Never miss an update

Nike Size Blazer mogochinese-28931 Low CS TC Men's Casual Shoes, Low AA1057 001 Size 9 NEW 8c65cf5




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Material: Leather Suede
US Shoe Size (Men's): 9 Country/Region of Manufacture: Vietnam
Color: Black/Black-White Style: Athletic Sneakers
Brand: Nike Width: Medium (D, M)
UPC: 666032224014
Never miss an update

Nike Size Blazer mogochinese-28931 Low CS TC Men's Casual Shoes, Low AA1057 001 Size 9 NEW 8c65cf5 - blurrypron.com

    Nike Size Blazer mogochinese-28931 Low CS TC Men's Casual Shoes, Low AA1057 001 Size 9 NEW 8c65cf5
    Nike Size Blazer mogochinese-28931 Low CS TC Men's Casual Shoes, Low AA1057 001 Size 9 NEW 8c65cf5
    VANS Chukka Low (Chicken + Waffles) White Men's Classic Skate SIZE 9Nike Tanjun Racer Men's Running Shoes, 921669 402 Size 11 NWB , Converse Pro Leather 76 Mens Mid Leather Tan/White Casual Shoes 155648C Sz 10 , NIKE ZOOM STEFAN JANOSKI ID GREY-BLACK-WHITE SZ 12 [679105-993] Skateboard ShoesPuma Mega Nrgy Turbo Red Men Walking Shoes 9Nike Court Borough Mid Basketball Shoes Mens 11.5 838938-010 Black White NEW $75 , New Mens Slip On Breathable Flat Shoes Sport Tennis Sneakers Walking Shoes A-502 , NIKE SAMPLE AIR ONE Sz 7 TRAINER 631276 001 New w/o BoxNew Nike Vapor Advantage, men's size 12.5, black and white tennis shoesNike Mens Size 11.5 Roshe Ld 1000 Gym Red Black Sail Athletic Running ShoesAdidas Messi 15.1 FG/AG Football Soccer Cleats Boots B34359 Msrp $220 HWMen Fluorescent shoes Breathable Sports Mesh sneakers running Athletic black US9NIB ! NIKE FLIGHT BONAFIDE MENS SIZE 11 CARGO KHAKI GREEN BLACK 917742-300 , Converse CONS Sea Star LS Ox Size 11 Men Canvas Skate Deck Shoe 146482C , VANS Chima Ferguson Pro (Static) Black UltraCush Men's Skate Shoes 7 , Men’s Nike Shox Roadster Sneakers (White, Black, Loyal Blue) 487604-104 Size 10 , Adidas Men's X 15.3 IN Indoor Soccer Shoes S78182 Black/Shock MintNike SB Paul Rodriguez 6 Premium Mens Athletic Skateboarding Shoes Size 10.5 Red , Saucony Men's GRID 8000 CL NEW AUTHENTIC Black Grey Purple S70197-1Converse 153469C Mens Crimson Suede Ox, Vaporous Gray/White/Black #BR5Mens Adidas Superstar 80s Pioneers by Pharrell Williams Shoes 8.5 B25965Nike Mens Size 8 Tiempo Mystic V Fg White Leather Soccer Cleats Rare LegendMen's CONVERSE CHUCK TAYLOR ALL STAR LOW CORE BLACK LEATHER 132174CVox Skateboard Shoes Trooper II Mid Black/White , 04 Nike Air Delta Force 1 Low BOULDER BROWN LODEN OLIVE GREEN GREY 308752-231 10 , MBT Workout US 11 Tan grey and moss Tone up shoesMen/Women Nike Kevin Durant Size 11 Sneakers Reliable quality Year-end sale Quality and consumer firstMen's New Balance Zante V3 Running Shoes - Gray/Green/Black - NIB!Men's Nike Free RN OC Size 11.5 (844629 999) No Box
    Nike Size Blazer mogochinese-28931 Low CS TC Men's Casual Shoes, Low AA1057 001 Size 9 NEW 8c65cf5 - blurrypron.com>Nike Size Blazer mogochinese-28931 Low CS TC Men's Casual Shoes, Low AA1057 001 Size 9 NEW 8c65cf5 - blurrypron.com
    Dr Martens Triumph 1914W Green Leather Ribbon Boots Floral Lining, Womens US 10AUSTRALIA LUXE COLLECTIVE Atilla Brown Suede Rabbit Fur Chain Boots Bootie 5 (6) , Christian Louboutin Fuchsia Pink Suede Knee High Sz 37/6 Boots , Gentlemen/Ladies Stuart Weitzman Women's Troubadour Tall Boot Not so expensive high quality Outstanding styleReebok Classic Workout Plus Attentive Lover Shoes Sneakers Black BS52445 SZ 5-13Adidas Sneakers x _ Plr Bb1108 PinkNIB Butter Design Perforated D'Orsay Pump, Color Navy, Size 7 M USCOLOMBO Via della Spiga Grey Alligator Med Heels Shoes Size 37.5 - US 7 , Badgley Mischka Womens Lavender Gray Leather Dress Pumps Heels Size 10 M* , Pleaser 6" criss cross black matte slinback sandals , 2017 Women's Rhinestone Platform Block High heel Banquet Wedding shoes Plus SizeFENDI VINTAGE FF Logo Purple Suede Embroidered Design Heel Sz 39 *RARE EXCELLENTNaturalizer Womens NWB Bixby Black Grey Sandals Shoes 10 MED NEWUnder Armour C1N TR LUX Cam Newton White Mens Size 11 [3000325 100] , Nike SB Hyperfeel Koston 3 - Black / White Size 10.5 New , Nike Air Huarache Run PRM Black Snakeskin Grey White Limited 704830-001 Sz 11 , Nike Men's Air Max Typha Ankle-High Mesh Cross Trainer Shoe , Men's Air Jordan 2 RETRO Shoes Black/Varsity Red 834274-001a Size 10Nike Kyrie 4 "All Star"ASG Tie Dye Black Size 11 DeadstockNIKE KOBE XI BASKETBALL SHOE MEN SIZE 10 , Nike Air Trainer 1 Mid Premium QS Super Bowl Sz 9-10Converse CTAS Hi 1970 146975C Wild Dove Men's 12 - Women's 14Sanuk Beer Runner - Men's Casual Shoes Olive / Brown - 10Asher Green Mens Genuine Leather Burnished Oxford Wingtip Dress Shoe : AG1643Mr/Ms Skechers Women's Go Walk Lite-15360 Sneaker Special price Won highly appreciated and widely trusted at home and abroad wonderful , Women's Puma Suede Sophia Webster Sneakers Casual Shoes Everyday TrainersNIKE Women Air Max Sequent 2 RUNNING SHOE 852465 403 Sz6-9 Fast Shipping LNike Wmns Air Max 270 Guava Ice Terra Blush Women Running Shoes AH6789-801NEW Women's Nike Air Vapormax Flyknit 2.0 Gunsmoke Blue Orbit Pink 942843-004 , AHNU SUGARPINE WOMEN HIKING BOOTS WATERPROOF BLUE SPELL US 5 /UK7.5 /EU3 /JP22 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Size Blazer mogochinese-28931 Low CS TC Men's Casual Shoes, Low AA1057 001 Size 9 NEW 8c65cf5 - 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 Size Blazer mogochinese-28931 Low CS TC Men's Casual Shoes, Low AA1057 001 Size 9 NEW 8c65cf5 - 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 Size Blazer mogochinese-28931 Low CS TC Men's Casual Shoes, Low AA1057 001 Size 9 NEW 8c65cf5
    Athletic Shoes
    >
    ;