Never miss an update

2008 NIKE AIR light JORDAN HARE 7 VII RETRO HARE CDP JORDAN 9 light silver true red white bordeaux 129d7b2

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Nike
US Shoe Size (Men's): 9 Product Line: Air Jordan 7
Features: Retro Style: Basketball Shoes
UPC: Does not apply
Never miss an update

2008 NIKE AIR light JORDAN HARE 7 VII RETRO HARE CDP JORDAN 9 light silver true red white bordeaux 129d7b2 -

    2008 NIKE AIR light JORDAN HARE 7 VII RETRO HARE CDP JORDAN 9 light silver true red white bordeaux 129d7b2
    2008 NIKE AIR light JORDAN HARE 7 VII RETRO HARE CDP JORDAN 9 light silver true red white bordeaux 129d7b2
    Lacoste Straightset Black White Leather Mens Trainers ShoesMan's/Woman's ADIDAS MEN'S SNEAKERS B41673_Continental 80 bargain Primary quality Preferred boutique , New Nike Men's Air Huarache Drift Shoes (AH7334-003) Black//White , New Balance ML574LEE D Black Brown Gum Men Running Shoes Sneakers ML574LEEDNEW MEN'S NIKE AIR MAX LTD 3 687977-119 WHITE/WHITE-BLACK-COOL GREYNew Nike Hypervenom Phantom III 3 FG Black 852567-001 Men's Soccer Cleats 8.5New Mizuno 410995 903E Wave Sky 2 Black / Yellow Men's Running Shoes 11.5 USMens 2016 Nike Flyknit Lunar 3 Training Running Shoes 698181-408 SZ 11.5Nike Men's NIKE LUNAREPIC LOW FLYKNIT Running Shoes Size 10 New , Air Jordan 10 Charlotte Bobcats Grey Orange Blue Send Offers Mens 7.5Man/Woman PUMA Men's Basket Classic Weatherproof Sneaker Many varieties a variety of Popular recommendationNIB MENS SIZE 10.5 NIKE AIR MAX 95 PRM SNEAKERS BLACKENED BLUE 538416-404 , NIKE AIR MAX 90 PREMIUM WOOL THUNDER BLUE DARK OBSIDIAN BROWN 700155 404 Sz 8 , Nike LeBron Witness III EP 3 James Black Red Men Basketball Shoes AO4432-006Nike Lebron 15 Low Light Bone AO1755-003 Size 8 - 12Nike 310004-161 Air Jordan XIII 2005 Retro Red Basketball Sneakers Men's US 17Nike Air Max 1 Premium Size 12 Snow Beach Limited Polo Mens Shoes , Nike Revolution 3 Cool Grey Mens Sneakers , nike air jordan flight flex trainer mens trainers 654268 005 sneakers shoesNIKE LUPINEK FLYKNIT BLACK WHITE OREO SIZE UK9/US10/CM28/EUR44 862505-001 , NIKE ROMALEOS 2 WEIGHTLIFTING SHOES MEN'S SZ 14 VOLT/BLACK 476927-700 , NIKE SB Dunk Low Pro VAPOR (304292 271) Mineral Yellow Skate Air 10 , Puma Mihara Yasuhiro MY 79 Studded Mens Trainers Hi Top Black 357083 01 U112 , Nike Jordan 2017 BG Youth Size 7Y (Rare Sneakers) , $160 Saucony Mens Freedom ISO Running Sneaker Shoes, Black, US 8Asics Gel-Hoop V 10 White Prism Space Blue Men Basketball Shoes TBF339-0154Mens Nike Air Max 1 Premium Beach Camo Praline Light Cream Black 875844-204 , Adidas Originals Varial mid Mens Sneakers Leather Shoes Skate Shoes CQ1150 NewNIKE AIR JORDAN 11 RETRO XI LOW TD CLEAT SZ 11 WHITE BLACK CONCORD AO1560 123 ,
    2008 NIKE AIR light JORDAN HARE 7 VII RETRO HARE CDP JORDAN 9 light silver true red white bordeaux 129d7b2 ->2008 NIKE AIR light JORDAN HARE 7 VII RETRO HARE CDP JORDAN 9 light silver true red white bordeaux 129d7b2 -
