Never miss an update

WMNS NIKE BLACK-BLACK AIR HUARACHE RUN HUARACHE BLACK-BLACK SZ 6 NIKE [634835-009] 44f42bb




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
Color: Black US Shoe Size (Women's): 6
Shade: Black Style: Running, Cross Training
UPC: 888409678897
Never miss an update

WMNS NIKE BLACK-BLACK AIR HUARACHE RUN HUARACHE BLACK-BLACK SZ 6 NIKE [634835-009] 44f42bb - blurrypron.com

    WMNS NIKE BLACK-BLACK AIR HUARACHE RUN HUARACHE BLACK-BLACK SZ 6 NIKE [634835-009] 44f42bb
    WMNS NIKE BLACK-BLACK AIR HUARACHE RUN HUARACHE BLACK-BLACK SZ 6 NIKE [634835-009] 44f42bb
    Adidas Superstar W women's low-top sneakers copper red metallic casual trainers , RACHEL ROY GARDNER Purple Suede Designer Pumps Heels 8.5 M , Women's Converse Missoni CT Lux Mid Hidden Platform Wedge, 549688C Auburn/YellowNIB Asics Gel Nimbus 19 Women's Running Shoes Carbon-White-Flash Coral Wide Dadidas Originals EQT Racing ADV Primeknit Women's Black/Black/White CQ2243 , Man/Woman New Balance 696 Women's Grey/Yellow 696HD Outstanding features In short supply Current shapeNike Air Max Jewell women's low-top sneakers mesh or suede casual trainers NEWEasy Spirit Women's Litesprint Sneaker, Black, 7 M USNEW 1994 VINTAGE LA GEAR WOMENS AEROBIC RHYTHM TRAINER SZ 6 WHITE/BERRY SNEAKERS , Vans DISNEY VILLAINS Shoes, Women's Size 8 , 1801 ADIDAS SUPERSTAR BOLD BA7666 PLATFORM SHOES WHITE BLACK , New Balance WL574NRI B 574 Silver Women Running Shoes Sneakers WL574NRIBAsics GT-1000 3 PR Women's Running Shoes White/Hot Pink/Pink Ribbon US 6 , Merrell Women Avian Light Mid Hiking Boots Trail Shoes , Asics Womens Gel Netburner Ballistic MT Volleyball Black Shoe B558Y 9093 Sz 10.5 , Current Mood Outta This World Moon & Stars Platform Sneakers Sz 5 RARE Rave ClubDansko Women's Christina Black Burnished Nubuck 38 Regular EU , WOMEN'S SHOES SNEAKERS ADIDAS ORIGINALS SWIFT RUN [B37723]Nike Free Tr 6 Oc Fitness Women's Shoes Size , NIKE iD WOMAN AIR HUARACHE ALL-RED [777331-978] US WMNS SZ 8.5Adidas Originals Superstar The FARM Company White Black Women BB7777 SZ 6Nike Air jordan 10 retro lady liberty size 6.5Y Or Women’s 8.5 , NIKE ZOOM ALL OUT LOW 2 RUSH MAROON/RUSH MAROON WOMEN'S 8.5 [AJ0036 600]NEW IN THE BOX VANS LIMITED EDITION DISNEY SK8-HI MICKEY & MINNIE FOR WOMEN , Earth Women's Pax Oxford Sapphire Blue Soft Buck Oxfords , SeaVees Women's 08/61 Army Issue Low Mojave Fashion SneakerWomens Lacoste Shoes White Sneakers Helaine Runner 116 3 NEW AuthenticVans Classic Slip On Hemp Linen Windsome Purple Shoes Womens 9.5 Canvas Sk8Salomon Womens X Ultra Prime W Artist Gray Purple Hiking Shoes Size 9M ,
    WMNS NIKE BLACK-BLACK AIR HUARACHE RUN HUARACHE BLACK-BLACK SZ 6 NIKE [634835-009] 44f42bb - blurrypron.com>WMNS NIKE BLACK-BLACK AIR HUARACHE RUN HUARACHE BLACK-BLACK SZ 6 NIKE [634835-009] 44f42bb - blurrypron.com
