Never miss an update

Nike mogochinese-29978 Hyperdunk 2016 size 11 Nike Free 29972 Shipping Double Boxed 22acbc6




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
Style: Basketball Shoes
Color: Black Product Line: Hyperdunk
Brand: Nike US Shoe Size (Men's): 11
UPC: Does not apply
Never miss an update

Nike mogochinese-29978 Hyperdunk 2016 size 11 Nike Free 29972 Shipping Double Boxed 22acbc6 - blurrypron.com

    Nike mogochinese-29978 Hyperdunk 2016 size 11 Nike Free 29972 Shipping Double Boxed 22acbc6
    Nike mogochinese-29978 Hyperdunk 2016 size 11 Nike Free 29972 Shipping Double Boxed 22acbc6
    adidas Harden Vol.1 Basketball shoes Coral | Art. AH2119 , Nike Dunk High Premium SB "Chicken & Waffles" 313171-722 Men's Sz 6.5 , Men's/Women's NIKE Jordan Trunner LX (12 Mens) Beautiful color Stylish and fun comfortable27 RARE Adidas Crazy Explosive Low PE PK Kyle Lowry Shoes BB8347 Sz 8, 9, 10Men's/Women's nike air max 1 anniversary aqua online sale new VariousAir Jordan 4 Retro 308497-15 White/Military Blue-Ntrl Grey 2012Release US13Nike LeBron Soldier XII SFG EP 12 Zero Dark Thirty Black Men Sneakers AO4055-0032016 Nike Zoom KD 9 Flyknit SZ 12 University Red White Black 843392-610 , NIKE AIR JORDAN 2 II RETRO ALTERNATE 87 BLACK VARSITY RED SIZE: 8.5 , Ronnie Fieg x Puma Disc Blaze Cove Kith size 10.5NIKE AIR FORCE 1 FOAMPOSITE CUP MENS CASUAL SHOE SIZE: 7 LIGHT CARBON AH6771 002 , Nike Renew Rival Shield [AR0022-300] Men Running Shoes Sequoia/Silver , Reebok [M40704] Crossfit Lifter 2.0 Weight Lifting Shoes Black Orange Men's 11.5 , Nike Men's AIR MAX 2016 Shoe AUTHENTIC Black/White-Dark Grey 806771-001 Size 7 , NIKE FLYKNIT RACER NEW ALL-WHITE [ 526628-100 ] US MEN SZ 11.5 WMNS 13 , Mizuno Wave Rider 21 2E [J1GC180550] Men Running Shoes Black/Gold-White , VIBRAM FIVEFINGERS KMD MENS KOMODOSPORT LS 40-47 AUTHENTIC , Nike Air Max 95 Essential WHITE BLACK SOLAR RED BLUE 749766-106 sz 11 BULLET DAY , Converse Star Player OX INTANGIBLES THINK 16 WHITE 161409C sz 11 , Nike Air Force 1 Low '07 "2010 Dallas All Star Game Black Size US 11 , Brooks Ravenna 7 Mens Runner (D) (116) + Free Delivery Australia WideASICS Gel Kayano Trainer Knit White Navy Red Shoes Sneakers NEW Mens Sz 9 9.5 , NIKE Men's Zoom Vapor X Tennis Shoes (11 D(M) US, Black/Solar Red/White) , Reebok DMX Series 1600 Black Grey White Gum Men Casual Shoes Sneakers CN7737 , Men's Adidas Leistung.16 II - White - Width: med - Cross Training1996 VINTAGE ADIDAS EQUIPMENT KEY TRAINERS TURF/X-TRAINING FEET YOU WEAR 11 LBNNike Men Air Max 1 Premium Black-Anthracite SZ 12 [512033-011] , Adidas Harden B/E Black/Night Cargo/Black James Harden Bounce Basketball AC7819NIKE AIR FLIGHT HUARACHE PRM QS FAB 5 MICHIGAN WHITE BERRY 686203 100 sz 9.5 ,
