Never miss an update

Nike Air Jordan Air 1 Retro '97 Basketball 10976 Shoes Retro 555071-045 Pewter/Yellow Men's SZ 8 ea197e5




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Very good condition.
Model: Jordan 1 US Shoe Size (Men's): 8
Style: Basketball Shoes Color: Pewter/Blue/Electric Yellow
Product Line: Nike Air Euro Size: EUR 41
Material: Leather Brand: Nike
Type: High Top Idset_Mpn: 555071-45
Features: Retro UPC: Does not apply
Never miss an update

Nike Air Jordan Air 1 Retro '97 Basketball 10976 Shoes Retro 555071-045 Pewter/Yellow Men's SZ 8 ea197e5 - blurrypron.com

    Nike Air Jordan Air 1 Retro '97 Basketball 10976 Shoes Retro 555071-045 Pewter/Yellow Men's SZ 8 ea197e5
    Nike Air Jordan Air 1 Retro '97 Basketball 10976 Shoes Retro 555071-045 Pewter/Yellow Men's SZ 8 ea197e5
    Vans CA Era Pro Sample Real Skateboards 9 Black Red Blue Syndicate Dill Cab AVENEW/RARE Converse Elton Brand EB2 Mid - White/Royal Blue/Red (112395)Nike Womens Son Of Force Mid Trainers 616303 Sneakers Shoe 019 , Mens Nike Free Train Versatility Turquoise Teal 833258 313 Shoes Sneaker 11.5 , Men's Nike Tanjun Running Shoes Max Orange/Black-White New In Box 812654-800NEW! Nike 833258-002 Mens Free Train Versatility Black/White/Action Red 11 171J , SUPRA HAMMER BLACK WHITE MENS US 10 S71022 NEW IN BOXAIR JORDAN FLIGHT LUXE SZ 9.5 ANTRACITE BLACK WHITE 919715 005 , NIKE SB BLAZER VAPOR SZ 9 ELEMENTAL PINK BLACK WHITE 878365 600Nike SB Stefan Janoski SE Black Gum Brown Gold Grey Sz 13 631298-020Nike Zoom Span Mens Sz 11 Black/Silver/Red/Gray 852437-003Man/Woman Nike Airmax Zero Crimsom Size 12 Innovative design Stylish and fun Suitable for color , NEW SUPRA SKYTOP PEWTER = SIZE 9 = METALLIC MEN'S SHOES STYLES18259Brand New Men New Balance ML498 GB Gold Leather Running Walking Shoes Size 10.5 , Nike Train Speed 4 Mens Athletic Training Shoes New White Black 843937 104 Sz 13 , 24 Men Nike Lebron Soldier X 10 White/Black Basketball Shoes 14-17 856489-100Adidas Equipment Support 93/16 Boost- Black/White- Size 10Nike Stefan Janoski Max L Men's Skate Shoe 685299 006 Size 8.5 , Saucony Men's Jazz Original Vintage Trainers, Blue , Nike Air Penny 4 IV Wolf Grey Coppercoin Sz 10 864018-002nike marxman mens hi top trainers 832764 600 sneakers shoes CLEARANCENike SB Stefan Janoski Max Black Max Orange (Almost Red) Sz 13 631303-014 , New $150 Nike Zoom Superfly Elite Racing Track Spike 835996-413 Sz 11 (EU45.5)ASICS GEL VENTURE 6 (4E) 9616 FROST GREY PHATOM BLACK MEN SHOES SIZE 8.5,10,10.5 , VANS Old Skool Suede Tiger Camo Black Sneaker M11.5 , NEW - Volcom Men's Red/Black Draft Water Friendly Shoe Sneaker - Size 7 , ADIDAS SUPERSTAR II ORIGINALS MEN'S LEATHER SHOES SIZE 19 NWOB , Asics Courtrushing White Red Men Volleyball Badminton Shoes TOB517-0123 , Infinity Footwear Men's Step In Oil & Slip Resistant Athletic Footwear. MRUSH