    ADIDAS NMD R1 OG PRIMEKNIT BOOST SHOES SIZE US8.5 ULTRA EPIC REACT JORDAN ROSHEMustang 1146-302-1, Womens Low-Top Sneakers, White 1 Wei, 6.5 EUFly London Yegi Wedge Heel Leather Winter Ankle Boots Black NH08 32 , New Django & Juliette Niche Metallic Multi Womens Shoes Casual Shoes Heeled , Skechers Womens Go Walk Lite Gem Comfort Cushioned Ballet Flat ShoesOriginal SAS Classic White M Medium 0006-001 WomenTrotters Women's Monarch Slip-on Loafer, Dark Brown, Size 10.0ECCO BRUSHED BROWN WOMENS COMFORT SHOES OXFORDS US SZ 8 M EUR SZ 38 EXCELLENTCalvin Klein Ginette Chain Detail Dress Mules Black Size 8MChinese Laundry Make My Day Platform Wedge Pre owned 7.5 , Steve Madden Zoey Heels Sz 8 Red Ombre Patent Stiletto Pointed Toe SEXY NEW$285 POUR LA VICTOIRE CAROL Black Leather Designer Open Toe Pumps 8.5 , Man/Woman RedKiss Skyscraper High Heel Platform Pumps Long-term reputation Known for its good quality Cost-effectiveFREE PEOPLE SHOES ZOE CLOG SLINGBACK PLATFORM HEELS WHITE LEATHER NEW NIB 39fashion Womens High Heels Open Toe Belt buckle Rhinestones Faux Leather Shoes , Womens Mixed Colors Floral Ankle Strap High Heels Stilettos Sandals Shoes D428 , Mr/Ms Haflinger Men's/Women's Slipper/Clogs wholesale fashionable Different goods , NIKE AIR FOAMPOSITE ONE “EGGPLANT” 2009 - ITEM NUMBER 492-35 , Man's/Woman's Bobcat 10s Special price First batch of customers Highly appreciated and widely trusted in and out , Fashion Mens Fur Lining Buckle Strap Oxfords Winter Ankle Boots Casual Shoes NewMERRELL MENS ENCORE REXTON SLIDE AC+ CASTLEROCK SIZE 11.5 , To Boot New York Adam Derrick Brown Leather Oxford Dress Shoes Men's Size 10.5Mens G.H Bass Weejuns Layton Moc Kiltie Leather Office Work Loafer Shoes US 7-13Women`s Gel-Challenger 10 Tennis Shoes White and Hot CoralNew Balance Women's 574 Sport Shoes White with Silver , Women’s New Balance 574 ROSE GOLD Grey Bronze Size 9 Sneakers Shoes WL574PBG NEW , $320 Bernhard Willhelm X Camper US 7 Together Himalayan Sneakers 46489-014 , Smoky Mountains Women's Molly Short Western Boot - Medium Toe - 6657Men's/Women's Bogs size 8 Diverse new design Sufficient supply buy onlineBlack 1" Block Heel Round Toe Side Buckle Sexy Knee Boot Size 11 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    2008 NIKE AIR light JORDAN HARE 7 VII RETRO HARE CDP JORDAN 9 light silver true red white bordeaux 129d7b2 -

    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.

    2008 NIKE AIR light JORDAN HARE 7 VII RETRO HARE CDP JORDAN 9 light silver true red white bordeaux 129d7b2 -

    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.


    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
    2008 NIKE AIR light JORDAN HARE 7 VII RETRO HARE CDP JORDAN 9 light silver true red white bordeaux 129d7b2
    Athletic Shoes