Never miss an update

Air Jordan 11 Retro Low - Size 528895-003 Size - 14 - Medium Grey/White-Gunsmoke - 528895-003 8258a98




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
Model: 11 Retro Low
US Shoe Size (Men's): 14 Style: Basketball Shoes
Color: Medium Grey/White-Gunsmoke Width: Medium (D, M)
Brand: Air Jordan UPC: Does not apply
Never miss an update

Air Jordan 11 Retro Low - Size 528895-003 Size - 14 - Medium Grey/White-Gunsmoke - 528895-003 8258a98 - blurrypron.com

    Air Jordan 11 Retro Low - Size 528895-003 Size - 14 - Medium Grey/White-Gunsmoke - 528895-003 8258a98
    Air Jordan 11 Retro Low - Size 528895-003 Size - 14 - Medium Grey/White-Gunsmoke - 528895-003 8258a98
    RARE VANS Hi Kiss Army Singles Faces Men's Sz 8/Women's Sz 9.5 Limited Ed NEW , NEW Air Jordan XI 11 Space Jam Patent Leather Black Basketball Retro Shoes sz 18Nike Air Jordan 5 Retro Premium Take Flight Pure Platinum 881432-003 Multi Size , Air jordan 11 legend blue Size 11(2014)DS Nike Kobe X 10 Elite USA AMERICAN Red White Blue Crimson 718763 614 what theadidas Yeezy Boost 350 V2 Triple White ORDER CONFIRMEDAdidas Y-3 Yohji Yamamoto Boxing Trainers Black BB4720 Night Metallic Gray RareAir Jordan 11 Retro Low Bred Mens 100% AUTHENTIC 2015 Release Size 13 Deadstock , Nike React Element 87 "Total Orange" Athletic Limited AQ1090 004 Size 122008 Nike Jordan 15 Retro CDP Black Red Size 8 (4450) 317111-062Air Jordan Retro 11 Platinum Tint PRE-ORDER Size 4Y-15 100% Authentic LIMITEDNIKE AIR TRAINER SC HIGH PRM QS Size 43 (9,5US)Nike Air Jordan Retro I 1 High OG GAME ROYAL White Blue 555088 403 Sz 3.5y-18 , Adidas Equipment Running Guidance King Push Black Market Drug Reflect 3M AQ7433 , SHIP NOW Invincible x A Ma Maniere x Adidas Ultra Boost 8-13 Triple White CM7880 , Nike Air Jordan 15 Retro WVN PSNY Size 11.5 Medium Olive Public School New York , Man/Woman francisco lindor new balance shoes 9.5 wholesale Let our products go to the world Current shape , Nike Flyknit Racer Running Sneakers MC Multicolor 3.0 Rainbow Size 11 , DS Nike Dunk High Premium SB x Tampa Gasparilla TREASURE BOX sz 13 313171 028 , NIKELAB X ACRONYM LUNAR AIR FORCE 1 LOW AF1 - AJ6247-100 - SIZE 13 NEW DS RARE , Nike Air Vapormax Plus Grape White Fierce Purple Aurora Green Black 924453 101 , DS Nike Zoom Pegasus 35 Turbo sz8 Blue Hero react 1 90 95 97 98 max AJ4114 140nike vapor street flyknit Fast Cream size 9.5 , NIKE SB RED LOBSTER SZ 9.5 MENS LUCKY HUNTER AIR OG YEEZY ULTRA SUPREME BOOST , 2016 Air Jordan Retro 10 Paris 9 DB Concord 11 OVO Linen London Cool Grey Steel , Man's/Woman's 2011 Air Jordan Retro 14, Georgetown elegant The highest quality material Tide shoes list2012 NIKE AIR JORDAN RETRO 7 "OLYMPIC" WHITE GOLD RED SHOES 304775 135 SIZE 13NIKE ZOOM KOBE VI 6 RICE PE GREEN SUPREME 446442-301 Sz 10 DS BRAND NEW UNWORNGentleman/Lady Nike KD 5 V Elite Gold Crazy price, Birmingham Environmentally friendly various kinds
