Never miss an update

Nike Kobe classictaic-22181 XI Men's Draft Day Draft White/Purple/Blue Men's Basketball Shoes-Asst Sizes NWB d15bef3




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
Brand: Nike
Pattern: As shown Style: Basketball Shoes
Country/Region of Manufacture: Vietnam Width: Medium (D, M)
Product Line: Kobe Bryant Material: Mesh/Manmade
Never miss an update

Nike Kobe classictaic-22181 XI Men's Draft Day Draft White/Purple/Blue Men's Basketball Shoes-Asst Sizes NWB d15bef3 - blurrypron.com

    Nike Kobe classictaic-22181 XI Men's Draft Day Draft White/Purple/Blue Men's Basketball Shoes-Asst Sizes NWB d15bef3
    Nike Kobe classictaic-22181 XI Men's Draft Day Draft White/Purple/Blue Men's Basketball Shoes-Asst Sizes NWB d15bef3
    Gentlemen/Ladies jordan spizike Midnight Size 9 Innovative design At a lower price renewed on timeadidas Originals Superstar Foundation White Out Men Casual Shoes Sneakers B27136 , Nike Jordan Horizon Red White Infrared 23 Men's Sneakers Gym Red 823581-600New Puma 189987 04 Ignite Limitless Tibetan Red Men's Training Shoes 10 USNEW NEW BALANCE M997CNR GRAY/BLUE SNEAKERS SIZE 5 MADE IN USA MSRP $209.99ASICS GEL - Kayano 22 Lite-Show - Grey - MensMen's Nike Vandal High Supreme Casual Shoes ObsidianWhite 318330 402 sz 13 , MENS ASICS GEL XALION 2 MEN' S RUNNING/SNEAKERS/FITNESS/TRAINING/RUNNERS SHOESNike LeBron Soldier XI 11 SFG Safari Black Orange Mens SIZE 10 NWOB 897646-006Reebok Phase 1 Pro Alife BS7123, Black/White/Cali Blue Size 6.5New adidas NMD R1 STLT PK SNEAKERS White Grey Cq2390 Running White Boost , ADIDAS RGIII Navy Blue Vivid Yellow Whit Molded Football Cleats TD NEW Mens 12.5 , MENS BROOKS GLYCERIN 15 RUNNING SHOES SIZE 14 US 48.5 EUR GRAY RED WHITENew Balance MRL247SB D Blue White Men Running Shoes Sneakers MRL247SBD , Adidas Men's Women's Original Flashback White Sneakers BA7760 SZ 4-11 , Lacoste Ampthill 218 Navy White Canvas Mens Trainers , NIKE AIR TRAINER = SIZE 9.5 = HUARACHE PRM QS SUPER BOWL MEN'S SHOES 647591-101Nike Air Max 1 iD 433215 998 S Mens Black Blue Red Used Shoes Size 8 SneakersNike Air Zoom Gimme Spikeless Golf Shoes Team Red White Shoes SZ ( 849955-600 )Nike Lebron Soldier XI SFG Mens Size 7 Shoes Light Bone Dark 897646 005 , NEW NEW BALANCE M997CNR GRAY/BLUE SNEAKERS SIZE 5.5 MADE IN USA MSRP $209.99 , MENS NIKE ZOOM REVIS in colors BLACK / BLACK / ANTHRACITE SIZE 7.5Puma B.O.G Limitless Lo EvoKNIT Low Black Grey Men Running Shoes 363668-01 , Nike Zoom Hyperchaos, Photo Blue / Wolf Grey / Black, Size 13Adidas 3ST.001 Black White Silver Ice Sz 10 CQ1087MEN'S SHOES SNEAKERS REEBOK PHASE 1 PRO Dl [CM9291] , Adidas Terrex Solo Cross Trainer Shoes - Mens , Vans x Marvel Avengers SK8-Hi Deadpool Black VN0A38GEUBJ New W/Box DS Mens 7vintage reebok soft court tennis shoes men's size 9 NIB 1993
