Never miss an update

DS Nike KD 8 N7 Athletic Running Nike KD Shoes Athletic For Men Size 13 895e1c1




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
Style: Running Shoes
Color: White/Black-Summit White-Light Liquid Lime Width: Medium (D, M)
Euro Size: EUR 47,5 US Shoe Size (Men's): 13
Brand: Nike UPC: Does not apply
Never miss an update

DS Nike KD 8 N7 Athletic Running Nike KD Shoes Athletic For Men Size 13 895e1c1 - blurrypron.com

    DS Nike KD 8 N7 Athletic Running Nike KD Shoes Athletic For Men Size 13 895e1c1
    DS Nike KD 8 N7 Athletic Running Nike KD Shoes Athletic For Men Size 13 895e1c1
    Nike Air Jordan 5 Retro Grape 2013 mens 11 13 136027-108 NEW , NIKE AIR JORDAN 13 XIII Retro "DIRTY BRED" Size 12 BRAND NEW , Adidas NMD Runner Primeknit BA8630 Vintage White US 14 PK Monochrome OG , NIKE METCON 4 Men's Cross Training, Weightlifting Shoe -White/Gum Medium BrownNIKE LEBRON JAMES XI EXT DENIM QS 659509-004 SIZE 9.5 PALMER WTL CAVS CHAMPS , adidas Predator 18.1 FG Men's Soccer Cleats Shoes CM7413 1803 , Nike Air Max 90 Essential Sepia Stone White Sepia Stone Men's Trainers All SizesNike Air Jordan X 10 Retro 2018 Dark Shadow US 8.5/Chicago/45/Bred/OG/CDP , Men's/Women's Air Jordan 2011 - 436771 602 Fashion pattern Attractive fashion Recommended todayNike Air VaporMax CS AH9046 800 , Men's/Women's nike foamposite size 10 new durable Various types and styles Elegant and robust menuNike Air Max 270 AH8050-201 Men's Sizes US 7 ~ 13 / Brand New in Box!NIKE Air Vapormax '97 (gs) Big Kids Aq2657-002 Size 4Nike Air Max Prime SL Trainers Mens Black/White Athletic Sneakers Shoes , Nike Air Vapormax Flyknit Utility Black/Cool Grey/White/Pure Platinum H6834003Nike Air Jordan III 3 OG 2018 Black Cement US 9.5/Elephant/Atmos/Chicago , Nike Lebron 15 897648-400 Men's Sizes US 8 ~ 11.5 / Brand New in Box! , Air Jordan 1 Retro - 555088 106 , Adidas Ultra Boost 3.0 Pearl Olive Copper Ultraboost BA8847 - US M 8 US W 9Revenge x Storm Black Flame Mens Sizes 5-14 REVS-010-BLCK NEW , Nike Air Jordan X 10 Retro 2018 Dark Shadow US 9.5/Chicago/45/Bred/OG/CDPNike Air Max 2016 from japan (170Adidas UltraBOOST 4.0 CP9250 Men's Sizes US 7 ~ 14 Brand New in Box!NIKE Men's Air Max 270, Black/White-Dusty Cactus, 9.5 M USNike Air Max 97 OG QS Men Lifestyle Shoes 884421-700 Metallic Gold NEW In Box , Men/Women adidas Men's Ultraboost Diverse new design New products in 2018 Pick up at the boutique , Nike Air Foamposite One Copper OG Size 9 Black Metallic Copper 314996-007AIR JORDAN 5 RETRO 136027-148 International Flight Sail Royal Orange "BARCELONA"Nike Free Rn 2018 Black White Girls Women's Trainers All Sizes
    DS Nike KD 8 N7 Athletic Running Nike KD Shoes Athletic For Men Size 13 895e1c1 - blurrypron.com>DS Nike KD 8 N7 Athletic Running Nike KD Shoes Athletic For Men Size 13 895e1c1 - blurrypron.com
    TALL COGNAC WESTERN RIDING BOOTS WHIP STITCH WOMEN SIZE 10 B BY BCBG MAXAZRIA , Bottes ZADIG & VOLTAIRE 38 noir boucles interchangeables , Men's/Women's Clarks BALTA SKY Mens Cloudsteppers Sandals Special purchase auction Elegant and solemn , Men's/Women's Lucca Lane Bayla Women's FLATS Acorn Excellent value Settlement Price Acknowledgement feedbackAttilio Giusti Leombrun Black Leather Bijoux Chain Cap Toe Ballet Flat SZ 36 AGL , Fashion Splicing Womens Casual horse hair Leather Flats Bow British Dress Shoes , Aerosoles Women's Pin Down Slide Sandal Light Pink Leather Slides , Black 7" holographic glitter slip on stripper shoesVivienne Westwood Anglomania Melissa Animal Toe Pumps in Champagne Nude US 7Badgley Mischka Bankston Heels - Women's Size 8.5 - Ivory , Skechers Women's Reggae-Fizzle-Adjustable Webbing Slide Sandal Raspberry 8 M US , Gentlemen/Ladies Bella Vita Women's Ezra Fashion Sneaker Not so expensive Price reduction Caramel, gentle , Diadora DA8AMC6055 Wide Olive Green Black Men Running Casual Shoes SneakersNike SF Air Force 1 Mid Ocean Bliss/Light Blue US Size 7Y Special Force '17Adidas NMD_CS2 PK - BZ0515 Adidas Boost AdidasNike Seattle Seahawks Free Trainer V7 NFL Collection Shoes AA1948-400 Size 11317223-013 Air Jordan Ol' School Black/White-Cool Grey Sizes 8-12 NIB2018 Air Jordan XI Retro 11 Low Cool Grey 528895-003 Size 4-13 BRAND NEW , Nike Kyrie 1 Driveway size 9.5 705277-001Nike Air Jordan 11 RETRO LOW UNC CALIFORNIA BLUE 100% Authentic 528895-106 US 12men's shoes BARK 12 () sneakers gray textile suede AG587-GSkechers Men's Relaxed Fit Marcelo Topel Brown Size 6.5 MLUXURY PRADA LOAFER SHOES 2DD127 RED RUBBERISED LEATHER NEW US 10 , David Eden Alligator/Soft Calf Leather Brown Shoes Sz 10 Reduced!!! , Cole Haan boot (Mens 10M) Made in Italy , (833657-005) WOMEN'S NIKE CLASSIC CORTEZ LEATHER PRM BLACK/BLACK/IVORY SZ-11 , ASICS Women's Gel-Fujitrabuco 6 Running Shoe - Choose SZ/Color , New KORK-EASE 'Stina' Belted Ankle Bootie Black Suede 6.5MColumbia Womens SIZE 10 Ice Maiden II Trail Boots GRAY Slate WaterproofMerrell Sylva Tall Waterproof Boots Size 7 - 9.5 Black Brown J02084 Winter ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    DS Nike KD 8 N7 Athletic Running Nike KD Shoes Athletic For Men Size 13 895e1c1 - 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.

    DS Nike KD 8 N7 Athletic Running Nike KD Shoes Athletic For Men Size 13 895e1c1 - 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
    DS Nike KD 8 N7 Athletic Running Nike KD Shoes Athletic For Men Size 13 895e1c1
    Athletic Shoes
    >
    ;