Never miss an update

Nike Womens Air Zoom 8 Hyperace Volleyball Shoes mogochinese-1963 902367-007 Grey SZ 8 Wolf Grey 67f43e2




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: New Shoes Without Box
Activity: Volleyball UK Shoe Size (Women's): 5.5
Style: volleyball EUR Shoe Size (Women's): 39
US Shoe Size (Women's): 8 Color: wolf grey, black, volt
Product Line: Nike Zoom Brand: Nike
Width: Medium (B, M) UPC: 00826215647317
Never miss an update

Nike Womens Air Zoom 8 Hyperace Volleyball Shoes mogochinese-1963 902367-007 Grey SZ 8 Wolf Grey 67f43e2 - blurrypron.com

    Nike Womens Air Zoom 8 Hyperace Volleyball Shoes mogochinese-1963 902367-007 Grey SZ 8 Wolf Grey 67f43e2
    Nike Womens Air Zoom 8 Hyperace Volleyball Shoes mogochinese-1963 902367-007 Grey SZ 8 Wolf Grey 67f43e2
    NIKE WMNS WOMEN'S FREE TR FLYKNIT 718785-502 HYPER VIOLET TOTAL CRIMSON SZ: 9 , NWT In Box Women’s Adidas NMD R1 STLT PK CQ2031 Running Shoe Size 7.5 Blue White , WOMENS NIKE SF AF1 AIR FORCE 1 MID SZ 6 ELEMENTAL GOLD FLAX GUM AA3966 700NEW Wmn's SZ 11B Medium, BROOKS Adrenaline GTS 18 Running Shoes 1202681B 495Man's/Woman's Jambu Women's San Fran Leather Oxford Charming design Sufficient supply Pick up at the boutiqueNEW ADIDAS WOMENS 9M US SUPERSTAR BRONZE COPPER STYLE CODE BB8140 GOLD NWOB , Women's Nike Free RN Flyknit Light Blue Grey Size 7.5 831070 404 MSRP $130 Gray , Women New Balance Vazee Pace WPACEKM2 Medium Pink Black 100% Authentic B. New , NIKE Air Max 90 SE Womens Sz 6.5 Shoes Denim Blue White Gum 881105 401ASICS GT 2000 5 T757N 9601 MIDGREY WHITE PINK GROW WOMEN SHOES SIZE 6.5, 7 & 8 , DANSKO WOMEN'S LISANNE, WALKING COMFY SLIP-ON BALLET STYLE SHOE, ARCH SUPPORTBrooks Glycerin 15 Running Shoes - Women's Size 10.5 B - Aqua/Navy , NIKE FREE 5.0 TR FIT 4 PRT WOMEN'S MULTIPLE SIZE NEW/BOX 629832 200 MEDIUM ASHNIB Nike FREE 5.0 TR Fit 5 PRT Print Running Cross Trainers Shoes - 10Nike Womens Air Force 1 Upstep Basketball Shoes 917588-601 Particle Pink Sz 8.5 , NIKE FREE TR 7 WHITE ROSE WOMEN'S Sz 9 TRAINING SHOE 904651 102 , Aerosoles Women's Paper Doll Slip On SneakerSee by Chloe Duncan leather Wedge Sneaker Womens Size 37NEW IN BOX HOKA ONE ONE WOMEN'S 11 CHALLENGER ATR 2 CAYENNE FREE SHIPPING , Mizuno Womens Indoor Volleyball Shoes Wave Lightning 4 Size 12 Blue White NewPUMA Women's Ignite Evoknit Metal Wn's Cross-Trainer Shoes 18989602 Size 7.5NIKE AF1 Ultra Flyknit Womens Sz 7.5 Shoes Blue Lagoon 818018 400Man/Woman Nike Juvenate Print Casual Women's Shoes durability Quality and quantity guaranteed Different styles , Wmns Nike Lunarglide 8 Sz 8-12 Purple Earth/Purple 843726-502 FREE SHIPPINGAdidas Originals Women's EQT SUPPORT ADV Primeknit AQUA Shoes BZ0006 bNike iD Epic React Women’s Size 12 TEAL/VARSITY RED (AJ7286-998) , NIKE Lunar Control Vapor Women's Golf Shoes Pink Cleats 849979 600 $175 , Nike Women's Air Max 90 Essential Pure Platinum/Gym Rd/Ttl Crmsn Running Shoe , Altra Women's Lone Peak 3.0 Mid Neo Shoe, Gray/Purple, 7.5 B US
