Never miss an update

NIKE AIR MAX 90 CURRENT ID NAVY BLUE-ATOMIC RED RED MAX [370101-993] SZ 11 [370101-993] 305d333




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
Color: Blue Style: Running, Cross Training
Shade: Red US Shoe Size (Men's): 11
UPC: Does not apply
Never miss an update

NIKE AIR MAX 90 CURRENT ID NAVY BLUE-ATOMIC RED RED MAX [370101-993] SZ 11 [370101-993] 305d333 - blurrypron.com

    NIKE AIR MAX 90 CURRENT ID NAVY BLUE-ATOMIC RED RED MAX [370101-993] SZ 11 [370101-993] 305d333
    NIKE AIR MAX 90 CURRENT ID NAVY BLUE-ATOMIC RED RED MAX [370101-993] SZ 11 [370101-993] 305d333
    SALE NIKE SPORTSWEAR AIR MAX 1 FLAX PACK SZ 10 GUM BROWN PREMIUM 875844-203 , $109.99 Saucony Men Grid 8000 Premium aquamarine S70223-2 , Nike Air Jordan 10 Retro X 310805 003 Men's Size 15 StealthAdidas NMD R1 STLT PK Grey/Black-White CQ2387 Men's SZ 9 , SALE NIKE Flyknit Racer HYPER ORANGE VIVID PURPLE SIZE 12.5 MENS 526628 008NIKE AIR MAESTRO 2 LTD SZ 10.5 WHITE RUSH ORANGE BLACK II LIMITED AH8511 101 , NIKE AIR FOOTSCAPE WOVEN NM WOLF GREY BLACK WHITE RUNNING 875797 004 SZ 11.5 , Nike Flyknit Racer Size 15 Tooster Red 526628-608VANS VAULT OLD SKOOL LX SZ 11.5 AGHARTA PACK BLACK ANTIQUE WHITE VN 0D4EIA2Hoka One One Mens Mach Running Shoes 1019279 True Blue/Blueprint Size 12 , NEW DIADORA V7000 NYL II C6650 DUSK BLUE BANANAN CREAMNike Jordan Phase 23 2, Laney, Black / Game Royal / Varsity Maize, Size 13Nike Air Max 90 Ultra 2.0 Essential Black Metallic Gold SZ 10 ( 875695-016 )Brand New Nike Kobe XI TB Promo Basketball Shoe Game Royal Blue/White Size 15NIKE LUNAR 180 TRAINER SC BO JACKSON AIR MAX RARE SAMPLE SIZE 9 630922-101 , NEW Nike Air Force Max 555105-101 Hornets Barkley Robinson DS Rare Size 12Nike Air Zoom Mariah Flyknit Racer 918264 008 Charcoal Black Sz 8.5 , MERRELL MENS BARE ACCESS FLEX SHIELD BLACK WHITE SIZE 10Nike Mercurial Vapor XI CR7 FG Cool Grey Metallic Gray Orange 852514-001 SZ 11.5Men's Nike Flyknit Trainer+ Electric Green Black White 2012 sz 7 , adidas Men's Tubular Shadow Shoe ~ Style B22632 ~ Size 14 , MERRELL MENS MOAB 2 SMOOTH BLACK SIZE 11.5Nike Air Jordan 1 Retro High White Gym Red Elephant Print Men Shoes 839115-600Air Jordan Future Flight Off Court Men's Size 12 Pure Platinum 656503-013SALE NIKE ZOOM KD 9 IX UNLIMITED MULTICOLOR 843392 999 SZ 10.5 NEW BLACK VOLT , Nike Air Huarache Run iD Seattle Mariners Black Freshwater SZ 9 ( 777330-999 ) , Mens NIKE ZOOM KD 9 University Red Basketball Trainers 843392 610 , SALE AIR JORDAN 1 HIGH AJKO SPORT BLUE BLACK WHITE 638471 007 KO KNOCK OUTNike Air Huarache Drift Mens Shoes Light Bone/Black AH7334-001 ,
    NIKE AIR MAX 90 CURRENT ID NAVY BLUE-ATOMIC RED RED MAX [370101-993] SZ 11 [370101-993] 305d333 - blurrypron.com>NIKE AIR MAX 90 CURRENT ID NAVY BLUE-ATOMIC RED RED MAX [370101-993] SZ 11 [370101-993] 305d333 - blurrypron.com