    Nike mogochinese-29978 Hyperdunk 2016 size 11 Nike Free 29972 Shipping Double Boxed 22acbc6 - blurrypron.com>Nike mogochinese-29978 Hyperdunk 2016 size 11 Nike Free 29972 Shipping Double Boxed 22acbc6 - blurrypron.com
    adidas Women's Volley Response Boost W-W - Choose SZ/color , Sperry Womens Coil Ivy Leather Closed Toe Oxfords, Grape, Size 7.5 US / 5.5 UKMan's/Woman's Ladies Rieker Loafers '40360' New varieties are launched New products in 2018 Superb craftsmanshipVersace 19.69 3104091 SHADE BIANCO-ROSSO Décolleté Shoes Women's Multicolor AUDemonia CREEPER-216 Women's Black Vegan Suede Platform Pyramid Studs Creepers , LORBAC Bronze Patent Leather Designer Wedges Size 41. Made in Italy.Women's Chinese Flowers Denim Embroidery High Wedge Platform Heel shoes SandalsPinUp Couture BETTIE-13 Day Of The Dead Peep Toe Pumps Heels Rockabilly US10 , Clear Rainbow Unicorn Horn Glow in the Dark Rainbow Dash Halloween Costume Shoes , DIOR Red Platform Peeptoe Stilettos Size 39 / 9 Snakeskin Suede Italy Dbl Straps , Tom Ford Black Padlock Flat Gladiator Sandals 36.5 $890 , Oliver Women's Series 5" Mid Industrial Hikers (OL21112) 9US Work Steel Toe NIB , REEBOK PREMIER TRAIL III stylemen's size US10-BRAND NEW!! , MEN'S NIKE FREE RUNS 2 EXT 555174-044 BLACK/BLACK-HYPER BLUE-HYPER BLUE MSRP$100 , Nike 644394-300 Mens Free OG Breathe Athletic Running Shoes SneakersBrooks Mens Neuro 2 D US- Pick SZ/Color.Nike Air Force 1 Low Mens AO3835-400 Ashen Slate Sail Suede Shoes Size 12 , Nike Lunar Force 1 Hi WOW QS Nasa Flight White/Silver 3M [632359 100] size 10 , Nike Kyrie 4 MAMBA Mentality Black Mint Green GOLD MultiCOLOR WTK Men's 11 ShoesAdidas Rick Owens Mastodon Pro Model 'black'Sperry Topsiders 7.5 Gold Cup NEW Boat Shoes Lambskin LiningNocona Boots MD2741--12 EE US Mens MD2741in Boot- Choose SZ/Color.Skechers Men's Vinten-Wibaux Brown EH Comp Safety Toe WP SR Work Boot 77148/BRNCLARKS Men's Unelott Plain Oxford, Tan, 11 M USFiesso Mens Green Suede Gold Tassel Stepper Entertainer Jazzy Dress Loafer ShoeOnemix Authentic Women's Casual Running Shoes Fashion Sneakers Walking Trainers , Adidas Edge Lux 2 Running Shoe - Womens , Gentlemen/Ladies ASICS GEL-Nimbus 20 Women's Red/London 8C52323 bargain Make full use of materials cheap price , 1807 adidas ORIGINALS DEERUPT Women's Training Running Shoes B37602 , Women Patent Leather Square Toe Chic Spandex Thigh Boots Block Middle Heel Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike mogochinese-29978 Hyperdunk 2016 size 11 Nike Free 29972 Shipping Double Boxed 22acbc6 - 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 mogochinese-29978 Hyperdunk 2016 size 11 Nike Free 29972 Shipping Double Boxed 22acbc6 - 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 mogochinese-29978 Hyperdunk 2016 size 11 Nike Free 29972 Shipping Double Boxed 22acbc6
    Athletic Shoes
    >
    ;