Never miss an update

Nike 897563-900 Air Jordan 13/14 DMP Finals 11 Nike Pack 897563-900 Leather Gold Men's Shoes Sz 11 4bb87de




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
Brand: Nike
Color: Multi-Color/Multi-Color. Style: Basketball Shoes
Material: Leather US Shoe Size (Men's): US=11 UK=10 EUR=45
Country/Region of Manufacture: China Width: Medium (D, M)
UPC: 884500411449
Never miss an update

Nike 897563-900 Air Jordan 13/14 DMP Finals 11 Nike Pack 897563-900 Leather Gold Men's Shoes Sz 11 4bb87de - blurrypron.com

    Nike 897563-900 Air Jordan 13/14 DMP Finals 11 Nike Pack 897563-900 Leather Gold Men's Shoes Sz 11 4bb87de
    Nike 897563-900 Air Jordan 13/14 DMP Finals 11 Nike Pack 897563-900 Leather Gold Men's Shoes Sz 11 4bb87de
    DIADORA X PATTA N.9000 OG T0 | 9.5 COLONEL BLUE. 9000. 2014. , VANS SK8-HI NOTCHBACK DEFCON Sizes 8-13 MULTI CAMO JUNGLE VN000OK4KUZ2013 Pendleton x Vans Vault Era - Japan Exclusive - Size 9 - RARE!!!!Mr/Ms Supreme Jordan V (Price Negotiable) Complete specification range Selected materials CharacteristicsReebok The Pump Certified FRIENDS & FAMILY Edition Black 11.5 DJ Clark Kent , Adidas NMD HU Pharrell Human Race Yellow Men's Sneaker Sz 10.5 , Nike Air Jordan 3 Free Throw Line Limited DS SZ 11 100% Authentic , REEBOK THE PUMP | 9 20TH ANNIVERSARY 2009 4-J16120 BRINGBACK ST. ALFRED 9/29 DEEAir Jordan 3 X Air Max 1 Pack Atmos Elephant Safari Retro OG 9-10.5 923098-900Nike Kevin Durant KD 4 IV Weatherman 473679 303 100% AUTHENTIC PRE OWNED , Nike Lebron 9 IX China US Men Size 11.5 [469764-800] Blue/Orange , NEW lebron x 10 purple orange elite 14 jordan kd hero limited , Adidas PW Human Race NMD Green BB0620 Size 11.5 , RONNIE FIEG KITH ASICS GEL LYTE III 3 Super Green Japan SG Salmon Cove Homage RFAngelo Burlinetto Men's Matte Leather High Top , Vintage 1987 Nike Original Air Python Shoes OG Not Jordan 2 80s Classic 1988 87 , Men's/Women's Yeezy Boost 750 BB1840 Size 11.5 excellent quality Win highly appreciated Suitable for color , Vans X STAR WARS X VAULT Sk-8 Hi Size 11 supreme golf wang hosoi syndicate wtaps , CLEAN Pharrell Williams X Adidas NMD Human Race HU Black Yellow Size 5 BB3068 , Nike Air Jordan 5 Supreme Camo With Receipt V Retro Bamboo Camouflage 824371-201 , NIke Air Jordan Retro X OVO Black 819955-030 8-14 10 drake stingray prm2012 Nike Flyknit Trainer University Red Olympic Trials 1/400 Mens US Sz 8 RARE , Nike Air Jordan 9 IX Retro Pinnacle Pack Black White AH6233 903 Sz 8.5 , Promo Sample!! Nike Kobe 9 Elite Gumbo Style Size 10Nike Air Jordan 13 XIII Retro French Blue University Blue Flint Grey 414571-401 , Men's Brand New Adidas Solar HU NMD Athletic Fashion Sneakers [BB9528] , KOBE 11 LMTD "QUAI 54" | Size 12 | with footlocker.co.uk receiptNEW Nike Air Jordan 12 XII retro Playoff 2012 release Black Size 11.5 130690 001 , Nike Air Jordan 4 IV Retro KAWS SZ 9.5 Cool Grey Suede Glow In Dark 930155-003