    15cm IAN Platform 70cm Mid-Thigh Crotch Runway Cat Women Skinny Slim Club Boot , LUCCHESE LADIES WESTERN BOOTS N4559 SIZE 6BMan's/Woman's FIORENTINI+BAKER Shoes 453453 Black 36 Exquisite (middle) workmanship Used in durability Complete specifications , LADIES SHOES/FOOTWEAR - Rene Rossi Jonder ankle boot blackNEIMAN MARCUS NEW AUTH $395 Women's Silver Leather Espadrille Flats Size 7MOriginal SAS Magic Black Leather W wide 0016-020 Women , Clarks HOPE ROXANNE Womens Brown 37201 Slip On Comfort Shoes , Womens fashion pointy Toes Buckle block high heels lady grace party pull on chic , Hot Sale Womens Open Toe Real Fox Fur Slippers Flats Shoes Sandals Mules StylishMarc Jacobs Pump Heel Blue Size 6.5 Silver Heart Embellished Suede Mid HeelSERGIO ROSSI White Pump Dress Heels Shoes Size 11 NEWCHACO ZX/2 Sport Water Sandals Striped Vibram Unaweep Multi-Red Brown Size 8 , Mens Nike Train Speed 4 TB 833259-011 Black White Brand New Size 9Ecco Cage Pro Boa Golf Shoes - Men's Size 6/6.5, Shadow White , New NIKE Free RN 880839-401 Blue & Green Athletic Running Shoes Men's Size 11 , ADIDAS ORIGINALS NMD R1 SHOES MENS SNEAKERS - CARGO GREEN / YELLOWNEW NIKE AIR MAX SPEED TURF = SIZE 10 = WHITE/BLACK TRAINING SHOES 525225-180 , Puma 35900902 PUMA Mens States Mii Sneaker 13US- Choose SZ/Color.AIR JORDAN 9 RETRO 302370-007 black/white-photo blue 9 Size 9.5Mens Vintage British Round Toe Ankle Boots High Heel Chunky Shoes Nightclub Size , VANS VN-0EGTY28 Core Classics Men's 11.5 Black Chukka Suede Boot New In BoxThorogood 804-4308 Men's American Heritage 8" Moc Toe MAXWear 90 Safety Toe B...Adidas CIERO Mid Grey Gray Running White Tech Grey G98135 Skate (248) Mens Shoes , Church's Oscar Slip On Sneakers Men's Size 8.5 Navy Casual ShoesBritish Men Dress Business Buckle Pointy Toe Shoes Wedding Cuban Heel GentlemenGentleman/Lady KEEN Men's UNEEK Stripes Sandal-Orange Ochre/Raya-1014619-NIB Modern technology Quality and quantity guaranteed Outstanding functionWOMENS NIKE CLASSIC CORTEZ PREM SIZE UK7/US9.5/CM26.5/EUR41 905614-903Skechers Women's YOU Serene Slip-on Sneaker Mauve Walking ShoesNIKE AIR MAX 2016 GAMMA BLUE/BLACK-PINK BLAST-WHITE SZ WOMEN'S 6.5 [806772-402]Demonia 4.75" Vegan Black Block Heel Buckle Platform Knee Boots Gothic Goth 6-14 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    WMNS NIKE BLACK-BLACK AIR HUARACHE RUN HUARACHE BLACK-BLACK SZ 6 NIKE [634835-009] 44f42bb - 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.

    WMNS NIKE BLACK-BLACK AIR HUARACHE RUN HUARACHE BLACK-BLACK SZ 6 NIKE [634835-009] 44f42bb - 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
    WMNS NIKE BLACK-BLACK AIR HUARACHE RUN HUARACHE BLACK-BLACK SZ 6 NIKE [634835-009] 44f42bb
    Athletic Shoes
    >
    ;