Never miss an update

Nike Air Zoom Zoom 90 IT Golf Shoe Sneaker Men 844648 29219 100 size 8.5 WMNS or 7 Men Cleats d725869




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: No Box
Country/Region of Manufacture: Vietnam UK Shoe Size (Women's): 6
Style: Low Top Type: Low Top
Heel Height: Low (3/4 in. to 1 1/2 in.) Features: Lace-Up
Product Line: Nike Zoom EUR Shoe Size (Women's): EUR 40
US Shoe Size (Women's): 8.5 Color: White/Neutral Grey/Black/Cool Grey
Material: Textile / Synthetic / Rubber Brand: Nike
Width: Medium (B, M) UPC: Does not apply
Never miss an update

Nike Air Zoom Zoom 90 IT Golf Shoe Sneaker Men 844648 29219 100 size 8.5 WMNS or 7 Men Cleats d725869 - blurrypron.com

    Nike Air Zoom Zoom 90 IT Golf Shoe Sneaker Men 844648 29219 100 size 8.5 WMNS or 7 Men Cleats d725869
    Nike Air Zoom Zoom 90 IT Golf Shoe Sneaker Men 844648 29219 100 size 8.5 WMNS or 7 Men Cleats d725869
    Men/Women Nike Unisex Tailwind New market Various types and styles renewed on time , Black Puma Fierce Core Kylie Jenner Women's Cross Training Fashion Sneaker Shoes , Nike Free 5.0 TR Fit 4 Women's Running Shoe 629496-102 Size11Nike Free RN Flyknit Women's Running Shoe 831070 108 Size 5,5WOMENS BLAZER MID SUEDE VINTAGE 518171-614 SIZE 8 , Free People Tropicalist Sneakers 38 White Tropical Espadrille Colorful Shoes NIB , New Mizuno 410990.5Z17 Wave Rider 22 Blue Atoll Women's Running Shoes 7.5 US , Nike Blazer DMB Women's Fashion Shoe 807455 600 Size 11MBT Sport Walking Shoe Women 7.5 Men 5.5 White 37 2/3 EU White , New Under Armour 1285481 005 SpeedForm Gemini Black Women's Running Shoes 8.5 US , Nike Womens Zoom Vapor Flyknit Pink White Hot Punch RARE Size 11.5ASICS GT 2000 3 Grey/Pink/Mint Running Shoes Women's US Size 5 (I,0)New. Nike LunarTempo Men's Running Shoes Size US 10.5 M Blue / Green / White , Women's Nike Air Max + 2013 Black/Gray/Reflective Silver Running Sneaker (6) , men 5.5 ~ women 7 ~ Yo Gabba Gabba Vans shoes ~ slip-on , WOMEN 2004 NIKE TERMINATOR LOW PROTO GREY SHALE BLUE CAP 308863-021 NEW 11New Under Armour 1285481 033 SpeedForm Gemini Flint Women's Running Shoes 10.5USNew Women's New Balance WXC5000R Spike Dark Mulberry/Alpha Pink Sz 9 $125 , New Under Armour Women's Lightning 2 Running Shoes - Size 11 - Radio Red , NIKE WMNS AIR MAX 1 PREMIUM SEWN BIRTH IVORY GUM 454746 204 US WMNS SZ 8Nike Women's Lunar Skyelux Sz. 8.5 Dark Grey White-Anthracite Shoes 855810 004Nike Metcon 2 Women's Training Shoe 821913 106 Size 5White Puma Fierce Core Kylie Jenner Women's Cross Training Fashion Sneaker Shoes , New Balance Men's 501 Ballistic BLACK WHITE Running Shoes MZ501CRBNew Asics Womens Running Shoe Gel-Kayano 23 Lite Show Blue Silver Flash Coral , Womens Adidas ZX Flux All Star Borealis Sun Glow/Lush *Glow In Dark* AQ8230NEW Adidas Women’s PureBOOST X TR Zip White/Gold BB3290 SIZE 7New Under Armour Women's Lightning 2 Running Shoes - Size 7.5 - Radio RedNew Under Armour 1298675 962 Velociti Apollo Gray Women's Running Shoes 9 US