    Nike Air Jordan Air 1 Retro '97 Basketball 10976 Shoes Retro 555071-045 Pewter/Yellow Men's SZ 8 ea197e5 - blurrypron.com>Nike Air Jordan Air 1 Retro '97 Basketball 10976 Shoes Retro 555071-045 Pewter/Yellow Men's SZ 8 ea197e5 - blurrypron.com
    NIKE MENS TRAIN PRIME IRON DF BLACK DARK GREY SHOESNEW Cougar short Harness Rebel Style Biker Leather BootMen/Women Air Jordan 3 Retro Flyknit US10 Reliable quality Year-end sale Preferential priceSkechers Go Walk 3 Splendid Womens Comfort Casual Slip On Shoes , TODS Black Leather Loafers in size EU40/AU9 - great conditionPrada Flats Shoes - Patent Silver and Black Size 37.5 100% Authentic BNIB , NICOLE MILLER Brandy Ankle Cuff Pumps High Heels Glittering Gold NEW Womens 6.5 , $750 Gianmarco Lorenzi Heels Stiletto Python Leather Pumps Womens Shoes , DS MENS ASICS GEL-LYTE III H6Z0L-9090 BLACK MINT RUNNING SZ 9 FREE SHIPPINGNike Air Huarache 2K Filth Elite Hi Metal Baseball Cleats 749359 010 Men Size 13Nike Air Zoom Talaria 16 OG Volt Black White 844695 100 Men's DS Size SZ 11Nike Air Jordan Trainer ST Winter Mens Trainers 854562 012 Sneakers Shoes , Nike Jordan 4 Columbia White Legend Blue 408452-107 GS Size 6Y W/Receipt , 1710 Nike Hyperdunk 2017 Flyknit EP Men's Basketball Shoes 917727-007WORN 2X Nike Air Jordan IV 4 Retro WHITE MILITARY BLUE COOL CEMENT 308497-105 14Jordan 4 Lab 1 Mens Style : 677690 , PANTANETTI Men's Shoes Boots 12020I Raw Mogano Adam 920 Marrone Leather ItalyGIORGIO BRUTINI BROGUED WING TIP OXFORD BURGUNDY LEATHER MENS SHOES 10.5 D , New Balance Womens Wxnrgph Navy Fashion Sneaker Size 6 (34586)New Women's Size 7 NEW BALANCE SIRENS MODERN WL1400SANIKE AIR HUARACHE RUN 634835-084 MEN'S 10.5 WOMEN'S 12 *RARE* !! , New Balance Women's 806v1 Work Training Shoe, Black, Size 8.5 XI8e , Nike Air Max Sequent 3 Womens Style : 908993 Black/White/Dark Grey Size 8.5NIKE Womens Nike Flex 2018 Rn AA7408-002 BLACK Womens Size 11 , New Nike Women’s AIR MAX 98 Sz 7.5 PINK BARELY ROSE ELEMENTAL AH6799 600Vince Camuto Black Women's Size 5M Kaliah Leather Tall Wedge Boots $200-Nine West Womens Velika Leather Knee High Boot Black & Brown Size 5 M , Sexy Elegant Ladies Stripe Leather Stilettos High Heels Shoes Ankle Boots Chic , Cole Haan Ladies 5.5 B Brown Distressed Leather Tall Combat Riding Zip Air , Top Shop 'Aubergine Perspex' Clear Heel Bootie, Black Leather, Womens Size 6.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Jordan Air 1 Retro '97 Basketball 10976 Shoes Retro 555071-045 Pewter/Yellow Men's SZ 8 ea197e5 - 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 Jordan Air 1 Retro '97 Basketball 10976 Shoes Retro 555071-045 Pewter/Yellow Men's SZ 8 ea197e5 - 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 Jordan Air 1 Retro '97 Basketball 10976 Shoes Retro 555071-045 Pewter/Yellow Men's SZ 8 ea197e5
    Athletic Shoes
    >
    ;