Never miss an update

NIKE AIR FORCE 1 LOW RETRO HONG HONG 845053 KONG 300 DEEP FOREST GREEN WHITE 845053 300 sz 9 f03b4d0




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Color: Green
Brand: Nike US Shoe Size (Men's): 9
Style: Basketball Shoes UPC: na
Never miss an update

NIKE AIR FORCE 1 LOW RETRO HONG HONG 845053 KONG 300 DEEP FOREST GREEN WHITE 845053 300 sz 9 f03b4d0 - blurrypron.com

    NIKE AIR FORCE 1 LOW RETRO HONG HONG 845053 KONG 300 DEEP FOREST GREEN WHITE 845053 300 sz 9 f03b4d0
    NIKE AIR FORCE 1 LOW RETRO HONG HONG 845053 KONG 300 DEEP FOREST GREEN WHITE 845053 300 sz 9 f03b4d0
    10 MEN'S NIKE LUX RT RICARDO TISCI LONG BOOTS BLACK WHITE LEATHER 841647 010New Balance MFL574FD D Grey & White Fresh Foam Classic Retro Running Shoes NBNIKE Hyperdunk Lux Grey Reflective Basketball Shoes Sneakers NEW Mens Sz 9 10.5 , Nike Free RN Flyknit 2018 White/Black/Pure Platinum Mens Running All NEW , Nike Jordan Why Not Zer0.1 Westbrook LA Black/White Size US 11 Men AA2510 021Nike Shoes - 2004 Air Zoom Huarache 2K4 - Black White Metallic Silver - Size 14SZ 12.5 NIKE LEBRON SOLDIER 10 SFG PE BATTLE GREY GOLD BASKETBALL 899620-010 , adidas Nemeziz Tango 18.1 Trainers Men New Black White Lifestyle Sneakers AC7076 , Nike Air Jordan XXXI 31 Low Black Metallic Gold Anthracite Basketball 897564-023 , Nike Air Jordan Why Not Zero.1 Michigan Russell Westbrook AA2510-405 sz 10 , adidas Originals 3ST.002 Nakel Black & Red Shoes Na-Kel rx remix Smith Black RedNIKE AIR FORCE MAX PREMIUM CB 34 BARKLEY WHEAT 315065 200 FLAX/PHANTOM/WHITE/GUMMizuno WaveKnit R2 Men's Running Shoes J1GC182909 A 18O , Nike Air Jordan IX 9 Retro Low PANTONE UNIVERSITY BLUE POWDER 832822-401 sz 9.5Men's Size 9 Rare Adidas NMD Runner Primeknit Glitch Camo Black White ShoesMen's Air Jordan 3 Retro Wool Basketball Shoe 854263-004Gentlemen/Ladies jordans superior discount price Selling new products , Nike Shoes - 2005 OG Jordan 20 XX Varsity Red - Black White Laser - Size 14SALOMON SPEEDCROSS 4 GTX 383181 MEN'S BLACK TRAIL RUNNING TRAINERS TREKKINGVANS New TH Slip-On 66 LX Woven/Nubuck Vault Men Size USA 9 , Men's Nike Air Max 95 NO SEW Athletic Fashion Casual Sneakers 616190 007 GraysAdidas Originals Superstar [B41996] Men Casual Shoes White/Navy-Gold , NEVER WORN Nike Lebron James 12 XII EXT Cork Basketball Shoes 768829-100 Size 10 , nike KD 8 mens basketball trainers 749375 807 sneakers shoesNIKE AIR PRESTO PREMIUM "BURGUNDY ASH" MEN'S US SIZE 11 STYLE , Brooks Glycerin 14 Mens Running Runner Shoe (D) (452)Nike Flyknit Trainer Pale Grey Black Men's Size 13 DS New Authentic AH8396001nike ID air max 2014 mens trainers 641423 991 us 8 eu 41 sneakers shoes , Nike Air Jordan Melo M11 Black Metallic Silver 716227-010 8-14 retro 1 11 3 4 7
    NIKE AIR FORCE 1 LOW RETRO HONG HONG 845053 KONG 300 DEEP FOREST GREEN WHITE 845053 300 sz 9 f03b4d0 - blurrypron.com>NIKE AIR FORCE 1 LOW RETRO HONG HONG 845053 KONG 300 DEEP FOREST GREEN WHITE 845053 300 sz 9 f03b4d0 - blurrypron.com
