Never miss an update

Nike Air 29924 Max Size Flair Mens Size Running Light Pumice Nike Grey Legion Green 942236 009 60c54e1




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
Sub Style: Running Style: Athletic Sneakers
Main Color: Light Pumice / Legion Green Color: Light Pumice / Legion Green
Never miss an update

Nike Air 29924 Max Size Flair Mens Size Running Light Pumice Nike Grey Legion Green 942236 009 60c54e1 - blurrypron.com

    Nike Air 29924 Max Size Flair Mens Size Running Light Pumice Nike Grey Legion Green 942236 009 60c54e1
    Nike Air 29924 Max Size Flair Mens Size Running Light Pumice Nike Grey Legion Green 942236 009 60c54e1
    Nike Air Force 1 '07 Wolf Grey White New Mens Size11 [AA4083-010] , Nike Air Dirt ACG Mens Hiking Trail Shoes Size 9.5 Black/Orange Suede 317047-001Men's/Women's [CG4541] Mens Adidas Lucas Premiere Many varieties Settlement Price wonderful , Rockport Rock Cove Leather Sneaker Leather Mens Walking ShoesNike Air Zoom Ultra Mens Running Shoe 845007-601 University Red/White Size 11.5 , Nike Air Trainer Victor Cruz Size 11.5 Light Bone 777535 003 New NIB Tr. V. CruzREEBOK CLASSIC LEATHER RIPPLE MONO MENS CASUAL SHOES SCARLET AR2349 , Man/Woman Saucony Shadow Original Casual Men's Shoes Aesthetic appearance Highly praised and appreciated by the consumer audience Excellent function , Adidas Men Tubular Shadow Knit brown cblack BB8824Gentleman/Lady nike lebron x low Bright Mango Easy to use First batch of customers Complete specifications , Adidas Skateboarding MATCHCOURT Shoes Black Men's SIZE 12 New , NIKE KOBE X 10 ELITE FLYKNIT ID GREY-WHITE SZ 14 [802817-004] , Man/Woman Nike Sb dunk high paparazzi Packaging diversity modern Don't worry when shoppingNike Internationalist Mid Royal Black US 10 for man[S76707] Mens Adidas Originals Tubular Invader 2.0 Sneaker - BlackLEBRON JAMES NIKE Mens Sneakers Shoes 2013 X LOW Watermelon Orange Size 8 , New Men's REEBOK CROSSFIT NANO 6.0 6 CVRT - Green/Black - BS5414 , Gentlemen/Ladies Creative Recreation Matera Athletic Men's Shoes Easy to clean surface Various types and styles Excellent function , Nike KD 8 'All Star' Mens Shoes 829207 100 Sz. 11361 Degrees Kroozer - Grey - MensNike Men's Metcon 3 Athletic Snickers Running Training Shoes Size US 11.5NIB Men's Nike Air Max Motion Racer Casual Shoes, 916771 400 Blue/Black Sz 11 , Ewing Athletics Ewing 33 Hi X 2 Chainz Black Men's Basketball Shoes 1EW90221-222 , Robert Wayne Men's Gregory Sneaker(807472-405) MEN'S NIKE CLASSIC CORTEZ NYLON GYM BLUE/WHITE/GUM LIGHT BROWN , Nike Dunk High Pro SB Un-Futura Anthracite White 305050-015 Size 10.5 , Nike Romaleo 2 Weighlifting Shoes Black 476927-001 Men's Size 18 , DC Pure Shoe - Black / Black / Grey - New , Puma x Natural Suede - Black - Mens ,
    Nike Air 29924 Max Size Flair Mens Size Running Light Pumice Nike Grey Legion Green 942236 009 60c54e1 - blurrypron.com>Nike Air 29924 Max Size Flair Mens Size Running Light Pumice Nike Grey Legion Green 942236 009 60c54e1 - blurrypron.com
    sz 10 NEW Loeffler Randall Ankle Boots Chelsea Fern natural raffia bootiesMan's/Woman's Acne Studios Grey Womens Boots Modern technology Modern design SimpleNike Wmns Free RN Flyknit 2018 Running Shoes Dark Stucco/Cargo Khaki 942839-003 , Rieker Womens L0948 Hi-Top Trainers, Blue PazifikPazifikMarineAltsilber 14Ecco Shape 75 Heel Pump 35 5 Worn Once , TOD'S Womens Penny Loafers Dark Olive - Size 38.5EU/ 8.5USStuart Weitzman Divine Platinum Noir Women's Pointed Toe Flat Sz 6.5M 2794 , DSQUARED2 38 7 Black Glitter Gold Ankle Chain Point Toe Ballet Flats Shoes ITALY , Stuart Weitzman Womens 9 Heels Black Travelex Elastic Strappy SandalsMarc Fisher Ragina Mule Pumps 534, Light Gray Suede, 8 USSaint Laurent Paris Skinny 80 D’orsay Black Suede Pumps Shoes 39.5 9.5 , Converse PL LP White Gold OX Leather Women's 8.5 Shoes Sneakers NewAcorn Women's Oh Ewe II , Cordani Vintage Black Leather Peep Toe Platform Wedge Wellesley Shoe 8 NewASICS GEL CLASSIC H6H0L-9011 BLACK GREY RUNNING MEN 8Nike Air Zoom Grade Dark Stucco Black White Men Shoes Sneakers 924465-003 , NEW BALANCE 572 SZ 11 ELITE EDITION HALLOWEEN PACK GREY NEON GREEN MRT572GG , DS MENS NIKE High AC Vintage QS MAIZE 398263 700 Sz 10.5 Basketball NOBOXLID FreNIKE ERIC KOSTON 2 MAX 631047 018 , NIKE AIR TRAINER 1 P.E. LADAINIAN TOMLINSON LT CHARGERS WHITE ITALY BLUE NAVY 11 , NEW Cole Haan Keaton Hiker Zerogrand Waterproof Boots C25506 Mens Size 10.5Thorogood 834-6528 Tactical Police Boots Various Sizes , $240 COLE HAAN - "Williams" Gray Leather Wingtip Oxfords Padded Insole - 10.5 , Amber Schneider/Cat-Running Shoes For Women-3D Print-Free ShippingPuma Fenty Rihanna Bow Creeper Sandal Oatmeal Platform 7 7.5 8 $140 C126-128 , NIKE AIR MAX 1 LX "JUST DO IT PACK" SZ: 5 WMNSFinn Comfort Women's Jersey Soft Marble Idaho Size 36 Dasics Japan Onitsuka Tiger Women GSM 1182A035 White × Blue Bell F/SNew Vince Camuto Womens Kessia Fudge Brownie Sheep Suede Wedge Tall Boots $239Nine West Women's KNOWONE Leather Knee High Boot, - Choose SZ/Color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air 29924 Max Size Flair Mens Size Running Light Pumice Nike Grey Legion Green 942236 009 60c54e1 - 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.

    Nike Air 29924 Max Size Flair Mens Size Running Light Pumice Nike Grey Legion Green 942236 009 60c54e1 - 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
    Nike Air 29924 Max Size Flair Mens Size Running Light Pumice Nike Grey Legion Green 942236 009 60c54e1
    Athletic Shoes
    >
    ;