Never miss an update

Nike Kyrie 4 Nike Basketball Mens Shoes 4 Black Silver mogochinese-29993 943806-010 09ade4c




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
Authenticity: 100% Authentic Guaranteed
MPN: 943806010 Return Address: Domestic Return For U.s. Customers
Style: Basketball Shoes US Shoe Size (Baby & Toddler): Us 2c ~ 10c
Width: Medium (d, M) US Shoe Size (Youth): Us 10c ~ Us 7y
Material: Suede US Shoe Size (Women's): Us 5 ~ Us 12
Color: Black US Shoe Size (Men's): Us 7 ~ Us 14
Country/Region of Manufacture: China Brand: Nike
Pattern: Solid
Never miss an update

Nike Kyrie 4 Nike Basketball Mens Shoes 4 Black Silver mogochinese-29993 943806-010 09ade4c - blurrypron.com

    Nike Kyrie 4 Nike Basketball Mens Shoes 4 Black Silver mogochinese-29993 943806-010 09ade4c
    Nike Kyrie 4 Nike Basketball Mens Shoes 4 Black Silver mogochinese-29993 943806-010 09ade4c
    Nike Kobe XI 11 Alt Elite Size 10-12 Grey/Metallic Gold-Multicolor 880463-079Men's Nike Air Force 1 Low '07 Wolf Grey/White New In Box Sizes 8-12 AA4083-010 , Nike Air Force 1 High '07 v8 - Black - Mens , MEN'S SHOES SNEAKERS CATERPILLAR NEDER CANVAS [P713030]Nike Kobe XI 11 TB Promo Men's Basketball Shoes Red Silver Ice 856485-663 New , ASICS MENS NIMBUS 19 RUNNING SNEAKERS- SHOES- T700N-4907- INDIGO BLUE/ YELLOWNike Mens Size 11.5 Air Max LTD 3 Cobblestone Tan Athletic Running ShoesNike Air Span II Hot Punch Solar Red AH8047-005 Size 10-12 100% AuthenticADIDAS ORIGINALS TUBULAR SHADOW KNIT MEN'S LIFESTYLE COMFY SNEAKER Core Black , New Mens Nike Air Max 1 Premium 875844 300 Running Shoes Various SizesNew! Adidas Men's AF 1.4 Pk Black White Shoes BY9395 Size 14 , Mens Nike Air Zoom Pegasus 34 Sz 9-11.5 Outdoor Green 880555-301 FREE SHIPPINGNike LeBron X 10 Miami Heat White Black Red Size 10Nike Air Jordan 2 Retro Black/Photo Blue Men's Basketball Shoes Size 10.5Nike Air Vortex Athletic Men's Shoes Sneakers Wolf Grey Black White Size 7-11Nike Air Force 1 Low Premium Harlem Laser 2005 White 309096 111 Mens Sz 9.5SALE NIKE LEBRON SOLDIER 9 SUMMIT LAKE HORNETS COURT PURPLE BLACK 749417 510 , Men's Nike Roshe Two SE Running ShoesNike Air Jordan 12 XII Retro Neoprene Black Nylon 130690-004 MEN'S Size 10[BB3660] Mens Adidas Nemeziz Tango 17.1 TR Training SneakerNike Zoom Train Command USC Trojans Shoes AO4397-671 Men Size 8.5 , MBT Asante Men's Classic Leather Work Shoe Penny Loafers 400283-03 Size 10-10.5 , Mens Nike Lunar Force Duckboot Boots Sneakers New, Black 805899-003 sku AA 8 8.5Nike Air Huarache Run Ultra Black White 819685-001 Running Shoes Men's Size 14 , Nike Flyknit Racer Running Oreo Sneakers New, Black White Volt 526628-011 sz 7.5 , Nike Stussy World Tour 12 Baroque Brown 315731 221 Trainer Dunk Low , NIKE AIR JORDAN RETRO 6 VI "ALTERNATE", 384664-113, White/Gym Red, Men's Size 9Nike Air Jordan 13 VIII Retro Chicago Cherry Red 414571-122 White SZ 11.5Nike Air Jordan Spizike Midnight Navy Metallic Silver White 315371-406 $175 3A ,