    NIB $398 Frye Veronica Duck Leather Shearling Women's Lined Boot Cinnamon Size 6Miu Miu Black Suede Mid - Calves Boots, Size 39 , Air Jordan 11 Retro Bred 2012 Release size 6YMiista Alayna Blocked heel boots. RRP . Various Sizes. BNIB.ACNE STUDIOS SNEAKERS FLAT WOMENS LEATHER SHOES ADRIE size EU-39 UK-6 USA-9Jambu Womens Cherry Blossom Mary Jane Flat- Pick SZ/Color. , Runway Womens Pointy Toe Stiletto Heel Slingbacks Bowknot Sweet Sandals Shoes S , Womens Gladiator Cross Strap Hollow Out High Top Sandal Stilettos Open Toe Shoes , Steve Madden Womens mingle1 Peep Toe Mules Tan nubuck Size 6.5 , Mr/Ms Anne Klein Women's Wileta Fabric Mule Fine workmanship delicate Fine wildHeel Nine West Kanti Black Kid SuedePureSole Dark Brown Leather Ryan Gladiator Ankle Strap Sandal 9 NEW , Rome Low Heels Leather Slipper Sandals Women Metallic Flip Flop Slides ShoesNew Balance Women's 575v2 Comfort Ride Running Shoe - Choose SZ/Color , PUMA Womens Carson 2 Metallic Wn- Select SZ/Color. , Silky Terrier Dog Running Shoes For Men-Free ShippingMen's Nike Free RN Flyknit Running Shoes 831069 405 Size10 Racer Blue/BlackNike Air Force 1 '07 Low PRM Split Grey Habanero Red AF1 905345 005 New Size 15Adidas BB8821_ Tubular Shadow Mens in by - Choose SZ/Color. , Pearl iZumi Mens X-ALP Seek VII Gray Shadow Black Cycling Shoes Size 7.5D 41 EUNike Zoom Fly Mens Running Shoes Black Anthractie 880848 003 size 10.5 , Nike Kyrie 4 IV March Madness NCAA White Red Yellow 3M Multi-Color 943806-104 , NIKE AIR MAX 95 SOLAR RED NEUTRAL GREY WHITE 609048106 US MENS SIZE 13Dr. Scholl's Mens Size 9.5 Wide Grafton ST Black Leather Work Boots F6-12 , Thorogood American Heritage 11" Wellington--- Safety Toe Boots 804-4205---13DROCCO P Black Pony Hair Leather Cowboys Riding Boots Size US 10NIB GUESS Macita Fashion Sneakers Logo print Canvas Brown White US 10,Gentleman/Lady Converse CT Hardware Women's White/Silver 545323F Quality products Stylish and fun Contrary to the same paragraph , NEW NIKE AIR MAX 2017 Womens Shoe Sz 5 Black 849560Gentleman/Lady Corkys Supreme - Black - Womens Louis, elaborate First grade in its class Tide shoes list ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE AIR FORCE 1 LOW RETRO HONG HONG 845053 KONG 300 DEEP FOREST GREEN WHITE 845053 300 sz 9 f03b4d0 - blurrypron.com

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    NIKE AIR FORCE 1 LOW RETRO HONG HONG 845053 KONG 300 DEEP FOREST GREEN WHITE 845053 300 sz 9 f03b4d0 - blurrypron.com

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.

    Conclusion

    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?

     

    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    NIKE AIR FORCE 1 LOW RETRO HONG HONG 845053 KONG 300 DEEP FOREST GREEN WHITE 845053 300 sz 9 f03b4d0
    Athletic Shoes
    >
    ;