Never miss an update

NIKE SB 9 BLAZER VAPOR SZ 9 ELEMENTAL 29988 PINK BLACK ELEMENTAL WHITE 878365 600 9983ef9




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
Product Line: Blazer Vapor US Shoe Size (Men's): 9
Color: Pink Style: Athletic Sneakers
UPC: Does not apply
Never miss an update

NIKE SB 9 BLAZER VAPOR SZ 9 ELEMENTAL 29988 PINK BLACK ELEMENTAL WHITE 878365 600 9983ef9 - blurrypron.com

    NIKE SB 9 BLAZER VAPOR SZ 9 ELEMENTAL 29988 PINK BLACK ELEMENTAL WHITE 878365 600 9983ef9
    NIKE SB 9 BLAZER VAPOR SZ 9 ELEMENTAL 29988 PINK BLACK ELEMENTAL WHITE 878365 600 9983ef9
    Nike SB Stefan Janoski Max Black Max Orange (Almost Red) Sz 13 631303-014New $150 Nike Zoom Superfly Elite Racing Track Spike 835996-413 Sz 11 (EU45.5) , ASICS GEL VENTURE 6 (4E) 9616 FROST GREY PHATOM BLACK MEN SHOES SIZE 8.5,10,10.5 , VANS Old Skool Suede Tiger Camo Black Sneaker M11.5 , NEW - Volcom Men's Red/Black Draft Water Friendly Shoe Sneaker - Size 7ADIDAS SUPERSTAR II ORIGINALS MEN'S LEATHER SHOES SIZE 19 NWOB , Asics Courtrushing White Red Men Volleyball Badminton Shoes TOB517-0123 , Infinity Footwear Men's Step In Oil & Slip Resistant Athletic Footwear. MRUSH , RARE Nike Zoom CJ Trainer 3 Red Photo Blue Sz 10 725231-600 Bowling Megatronadidas Originals Kid's Superstar J Shoe, White/White/Metallic Silver, 5.5 M GSAdidas Men’s Originals Swift Run Black / Green CG4110 size 12 USPropet Men's Stewart Walking Shoe , NEW Men's adidas Stan Smith White/Navy M20325 Size 13 DSNike Zoom Streak Men's Training Tennis Shoes Racing Pink Black 831413-600 , Used Worn Size 12 Nike Max LeBron XI 11 Low Shoes Magnet Gray & Bright MangoNike SB Zoom Stefan Janoski Hyperfeel 844443-002 Black Anthracite PRM Lunarlon 1Vlado Footwear Shoes Ares Fashion Men White NewMERRELL Performance Roust Fume Sneakers Castle Rock Grey Mens Size 8.5 USA $120NEW Nike Free Train Virtue Training Mens Shoes Red Orange 898052-600 Size 10.5 , Nike Air Max Global Court White/Obsidian-Treasure Blue 6 US 38.5 EUR , Mr/Ms MEN’S SHOES DIADORA CAMARO 501.159886 excellent quality Affordable Popular tide shoesMens 12 NIKE Air Prestige 3 SI Premium Black White Leather Shoes $80 451685-001Adidas Men's Tubular Invader Strap High-Top Leather Basketball Shoe 12 MNike Blazer Mid Silt Red Summit White 371761-607 Men's size 10.5Reebok Zoku Runner UL TK IT IS Men's Classic Shoes Power Techy Red BD4179 Sz 9 , New Balance/JCrew Collab $100 520 Sneakers in Hairy Suede Sz 12 Khaki H6048 AVLSaucony Jazz Original Vintage S70368-15 White Black Mens Sneakers Trainers , ASICS Men's Gel-Craze TR 4 Black/Black/White 8.5 D USNew Balance Mens Size 12.5 Low Molded Baseball Cleats Red White
    NIKE SB 9 BLAZER VAPOR SZ 9 ELEMENTAL 29988 PINK BLACK ELEMENTAL WHITE 878365 600 9983ef9 - blurrypron.com>NIKE SB 9 BLAZER VAPOR SZ 9 ELEMENTAL 29988 PINK BLACK ELEMENTAL WHITE 878365 600 9983ef9 - blurrypron.com
    Bogs Women's Amanda Plush Snow Boot Eggplant 11 M USNike Air Max 97 AOP  AQ4132 - 001 Tiger Camo Mens Size 10Shoes Puma 366728 03 BASKET HEART AUT LUX Fashion Woman Fashion , Asics GT 2000 5 Womens Running Shoes (D) (4006) + FREE AUS DELIVERY , Men's/Women's Fabulicious LIP-108 Packaging diversity special function Different goods , Earth Anise Shoe - NIB - Free ShippingStuart Weitzman Black Suede Calf Pony Hair Zebra Loafers Super Flex Sz 6.5 B , Ladies Sandal High heel Stilettos Crystal T Strap Pumps Bridal Wedding Shoes Sz , Vince Camuto Womens Airmosah Pointed Toe D-orsay Pumps, Black, Size 9.0 CdaTWomens Irregular Choice Dazzle Razzle Low Heel Evening Court ShoesMan's/Woman's Tod's Woman Shoes, Taupe, 36,5 main category Carefully selected materials Outstanding styleCorso Como PENLEY Red Suede Dress Pumps 7307 Size 9.5 M NEW! , Authentic Miu Miu Patent Raffia Platform Heel Shoes Size 34.5 Designer Fashion , Manolo Blahnik Blue Pointed Toe Mules SZ 37 , New In Box Loeffler Randall Maryl KSP Booties Almond Size 6New Men's Skechers 51585 Outland Rip Staver Sneakers - Taupe/Blk Size 9.5 W (J6) , Nike Air Max Sequent 2 Black Grey Running Sneakers (852461-001) Men's Size 10.5Nike Kyrie 3 "Warning" Team Red Hot Punch 852395-681 Men's Sz 10.5 , Nike Classic Cortez Leather Mens Sneakers White / Varsity Royal 749571-154 10' , Nike Jordan Super.Fly 2 Men's Baskeball Shoe (599945-407) BLUE/BLACKNike Free Trainer 5.0 Jon Bones Jones LE US10 WornThorogood Men's 8 Inch American Steel Toe Wedge Sole Boot 804-4208Sanuk Guide Plus Suede Men's Shoes Dark Charcoal 9NEW SPERRY TOP SIDER GAMEFISH LEATHER CVO SPORT SHOES MEN'S 11 GREYSuperga Women's 2790 Netw Fashion Sneaker, silver, 39 EU/8 M USSkechers Women's Go Walk Joy-15609 Sneaker - Choose SZ/Color , Merrell Women Capra Bolt Hiking Athletic Shoes Waterproof Bright Red 6.5New Nike Zoom Vomero+ 8 Womens Sport ShoesNEW Nike Zoom Cage 2 Sneakers Women's 6 Shoes Still Blue White Volt 705260-400REBECCA MINKOFF Women's Bark Suede Mia Booties M1070414 $295 NEW ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE SB 9 BLAZER VAPOR SZ 9 ELEMENTAL 29988 PINK BLACK ELEMENTAL WHITE 878365 600 9983ef9 - 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 SB 9 BLAZER VAPOR SZ 9 ELEMENTAL 29988 PINK BLACK ELEMENTAL WHITE 878365 600 9983ef9 - 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 SB 9 BLAZER VAPOR SZ 9 ELEMENTAL 29988 PINK BLACK ELEMENTAL WHITE 878365 600 9983ef9
    Athletic Shoes
    >
    ;