    Nike Kyrie 4 Nike Basketball Mens Shoes 4 Black Silver mogochinese-29993 943806-010 09ade4c - blurrypron.com>Nike Kyrie 4 Nike Basketball Mens Shoes 4 Black Silver mogochinese-29993 943806-010 09ade4c - blurrypron.com
    Carlos by Carlos Santana Women's Delia Slouch BootDr. Martens Women's Pascal Snake Fashion Boot - Choose SZ/ColorVIA SPIGA Gabrielle Riding Boot, Black, MRSP $398.00 NEW IN BOX, 6.5MFRYE Women's Melissa Seam Tall Cognac 8 M US , Merrell Murren MID Womens Waterproof Winter Snow Zip Up BootsLadies Fly London Yuna Cupido Buckle Strappy Wedge Holiday Sandals All Sizes , NEW Earth Woodland Womens 10M Loafer Shoes Bronze Leather Soft Step Comfort Flat , Gentlemen/Ladies Eastland Women's Buck - Choose SZ/Color We have won praise from our customers. Skilled manufacturing Excellent function , NIB TED BAKER LONDON "JULIVIA" BLACK JELLY & CREAM BOW WOMEN 6M US, LUXURY FLATSMan's/Woman's Nine West Women's Lecia Heeled Sandal Aesthetic appearance excellent Diversified new design , SKA BETTY V7N Chocolate Brown Espadrille Strappy Wedge SandalsGentlemen/Ladies Dyeables Women's Mila New varieties are launched New design SimpleGentleman/Lady Nine West Women's ANISA9X Synthetic Pump Many varieties Attractive fashion General product , Chinese Laundry Womens CRYSSA Closed Toe Classic PumpsWomen Round Toe Slip On Casual Platform Creeper Beads Black Sneaker Shoes sizeNike Darwin Black/White Men's Athletic Running Training Shoes Size 12 , Air Jordan VII 7 Orion Retro 2011 sz 13New Balance 574 Lifestyle Shoes Khaki Men MS574-FSGadidas Ultra Boost UltraBoost 3.0 Clear Grey White BB6059 Sz 8.5Nike Air Max Excellerate 5 Men's Pure Platinum/Black 52692004Diesel Shoes D-Pit Low Dress Shoes Men Black NewSupreme / Vans SID PRO Mens Size 9.5 Dalmation , Mens Nike AIR MAX FOAMDOME Boots -Black/Purp -Foamposite-843749 500 - Mens 7/7.5Propet Women's Washable Walker Slip-Resistant Sneaker Indigo Suede Sneakers , Adidas Iniki Runner Womens BY9098 Black Semi Flash Orange Running Shoes Size 8Valentino Garavani Floral Stud Green Suede Embellished Sneaker Size 38Women's Boots DP-Avalanche Grey Faux Fur Lined Mid Calf Winter Snow, 7 M US , DKNY Ladies NEW Black Seamed Bootie Stretch Waffle Size 9 Boots NICE , Men's/Women's Nine West Women's Nathen Suede Clever and practical Quality First Fashion versatile shoes , Cole Haan Moto Motorcycle Grand Waterproof Boot Winter Boots Black Sz 8.5 W00662 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Kyrie 4 Nike Basketball Mens Shoes 4 Black Silver mogochinese-29993 943806-010 09ade4c - 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 Kyrie 4 Nike Basketball Mens Shoes 4 Black Silver mogochinese-29993 943806-010 09ade4c - 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 Kyrie 4 Nike Basketball Mens Shoes 4 Black Silver mogochinese-29993 943806-010 09ade4c
    Athletic Shoes
    >
    ;