Never miss an update

DS NIKE 2007 90 AIR MAX 1 ALPHABET PACK 26715 8 ATMOS PATTA DENIM ATMOS 90 180 SAFARI SUPREME 1335b3c




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/ Jordan
Style: Fashion Sneakers US Shoe Size (Men's): 8
UPC: Does not apply
Never miss an update

DS NIKE 2007 90 AIR MAX 1 ALPHABET PACK 26715 8 ATMOS PATTA DENIM ATMOS 90 180 SAFARI SUPREME 1335b3c - blurrypron.com

    DS NIKE 2007 90 AIR MAX 1 ALPHABET PACK 26715 8 ATMOS PATTA DENIM ATMOS 90 180 SAFARI SUPREME 1335b3c
    DS NIKE 2007 90 AIR MAX 1 ALPHABET PACK 26715 8 ATMOS PATTA DENIM ATMOS 90 180 SAFARI SUPREME 1335b3c
    LANVIN MEN SHOES BASKET BASSE LIGHT GREY SNEAKERS ATHLETIC FMSKDBB1POINP17 , Men Hugo Boss Shoes Golfpro_Golf_Itct Golf Shoes White Size 11 , Filling Pieces Low Ultra Transformed - Tinto Navy Woven Leather SALEMOA MASTER OF ARTS MEN'S SHOES LEATHER TRAINERS SNEAKERS NEW FRIEZE WHITE 4A7Puma X Sneakerfreaker 11.5us Black Beast Blaze of Glory OG 356683-02Jo Ghost 2376 M Italian mens black shoes with zipper, buttons , Men Diesel Shoes D-Lowyy Neo Dress Shoes Brown Size 9 , TOD'S men shoes black brushed leather monk strap formal shoes with buckle , GOLDEN GOOSE MEN'S SHOES HIGH TOP TRAINERS SNEAKERS NEW FRANCY BLACK 742 , DOLCE & GABBANA Gift Set NAPOLI Dauphine Derby Shoes & Belt Beige 04885 , Y-2250207 New Salvatore Ferragamo Fiorino2 Leather Loafer Shoes Size 11.5D , Christian Louboutin Colombe Louis Junior Spikes 47LANVIN men shoes Khaki suede and leather panelled Cross-Trainer FMSKDNTRVVELA17 , JOHN GALLIANO Paris Men's Shoes Sneakers 2465 Variante A Calf Nero Leather NewLanvin Captoe Sneakers In Merlot Size 45 Made In Portugal NWOB , Y-2114209 New Salvatore Ferragamo Lion Black Castagna Leather Loafer Size 11.5D , Shape Ups 76848 work shoe new with tags men skechers size 8 wide widthREEBOK Pump Supreme Style Classic Casual Sneakers Shoes white CN2482 SZ4-13 , Bacco Bucci White Leather Low Top Sneakers. Made in Italy SIze US Size 13W-2180101 New Bally Safari Calf Washed Sneaker Shoes Size US 8.5 , Man/Woman PRADA LEATHER CAP-TOE SNEAKERS 8 Promotion product quality Modern and elegantNEW $1050 DOLCE & GABBANA Shoes Blue Leather Logo High-Top Sneakers EU44 / US11 , P-188100 New Balenciaga Arena Leather Sneaker Taupe Shoe Size US 15 Marked 48asics Japan Onitsuka Tiger ULTIMATE TRAINER TH3L2L Turquoise × Brown Japan , NEW $595 Mezlan ENRIQUE Red Ostrich Quill Leather Slip On Loafers Shoes Sz 10 M , Gentleman/Lady Buscemi Low Top Sneakers Gray Cheap Latest styles Caramel, gentle , Tod's Men's Suede Brown Derby Fondo Oxfords Shoes Size 7 7.5 9.5 10 11 11.5DS NIKE 1993 AIR CARNIVORE BLACK VINTAGE ORIGINAL 9 MAX FORCE 180 90 1 TRAINER , Hugo Boss Bootil Black Men's Leather High Top Work Boot By Boss Orange 50297985
