Outside of this week’s noise, $BABA has been nothing but a leveraged currency trade.

When the $USD goes down, $iShares MSCI Emerging Markets ETF (EEM.US)$ $Alibaba (BABA.US)$ $iShares China Large-Cap ETF (FXI.US)$ $KraneShares CSI China Internet ETF (KWEB.US)$ go up.  When the $USD goes up, $iShares MSCI Emerging Markets ETF (EEM.US)$ $Alibaba (BABA.US)$ $iShares China Large-Cap ETF (FXI.US)$ $KraneShares CSI China Internet ETF (KWEB.US)$ go down.  Note $EEM $BABA, but also Buffett backed Brazilian stocks $Nu Holdings (NU.US)$ $StoneCo (STNE.US)$