    Pleaser Womens Fascinate-1011/BS/M Platform Boot- Pick SZ/Color.K-Swiss Lozan III M, Womens Low-Top Sneakers, White WhiteWhiteSilver 133, 8 , PUMA CHAUSSURE VIKKY RIBBON SUEDE AND SATIN - 01BLK - 5 (4059505027254)Men's/Women's Ladies Van Dal Smart Loafers Hampden Elegant appearance the most economical Fashion versatile shoes , Stubbs & Wootton Monkey Love velvet flat loafer sz 6 B EXCELLENTWomens Free People Snake Eyes Gold Metallic Embroidered Leather Loafers Sz 8/39 , Hot Womens Faux Leather Open Toe Europe Stylish Sandals Ladies Open Toe Shoes SZ , 41602 auth SOPHIA WEBSTER pink satin LOLA GEM Pointed-Toe Pumps Shoes 39 , PRADA: Black Leather Short/Ankle Boots Sz: 7MKenneth Cole Reaction Women's Glam-Athon Sandal Pewter Metallic Sandals , STEVEN by Steve Madden Women's Cassiel Flat Sandal - Choose SZ/Color , SKECHERS Memory Foam Athletics Women’s Shoes, Blue, Size 6 Leather Suede , Men's Adidas Tubular Doom Ying Yang Size 8 Sneakers Shoes Black White Beige P6 , Nike SB Clutch Mens Trainers 729825 411 Sneakers ShoesAdidas Skateboarding - Busenitz - Dennis Busenitz Pro Model, Skate Shoes, TraineAdidas Men NMD R1 STLT CQ2387 Black Grey White Primeknit Mens , Adidas DAME 4 BASKETBALL SHOES Non Dyed Color BY4496 Size 9 US NIB , Nike MercurialX Proximo II CR7 Ronaldo IC Soccer Shoes Hematite SZ (852538-001)Jordan 14 XIV Retro DMP Black Gold Men's Size 12.5 Defining Moments Pack NEW DS , Justin Cowboy Boots 2497 Mens size 10 D Leather USA Good Condition , RARE VINTAGE 1980'S MADE IN TAIWAN RUNNING SHOES sz 10 original suedeAlfani Men's Pre Owned Ascher Bike Toe Slip On Loafer Shoes Black Size 13 M , Gentlemen/Ladies Cole Haan Boots High security Elegant style CharacteristicsMaison Martin Margiela Leather Weave Zip Boots 43 Made in Italy 10 11Dr Martens 1461 Black Leather Unisex ShoesVans Disney 101 Dalmatians NWT Rare Mens Sz 10 Womens 11.5 Dogs NEW , Easy Works Womens appreciate Closed Toe Mules Black Patent Size 12.0 , Kenneth Cole Wos Boots 52029 US 8 Brown Suede Zip Mid-calf Heels 3968 , New Fashion Women Pointed Toe Stiletto Buckle Zip Grid Rivet Mid Culf Boots ShoeDual Buckled Strap Elastic Gore Inset Riding Knee High Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE AIR MAX 90 CURRENT ID NAVY BLUE-ATOMIC RED RED MAX [370101-993] SZ 11 [370101-993] 305d333 - 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 AIR MAX 90 CURRENT ID NAVY BLUE-ATOMIC RED RED MAX [370101-993] SZ 11 [370101-993] 305d333 - 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 AIR MAX 90 CURRENT ID NAVY BLUE-ATOMIC RED RED MAX [370101-993] SZ 11 [370101-993] 305d333
    Athletic Shoes
    >
    ;