    DS NIKE 2007 90 AIR MAX 1 ALPHABET PACK 26715 8 ATMOS PATTA DENIM ATMOS 90 180 SAFARI SUPREME 1335b3c - blurrypron.com>DS NIKE 2007 90 AIR MAX 1 ALPHABET PACK 26715 8 ATMOS PATTA DENIM ATMOS 90 180 SAFARI SUPREME 1335b3c - blurrypron.com
    Luxury Womens Real Suede Fur Trim Ankle Boots Pointy Toe Stilettos Winter ShoesWomens Leather Rivet Pointed Toe Buckle Strap Ankle Riding Boots Heels Shoe I531 , NIB Stuart Weitzman Studleyhi Sparkle Bootie Pyrite Nocturn size 8Givenchy Women's Boots Size 39.5 9.5 Black Leather Wedge Heel AnkleHERMES Black "Her" Boot Calf Suede WPH Size 39 (US 9) , New Stuart Weitzman 'Pentagon' Boot Black Leather Stretch Calf Size 6.5Funtasma Pupil-24 BLACK & WHITE PAT SKULLS 3" High Heels Open Toe PumpsNEW Womens Pointy Toe Floral Slippers Loafers Mules Shoes Vogue Flats Suede SoftCole Haan Avery Women's Maple Sugar Patent Leather Ballet Flat Sz 8.5 B 9164 , Iron Age Women's steel toe work boots 8W New oil resistant NON BOXWomens Leather Bowknot Snake Decor Stiletto Strapy Printed Floral Shoes Sandals , L.A.M.B. Women D'Orsay Leather Black Stiletto High Heel Peep Toe Shoes Sz 8.5 M , STEVEN by Steve Madden Womens Penga Closed Toe Classic, Brown/Multi, Size 7.0PRADA Black Gray Patent Leather Stiletto Open Toe Calzature Donna Sz 39 Shoes , Pleaser Pink Label Women's Kimberly 04 Wedge Sandal Black Patent Heeled Sandals , RARE 2007 Nike Air Max 16703-131 Retro Trainer US Sz 12White Green GrayAir Jordan 10 X Venom Green Size 7Puma X Staple Clyde Mens in Black/Glacier Gray by Puma, 11 D(M) USNIKE SB ZOOM STEFAN JANOSKI MID OBSIDIAN BLUE BRITISH TAN 472679 423 SZ 8.5Nike Air Jordan Jumpman Team II Gym Red White Basketball Shoe 819175-601sz 10 12New Balance Men 580 Re-Engineered Textile MRT580JR black white MRT580JRMen's Nike Zoom KD 10 897815-900 Size 10 Multi-Color Cool Grey Flyknit , Nike Free Trainer 5.0 V6 AMP "Ohio State" Size 6-14 LIMITED OSU Buckeyes2009 NIKE AIR JORDAN RETRO DMP VII 7 ORLANDO 304775-161 TOP 3 1 YEEZY NMD OG , Nike Air Jordan 20 XX LASER 30th Anniversary Silver White DS 743991-100 US10.5 , Men boots 2018 winter thick fur warm boots men leather shoes waterproof boots , Puma Women's Eskiva Hi Metallic High-Top Fashion Sneaker , Skechers 12864 DLites Ultra Women Semi Precious White rose Gold Shoe , Women's Nike Dunk Sky Hi Essential Wedge Shoes -StyleSize 7.5 -NEWDan Post Boots Women's 12" Goat/Inlay DP3256 Brandy/Chocolate
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    DS NIKE 2007 90 AIR MAX 1 ALPHABET PACK 26715 8 ATMOS PATTA DENIM ATMOS 90 180 SAFARI SUPREME 1335b3c - 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.

    DS NIKE 2007 90 AIR MAX 1 ALPHABET PACK 26715 8 ATMOS PATTA DENIM ATMOS 90 180 SAFARI SUPREME 1335b3c - 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
    DS NIKE 2007 90 AIR MAX 1 ALPHABET PACK 26715 8 ATMOS PATTA DENIM ATMOS 90 180 SAFARI SUPREME 1335b3c
    Casual Shoes
    >
    ;