Never miss an update

Gentlemen/Ladies jordan retro retro 1 Excellent 29979 value product jordan quality Simple a687aea




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Features: Retro
US Shoe Size (Men's): 6.5 Brand: Jordan
Style: Casual,style,basketball, etc
Never miss an update

Gentlemen/Ladies jordan retro retro 1 Excellent 29979 value product jordan quality Simple a687aea - blurrypron.com

    Gentlemen/Ladies jordan retro retro 1 Excellent 29979 value product jordan quality Simple a687aea
    Gentlemen/Ladies jordan retro retro 1 Excellent 29979 value product jordan quality Simple a687aea
    Jordan Trainer Essential Michael Jordan Men's Cross Training Sneakers 12 (New)$100 MENS NIKE ZOOM SHIFT TB BASKETBALL LOW SIZE 14 NEW 897811 600ASICS FORTIFY SIZE 11.5 4E IN PRISTINE CONDITION RUNNING SHOES , New Mens 11 Converse CTAS HI True Indigo Blue Textile Knit Canvas 157507C $110 , New Balance MT510CG3 Men's Comfortable Trail Running Shoe Grey/Navy Leather/MeshREEBOK CLASSICS FURYLITE CHUKKA COLLEGIATE NAVY WHITE V69960 SZ 10 , New Balance Mens Size 13 Visaro Mid Level FG Soccer Cleats Boots , Nike Air Force One Negro League Ethiopian Clowns Leather Sneakers Blue 10.5NIKE Mens Huarache Football Cleats Blue/White 616921-411 Sz 16Mr/Ms Adidas ZX flux Great variety Sufficient supply wonderfulCONVERSE CHUCK TAYLOR ALL STAR CT AS OX LIGHT SURPLUS BLACK 155571F SZ 7Polo Ralph Lauren Hanford mens shoes boat new canvas blue18 Nike Magista Opus SG Soccer Cleats 649233-506 Mens Sz 6.5, 7 (Wmns 8, 8.5)VANS CALIFORNIA TESELLA SZ 10 BLACK 3D ALOHA VN 0VOAGNEADIDAS ORIGINALS COURTVANTAGE ADICOLOR TRIPLE BLUE S80252 SZ 9 , Mens Nike Hyperdunk 2016 TB Basketball Shoes Size 10 White Black 844368 100 New2017 Nike Air Jordan Jumpman Team II SZ 13 White Black Varsity Red 819175-101 , Man/Woman NIKE DUALTONE RACER BLACK/WHITE/DARK GREY 918227-002 Beautiful design Known for its good quality high quality product , NIKE FORCE SAVAGE ELITE TD FOOTBALL CLEATS Orange Cinnabar Wht SZ 12 857063-816NIKE ROSHE ONE PRINT SZ 6 DARING GYM TEAM RED BLACK 655206 606 , Nike Air Jordan Retro 9 302370-005 Charcoal/Black/Red Mens 9New VANS Mens OTW BEDFORD BLACK / NAVY US M 7.0 - 8.0 VN-0KWAAQA TAKSENEW BALANCE LIFESTYLE MRT580TB RE-ENGINEERED BLACK WHITE GREY DS SIZE: 11New Mens 11.5 Converse All Star CTAS Modern OX Porpoise Blue Shoes $100 156650C , SUPERGA Italian 2750 Cotu Classic Navy USAM 3 1/2 USAW 5 EURO 35 MEX 2.5 NWT , NEW! Prince WARRIOR LITE Men's Tennis Shoes - Size: 12 , BRAND NEW! NIKE Power Max TB Green White mens size 18 FREE SHIP! , New Mens 13 Converse One Star Player Nubuck OX Black Leather Shoes 153717C $80Nike Free RN Motion Flyknit Men's Running Shoe 834584 600 Size 10.5
    Gentlemen/Ladies jordan retro retro 1 Excellent 29979 value product jordan quality Simple a687aea - blurrypron.com>Gentlemen/Ladies jordan retro retro 1 Excellent 29979 value product jordan quality Simple a687aea - blurrypron.com
    Gentleman/Lady Born - Womens - Cuatros Louis, elaborate Wholesale trade Quality and consumer firstGentleman/Lady Guidi 986 boots 38 New market Comfortable touch Cheap orderStuart Weitzman Mane Black Suede Fringe Boots Size: US10 Regular RET $765.00Mens Nike Jordan Super.Fly 3 - 684933005 - Black Gym Red Dark Grey Wolf grey TraNicola Finetti Black Mesh Peeptoe Platform Stiletto Booties 37 AU 6 7Vogue Womens Mesh Pointy Toe Ankle Boots Kitten Heels Back Zipper sDate Shoes AUMan/Woman Andrew Charles Womens Loafer Pink CAMILLA excellent quality First quality As of the latest model , Gentleman/Lady Rialto Rida Jewel Strap Pumps, Black Fine workmanship Excellent performance A balance between toughness and hardness , $225 BCBG BCBGMAXAZRIA Women MA-Darien1 Peep Toe Cutout Pump Shoe,Natural,US 8.5 , Man/Woman Iro Nais Calf Hair Pump, 41 Fine workmanship luxurious have funPrada MIU MIU 41 10 Black Patent Leather Open Toe Sandal Platform Pumps , BALENCIAGA RUNWAY BLACK & WHITE HAND-PAINTED BUCKLE STRAP PLATFORM PUMP 40 $1665 , 6.5M UK4.5 Paul Green Handmade Black Patent Lthr Open Toe Woven Mule Sandal Heel , crocs Meleen Twist Sandal W Womens SandalUS/- Choose SZ/Color.Women Shoes Flat Williamsburg Thomas In Black Ankle Strap Slingback Sandal Hot , Nike Air Max Mens Black Leather Shoes 8.5 , Mr/Ms adidas Haven - Maroon - Mens Practical and economical Environmentally friendly Famous storeAdidas Light Em Up 2 Mens Premium Basketball Court Casual Trainers Black , Nike 684593 Mens Lebron XII Lightweight Performance Basketball Sneakers ShoesMens Nike Air Max 95 OG AT2865-100 White/Solar Red Brand New Size 10.5 , NIKE KYRIE 4 BASKETBALL SHOE MEN SIZE 9.5Baffin Men's Ease Waterproof Insulated Boot - Round Toe - EASEM001-BK1NIKE Nike Atmos US8 JP26cm from japan (3066 , Onemix Men Casual Sport Canvas Shoes Comfort Running Sneakers Lifestyle Trainers , New Vintage Havana Yves Leather Sneakers distressed Platform Heel Size 7- SS0200WOMENS MIZ MOOZ Brown Leather SUEDE KNEE High BOOT side zip SIZE 37 Good Shape! , BEARPAW Women's Emma Tall Winter Boot, Hickory, 8 M US , Sam Edelman Kit New Nude Leopard Booties Size 5.5Dolce Vita Women's Rayne Heeled Sandal, Dark Taupe Suede, 9.5 Medium US , Womens Fashion Leather Metal Decor Round Toe Block Mid Heels Party Ankle Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gentlemen/Ladies jordan retro retro 1 Excellent 29979 value product jordan quality Simple a687aea - 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.

    Gentlemen/Ladies jordan retro retro 1 Excellent 29979 value product jordan quality Simple a687aea - 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
    Gentlemen/Ladies jordan retro retro 1 Excellent 29979 value product jordan quality Simple a687aea
    Athletic Shoes
    >
    ;