Never miss an update

Nike CJ81 Elite TD - TD Elite Men's 25087 Football Cleats 6410567




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
Color: White/Silver
Brand: CJ US Shoe Size (Men's): 9.5
Style: Cleats
Never miss an update

Nike CJ81 Elite TD - TD Elite Men's 25087 Football Cleats 6410567 - blurrypron.com

    Nike CJ81 Elite TD - TD Elite Men's 25087 Football Cleats 6410567
    Nike CJ81 Elite TD - TD Elite Men's 25087 Football Cleats 6410567
    New Under Armour Highlight MC LE Men's 13.5 Football Cleats Florida 1275479-180New Balance 1978 ML1978SA Red Classic Mens Running Shoes Made In USA SZ 7.5 D , Mizuno Wave Impetus 4 Black Silver Yellow Men Running Shoes Sneakers J1GC16-1319NIKE AIR MAX SEQUENT / LOYAL BLUE - DARK OBSIDIAN / MEN'S SIZE 8 , Nike SB Blazer Zoom Low Hydrogen Blue 10.5 TZ,NRG,6.0,jordan,rare,Skate,sampleNEW Mens Sz 8.5 NEW BALANCE 1350 SR Silver Red Sneakers Shoes , Nike Shox Elite II TB Shoes 316904-131 Size 18 Deep Forest Green White NIB , CONVERSE CTAS LASER HI H-TOWN HOUSTON SHOES size 10 $85 , Adidas Originals X_PLR Black CQ2405 Size 10.5 NIB , Adidas Originals Men's Alphabounce EM M NEW AUTHENTIC Utility Ivy BB9042Nike Free RN Flyknit Mens Running Shoes Black White Volt Blue Lagoon Size 11 , NIKE KYRIE IRVING 3 BLACK YELLOW WHITE Men's Size 18NIKE FORCE SAVAGE ELITE TD FOOTBALL CLEAT Oregon Green Ducks SZ 10.5. 857063-313Nike Air Max A Lot Sneaker 2009 Pippen Basketball Bulls Men 10.5 Multi AthleticNike Air Trainer 180 Men's Size 9 Binary Blue/White 916460-402 NEWNike Air Force 1 Insideout Priority, Sz 11, 314770 271 , Vans Unisex Sk8-Hi Reissue RETRO SPORT GLAZED GINGER BROWN Skate Shoes Mens 13 , SZ 10.5 MEN'S REEBOK CLASSIC LEATHER CL MUNCHIES PB&J PACK YELLOW TAN BD1926 , NIKE SB Zoom Blazer Low (Grant Taylor) ANTI-HERO Dark Grey AQ9941 007 , NIKE Vandal High St Christopher Club Sz 12 Red Black 315060-261 Black FivesTribal Titan Hydro Size 11 Men's Shoes Rare Limited Release Artwork Skater ShoesNike Zoom Mercurial XI Flyknit FC Black/White 852616-002 Men's SZ 10Adidas Originals New York Daniel Arsham Men’s Size 11 Chalk White CM7193 NEW!HOKA™ One One ~ ARAHI Run Shoes ~ Everyday ~ Men Sz 9 ~ VERY GOOD , ADIDAS DERRICK D ROSE LAKESHORE WHITE LEATHER MENS 14 M BASKETBALL LO TOPS NEWReebok Blast mens shoes New in box size 11 J87616 sneakers , Nike Air Zoom Talaria Mid Flyknit Mens Sz 9.5 Premium Palm Green 875784-300 , 27 New Nike Zoom Victory 3 Racing Spike Track Running Shoes 835997-413 SZ 5-12 , Nike Zoom Victory Elite 2 Track Running Spikes Shoes Pink, Sz 12 (835998-601)
    Nike CJ81 Elite TD - TD Elite Men's 25087 Football Cleats 6410567 - blurrypron.com>Nike CJ81 Elite TD - TD Elite Men's 25087 Football Cleats 6410567 - blurrypron.com
    Ladies Nocona Brown Navy Leather Square Toe Western Boots Sz: 10 B , AUTHENTIC PRADA DEERSKIN HALF-BOOT SHOES 1U292E BROWN NEW US 7.5Stetson Women's Paisley Western Boot, Brown, 6 D US , NEW Tod's Hot Pink Fuchsia Patent Leather Ballerina Flats Sz 39.5/ US 9.5Stuart Weitzman Womens Teal Alligator Print Ballet Flat loafers shoes 5.5 M , Chic Womens Metal Decor Leather Slip On Loafers Casual Pink Mules Leather ShoesCOLE HAAN D'ORSAY BLACK SATIN & RHINESTONE EVENING/FORMAL PUMPS SIZE 7 1/2 B , Pleaser Women's Dolly 25 Black Patent Heels , ISOLA Womens 'Flora' Black Leather Snake Print Wedge Sandals Sz 8 M - 231702Elliott Lucca "Lena" Alpaca Beige Leather Sandals 7.5 NWOB $139 WOW!Vionic Amber Backstrap Gold Cork Women's Sizes 5-12 NEW!!! , Men's/Women's MIU MIU Shoes 447109 BlackxMulticolor 38 Aesthetic appearance Beautiful appearance Elegant and stable packaging , Men's Polo Ralph Lauren Federico Casual SNEAKER Shoes DARK CARBON GRAYNikeDunk High Red Orange Basketball Shoes, Size US 14Nike Terminator Hi Premium Dark Oak/Team Red-Black-Pine Green 307893-261 SZ 11 , Brand New Black Nike Huarache Men's US Size 11 Athletic Shoes New in BoxUSED Nike Air Jordan 3 Retro Tinker NRG "Tinker Hatfield" - AQ3835 160 Sz: 8.5 , Rocky Men's Dakota Ridge EH Waterproof Work Boot - Steel Toe - RKW0242 , NIB $250 Converse X John Varvatos CT Brush DBL Zip Hi Silver 147377C US Mens 7.5Allen Edmonds Hillcrest Chestnut Tan Burnished Derby Oxford Shoe 11.5 E WIDE , Under Armour Tabor Ridge Low Hunting Hiking Women's Uniform 1257746-225 gortex , Nike Free RN Flyknit 2017 Dark Stucco Grey Women Sz 8/9 Running Shoes 880844-008 , Nike Juvenate SE Womens 862335-003 Size 7.5 Floral Spring Garden Running SneakerGentlemen/Ladies ECCO Women's Sneak Zip Fashion Sneaker for you to choose new List of explosionsNEW DS WOMEN Sz 11 NIKE ROMALEOS 3 OLYMPIC WEIGHTLIFT CROSSFIT 878557 100 White , REBELS ZEN WOMENS BROWN SUEDE LEATHER ANKLE BOOTS 10 NEWColin Stuart Leather & Zebra Print Tall Knee High Heel Animal Print Boots Sz 7B , Easy Spirit Izona boot mid calf black leather 5 Md NEWTommy Hilfiger Women's Julie3 Ankle Bootie - Choose SZ/ColorCole Haan Hayes Gore Bootie - Women's Size 8 B, Black ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike CJ81 Elite TD - TD Elite Men's 25087 Football Cleats 6410567 - 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 CJ81 Elite TD - TD Elite Men's 25087 Football Cleats 6410567 - 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 CJ81 Elite TD - TD Elite Men's 25087 Football Cleats 6410567
    Athletic Shoes
    >
    ;