Never miss an update

Nike Free Run Gray 831508-005 Running Running Shoes Walking Runner Training Sneakers Walking Sneakers f0fc8f8




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
Material(Upper): Synthetic Resin + Polyester
US Shoe Size (Men's): 7-10.5 Material(Outsole): Synthetic Rubber + Resin
Color: Gray Country/Region of Manufacture: Vietnam
MPN: 831508-005 Style: Running Shoes
Brand: Nike
Never miss an update

Nike Free Run Gray 831508-005 Running Running Shoes Walking Runner Training Sneakers Walking Sneakers f0fc8f8 - blurrypron.com

    Nike Free Run Gray 831508-005 Running Running Shoes Walking Runner Training Sneakers Walking Sneakers f0fc8f8
    Nike Free Run Gray 831508-005 Running Running Shoes Walking Runner Training Sneakers Walking Sneakers f0fc8f8
    Men's Nike Flyknit Racer Size 6 (526628 009) No Box , Man's/Woman's Nike Barkley Posite Max "Gamma Green" We have won praise from our customers. online shop German OutletsMen's Nike Air Huarache Run PRM Dark Grey/Black 704830 007 Size 13Gentlemen/Ladies AUTHENTIC ADIDAS CRAZY 97 G66930 Consumer first First batch of customers classic styleNike Free 4.0 Flyknit Men Round Toe Synthetic Running ShoeNIKE LUNAR MAGISTA II FK SZ: MNS 7 (852614 300) RETAIL$200.00Air Jordan 13 Retro Cherry Size 1 Y Sneakers 414571 101 NEW!! NIB , NikeLab Air Force 1 Mid CMFT SP White US10 UK9 Brand NewNEW SUPRA SKYTOP BLACK DARK GREY WHITE 08002-094 SKATEBOARDING SHOES 9.5Reebok Workout Plus Mu Mens Burgundy Suede Trainers , $160 Saucony Mens Freedom ISO Running Sneaker Shoes, Blue/White, US 13 , ASICS GEL LYTE SPEED CLASSIC BLUE EASTER PACK H615L 4242 SZ 10 , Mens Nike Flyknit Chukka 819009-300 Rio Teal Brand New Size 8Size 9.5 Nike Air Foamposite One Eggplant Purple 2010 Release 314996 051 PennyNike Dunk High Premium Houndstooth Doom De La Mag Supreme Unkle Huf , New Air Jordan XXXI Basketball, Men's Size 10.5, Black/Blue/White, 845037-007 , adidas Men's Shoes Size 6.5 US Superstar X Star Wars Stormtrooper White Black , Nike Air Max 270 men size US 10 white/blackNIKE AIR FOOTSCAPE MAGISTA FLYKNIT 816560-003 BLACK DARK GREY VOLT SIZE: 11.5 , NEW NIKE MARXMAN PRM SNEAKERS SHOES PURE PLATINUM 832766 001 SIZE 9.5,11.5 , NlKE AIR SKYLON II 2 NlKE AO1551-102 size 4-12 White/Black-Amarillo-Totla Oran2008 Air Jordan 1 High Strap white/black-varsity red 342132-101 Men sz 13 bullsNike Air Jordan Flow White Metallic Gold Coin Premium Platinum 833969 132 EW , ASICS MENS GEL-RESOLUTION 7 TENNIS SHOES -SNEAKERS- E701Y-4589- INK BLUE/SULPHUR , Saucony Grid 9000 X Packer Shoes Tech Pack 2012 SZ 11 Orange Teal 70086-3 , Adidas Men's Size 15 Shoes Crazy Bounce Basketball White Black B72766 , Nike sb dunk low premium sb 20 years skate park of Tampa Lance Mountain Size 11 , Air jordan Retro 13 Baby Blue/white sz 10 , NEW MENS BROOKS LAUNCH 4 RUNNING SHOES TRAINERS HIGH RISK RED / BLACK / ORANGE
