Never miss an update

AiR Jordan White 10.5 11 72-10's Patent Leather Black White A- Basket Ball Sneakers Sz 10.5 A- f587269




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Product Line: Air Jordan
Style: Basketball Shoes Brand: Jordan
US Shoe Size (Men's): 10.5 Model: Jordan 11
Width: Extra Narrow (A+) Upper Material: Patent Leather
Color: White UPC: Does not apply
Never miss an update

AiR Jordan White 10.5 11 72-10's Patent Leather Black White A- Basket Ball Sneakers Sz 10.5 A- f587269 - blurrypron.com

    AiR Jordan White 10.5 11 72-10's Patent Leather Black White A- Basket Ball Sneakers Sz 10.5 A- f587269
    AiR Jordan White 10.5 11 72-10's Patent Leather Black White A- Basket Ball Sneakers Sz 10.5 A- f587269
    Adidas Men's Nemeziz Tango 17+ 360 Agility Legend Ink CG3658 Size 7.5 , Nike Air Force 1 Ultraforce - Linen 845052-200 8.5USNew Balance Mens 2018 Lazr V1 Lightweight Slip On Stretch Hypo TrainersNEW GENUINE Nike Mens Size 8.5 Grey Jordan Air Deluxe Basketball Shoe 807717-006Mens Nike Air Max 2011 Metallic Silver Black Shoes 429889-013 Size 13 , K. Swiss Rinzler SP White Black Mens Leather Trainers ShoesNEW 11.5 Nike Roshe One Breeze BR Run Shoes Hot Lava Black Rosherun 718552-801 , Nike Mens Air Jordan Jumpman Team II Sneakers Red 819175-602 Size 11.5 , Nike flyknit racer full white : eur 46 / 12us NEWAdidas PureBoost All Terrain Trace Cargo/Core Black S80784 Men's SZ 12 , MENS ASICS GT COOL MEN'S RUNNING/SNEAKERS/FITNESS/TRAINING/TRAINERS SHOES , NIKE MARXMAN PRM AS QS MENS CASUAL SHOES WHITEOUT 840597 100 , Nike Air Max BW Ultra SE Running Shoes Mens Size 10 Black White 844967-101 , Skechers Men's Delson Fonzo Sneaker Navy SneakersNew Converse Chuck Taylor All Star Black Leather HI LOW Shoes 132170C 132174C , New Balance MS247EK D Black & Black Lifestyle Casual Running Shoes Sneakers NB , NIKE Vapor Carbon Elite 2014 TD Low White Card Red Football Cleats NEW Mens 15 , ADIDAS TUBULAR RUNNER Originals MENS Shoes Ltd HEMP B35638 US 11 /3 New , Adidas Ultra Boost Black And Red Prime Knit Size 11 US Brand New DSBrooks Revel 2 Black/Gray Running Shoes Men's US Sample 9 (E2,14) , Nike Air Force 1 MID '07 Black/Red/White Men's Size 9 (315123 032)NIKE Zoom Maxcat 4 Sprint Volt Pink Track Running Spikes Shoes Mens Youth 6.5NWT Under Armour HIGHLIGHT MC LE RED/WHT Hightop Football Cleats Men's Sz 12 , New Balance MZANTHW3 2E Wide White Men Running Shoes Trainers MZANTHW32E , Shoes Flex Advantage 2.0-Dali Skechers Black Men 52124-BBKVans Sk8 Hi Labels Black/true White Anniversary Linited Edition Size 11 NIB DS , Nike Air Jordan VII 7 Retro Marvin The Martian Black/Red Mens Shoes!!! 10!!! , NWT Under Armour HIGHLIGHT MC LE RED/WHT Hightop Football Cleats Men's Sz 10Reebok Furylite MU White/Team Dark Royal/Red Classic Unisex Lifestyle DV3745
    AiR Jordan White 10.5 11 72-10's Patent Leather Black White A- Basket Ball Sneakers Sz 10.5 A- f587269 - blurrypron.com>AiR Jordan White 10.5 11 72-10's Patent Leather Black White A- Basket Ball Sneakers Sz 10.5 A- f587269 - blurrypron.com
    Sbicca Women's Millie Ankle Bootie, Tan, 7 B US , Unique Red Hot Vaquero Boots Genuine American Hornback Alligator Cowboy Boots 9 , Men's/Women's Stuart Weitzman Standdap Dress Booties, Black Durable service Skilled manufacturing Outstanding style , FW13 ASICS ONITSUKA TIGER FABRE NR 30 MID SHOES WALKING CHILD JUNIOR BOOT , Gentlemen/Ladies Padders Ladies Wide Fitting Shoes Faye Many styles Year-end sale List of explosions , Authentic PRADA boots black leather size ( USA 7)Florsheim BERTY Leather Loafer - Black Snake PrintGivenchy Dark Brown Criss Cross Ballet Flats Size 39/8.5COBRA SOCIETY Black Yellow Najet Tapestry LoafersMr/Ms Ava & Aiden Skinny Stiletto Pump Easy to use stable quality Very good classification , $250 JUICY COUTURE KATI Stone Lemon Leather Designer Sandals Platform Wedges 7 , Jessica Simpson Kailey Peep Toe Boot, Totally Taupe Size 9 , $1299 Dsquared Shoes Multicolor Leather Size US 6 IT 36 Huge 8386Dolce & Gabbana Leopard Print Leather Flower Embellished Sandals Heels Size 36Yves Saint Laurent Grey Leather Women's High Heels Grey Size 40.5 *AUTHENTIC* , Christian Louboutin Size 6/36 Brown Leather Heels , Nike SB Bruin Max Vapor 882097-002 Cool Grey Black White 12Skechers Men's Glide 2.0 Ultra 55461 Sneaker - Choose SZ/ColorConverse Chuck Taylor PC Uptown Mid Women's Unisex Shoes Trainers in Pink , Mens Nike Air Max LTD Ultra Sneakers New, White / Red 687977-160 sku AANIKE AIR ZOOM SB STEPAN BLACK SHOES 615957-022Nike Air Max 90 SE "Satin" Deep Royal Blue Athletic Fashion AO1063 400ADIDAS YEEZY BOOST 350 V2 BLACK RED Sz 8-17 CP9652 BREDNEW CLARKS BUSHACRE RAND BURGUNDY SHOES MENS 11 SHOE BOOTS SUEDEOnitsuka Tiger MEXICO 66 Vintage Sneakers Unisex Casual Shoes Blue D832L-4990NIB Saint Laurent Paris Court Classic High Top Sneakers SL/02H, US 7 or EU40Adidas Stan Smith White Womens Shoes Size 9.5 M Athletic MSRP $115Mr/Ms ADIDAS NMD R2 (5.5) New market Won highly appreciated and widely trusted at home and abroad Recommended today , ASICS WOMEN'S GEL CHALLENGER 11 TENNIS SHOES (WHITE/BLUE/AQUA SPLASH)Lalo 260BU002BAT GRINDER Women's Battleship Hiking Training Crossfit Gym Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    AiR Jordan White 10.5 11 72-10's Patent Leather Black White A- Basket Ball Sneakers Sz 10.5 A- f587269 - 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 White 10.5 11 72-10's Patent Leather Black White A- Basket Ball Sneakers Sz 10.5 A- f587269 - 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 White 10.5 11 72-10's Patent Leather Black White A- Basket Ball Sneakers Sz 10.5 A- f587269
    Athletic Shoes
    >
    ;