    Nike 897563-900 Air Jordan 13/14 DMP Finals 11 Nike Pack 897563-900 Leather Gold Men's Shoes Sz 11 4bb87de - blurrypron.com>Nike 897563-900 Air Jordan 13/14 DMP Finals 11 Nike Pack 897563-900 Leather Gold Men's Shoes Sz 11 4bb87de - blurrypron.com
    Man's/Woman's MARNI Shoes 634912 Beige 5 Economical and practical First batch of customers SimpleGentle Souls NIB Women's Canary XL Monk Strap Ankle Bootie Black Size 7.5New Balance MRL996JZ mens shoes olive suede sneakers fashion casual , Ladies Clarks Casual Trouser Shoes Kelita Betty , Easy Works Time Slip On Covered Toe Sandals, Black/Bright Multi, 9 USkensie Tommie Toe Ring Flat Sandal, NudeKaty Perry The A.W. Pump High Heels 963, Nude, 7 US / 37 EURACHEL ZOE ZELLA CHAIN TRIMMED ESPADRILLES PUMPKIN - 9M - $235 - EUC!!!Marc Joseph New York New Green St Pink Womens Shoes Size 6 M Flats MSRP $129 , La Redoute Collections Womens Two-Tone Leather Loafers , Naturalizer Women's Zahn Spectator Pump - Choose SZ/Color , Dolce & Gabbana Two Tone Brown Zebra Calf Hair Open Toe Pumps 38.5 US sz 8 MFred Perry Kingston Jersey Trainers Plimsolls Pumps Casual Shoes B9094-122 - Red , adidas Busenitz Pro - Grey - Mens , Asics Gel Kayano Trainer Knit Sz US 14 M Grey Synthetic Sneakers Mens Shoes $150 , adidas ORIGINALS EQT SUPPORT ADV TRAINERS SHOES MEN'S WHITE RUNNING COMFY NEW , NIB Nike Free Trainer V7 Week Zero Shoes LSU Tigers **GEAUX TIGERS** Size 13Jordan Future Boot Grove Green Sz 9.5 NIB 854554-300Allrounder By Mephisto Mens Selino Tex Hiking Sneaker Shoes, Black, US 7.5 , Gentlemen/Ladies ADIDAS YEEZY POWERPHASE CALABASAS 6 Modern technology a wide range of products Excellent function , British Retro Breathable Men's Casual Real Leather Loafers Slip On Stylish Shoes , Adidas Centaur men's casual shoes blue/white low-top sneakers NEWClarks vossen plain black men's boot size 13Nike Air Force 1 '07 Premium Womens 616725-112 Oatmeal Khaki Gum Shoes Size 10Asics Women's Gel-Quantum 360 Knit Ankle-High Running Shoe , [BB3903] Womens Adidas Ultraboost Ultra Boost Uncaged Running Sneaker - Red , Donald J Pliner Western Cowboy Suede Buckle Ankle Mid calf Red Boots Shoes Sz 5g , Dr. Martens Pascal w/ Zip Boot - Women's Size 7, Burgundy , Gentlemen/Ladies Sky Denim Boots Easy to clean surface special function Breathable shoes , Hunter Original Tall Gloss Ocean Blue Womens Rubber Wellington Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike 897563-900 Air Jordan 13/14 DMP Finals 11 Nike Pack 897563-900 Leather Gold Men's Shoes Sz 11 4bb87de - 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 897563-900 Air Jordan 13/14 DMP Finals 11 Nike Pack 897563-900 Leather Gold Men's Shoes Sz 11 4bb87de - 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 897563-900 Air Jordan 13/14 DMP Finals 11 Nike Pack 897563-900 Leather Gold Men's Shoes Sz 11 4bb87de
    Athletic Shoes
    >
    ;