    Nike Kobe classictaic-22181 XI Men's Draft Day Draft White/Purple/Blue Men's Basketball Shoes-Asst Sizes NWB d15bef3 - blurrypron.com>Nike Kobe classictaic-22181 XI Men's Draft Day Draft White/Purple/Blue Men's Basketball Shoes-Asst Sizes NWB d15bef3 - blurrypron.com
    Adidas Fluidcloud M [BB3329] Men Running Shoes Blue/NavyAUTH Givenchy NUDE Shark Lock Ankle Booties Sz 37.5 Kim Kardashian $1250 , Man/Woman Men's Casual Leather Shoes selling price Selected materials International big nameNEW Frye Women's Melanie Gore Mule Grey Slip On Shoes Sz. 9Womens Shoes Naot Luga Grey Tin Leather Medium Width Comfort $185 RetailNew TOD's Black Suede Leather Loafers Shoes w/Fringes Sz 37.5 , Nine West Women's Florent Pump MultiColor Size 7.5Vintage GIANNI VERSACE Red Satin High Heel Pumps ITALY Size 35.5 , Vince Camuto Shoes Sz 9 Slingback Heels Crystal Silver Prom Party Wedding $160NIB Anthropologie Joe's Jeans tan Suede Knotted Cutout Back Zip Ankle Boots 8.52017 May Nike Benassi JDI Women's Slides Slippers 343881-102Adidas Originals Gazelle Ice Mint White Gold Metallic BB5473 DS Sz 9 NewNike Air Jordan Ol School Black/White-Cool Grey 317223-013 Men's SZ 13Mr/Ms Creative Recreation Motus Casual Men's Shoes Modern technology First quality wonderful , Jordan Deca Fly Gg Basketball Men's Shoes Size , Men/Women New Balance 530ATB 8/9,5 Complete specification In short supply International big name , Skechers Performance Mens Go Flex Train- Walking Shoe- Pick SZ/Color. , NIKE KOBE XI Draft Day Men’s Basketball shoes 836183 154 Sz 10.5CONVERSE JOHN VARVATOS CT HI DRILL 150164C Shoes Size 9.5 US 43 EUR Gray , Nike MEN'S Waffle Racer '17 Premium Action Green/Black SIZE 8.5 BRAND NEWNike Air Max 90 EZ Racer Blue Black White/Total Crimson Kids Boys Girls Trainers , Tony Lama TLX Exotic Cowboy Boots- Pull On Brown Leather Riding Shoes Mens 11 D , Propet Ramsey - Casual - Men's Rejuve Black - 8.5 MediumPIUMA FUTURE TRINOMIC 2 TRAINERS White Vio.-Fluo Pink US MEN SZ 8 /2Propet Men's Wash & Wear Slip-On White/Navy Comfort ShoesVans SK8 HI REISSUE Canvas White/Black Women's Shoes 8 , New Nike Zoom Rival Md White Green Blue Running Track Spikes Women's Size 9.5MINT Brooks Dyad 9 Running Womens Size 8 39 EUR Navy Pink White Wide (D)Womens Nike Shox Avenue Sneakers New, Wolf Grey / Blue 844131-004 SKU AAWomens Flats Fleece Lining Mid Calf Snow Boots Slip On Zip Side Warm Shoes F561
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Kobe classictaic-22181 XI Men's Draft Day Draft White/Purple/Blue Men's Basketball Shoes-Asst Sizes NWB d15bef3 - 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 Kobe classictaic-22181 XI Men's Draft Day Draft White/Purple/Blue Men's Basketball Shoes-Asst Sizes NWB d15bef3 - 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 Kobe classictaic-22181 XI Men's Draft Day Draft White/Purple/Blue Men's Basketball Shoes-Asst Sizes NWB d15bef3
    Athletic Shoes
    >
    ;