Never miss an update

Nike Air mogochinese-29934 Shoes Max 180 Airmax "Bright Ceramic" size 9 Premium Running Shoes 615287-101 Airmax e5c6569




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Model: Nike Air Max 180
Material: Synthetic Modified Item: No
Idset_Mpn: 615287-101 Country/Region of Manufacture: Vietnam
Upper Material: Synthetic Style: Running Shoes
Color: White/Bright Ceramic Product Line: Nike Air Max
Brand: Nike Width: Medium (D, M)
US Shoe Size (Men's): 9 Pattern: Solid
Euro Size: EUR 42,5 UPC: Does not apply
Never miss an update

Nike Air mogochinese-29934 Shoes Max 180 Airmax "Bright Ceramic" size 9 Premium Running Shoes 615287-101 Airmax e5c6569 - blurrypron.com

    Nike Air mogochinese-29934 Shoes Max 180 Airmax "Bright Ceramic" size 9 Premium Running Shoes 615287-101 Airmax e5c6569
    Nike Air mogochinese-29934 Shoes Max 180 Airmax "Bright Ceramic" size 9 Premium Running Shoes 615287-101 Airmax e5c6569
    NEW MENS NIKE LEBRON SOLDIER X 10 sz 10 RED White Basketball Shoes JamesAir Jordan 1 Re Log OG Pinnacle Size 9 852549 003 , Pre-Owned New Balance 247 luxe pack TAN size 11 WITHOUT BOX (great condition) , Nike Air Force 1 Low Premium Mens 9.5 , Used Worn Size 12 Reebok Pump Limited Edition Shoes Gray Silver Red , Asics X Highs & Lows Gel-Mai Submariner Navy Black HQ709 5090 Mens Size 102016 Nike Air Jordan 1 Retro David Letterman BRED ROYAL SHADOW SATIN SHATTERED , Nike Air Max Motion LW Premium Men's Classic Casual Lifestyle Trainers BlackNike SB Air Max Bruin Vapor Men's Skate Shoes Black Grey Size 10.5 NWB , Adidas Originals NMD_R2 Nomad Men's (Size 13) Grey Future Harvest BY3014Air Jordan 2 Retro Decon Suede Mint Green Foam Men’s US Size 10 897521 303 , NIKE AIR FORCE 1 HIGH 07 DARK MUSHROOM BROWN SZ 13 [315121-205] , NIKE JORDAN RETRO 10 "CHICAGO FLAG SIZE 9.5 , Reebok Pump Plus Tech men run running shoes NEW black solar yellow BD4864 , NIKE SB ZOOM DUNK HIGH PRO UNIVERSITY RED "USA" SZ 11 [854851-661]Shoe Volleyball Adidas Energy Boost Mid mens shoes , Jordan Rising Hi Low 834233 407 Navy/ White , ADIDAS CAMPUS 80'S MITA Size 8.5 Q34550 New In Box Columbia BlueNike sb dunk low us 12 rare Mens nike sb skate or die nike shoes mens shoes , Men's Adidas Barricade 27 Pop Art Preowned Tennis Shoe Size 11.5NEW Under Armour Mens Deception Baseball Training Shoes Black White Size 12NEW MEN'S NIKE AIR MAX FLAIR RUNNING SHOES SIZE 9.5 , Mr/Ms Nike Airmax 1 Nl durability Pleasant appearance Elegant and stable packaging , Nike Air Force 1 Low Brand New with Box , in box Adidas Bermuda Mystery Blue Clear Mystery Blue BY9652 Mens 9.5 11.5 10 13 , Asics Gel-Lyte V Sanze Knit Birch White H800N 0202 Mens Size 9.5Nike Mens Air Force 1 Ultraforce N7 White / Black $120 , Nike Classic Cortez Basic Leather OG Forrest Gump Red Royal 749571-154 Size 8-13 , Nike Jordan Why Not Zero sz 9.5 Shoes "Cotton Shot" Russell Westbrook AA2510-800
    Nike Air mogochinese-29934 Shoes Max 180 Airmax >Nike Air mogochinese-29934 Shoes Max 180 Airmax
    Sanuk Women's Nice Bootah Lx Ankle Bootie - Choose SZ/Color , USA CHIPPEWA LEATHER WESTERN COWBOY TRAIL BOSS RANCH WORK KILTIE BOOTS 7.5 M , adidas Originals Stan Smith Leather White Black Mens Women Shoes Sneakers S75076COSTUME NATIONAL Dark Green Leather Knee-high Boots Sz 37 Italy RRP $3000 As NewNIB Auth YSL Saint Laurent Saint Laurent Cavaliere Leather Boot shoes 8 / 38 , Adidas Adizero Boston 6 M [BB6414] Men Running Shoes White/Cyber Metallic , Ladies HI-TEC 'WILD-FIRE LO I' Waterproof Trekking BootsBordello Women's Bella 12R Red Satin/Red Satin Platform ShoesNew WOMENS size 8 GREY SUEDE LEATHER SHOES-LOAFER-MOCCASIN-ARTEZA INLAY-GUM SOLE , Womens ALBERTO PERMANI 200639 Gray Leather T-Straps Heels Sz. 38.5 , Bordello Teeze 07H Silver Hologram Sequins Mary Jane Stiletto 5.75 inch High Hee , Jeffrey Campbell Ibizia Last Darling Pump Black Patent Stilelttos MSRP $159 NWOTPRADA Black Suede Platform 5" Heel Sandals w Silver Buckle + Lining Sz 38 MintGIANVITO ROSSI Black Suede High Heel Shoes Pointed Toe Party Stilettos Sz US 8.5Josef Seibel 90028-23300 Womens Lindsay Fisherman Sandal /8-- Choose SZ/Color.Adidas Campus Mens BB0085 Clear Brown Chalk White Suede Athletic Shoes Size 10 , Man's/Woman's Adidas Iniki Runner Womens - BY9094 Online Shopping Fast delivery Outstanding styleMen/Women Propet Men's Stability Walker Shoe White Clever and practical Cheaper than the price Great choice2012 Nike Air FOAMPOSITE ONE 1 VARSITY METALLIC RED WHITE BLACK 314996-610 NEW 9 , NEW Mens Mr Hare Black Sonny Suede Leather Zip & Strap Boots GENUINE RRP:LOS ALTOS MEN GENUINE BLACK FULL QUILL OSTRICH ROUND TOE WESTERN COWBOY BOOT EE , Georgia GB00179 Mid Calf Boot - Choose SZ/Color , Harpelunde 2018 Men Flat Shoes Black Velvet Loafers With Buckle , Skechers Skecher Street Womens Double up-Diamond Girl Fashion Sneaker , Nike Women Roshe One Diamondback Running ShoeNike Air Jordan 4 retro Dunk From Above og 408452 425 ( 38.5 / 6 us / 5.5 uk)Vionic with Orthaheel Technology Midi Double Gore Slip-On Sneaker Grey NubuckFree Lance Boots Paris France Midnght Black Tall Wrap-around Zip (38) 8/8.5 vntg , MIA Women's Maeva Ankle Boot, White, 7 Medium USMen's/Women's Aerosoles Women's Square Away Ankle Boot Customer first Stylish and fun Most practical
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air mogochinese-29934 Shoes Max 180 Airmax

    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 mogochinese-29934 Shoes Max 180 Airmax "Bright Ceramic" size 9 Premium Running Shoes 615287-101 Airmax e5c6569 - 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 mogochinese-29934 Shoes Max 180 Airmax "Bright Ceramic" size 9 Premium Running Shoes 615287-101 Airmax e5c6569
    Athletic Shoes
    >
    ;