    Nike Free Run Gray 831508-005 Running Running Shoes Walking Runner Training Sneakers Walking Sneakers f0fc8f8 - blurrypron.com>Nike Free Run Gray 831508-005 Running Running Shoes Walking Runner Training Sneakers Walking Sneakers f0fc8f8 - blurrypron.com
    NEW VINCE CAMUTO BLACK QUILTED LEATHER WIDE CALF TALL BOOTS SIZE 7.5 M $189 , Dr. Martens Women`s Chianna Knee High Tall Boot Black Smooth US 8Rachel Zoe Blk Kid Suede NADIA Wedge Heel Bootie Size 10M, Ankle, HighWmns Nike Free RN 2017 Run Wolf Dark Grey Women Running Shoes Sneaker 880840-010adidas FortaGym CF K Triple Black Kids Junior Cross Training Shoe Trainer BA7920Nike Wmns Zoom Condition TR Cross Training Womens Shoes Platinum 852472-002 , LADIES NEAR NEW COLORADO BROWN LEATHER MARY JANE STYLE MID HEEL SHOES SIZE 9Vince Banler Nude Bone Cocobay Black Velvetteopextra Women's Loafers Flats 9 MMen's/Women's 8 N Etienne Aigner Brown Loafer Excellent value modern Speed ​​refund , Franco Sarto Cyrus Loafers Size 7.5 NIB , STEVE MADDEN Womens 'Caylen' Silver Metallic Strappy Sandals Sz 8 M - 231816Earth Dione - Women's Heeled Mary Jane - All Colors - All SizesValentino Garavani Rockstud Souls low Heel Sandals SZ 37.5 Gold Leather New $945AIR HUARACHE ID BLUE-WHITE SZ 11 [777330-993]-NIKEGentleman/Lady CONVERSE..DK BLUE & BLACK..SQUARES..HIGH TOP..SNEAKERS..SKATE..SHOES..NEW..12 New Listing Quality and quantity guaranteed Pick up at the boutiqueShoes 247 Lifestyle New Balance White Men MRL247-DWNIKE SF AF1 864024 204 DUSTY PEACH (CLAY/PINK) - SPECIAL FIELD AIR FORCE SZ 10.5Puma TitanTour Ignite Disc Golf Shoes 189427-01 White/Black Men's NewNike Zoom Mercurial XI Flyknit FC University Red/Black-Red 852616-600 SZ 11.5 , Adidas Originals X Neighborhood NH Cityrun Mens Size 9.5US , Vintage Men's Dexter Heavy Duty Brown Hiking Boots Size 8.5 M Vibram Soles USA , Men/Women Margaritaville Mens Boat Shoes 11, Palm Queensland Good market Non-slip , TERRIFIC 14 M SPERRY TOP SIDER CANOE BROWN & TAN MEN CLASSIC BOAT SHOES 0194753NIKE AIR STAB WHITE PURPLE PINK RUNNING CONDITIONAL WOMENS WMN SZ 6 * 317061-151Skechers Sport 12386W Womens Synergy 2.0-Mirror Image Wide Fashion SneakerNorth Face Women's Ultra Fastpack II Trail Running Size 10 Gray NEW Floor Model , Nike Flex Fury 2 Running Women's Shoes , Adidas Superstar x Farm Pineapple Womens B28040 Scarlet Red White Shoes Size 7Men's/Women's Steve Madden Women's Goldie Ankle Boot Clever and practical discount comfortable , Franco Sarto Women's Richland Ankle Boot, Dover Taupe, Size 5.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Free Run Gray 831508-005 Running Running Shoes Walking Runner Training Sneakers Walking Sneakers f0fc8f8 - 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 Free Run Gray 831508-005 Running Running Shoes Walking Runner Training Sneakers Walking Sneakers f0fc8f8 - 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 Free Run Gray 831508-005 Running Running Shoes Walking Runner Training Sneakers Walking Sneakers f0fc8f8
    Athletic Shoes
    >
    ;