Never miss an update

Nike Dunk 29812 High Resn Nike Size Dunk 11.5 SB 47c7936




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Nike
US Shoe Size (Men's): 11.5 Product Line: Dunk
Style: Basketball Shoes
Never miss an update

Nike Dunk 29812 High Resn Nike Size Dunk 11.5 SB 47c7936 - blurrypron.com

    Nike Dunk 29812 High Resn Nike Size Dunk 11.5 SB 47c7936
    Nike Dunk 29812 High Resn Nike Size Dunk 11.5 SB 47c7936
    NEW NIKE AIR ZOOM TALLAC LITE OG = SIZE 8 = MEN'S SHOES BOOTS 844018-001 , $170 NIB Men's Nike ZOOM PENNY 4 MID BASKETBALL SNEAKER 864018-001 Falcon30 Nike Air Jordan 31 XXXI Chicago 845037-600 Basketball Shoes Men's 10 10.5 12 , New Adidas Men's Originals NMD R1 Boost Shoes (B37618) Black//Lush RedMan/Woman jordan spizike Cheap Modern design Seasonal promotionMEN'S NIKE SHOX GRAVITY SHOE - Black , Nike Air Zoom Pegasus 34 [880555-010] Men Running Shoes Platinum/Anthracite-Grey , Gentleman/Lady Nike Men's Odyssey React Running Shoe Excellent value Brand Direct businessNike Mens Zoom All Out Flyknit Running Shoes Oreo 844134-005 SZ 11 NEW NO BOX , Air Jordan 11 Retro US Size 8.5 Legend BlueMen/Women Air jordan 10 retro Consumer first Make full use of materials Official websiteNike Air Jordan Retro III Black Sport Cement 136064 007 Size 8 136064 007 VI VIINike Lunar Force 1 Duckboot 805899-200 Baroque Brown Army Olive Gum Boots Mensadidas Performance Mens PureBOOST DPR Running Shoe Grey/Dark Solid Grey S82010adidas Solar BOOST M Hi-Res Aqua Black Grey Men Sz 8 Running Shoes CQ3168 , New Men's Size 11 Nike Air Max 90 EZ SE Wolf Grey/Dark Grey/Orange AO3248 001Vans Sk8 Hi (Gore-tex) All Weather MTE Mountain Bison Black Green Men's ShoesNike Air Unlimited Black White Deep Emerald 889013 001Size 101711 adidas Galactic 2 Men's Training Running Shoes BA8174Gentleman/Lady Jordan Nike Fusion 4 size 7 Adequate supply and timely delivery discount Exquisite workmanshipNike Zoom KD10 City Edition 2 Hyper Turquoise Racer Blue 897815-300 Mens SZ 9.5Gentleman/Lady Jordan Future Mid Navy Size 10.5 economic buy Various latest designs , Nike Air Presto Essential TRIPLE BLACK Sz 13 100% Authentic Retro 848187 011Nike Air Max Sequent 2 Mens 852461-002 Platinum Grey Knit Running Shoes Size 7 , Air Jordan 29 Basketball Shoes Size 11.5 Green Teal Blue Sneakers , $220 Mens Nike Zoom Kynsi Jacquard Waterproof Boots 806973-001 SHIPS DOUBLE BOXDAir Jordan 13 XIII Retro Low Hornets 2015 Mens sz 11.5 Basketball Shoes SneakersNIKE AIR MAESTRO II QS MENS SNEAKERS[BA8330] Mens Adidas Equipment Support Running Sneaker - Blue
    Nike Dunk 29812 High Resn Nike Size Dunk 11.5 SB 47c7936 - blurrypron.com>Nike Dunk 29812 High Resn Nike Size Dunk 11.5 SB 47c7936 - blurrypron.com
    Barbie by Town Shoes Over Knee High Boots Size 39 Black Stiletto Heel FloralLADIES CORRAL WESTERN BOOTS ANTIQUE SADDLE/CHOCOLATE WINGS A3048 , Prada thigh high flat boots in Graphite Suede leather Size US 7 - , Mimco Punklove Tall Knee High Black Leather Boots Size 37Badgley Mischka Rouge II Embellished Dress Pumps 732, Pewter, 11 US , Dansko 7.5 8 Brown Clogs Women's , CUTE! Women's $450 Stubbs and Wootton Black Velvet "I DO" Slippers Loafers ShoesKlogs Cardiff Womens Clog Shoes Black Wigwam 6.5 M , SAS Walk Easy Be Happy Women Brown Suede Oxfords Excellent Made In USA Sz 9.5 MJessica Simpson "Avenx" Gold/Black Pointy Toe Pumps - 9B/39Schutz Lenna Strappy Leather Sandal Size 8.5 New MSRP: $220 , IVANKA TRUMP 227324 sand brown leather studded slingback wedges sz. 9.5Hermes Soft Calf Leather Tan Peep Toe Slip In High 4" Heel Platform SZ 37 7 AUTHDANSKO BROWN LEATHER WOMEN'S (40 US) SHOE SLIDE SANDAL EUC WOOD GRAIN , New Balance Women's WT910v3 Trail WT910BP3 Black-Bleached Sunrise-Alpha Pink , DC Heathrow Black Mens Mesh Trainers ShoesGentleman/Lady Osiris Men's Peril - Choose SZ/Color wholesale Upper material wonderful , Dr Martens Mens James Boot Burnished Bronx Suede Size 11 Discontinued New GrungeNike Air Force 1 Hi HYP PRM Solar Red Sz 8.5Men's Corral Circle G Boots python snake & leather cowboy western boots sz 10.5 , Irish Setter Men's 838 Wingshooter WP Upland Hunting Boot Amber - 11 2E US , Mens Leather Metal Pointed Toe Block Heel Casual Business Shoes formal dress hotVans Off the Wall Rhea SF Square Perf SF Gossamer Green Womens Boots 8.5 ShoesNike Air Max Destiny TB Basketball White & Royal Blue Sneakers Shoes Womens 5 , Tommy Hilfiger US Shoe Size Women Comfort Casual Athletic Fashion Sneakers WhiteNIKE ROSHERUN FLYKNIT WOMAN SIZE 6.5 PINK POW NEW RARE AUTHENTICNightmare before Christmas themed converse with Jack & Sally fully hand painted , New Dolce Vita TRILBY Chukka Boot Perforated Suede Women's Sneaker NIB 10 TaupeNIB FREE PEOPLE x SEYCHELLES 'JULEP' WEDGE BOOTIES BLACK SZ 6Womens Occidend Slim Heel Shoes Round Toe Pull On Over Knee High Boots Ths01 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Dunk 29812 High Resn Nike Size Dunk 11.5 SB 47c7936 - 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 Dunk 29812 High Resn Nike Size Dunk 11.5 SB 47c7936 - 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 Dunk 29812 High Resn Nike Size Dunk 11.5 SB 47c7936
    Athletic Shoes
    >
    ;