    Nike Air Zoom Zoom 90 IT Golf Shoe Sneaker Men 844648 29219 100 size 8.5 WMNS or 7 Men Cleats d725869 - blurrypron.com>Nike Air Zoom Zoom 90 IT Golf Shoe Sneaker Men 844648 29219 100 size 8.5 WMNS or 7 Men Cleats d725869 - blurrypron.com
    Women's Authentic Dr. Martens Air Wair sz 8 MNIB $525 Rag & Bone 'Holly' Black Leather Boots in Size 37!Givenchy Mid Skate Black Ankle Boot Orange Platform Sz 37.5 - US Size 7.5New Nike Solarsoft Moccasin Mens Casual/Sports ShoesDIADORA MEN'S SHOES SUEDE TRAINERS SNEAKERS NEW TOKYO GREEN A24 , Genuine Asics Lethal Speed Flash IT Mens Football Boots (9023)Adidas Originals NMD_XR1 Mens Running Trainers CG3092 Sneakers ShoesShoes Puma Descendant v3 women's 188166 01 Ultralight Fitness Run Moda aqua , Franco Sarto Women's Fabrina 2 Loafer Silver Spirit Leather Loafers , NIB Christian Louboutin Jonatina 100 Black PVC Ankle Strap Sandal Heel Pump 37.5 , Nike 135 $ + Womens Lunar Eclipse 4 Size 6 Hot PINK Silver Shoes girls RARE NEW , Man/Woman NEW EYE WOMENS SANDALS Many varieties King of quantity Different goodsUnder Armour Charged Bandit 3 Men's Running Shoe (1295725)Nike Zoom Strike Men Running Shoe Cargo Khaki Green Grey White AJ0189-300 SZ 13 , ASICS GEL CIRRUS 33 Running Shoes Sneakers Blue Black Men's US 13 $150NIKE JORDAN VELOCITY SZ 9.5 BLACK FUSION PINK TROPICAL TEAL ORANGE 688975 025Mizuno Wave Ignitus 2 FG (Ace Chaos Superfly Legend Hypervenom Magista Basara )Nike Air Jordan 5 V Retro Blue Suede Game Royal Black 136027 401 Sz 12 , NIKE ZOOM KOBE 6"GRINCH" 2010 - ITEM NUMBER 861-15 , Ariat Men's Sierra Work Boot Aged Bark 12 EE USBRAGANO Italy Black Brown Kiltie Tassel Loafers Men's Shoe Size / US 10 , Tommy Hilfiger US Shoe Size Men Loafer Slip On Comfort Casual Multi-Color, Navy , Merrell Men's Shiver Moc 2 Waterproof,Black,11.5 M US , NIKE AIR MAX 2017(not 2018) Men's Running Trainers Shoes Sneakers MovementCortez Nike Leather Classic Sneaker Shoes Black White women Size US 10 NewNIKE WOMEN'S AIR MAX 1 SE ATHLETIC SHOES SIZE 8 GHOST GREEN/HOT PUNCH 881101-300Nike Women's Air Max 90 Essential Running 616730-800 PINK Orange Glow Sz 5-9 , NIKE WOMEN'S AIR JORDAN 1 REBEL XX NO BOX LID SZ: WMNS 7.5 = 6 YTH #AT4151 100 , Chinese Laundry Women's Benita Winter Boot Mink Suede Size 7.0 , $398 COLE HAAN CORA WEDGE BOOTS CHESTNUT SUEDE 11 B SHOES NIB ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Zoom Zoom 90 IT Golf Shoe Sneaker Men 844648 29219 100 size 8.5 WMNS or 7 Men Cleats d725869 - 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 Zoom Zoom 90 IT Golf Shoe Sneaker Men 844648 29219 100 size 8.5 WMNS or 7 Men Cleats d725869 - 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 Zoom Zoom 90 IT Golf Shoe Sneaker Men 844648 29219 100 size 8.5 WMNS or 7 Men Cleats d725869
    Athletic Shoes
    >
    ;