Never miss an update

Nike Men's Lunar 3 Flyknit mogochinese-24398 Running Shoes Men's Size Black 9.5 Vivid Purple Black White 2cb1819




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
UK Size: 8.5
Product Line: Flyknit CM: 27.5
Type: Low Top MPN: 698181-014
US Shoe Size (Men's): 9.5 Model: Lunar 3
Shoe Height: Low Top Country/Region of Manufacture: China
Color: Purple Style: Running, Cross Training
Euro Size: EUR 43 Sub Style: Cross Country, Road Running, Track & Field, Trail Running
Brand: Nike UPC: 0886548462414
Never miss an update

Nike Men's Lunar 3 Flyknit mogochinese-24398 Running Shoes Men's Size Black 9.5 Vivid Purple Black White 2cb1819 - blurrypron.com

    Nike Men's Lunar 3 Flyknit mogochinese-24398 Running Shoes Men's Size Black 9.5 Vivid Purple Black White 2cb1819
    Nike Men's Lunar 3 Flyknit mogochinese-24398 Running Shoes Men's Size Black 9.5 Vivid Purple Black White 2cb1819
    Salomon Men's XA Enduro US 11 M Blue Mesh Trail Running & Hiking Shoes $150.00Man's/Woman's supra skytop size 9.5 royal economic cheapest Fashion dynamicNEW AUTHENTIC NIKE FREE 4.0 FLYKNIT MEN'S SHOE US 13 , Nike Air Jordan Spizike iD White/Black 605236 984 Sz 11 , Gentleman/Lady Creative Recreation Motus Casual Men's Shoes Best-selling worldwide Won highly appreciated and widely trusted at home and abroad Breathable shoesNike SB Air Force II Low White Blue Red Void Crush AO0300-100 Men Sz 8adidas Crazy Hustle - White/Black Basketball Shoes (Men's 11.5) - Used , SALE AIR JORDAN TRUE FLIGHT BORDEAUX SAIL SZ 10.5-12 NEW XII RETRO 342964 625Men’s Nike PG 1 “Black” Size-10 Black/Gum (878627 004) , Adidas Men Tubular Runner - Leaf Camo (red / drkcar / foxred) D68976NEW PUMA MOSTRO MLN MILAN MEN'S SHOES BLACK RARE ALL SIZESNew Nike Men's Air Max 90 Ultra 2.0 Essential Shoes (875695-005) Pale Grey/Khaki , Jordan Why Not Zero.1 / Brand New Size 11 (Hyper Jade Colorway) , NIKE AIR MAX 1 ULTRA 2.0 ESSENTIAL MEDIUM OLIVE LEGION GREEN 875679-200 SZ 10.5 , Nike Air Jordan 10 Retro X Chicago Bulls 310805-100 - Size 14 Michael JordanMEN'S NIKE ROSHE TWO FLYKNIT RUNNING SHOES GYM TRAINING 844833 402 SIZE 10.5Nike Pre Montreal 17 Mens Running Trainers 898031 Sneakers Shoes 001Asics GEL-Task MT [B703Y-400] Men Volleyball Badminton Shoes Blue Print/WhiteNike SB - Dunk Low | Mens Skate Shoes - 854866-209 | Medium Olive / Black / Camo , NEW MEN'S NIKE AIR MAX SEQUENT 719912-100Nike New Air Force 180 Mid Anthracite Vibrant Yellow Glow 537330-001 Sz 11.5 , Nike Air Jordan 3 III Retro 2011 White Black Cement 136064-105 Size 9.5 , Nike Men's Air Zoom Pegasus 33 Running Shoe University Red/White/Black Size 9 , NIB Men's Nike AIR MAX FULL RIDE TR 1.5 TRAINING Shoes Grey/BlackNike Air Max LTD 3 Running Shoes 687977-444 Midnight Navy Men's Size 12 , NIB MENS SIZE 8.5 NIKE AIR MAX 90 ESSENTIAL SNEAKERS 537384-053 , Saucony Grid Sd HT S70351-1 Woodburn Tan/Brown Running Brand New Complete[BB1295] Mens Adidas EQT Equipment Support Advance ADV - Black White Sneaker , Nike Jordan Why Not Zer0.1 Size 12 Midnight Navy Metallic Gold White AA2510-431 ,
