Never miss an update

NIKE ISLAND TRAINER 1 MID PREMIUM SZ NRG QS SZ 8 mogochinese-29872 REVIS ISLAND BLACK CRIMSON 532303 001 76e5b06




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
US Shoe Size (Men's): 8 Style: Athletic Sneakers
Color: Black UPC: Does not apply
Never miss an update

NIKE ISLAND TRAINER 1 MID PREMIUM SZ NRG QS SZ 8 mogochinese-29872 REVIS ISLAND BLACK CRIMSON 532303 001 76e5b06 - blurrypron.com

    NIKE ISLAND TRAINER 1 MID PREMIUM SZ NRG QS SZ 8 mogochinese-29872 REVIS ISLAND BLACK CRIMSON 532303 001 76e5b06
    NIKE ISLAND TRAINER 1 MID PREMIUM SZ NRG QS SZ 8 mogochinese-29872 REVIS ISLAND BLACK CRIMSON 532303 001 76e5b06
    Mr/Ms Nike Id Air stab Beautiful color Known for its good quality retail pricejordan melo size 10.5 worn 3 times , Nike Lupinek Flyknit Low Sail/Black-Anthracite 882685-100 Men's SZ 9Men's GUC Asolo CROSSFIRE Hiking Trail Shoes Suede Gray Orange Sz 11 , Nike Air Jordan Eclipse GG Youth Black White Vivid Pink 724356 008 Msrp $85 AV , New Men's Nike Air Epic Speed Tr II Size 9, 11, Or 11.5 Grey Blue Training Shoes , Nike Air Jordan Retro 1 OG Mid True Blue Fire Red Cement Grey. Sz.5.5Y - No Box , New Balance Mens Size 7 MW840 Brown Walking Athletic Sneaker Running Shoe , NIB New Balance Men's Fresh Foam Arishi Shoes Med&4E WIDE Dark Gray MARISLB1Nike Mens Size 8.5 Hypervenom Phade Ii Fg Soccer Futbol Cleats White Pink VoltNEW BALANCE 247 SZ 8.5 DARK GREY RED BURGUNDY RUNNING SHOES MRL247GN , Nike Zoom Train Complete TB Black White Cross Training Shoes Trainers Size 8M , New Mens Nike Free 5.0 EXT Woven Run Running Shoes 580531-303 Sz 12 Mid TurqMEN'S NIKE TRAIN SPEED 4 AMP NFL SHOES SIZE 14 green 848587 307VANS VAULT SZ 10 AUTHENTIC LX TWO THIRDS ARONA OFF THE WALL VN 0SFGFOU , New Balance Men's Size 7 Running Shoes, M880SB5, Gray Black Orange , VANS OTW COLLECTION LUDLOW DUCK HUNT BROWN WHITE SHOES MENS SZ 6.5 LEATHERNIKE TANJUN 812654 011 BLACK/WHITE MENS US SZ 10.5 , ADIDAS SWIFT RUN PK SZ 8.5 ROYAL BLUE WHITE PRIMEKNIT RUNNING SHOE CG4118Puma Clyde Velour Ice - Green - Mens , New Balance Men's XC5000v3 Spike Shoes Blue with Black , ADIDAS SMU adiZero Shadow Green Gold Basketball Shoes Sneakers NEW Mens 18 , Adidas Men's Courtvantage Mid Mid-Top Canvas Fashion Sneaker , Man/Woman ES Skateboard Shoes ACCEL SQ NAVY/BLUE/WHITE Guarantee quality and quantity Modern and stylish fashion Contrary to the same paragraphNEW BALANCE 247 SZ 10.5 WHITE BURGUNDY RED NAVY BLUE RUNNING SHOES MRL247TRConverse Chuck Taylor All Star OX Men's Low Top Shoes Silver/Gold/White 157655fNike Zoom KD 9 Shoes -Durant- Flyknit -Reg $150- StyleSz 10.5 -NEWNike Men's DART 10 NEW AUTHENTIC Wolf Grey/Volt/Blue/White 580524-003Adidas SWIFT RUN PK Mens Sneaker CG4126 MSRP: $120 ,
