Never miss an update

Nike Air Max Max Infuriate Red 2 mogochinese-29630 Mid Basketball Shoes University Red Black AA7066-600 2cb2cca




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
Product Line: Nike Air Max, Nike Basketball Sport
Modified Item: No Brand: Nike
Country/Region of Manufacture: China Model: Nike Air Max Infuriate 2 Mid
Pattern: Solid Style: Basketball Shoes
Manufacturer Color: University Red/Black/White Color: Red
Year: 2018 Width: Medium (D, M)
Closure: Lace Up MPN: AA7066-600
Shoe Height: Mid Top Upper Material: Mesh
Never miss an update

Nike Air Max Max Infuriate Red 2 mogochinese-29630 Mid Basketball Shoes University Red Black AA7066-600 2cb2cca - blurrypron.com

    Nike Air Max Max Infuriate Red 2 mogochinese-29630 Mid Basketball Shoes University Red Black AA7066-600 2cb2cca
    Nike Air Max Max Infuriate Red 2 mogochinese-29630 Mid Basketball Shoes University Red Black AA7066-600 2cb2cca
    Nike Air Max 1 Ultra Flyknit Grand Purple Team Red 856958-566 Men's 12[BD5107] Mens Reebok JJ I Watt Training Shoes - Navy White Red TexansAdidas Men's Size 12 Blue/Black/Grey Supernova Running Shoes X14-653Nike Kyrie 3 TB Basketball Shoes "Tuxedo" OREO Black White 917724-001 Men's NEW , NIB Men's Nike Air Max Torch 4 IV Running Training Shoes Invigor Reax WhiteMen's Adidas Forum Mid Refined - Blue - Width: med - BasketballMan's/Woman's [B42225] MENS ADIDAS I-5923 INIKI use Orders are welcome Personalization trendNew FILA Mens DISRUPTOR 3 FORMATION FS1HTA3811X HERITAGE US M 7 - 10 TAKSENIKE AIR FORCE 1 MID LEATHER BLACK WHITE MENS SIZE 10 AQ8650-001Propet Stability Walker Strap - Black - MensNike Kyrie Flytrap EP Black/Red Orvit Irving Basketball Shoes 2018 AJ1935-006 , NIKE Men's Size 13 LUNAR TR1 PLUS Athletic Running Shoes Black Blue White867338-010 Jordan Men AIR JORDAN 1 RETRO HIGH DECONSTRUCTED Black SailNike Dualtone Racer Mens Running Trainers 918227 Sneakers Shoes 400 , Nike LeBron Soldier 11 XI Basketball Shoes Black White Royal 897644-005 Size 9.5OG NIKE AIR JORDAN RETRO 13 Xiii ELEMENT GOLD WHEAT BAROQUE BROWN SZ 12 , Reebok Mens Cl Lthr Gum CU Sneaker- Select SZ/Color. , Adidas Originals Nizza Black/White/White Canvas Casual Lifestyle Shoes CQ2332 , NIKE FLYKNIT RACER SPORT MENS RUNNING SHOES 526628-301 NEW SIZE 12 , Nike Air Jordan True Flight White Red Black Grey Cement 342964-104 Men's NEWNike Jordan B. Fly Black/University Red Size US 13 Men's 881444 006 , NEW NIKE FREE SOCFLY SD MENS SLIP ON COMFORTABLE LIGHTWEIGHT RUNNING/SPORT SHOESVans Ultrarange Rapidweld Mens Womens Black Trainers Size 2.5-10 , ADIDAS TERREX SWIFT SOLO D67031 MEN'S TREKKING HIKING SHOES GENUINLY ORIGINALNew Nike Zoom Air Penny II Retro, Men's Size 13, White/Blue, 333886 100 , NIB MEN'S NIKE AIR RELENTLESS 6 RUNNING SHOES 843836 002 GREY, ORANGE & JADE 13Nike Air Max 1 Varsity Blue Grey White 2009 Qs OG Running Sneaker Size 9Nike Air Jordan Horizon Low Mens Size 8 Basketball 845098 041 Sneakers , Quiksilver Amphibian Plus Shoe - Grey / Blue / Black - New
    Nike Air Max Max Infuriate Red 2 mogochinese-29630 Mid Basketball Shoes University Red Black AA7066-600 2cb2cca - blurrypron.com>Nike Air Max Max Infuriate Red 2 mogochinese-29630 Mid Basketball Shoes University Red Black AA7066-600 2cb2cca - blurrypron.com
    CLARKS Women's Caddell Hop Boot, Brown, 9 W US , Prada Block Heel Boot (Women) GREY SUEDE Size - 8US / 38EUGentlemen/Ladies Adidas Pure Boost Selling Beautiful appearance Preferential price , ESPRIT Womens Starlet Lu Low-Top Sneakers, Grey Pastel Grey 050, 8 UK , Mr/Ms Airwalk Jim Red 186980-51 Ideal gift for all occasions First batch of customers Acknowledgement feedback , FIRST1FASHION Design Ladies Ankle Boots Size 36 38 Brown Leather Shoes Np 220 , Bling Sequins Bling Womens Girls Bowknot Casual loafer moccasin casual Shoes NewStuart Weitzman black sandals, Sz 9 A A , Life Stride Women's Janice Wedge Black Polyurethane HeelsSchutz Dolorcita Natural And Black Leather And Woven Peep Toe Sandal Size 8 New , Saint Laurent Pink Stiletto Platform Heels Size 36.5 EU, 6 USBNWT ZARA FLAT LEATHER BOOTS WITH FRINGE US 6, % cow leather , NEW JORDAN Franchise Black Dark Gray Mens 8.5 9.5 881472 011adidas Predator Tango 18.3 IN Core Black/Footwear White/Red Team Mode DB2128 , Nike Air Max Plus - Mens Hyper Jade/Flash Crimson/Obsidian Origins Pack V7940300 , $595 TOD’S - Brown Oxblood Rubber Sole Logo Chukka Boot - 11.5Pabst Blue Ribbon Beer PBR ANKLE SHOES FASHION NEWnonnative Men's Shoes 621503 Beige 41Merrell Men's Size 10 Moab Edge Vibram Hiking Shoes Gray New Authentic , Clarks Men's Becken Step Slip-On Loafers Black Leather Size 11.5 M , ROCKPORT Hydro Shield Waterproof Men's Essential Leather Shoes Size 11M NEWNew!!! Women's Skechers Dynamight sport slip on Wide Width shoe black 12119W V70Vlado Footwear Women's Atlas 2 Mint Grey Weave Hi-Top Sneakers IG-1500W-W643 , Wmns Nike Metcon DSX Flyknit Sz 8-8.5 Crossfit Shoes Grey Purple 849809-007 NEW , Adidas Performance Women's Ultra Boost Street Running Shoe - Choose SZ/Color , Nike Classic LA Cortez Premium Maria Sharapova Womens Sneakers - LimitedPuma Vikky Ribbon Trainers Womens Wht Sports Trainers Sneakers , Baretraps Radha Winter Boot Black Suede New with Box , Dr. Scholl's Women's Harlow Boot Harlow,Taupe,8.5M US , Vince Camuto Estiva Cone Heel Boot - Black Size US 10 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Max Max Infuriate Red 2 mogochinese-29630 Mid Basketball Shoes University Red Black AA7066-600 2cb2cca - 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 Max Max Infuriate Red 2 mogochinese-29630 Mid Basketball Shoes University Red Black AA7066-600 2cb2cca - 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 Max Max Infuriate Red 2 mogochinese-29630 Mid Basketball Shoes University Red Black AA7066-600 2cb2cca
    Athletic Shoes
    >
    ;