    Nike Men's Lunar 3 Flyknit mogochinese-24398 Running Shoes Men's Size Black 9.5 Vivid Purple Black White 2cb1819 - blurrypron.com>Nike Men's Lunar 3 Flyknit mogochinese-24398 Running Shoes Men's Size Black 9.5 Vivid Purple Black White 2cb1819 - blurrypron.com
    Steve Madden Women's Hansil Harness Boot, Taupe Suede, 8.5 M US , Dr Martens 2 Hole Sawyer Black Greasy 15688001 Original Doc , Nike Blazer Mid PRM VNTG Mens Hi Top Trainers 638261 404 Sneakers Shoes , Mephisto Black Leather Loafers Women's Size US 9 Slip-On Shoes Casual , TORY BURCH Size 11 REVA Black Patent Quilted Ballet Flats Shoes , Gentlemen/Ladies Something Bleu Moon Beige 8 Guarantee quality and quantity Has a long reputation Beautiful and charmingPleaser Bordello Women's Teeze-06 Pump Black Patent 11 M US , Clarks Women's Keesha Donna Muleblack leather11 Medium US , Men's/Women's Tods Slides NWB Size:10 BLU White The color is very eye-catching The highest quality material Good quality , Man's/Woman's Sam Edelman Women's Halan Pump Modern technology High-quality materials Personalization trendBandolino 25023416 Womens Sarahi Platform Dress Sandal- Choose SZ/Color.Kenneth Cole New Layla Gray Womens Shoes Size 11 M Sandals MSRP $125 , Valentino Garavani Black Wrinkled Calfskin Enchained Ankle Wrap Flats SZ 38New Nike Hypervenomx Finale II IC Volt Black HyperTurquoise Size 11.5 749887-700Reebok Mens Classic INSTAPUMP FURY ROAD Shoe Royal Blue New SIZES 6-13 , Men’s Nike TiempoX Lunar Legend VII 7 Pro IC Soccer (AH7246-080) Sz 12.5 , DS MENS NEW BALANCE 997 M997CMA MINT GREEN KITH MADE USA 6.5 D WHITE NOBOX FREE , NIKE SB DUNK LOW ELITE Mens Sz 10 Shoes Black White Brown 864345 019 , Adidas Zx Flux Print Casual Men's Shoes , Merrell Rant, Sneaker Uomo, Marrone (BRACKEN J38903), 43 - , Calvin Klein Men's Draven Box/Wave Oxford - Choose SZ/Color , Kenneth Cole Reaction Men's Sky High Sneaker, Laguna, Size 11 MedRockport Mens Barecove Park Slip On M- Select SZ/Color.Cole Haan Giraldo Double Monk Strap Shoe - Tan Brown - Men's size 13 , Women's New Balance Classic Runners 574 (WL574ILA) -Multi-color , Nike Tanjun Premium Womens 917537-200 Mink Brown Red Running Shoes Size 7.5Teva Women's Freewheel Slubby Canvas Sneaker Dark Grey Multi Canvas Sneakers , Women's Nike Flyknit Zoom Running Trainers Blue Mint Green Size 7-7.5 698616 401Puma Pointy Creeper Patent Casual Women's ShoesSaint Laurent YSL Womens SL/18H 20 Fringe High Top Sneakers Flats 37
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Men's Lunar 3 Flyknit mogochinese-24398 Running Shoes Men's Size Black 9.5 Vivid Purple Black White 2cb1819 - 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 Men's Lunar 3 Flyknit mogochinese-24398 Running Shoes Men's Size Black 9.5 Vivid Purple Black White 2cb1819 - 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 Men's Lunar 3 Flyknit mogochinese-24398 Running Shoes Men's Size Black 9.5 Vivid Purple Black White 2cb1819
    Athletic Shoes
    >
    ;