Never miss an update

Mens NWOB Nike Nike SB Shoes 29986 Trainerendor L Nike QS Size 9 823059-070 Black Gold NWOB 075396b




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
Brand: Nike
US Shoe Size (Men's): 9 Product Line: SB
Color: Gold Style: Athletic Sneakers
UPC: 00883419423987
Never miss an update

Mens NWOB Nike Nike SB Shoes 29986 Trainerendor L Nike QS Size 9 823059-070 Black Gold NWOB 075396b - blurrypron.com

    Mens NWOB Nike Nike SB Shoes 29986 Trainerendor L Nike QS Size 9 823059-070 Black Gold NWOB 075396b
    Mens NWOB Nike Nike SB Shoes 29986 Trainerendor L Nike QS Size 9 823059-070 Black Gold NWOB 075396b
    New Men’s Puma Ignite Evoknit Training Shoes 189697-04 Size 10.5 Grey/Aqua BlueADIDAS CAMPUS 80'S BW BEDWIN AND THE HEART BREAKERS BLUE WHITE S75674 SZ 8.5Vans Sample Slip On Pro Independent Trucks Indy Black Ride The Best Ollie Guard2017 Reebok Furylite Camo SZ 13 Navy Blue White Blue V67087Mens NIKE DUALTONE RACER PRM Black Trainers 924448 007 , Saucony Shadow Original Black/Blue S2108-611 Men's SZ 11.5NIKE DUAL FUSION BB 11 Basketball Shoe US Size 13 NEW! 610202 007 , Nike Air Max Full Ride TR 1.5 Mens Size 12 Black/White/Red 869633-060 , Adidas Originals Men's Swift Run Primeknit White Blk Running Shoe CG4126 SZ 9.5Men's/Women's NIKE SHOES Reputation first High-quality materials wonderful$109.99 Clear Weather Men Sierks LX Leather white CM008002WHTVINTAGE Stadia White Gray Tennis Shoes Sneakers 80s Rare Revenge Phase II OG , NEW Nike Zoom Mercurial XI FK flyknit mens black/white 10.5ASICS Gel Excite 4 Men's Running Shoes T6E3N-9793 Carbon/Silver/Black US Sizes , Sanuk Chiba TX Sidewalk Surfer - Black / Natural - NewMan's/Woman's MEN SHOES GIORGIO BRUTINI SZ 10M Packaging diversity Affordable Modern modeMen Adidas Boost NMD PRIMEKNIT Zebra shoes sz 10M , Adidas Tubular Runner Weave Navy Blue/Navy Blue-White B25596 Men's SZ 13VANS X Disney Authentic Mickey Mouse Aloha Hawai Print SHOES Men Size 7 , NIKE LUNARCHARGE PREMIUM 923281-002 LIGHT BONE SUMMIT WHITE DS SIZE: 9 , 26 Adidas Adizero LJ 2 Track & Field Shoes Long Jump Blue Green AF5648 6.5 -13 , New Balance 696 Deconstructed Navy Blue MRL696DN Men's SZ 8.5Mens Reebok Classic Club C 85 Trainers Size 11 , JORDAN FLIGHT 23 CLASSIC MENS SIZE 13 BLACK/GYM RED/WHITE SHOES NEW IN BOXAdidas SL Loop CT Burgundy/Black-Orange Q16405 Men's SZ 9NIKE ALPHA HUARACHE 6 ELITE LAX MEN'S CLEATS SIZE: 9.5 BLACK WHITE 880409 010 , Nike Aptare SE Anthracite/Anthracite-Sail 881988-003 Men's SZ 11.5Nike SB Zoom Janoski Low Khaki Beige Tan Red Mens Shoes Size 8.5 FAST SHIPPING , Man's/Woman's ADIDAS BERMUDA ST PANU-CLEAR BROWN BY9654 wholesale low cost Pick up at the boutique
    Mens NWOB Nike Nike SB Shoes 29986 Trainerendor L Nike QS Size 9 823059-070 Black Gold NWOB 075396b - blurrypron.com>Mens NWOB Nike Nike SB Shoes 29986 Trainerendor L Nike QS Size 9 823059-070 Black Gold NWOB 075396b - blurrypron.com
    Cole Haan Womens Callie Black Grand.OS Shooties Shoes 9.5 Medium (B,M) BHFO 2110new $1095 MANOLO BLAHNIK "Rapacina" black suede ANKLE BOOTS booties shoes - SEXY , Man/Woman Edward Green Boot Packaging diversity Win the praise of customers a lot of varieties , Bona Fide Mizuno Wave Rider 20 Mens Fit Running Shoe (D) (01)Man/Woman ADORE-708LG Clear Glitter Aqua Consumer first Online export store Export , Merrell Ashland Slip On Shoe Leather Casual Brown Womens , Klogs Natalie Women's Clogs Display Model Shoes Bronze Oiled 8 M , Prada Teak Brown Leather Heeled Booties Size 37.5 NIB $1100Salvatore Ferragamo Sciacca Flower Heel Suede Mule , Gentlemen/Ladies Schutz Zoola Heel Modern technology Wholesale trade Shopping promotion , THEYSKENS' THEORY TWO-TONE LEATHER SHOES WEDGES PLATFORM SIZE 39NEW Men's New Balance 1550 Classics ML1550SL Black/Silver, Size 13New Converse All Star Chuck Taylor All Red Special HI US Men 10 1111U170220 , NEW Men's(CHOOSE SZ) AIR JORDAN Future Low 718948-305 Fadded-Olive-Green REFLECTNike Flyknit Racer Oreo Size 11 New No Box , NIKE KOBE XI TB PROMO BASKETBALL SHOES WOLF GREY 856485-002 MEN'S SZ.13Nike Men's Air Max BW Ultra SE Athletic / Training / Casual Sneakers 844967-001adidas Originals Men's Tubular X PK Fashion Sneaker - Choose SZ/Color , Mens 12 D Allen Edmonds Fulton Cognac Brown Oxfords Dress ShoesLos Altos Men's 3X Toe w/ Cowboy Heel Ostrich Leg Leather Cowboy Western Boots , G Star Originals Raw Gray Suede Chukka Boots Mens Size 42 US 9 , DS NIKE 2011 UNRELEASED AIR HYPER LUNAR SAMPLE BLACK 9 FORCE MAX 180 PENNY ZOOM , Fendi Men Black Mocassino Driver Loafer Shoes Size 9 , ALLEN EDMONDS Flatiron Blucher Derbys Brown Brogue Rosette Size 15DMen Leather Party Wedding Slip On Business Loafers Driving Formal Gold Shoe X969Saucony Freedom ISO Size 9.5 M (B) Women's Running Shoes Blue S10355-3 , Nike Juvenate Lifestyle Tennis Comfort Shoes trainers Triple White 724979 103 , 1801 adidas Barricade Boost Women's Tennis Shoe CM7803Brand New Bearpaw Emma Short 8" 608W030 Charcoal Size 7Anthropologie Sam Edelman Darrah Boot, Leather & Suede Size 8, $150 MSRP
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mens NWOB Nike Nike SB Shoes 29986 Trainerendor L Nike QS Size 9 823059-070 Black Gold NWOB 075396b - 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.

    Mens NWOB Nike Nike SB Shoes 29986 Trainerendor L Nike QS Size 9 823059-070 Black Gold NWOB 075396b - 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
    Mens NWOB Nike Nike SB Shoes 29986 Trainerendor L Nike QS Size 9 823059-070 Black Gold NWOB 075396b
    Athletic Shoes
    >
    ;