    Nike Womens Air Zoom 8 Hyperace Volleyball Shoes mogochinese-1963 902367-007 Grey SZ 8 Wolf Grey 67f43e2 - blurrypron.com>Nike Womens Air Zoom 8 Hyperace Volleyball Shoes mogochinese-1963 902367-007 Grey SZ 8 Wolf Grey 67f43e2 - blurrypron.com
    Men's/Women's Sandals Golden Goose Bicoloured Great variety cheapest A balance between toughness and hardnessWomen Boots Stretch PU Leather Over The Knee High Sexy Ladies Party High Heels PLuciana Bellucci Patent Leather High Heel shoes, Black, Size 39EU (US/AU 8) , MORI MADE IN ITALY WEDGES HIGH HEELS PUMPS SCHUHE LEATHER DECOLTE BLACK NERO 40 , SANITA PROFESSIONAL SIZE 38 OFF WHITE IN NEW CONDITION LEATHER , Authentic STUART WEITZMAN: Black, Leather, Loafers/Flats w/ Chain Sz: 6.5M $365 , Man's/Woman's BETTIE-23 Promotion excellent Export , $178 Cole Haan Air Reesa Buckle Ballet Shoes Womens 10 Orange Gold NEW IN BOX , * AGL Attilio Giusti Leombruni Loafers leather gray-brown Shoes Slip OnSergio Rossi Women's Open Toe Stiletto Pumps BLACKBrand New- Giuseppe Zanotti Summer 2008 Shoes MADE IN ITALY (US 7.5, Euro 38) , women's shoes MOMA 7 () sandals red leather BT498-37Adidas Samoa VNTG Vintage Vapour Grey Panton Pigskin Suede Pack B27735 OriginalsSaucony Hurricane ISO 2 Men's Size 8 Wide Width Athletic Running Shoes S20294-1NWB Men's Air Jordan Wesbrook 0 Premium Black History Month 838817 035 Size 12 , Adidas Originals Nmd R1 Boost Off White Lush Red Men Shoe Gym New Comfort B37619Shoes Sneaker Daniele Alessandrini Shoes -60% Man White F7165KL4583621-49 , Nike AIR MAX 90 NIC QS AO5119-100 'WORLD CUP - Flag Pack SIZE 9.5 , Dije Mens Santa FE Moccasin Slip-On Flat Loafer Shoe Black Suede Size 8 M US , New British Mens Tassel Slip On Low Heel Hairlist Dress Formal Causal Shoes 2017MINT ALLEN EDMONDS Sz 8 D Stockbridge Brown Norwegian Captoe Men's Dress Shoes , NIKE FLEX TRAINER 7 shoes for women, Style 898781, NEW, WIDE, US size 9.5Nike 644585 Mens Solo Foamposite Casual Slide Slip On Fit Clogs Mule ShoesWomens MBT MANUTA GULL Size 8-8.5 walking barefoot workoutWomen's Nike Air Max 2014 Hyper Punch Running Shoes Size 12 , New Nike Tiempo Legend VI SG Pro Sz 9 WMNS Soccer 40.5 Metal Cleats 827248-164Womens Ankle Boots Pointy Toe Block High Heel Chinese Side Zip Embroidered Shoeskensie Women's Talicia Slouch Boot - Choose SZ/Color , 2019 Hot Women Occident Pointy Toe Sequin Pull On Wedge Mid-heels Ankle Boots SZ , Womens pointy toe denim knee high Boots stilettos high heels jeans shoes Sz New ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Womens Air Zoom 8 Hyperace Volleyball Shoes mogochinese-1963 902367-007 Grey SZ 8 Wolf Grey 67f43e2 - 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 Womens Air Zoom 8 Hyperace Volleyball Shoes mogochinese-1963 902367-007 Grey SZ 8 Wolf Grey 67f43e2 - 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 Womens Air Zoom 8 Hyperace Volleyball Shoes mogochinese-1963 902367-007 Grey SZ 8 Wolf Grey 67f43e2
    Athletic Shoes
    >
    ;