 |
| Mar 2, 2023 | $89.75 | $397.81 |
| Mar 3, 2023 | $89.70 | $404.19 |
| Mar 6, 2023 | $89.62 | $404.47 |
| Mar 7, 2023 | $88.73 | $398.27 |
| Mar 8, 2023 | $86.95 | $398.92 |
| Mar 9, 2023 | $83.37 | $391.56 |
| Mar 10, 2023 | $82.96 | $385.91 |
| Mar 13, 2023 | $82.90 | $385.36 |
| Mar 14, 2023 | $83.85 | $391.73 |
| Mar 15, 2023 | $81.51 | $389.28 |
| Mar 16, 2023 | $82.22 | $396.11 |
| Mar 17, 2023 | $81.67 | $389.99 |
| Mar 20, 2023 | $81.00 | $393.74 |
| Mar 21, 2023 | $83.70 | $398.91 |
| Mar 22, 2023 | $83.65 | $392.11 |
| Mar 23, 2023 | $86.52 | $393.17 |
| Mar 24, 2023 | $86.90 | $395.75 |
| Mar 27, 2023 | $86.12 | $396.49 |
| Mar 28, 2023 | $98.40 | $395.60 |
| Mar 29, 2023 | $99.92 | $401.35 |
| Mar 30, 2023 | $103.38 | $403.70 |
| Mar 31, 2023 | $102.18 | $409.39 |
| Apr 3, 2023 | $98.39 | $410.95 |
| Apr 4, 2023 | $100.72 | $408.67 |
| Apr 5, 2023 | $98.55 | $407.60 |
| Apr 6, 2023 | $102.74 | $409.19 |
| Apr 10, 2023 | $101.54 | $409.61 |
| Apr 11, 2023 | $99.76 | $409.72 |
| Apr 12, 2023 | $93.84 | $408.05 |
| Apr 13, 2023 | $96.17 | $413.47 |
| Apr 14, 2023 | $94.55 | $412.46 |
| Apr 17, 2023 | $96.42 | $413.94 |
| Apr 18, 2023 | $95.49 | $414.21 |
| Apr 19, 2023 | $93.49 | $414.14 |
| Apr 20, 2023 | $90.74 | $411.88 |
| Apr 21, 2023 | $89.13 | $412.20 |
| Apr 24, 2023 | $86.89 | $412.63 |
| Apr 25, 2023 | $82.92 | $406.08 |
| Apr 26, 2023 | $82.82 | $404.36 |
| Apr 27, 2023 | $84.47 | $412.41 |
| Apr 28, 2023 | $84.69 | $415.93 |
| May 1, 2023 | $84.16 | $415.51 |
| May 2, 2023 | $81.53 | $410.84 |
| May 3, 2023 | $81.48 | $408.02 |
| May 4, 2023 | $82.49 | $405.13 |
| May 5, 2023 | $83.22 | $412.63 |
| May 8, 2023 | $83.31 | $412.74 |
| May 9, 2023 | $82.22 | $410.93 |
| May 10, 2023 | $82.95 | $412.85 |
| May 11, 2023 | $87.89 | $412.13 |
| May 12, 2023 | $85.34 | $411.59 |
These selected historical cases are not a strategy test. Price movements can reflect earnings, market news and other events. These comparisons do not establish that the filing caused the move or that copying a manager works.
Filing facts / Q4 2022
The record behind the replay.
The filing was accepted during the trading day. We still start at the next session’s close for consistency, not because trading earlier was impossible. This is the U.S.-listed BABA depositary security, not Hong Kong-listed 9988. The replay is not Scion’s actual return.
- Reported share quantity
- 50,000 shares
- Reported quarter-end value
- $4,404,500.00
- Security identifier
- 01609W102
Combined from 1 non-option row for this security in this single filing. The original table reports values in USD. Value is a quarter-end mark, not purchase cost. Source rows retain their manager designations in the linked table.
No BABA CUSIP appears in the reviewed September 2022 table. The December quarter ended on a Saturday, so the price snapshot uses December 30, the last trading close on or before quarter-end. Newly reported does not establish when Scion bought the shares.
- SEC filing · 0000905148-23-000213 ↗
- SEC information table ↗
- Prior quarter information table ↗
- BABA historical market prices ↗ · SPY historical market prices ↗
SEC index acceptance: 2023-02-14 at 10:59:39 America/New_York. Historical review through Oct 24, 2026; this page does not monitor later amendments or current positions automatically.
How to read the numbers
A replay you can check.
01 / Start after the filing
The base entry is the next trading session’s close after the filing date, whether the filing arrived during trading or after the close. Scion’s Alibaba filing arrived during market hours; the other selected filings arrived after the close. It is a reproducible daily-price convention, not the earliest executable trade. Overnight and first-session moves are already in that entry price.
02 / Keep the exit fixed
Choose an exit 20 or 60 trading sessions after the base entry. Waiting one or five sessions moves the entry only. All scenarios exit on the same date; delayed entries therefore have shorter holding periods. Sessions follow the observed SPY trading dates, including holiday gaps.
03 / Compare like with like
Price change = (exit close ÷ entry close − 1) × 100. SPY uses the same dates. The difference is measured in percentage points, not risk-adjusted alpha. The chart rebases both series to 100 at the selected entry. Prices are USD closes from Yahoo Finance; the reviewed windows contain no recorded stock splits.
04 / Keep the limits visible
Dividends, trading costs, taxes and slippage are excluded. The snapshot-to-filing comparison is not the manager’s return. A weekend quarter-end uses the last trading close on or before that date. For an intraday filing, the filing-day close includes post-disclosure trading. Options, short positions and a manager’s actual trade dates are not reconstructed. These six selected cases cannot establish causation, predictive power or a profitable strategy.
Download all six cases’ prices (CSV) ↓ · Read the research · Report a correction
Reviewed snapshot · Oct 24, 2026 · Version 2026-10-24.1. Source retrieval and calculation checks are part of this release. No live prices or automatic refresh are implied.
Financial interest: the publisher/researcher has disclosed a GOOGL holding in Buteon’s Alphabet research. This collection includes GOOGL. Educational research, not an investment recommendation.