Never miss an update

Rare NIKE AIR UP MEN 14 QS ASG 14 NOLA 10 Gumbo League MEN SZ 10 University Red 652124-600 66c234d




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: Brand New Without Box
Idset_Mpn: 652124-600 Width: Medium (D, M)
Country/Region of Manufacture: China US Shoe Size (Men's): 10
Style: Basketball Shoes Color: Red
Product Line: Nike Air Up Brand: Nike
Material: Leather UPC: Does not apply
Never miss an update

Rare NIKE AIR UP MEN 14 QS ASG 14 NOLA 10 Gumbo League MEN SZ 10 University Red 652124-600 66c234d - blurrypron.com

    Rare NIKE AIR UP MEN 14 QS ASG 14 NOLA 10 Gumbo League MEN SZ 10 University Red 652124-600 66c234d
    Rare NIKE AIR UP MEN 14 QS ASG 14 NOLA 10 Gumbo League MEN SZ 10 University Red 652124-600 66c234d
    Nike Zoom Superfly Elite Racing Track Spikes Blue Black White SZ ( 835996-413 ) , NIKE MAX LEBRON XI LOW | SPRITE | Mens Size 11 | Hyper Cobalt / Volt 642849-471 , Nike Flyknit Racer Green Strike Black Blue Lagoon 526628 304 Men's / Women's , PUMA Men's BMW Ms Future Cat s2 Fashion Sneaker, White/Team Blue, 12 M US , New Balance 574 Sport Tan/Sand MS574DD Men's SZ 8 , AIR JORDAN FUTURE BOOT SZ 9.5 GROVE GREEN 854554 300Adidas Super DeathStar Star Wars Shoes Sneakers Size 8.5 , Nike Air Force Max PRM Men's Lifestyle Shoe 315065 200 Size 8.5ASICS running shoes LYTERACER TS men's Classic Red US 5-11NIKE Mens NSW Tiempo '94 Mens Sneakers - SIZE 10 [631689-448] BLUESkechers On The Go Glide [53792DKDN] Men Walking Slip-On Shoes Dark Black Denim , Suede Gunsmoke Merrell Intercept Hiking/Trail Shoes Men's US Size 10 , Shoes Court Graffik DC Shoes Black Men 300529-001 , Jordan Retro 4 Green Glow Size 6Y Pre Owned , Mizuno Wave Sonic Men's Running Shoes J1GC173436 A 17LNike Air Jordan 12 XII Retro MCS Men’s Baseball Cleats - Silver Black 854566-100Under Armour Speedform Apollo 2 Rf Running Men's Shoes Size 9 , Asics COSMORACER LD Men's G602N.0690 Flash Coral/Black Track ShoesJordan 1 Black Patent Leather Size 13NIKE SFB 6” SPECIAL FIELD BOOT SZ 8 DARK TEAM RED GUM LEATHER 862507 600Under Armour Verge 2.0 Low Hiking Shoe - Men's Size 10.5, BlackVans SK8 Nomad LX Leather VN0004K0IRZ Black Natural Unisex Vault New , AIR JORDAN 3 III RETRO GG GS SZ 7 Y JAGUARS BLK GOLD RIO Brand New In Box , Nike Classic Cortez Leather White/White-White Lifestyle Sneakers 749571-111Nike Presto Fly Mens Running Trainers 908019 Sneakers Shoes 013 , NEW MEN'S NIKE ZOOM HYPERFRANCHISE XD 579835-800 , Nike Flyknit Racer 2.0 Running Shoes Black White Oreo 2.0 526628-012 , adidas Originals ClimaCool 02/17 Black White Men Running Shoes Sneakers BZ0249 , NIKE Men's Zoom Live II EP, White/Reflect Silver (9.5)
    Rare NIKE AIR UP MEN 14 QS ASG 14 NOLA 10 Gumbo League MEN SZ 10 University Red 652124-600 66c234d - blurrypron.com>Rare NIKE AIR UP MEN 14 QS ASG 14 NOLA 10 Gumbo League MEN SZ 10 University Red 652124-600 66c234d - blurrypron.com
    Steve Madden Irenee Heeled Ankle Strap Sandals, Tan, 11 US , BOBS from Skechers Women's Bobs Plush-Flamingo Fest FlatDansko Burgundy Oxblood and Black Leather Clogs Women's Lot of 2 Sz 39ROSINA FERRAGAMO SCHIAVONE Slingback Ivory Multicolored Lthr/Snakeskin sz 6 M , Sexy Lingerie Satin Marabou Feather Boudoir Bedroom Bridal Slippers Shoes , Women's Low Block Heel Pointy Toe Slip On Shoes Loafters Slingback Suede Sandals , Heel Nine West Raissa Slide Sandal Pink Metallic , $298 STUART WEITZMAN BANDIT Silver Metallic Snake Leather Designer Sandals 5.5Via Spiga Womens Jordan Suede Padded Insole Flat Sandals Shoes BHFO 7630NIB JIMMY CHOO LETINA GLITTER GOLD JEWELED CRYSTALS MIRROR HEEL PUMPS 40 1KNaot Rianna Sandals - Women's Size 11, Gray , Puma Evo Power Vigor Mens Yellow Synthetic Athletic Soccer Cleats ShoesK-swiss Bigshot Light Ltr Leather Mens White Tennis Shoes Trainers SizeNIKE DUNK LOW SB ISHOD WAIR MISMATCHED 9 WHITE ALOE VERDE YELLOW AR1399 113REEBOK PUMP SUPREME JAQTAPE 4-13 WHITE BLUE RED BS7039adidas Originals Men's Vigor Bounce M Trail Runner - Choose SZ/ColorMen's Nike Air Jordan XXX Size 11 (811006-101) EUCMens Base London Ankle Boots Label - Leo , Crocs Men's Santa Cruz II Luxe Slub Slip-On Loafer - Choose SZ/Color , SKECHERS Memory Foam Elected Drigo Navy Canvas Relaxed Fit Shoes US 12 NWB , SPERRY 7-Seas 3-eye Knit Granite Black Gray White STS16648 Mens Size 9 Medium , Adidas Stan Smith OG Primeknit, Chalk White Navy Sz 10,5 (S75148)New Men's Color stitching Pointy Toe Slip On Leather Formal Loafers Party Shoes , Brooks Glycerin 15 Navy/Purple Running Shoes Women's US 11 (M1,10) , New BB4969 WHT Women's Adidas PureBOOST X Running Shoes White/SilverDemonia Women's Funn 31 Platform Slide Black Faux Fur Sandals , AUTHENTIC PUMA Suede Classic Embroidered Floral White Red Blue Grey Women sizeNike Women's Dunk Low Skinny PRM Sail Metallic Luster SZ 9.5 [705214-100]Chic Women Ankle Boots Floral Printed Pull On Elastic Pumps High Stiletto ShoesBrown & Grey Felt Buckle Heel Ankle Boots - Ekoak,Gothic,Goth,Punk,Biker
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Rare NIKE AIR UP MEN 14 QS ASG 14 NOLA 10 Gumbo League MEN SZ 10 University Red 652124-600 66c234d - 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.

    Rare NIKE AIR UP MEN 14 QS ASG 14 NOLA 10 Gumbo League MEN SZ 10 University Red 652124-600 66c234d - 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
    Rare NIKE AIR UP MEN 14 QS ASG 14 NOLA 10 Gumbo League MEN SZ 10 University Red 652124-600 66c234d
    Athletic Shoes
    >
    ;