    Air Jordan 11 Retro Low - Size 528895-003 Size - 14 - Medium Grey/White-Gunsmoke - 528895-003 8258a98 - blurrypron.com>Air Jordan 11 Retro Low - Size 528895-003 Size - 14 - Medium Grey/White-Gunsmoke - 528895-003 8258a98 - blurrypron.com
    Man's/Woman's Splendid Women's Daniella Ankle Boot elegant fashionable Elegant and stable packagingNEW Cole Haan Carlyle Leather WIDE CALF Zip Knee Boots Womens 6 EXPEDITED MAIL , IRREGULAR CHOICE Cowboy Boots Black Bear Rabbit Fur LEATHER Womens Shoes Sz 5.5Goodenough x NikeLab x Fragment Court Force SP Right Foot With Stain 814913-661Hummel Womens Stockholm Low Trainers, Pink Orchid Pink 4335, 5 UK , NEW TEVA VERRA WOMEN'S SANDAL HIKING TRAVEL WEAR HOOK AND LOOP BLACK SIZE US 11 , AUTHENTIC CHRISTIAN LOUBOUTIN PATENT GLITTER SNEAKERS BK WH GD GRADE AB USED -AT , Dansko Mary Janes Brown Leather Womens 39 , Dr. Scholl's Original Collection Women's Scout Slide Palomino Suede Slides , OPENING CEREMONY Genuine Leather-Beautiful Oxfords-Size7M-Beige/Silver- AS IS !! , Fabulicious 4.5" Heel Mini Platform Shiny Nude Closed Toe Pumps Glam Chic 5-16 , NIB Ann Taylor Black Suede Pumps, 35.5/5.5 , Gentleman/Lady dries van noten shoes 39 The color is very eye-catching the most economical Different styles and stylesMan/Woman Casadei heels 38 (8 US) Good design Fast delivery a wide variety of goods , crocs 204007 Womens Sanrah Embellished Wedge SandalM- Choose SZ/Color. , ADIDAS Shoes UCLA Bruins Gameday Superstar Sneakers Blue Shell Toe Men's US 15 , NIKE AIR FORCE 1 ULTRA FLYKNIT MEN NEW W/O BOX!!!!Nike MEN'S Air More Uptempo CHI QS CHICAGO SIZE 10.5 BRAND NEW BREDVans Authentic SF 'Yusuke Hanai' Classic White New (Size US9) Max Skate Air plus , Dr. Scholl's Men's Jeff Loafer - Choose SZ/ColorEcco Men's Johannesburg Slip-On Black Comfort Leather Loafer $150 msrp NIBSperry Top-Sider Mens Intrepid 2- Eye Dark Tan Boat Shoe 11 M DSkechers Glider Harmony Womens Memory Foam Sneakers , Nike Air Max 90 325213-048 Dark Wolf Grey White Running Shoes Women's Size 7.5 , adidas UltraBOOST X Running Shoes, Women's Size 9.5, Purple , JUST FAB PATENT LEATHER CHUNKY 4" HEEL BOOT WIDE CALF OR REGULAR CALF , Vogue Women Faux Fur Retro Fashion Tassels Suede Platform Snow Ankle Boots Shoes , New Seychelles Womens World Tour Taupe Ankle Boots Size 8 , NIB Sophia & Lee COLIE Black w/ GOLD metallic trim buckles boots 7 ShoeDazzle , Zara Basic Collection US 6 medium brown leather low heel knee high boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Air Jordan 11 Retro Low - Size 528895-003 Size - 14 - Medium Grey/White-Gunsmoke - 528895-003 8258a98 - 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.

    Air Jordan 11 Retro Low - Size 528895-003 Size - 14 - Medium Grey/White-Gunsmoke - 528895-003 8258a98 - 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
    Air Jordan 11 Retro Low - Size 528895-003 Size - 14 - Medium Grey/White-Gunsmoke - 528895-003 8258a98
    Athletic Shoes
    >
    ;