    NIKE ISLAND TRAINER 1 MID PREMIUM SZ NRG QS SZ 8 mogochinese-29872 REVIS ISLAND BLACK CRIMSON 532303 001 76e5b06 - blurrypron.com>NIKE ISLAND TRAINER 1 MID PREMIUM SZ NRG QS SZ 8 mogochinese-29872 REVIS ISLAND BLACK CRIMSON 532303 001 76e5b06 - blurrypron.com
    DURANGO WOMEN'S RED LEATHER WESTERN BOOTS DRD0318 * ALL SIZES - NEWTory Burch Christy 30mm Riding Boot Lan Grey/Coconut Suede 9.5 , Men's/Women's Ladies Van Dal Ankle Boots 'Manning' feature New design Very good classification , Miu Miu brogue patent leather peep toe heels AUTHENTIC size 38.5 RRP $550 , Women Printed Rhienstones Square Toe Courts SHoes Pumps Slip On LoaferS CasualNew Sol Sana Teresa Slide Moss Womens Shoes Casual Sandals Sandals Flat , Men/Women Sam Edelman Women's Lelani Sneaker Promotion discount Fashion versatile shoes , AUTHENTIC NINE WEST HARAKO HEEL SUEDE PUMPS LEOPARD BLACK GRADE B USED -AT , Men's/Women's alice+olivia Shoes 058802 BluexRedxMulticolor 36 Special purchase Preferred material renewed on time , $300 NEW Donald J Pliner USHI Pump Heels Dress Shoes Womens 9.5 Made In Italy , Jack Rogers Red Patent Boating Jacks Thongs Sandals Size 6 M NewBussola Criss Cross Wedge Sandals Size 8.5 - 9 M , Chloe Black & Tan Leather & Cork Wedge Ankle Strap Sandals SZ 40.5Steve Madden Womens Brrit Leather Open Toe Casual Ankle, Black Nubuck, Size 8.0Gentlemen/Ladies Gianvito Rossi Metallic Leather Feather Sandal High quality and low overhead Fast delivery Caramel, gentle , adidas Dual Threat 2017 - Red - Mens , PUMA 19107001 Mens Tishatsu Runner Sneaker- Choose SZ/Color.Men's French Blu Leather Black Shoes - Size 6.5 , 2009 NIKE ZOOM BRUIN SB SUPREME VARSITY RED/METALLIC GOLD 363319-671 size 9Stacy Adams Mens Slip-on Loafer 13US- Pick SZ/Color.Nike In-Season TR 7 Women's running shoes 909009 001 Multiple sizesChurch's Loafers Horsebit Style US 12 Lovely Tan style , NEW NIKE CITY LOOP CASUAL SPORTS WOMENS SHOES SNEAKERS BLACK RED FLORAL 5 -10.5Nike Dunk Low White/White-Engine 1-Medium Grey 317813-113 Women's SZ 11BX144 D.A.T.E. (DATE) shoes green burgundy leather suede women sneakers EL'Artiste by Spring Step Women's Caiman Slide Aqua Multi Leather , Womens Nike Air Max 2016 Bright Crimson Black Red Mango SZ 8 (806772-600)Nike WOMEN'S Free Run Motion Flyknit Gamma Blue/Hyper Violet SIZE 10 BRAND NEWNIB 10B KHOMBU ALEX TALL WEDGE HEEL WATERPROOF BOOTS BLACK QUILTED LINED ZIPPERBlack or Brown Ladies Leather Low Boot with Handcrafted Color Effects by Andrea ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE ISLAND TRAINER 1 MID PREMIUM SZ NRG QS SZ 8 mogochinese-29872 REVIS ISLAND BLACK CRIMSON 532303 001 76e5b06 - 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 ISLAND TRAINER 1 MID PREMIUM SZ NRG QS SZ 8 mogochinese-29872 REVIS ISLAND BLACK CRIMSON 532303 001 76e5b06 - 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 ISLAND TRAINER 1 MID PREMIUM SZ NRG QS SZ 8 mogochinese-29872 REVIS ISLAND BLACK CRIMSON 532303 001 76e5b06
    Athletic Shoes
    >
    ;