Never miss an update

Air Jordan 1 Grey musicstella-19934 AJ1 KO High OG Shadow Mens 19931 638471-003 Black Grey Shoes Size 9 b4dce84




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
Stylenumber: 638471-003
Style: Basketball Shoes Gender: Mens
Width: Medium (D, M) Color: Black/Shadow Grey/White
US Shoe Size (Men's): 9 Brand: Nike
UPC: 888507993243
Never miss an update

Air Jordan 1 Grey musicstella-19934 AJ1 KO High OG Shadow Mens 19931 638471-003 Black Grey Shoes Size 9 b4dce84 - blurrypron.com

    Air Jordan 1 Grey musicstella-19934 AJ1 KO High OG Shadow Mens 19931 638471-003 Black Grey Shoes Size 9 b4dce84
    Air Jordan 1 Grey musicstella-19934 AJ1 KO High OG Shadow Mens 19931 638471-003 Black Grey Shoes Size 9 b4dce84
    Vans SK8 Hi CAPTAIN MARVEL comic superhero avengers blue red gold star carolVibram FiveFingers Men's V-Run Shoes M3101 Black/Yellow Size 45/ US 10.5-11 , NIKE AIR MAX 97 OG QS Gold men size US 9 authenticNIKE MEN MERCURIAL SUPERFLY V CR7 FG SOCCER CLEATS 852511 001 RETAIL sz 11 $325 , Nike SB Dunk High Premium Blue Ox Familia 313171-471 Unisex Skateboarding Shoes , adidas Originals Men's Shoes GAZELLE OG - G16183 Blue Color_Restock , New Nike Terminator High Hi Georgetown Size 14 College Grey/Obsidian Dunk , Vibram Furoshiki Boots Winter Mid High Shearilng , Nike Air Jordan 4 Navy gold white mens size 12 dunk retro iv , ASICS Gel - Quantum 360 Knit - Grey - Mens , Nike Air Max '95-2013 - Size 11.5 (NWB)DS Nike Air Tech Challenge II QS "Hot Lava" 643089 160 White/Hot Lava Size 9.5 , Nike AF1 Ultra Flyknit Low Size 9 Air Force 1 Red White Mens Shoe 817419-600 , Nike Air Command Force BLEACHED DENIM ACID WASH BLACK PINK 684715-002 sz 11 , NEW Nike Air Huarache Run QS Chicago Men's Shoes Orange Size 9 AJ5578 800Air Jordan 11 Legend Blue Size 8 , Adidas Boston Super mens shoes New in box size 14 S81432Mens Nike Shox NZ Premium Sneakers New, Dark Gray / Silver 536184-003 sku AAVtg NIKE AIR ICARUS 1993 USA TRACK & FIELD Lo-Top Cross Trainers Sneakers Sz-11 , NEW Nike Air Jordan IX 9 Retro KOBE BRYANT PE LAKERS 302370-121 sz 17Asics Gel Quantum 360 Knit, Men's 9.5D , MEN'S SHOES SNEAKERS NIKE AIR HUARACHE TRIPLE BLACK [318429 003]Nike Zoom Flight 96 Olympic Penny Hardaway White Navy Gold 884491-103 Size 8-14Nike Air Max 2 Uptempo 94 White/Black Blue 922934-102 SZ 10.5 11.5 13 BasketballMens Adidas Originals ZX Flux City Pack Barcelona Shoes Multicolor S79592 , Nike Epic React Flyknit AQ0067-800 Men’s US Size 11 Copper Flash OrangeMEN'S Sz 8 ADIDAS ULTRABOOST CLIMA X PARLEY BB7076 BLUE WHITE , Adidas By Raf Simons Spirit V Low-Top SneakerAsics DYNAFLYTE 3 Mens 1011A002.401 Deep Aqua/White Running Shoes ,
    Air Jordan 1 Grey musicstella-19934 AJ1 KO High OG Shadow Mens 19931 638471-003 Black Grey Shoes Size 9 b4dce84 - blurrypron.com>Air Jordan 1 Grey musicstella-19934 AJ1 KO High OG Shadow Mens 19931 638471-003 Black Grey Shoes Size 9 b4dce84 - blurrypron.com
    nike mercurial victory V IC mens football trainers 651635 580 sneakers shoesVersace 19.69 Italia Women's Suede Heeled Ankle Boots GREYAlexander Mcqueen Womens Black Leather Oxfords 3122 Sz 40 EURMargaritaville Size 5.5 Green Boat Shoes New Womens ShoeMen's/Women's salvatore Ferragamo Ladies Shoes Every item described is available a good reputation in the world Global sales , SCHUTZ Jade Heeled Sandal Tango Red Nubuck Simple Strappy Evening Dress PumpsBADGLEY MISCHKA Womens Giana II Open Toe Classic PumpsChristian LOUBOUTIN BROWN PATENT LEATHER PUMPS HIGH HEELS MARY JANES PUMPS 40.5 , Kalso Earth Tia Double Strap Buckle Stitch Slides Brown Leather Women's 9 BNew Balance 716 Women's Sneakers U.S Size 9B New Deadstock USA , Mizuno Wave Inspire 13 Running Shoes Women Size 7.5 Width D New!VNDS MENS NIKE AIR HUARCHE LIGHT RACER 306127 831 RUN MANGO SZ 11 FREE MAX AIRNew Mens 13 NIKE SF AF1 Mid QS Hunting Hiking Green Black Shoes $160 917753-300Mens Nike Air Jordan 1 MID Black/Black-White-Gym Red 554724-028 Size: 10.5 , Nike Kobe X Wolf Grey Unreleased Sample Elite Rare Men's Size 17.5 (813030-011)Air Jordan 1 Pine Green sz 14 Bred Toe Shadow Royal Purple Chicago Knicks Celtic2014 AIR JORDAN 1 RETRO HIGH OG CARMINE Sz 10.5 SBB SATIN DB GOLD OFF WHITE BREDAriat Work Men's Intrepid Venttek Composite Toe Boot Cocoa Brown Orange 12 D USSkechers for Work Men's Gretna Slip Resistant Shoe - Choose SZ/Color , FRAGMENT DESIGN Men's Shoes 708032 GreyxBluexMulticolor 29cm , Mephisto 8 Brown Slip On Loafers Men's , Ameria the Cat Women's High Top Canvas Shoes , Men's Propet Cush N Foot M0202 Black Corduroy Velcro Size 16 3E (X) , Adidas Women's Stan Smith Originals Casual ShoeBurberry New In Box Woman Sneakers Botreaux Low Topprinted Hearts Sneaker S:39Womens Nike Air Force 1 Sz 12 Valentine Day OG Vintage B , Womens Stilettos High Heel Ankle Boots Pointed Toe Shoes Denim Velvet Lined WarmKenneth Cole Reaction Rotini Gray Womens Shoes Size 6 M Boots MSRP $139 , Rachel Zoe Claudia Mid Shaft High Heel Boots Size 9.5 $495.00GB35 Oleesia Casual Ankle Boots 853, Black/Black, 9 US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Air Jordan 1 Grey musicstella-19934 AJ1 KO High OG Shadow Mens 19931 638471-003 Black Grey Shoes Size 9 b4dce84 - 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 1 Grey musicstella-19934 AJ1 KO High OG Shadow Mens 19931 638471-003 Black Grey Shoes Size 9 b4dce84 - 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 1 Grey musicstella-19934 AJ1 KO High OG Shadow Mens 19931 638471-003 Black Grey Shoes Size 9 b4dce84
    Athletic Shoes
    >
    ;