Never miss an update

NIKE ZOOM LIVE TB without TB PROMO Shoes Men, Style 18 NEW; without box US SZ 18 86d9b3a




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: New; unworn!
Style: low top Shoe Height: Low Top
Product Line: Zoom Brand: Nike
US Shoe Size (Men's): 18 Idset_Mpn: 902590-404
UPC: Does not apply
Never miss an update

NIKE ZOOM LIVE TB without TB PROMO Shoes Men, Style 18 NEW; without box US SZ 18 86d9b3a - blurrypron.com

    NIKE ZOOM LIVE TB without TB PROMO Shoes Men, Style 18 NEW; without box US SZ 18 86d9b3a
    NIKE ZOOM LIVE TB without TB PROMO Shoes Men, Style 18 NEW; without box US SZ 18 86d9b3a
    Nike Air Jordan 3 III Retro (136064-020) Boys Shoes - Cyber Mondays, 6.5 US , Kenneth Cole Men's Late Riser Ankle-High Leather Fashion Sneaker , Vans Men's Shoes "Chima Ferguson Pro" -- (Mushrooms) Grey/WhiteASICS GEL-Sight Running Shoe H6M1L01 Mens White/White comfort padded footbed , Nike Downshifter 6 Men's Running Shoe 684652 417 Size 10.5ASICS Men's Kanmei Mx black Birch T849N-9090 Men shoes size 7.0 , Mens Nike FREE TRAINER V7 TB Training Shoes -Black -898051 003 -Sz 8 -NewOSIRIS NYC 83 VLC Charcoal Black White Casual Sneaker Discount (143) Men's Shoes , 19 New Nike LJ 4 Long Jump Track Spikes Black Men's Size 12.5 415339 035NEW $140 Nike ALPHA MENACE ELITE sz 11.5 BLACK White Football Shoes CleatsNEW IN BOX Nike Men's Tennis Classic PDM SP Sand Dune 9.5 Suede $150 621357-227 , Brand New Fallen Forte 2 Skate Shoe Multiple Sizes And Colors AvailableADIDAS TOP TEN MID PC BLACK / BLACK MENS SIZE 8.5 SHOE ATHLETICNike KD 8 PG Country Wolf Grey Court Purple. Sz 6.5 Y. OKC 2015 Kevin DurantNIB MENS SIZE 11 NIKE AIR MAX VISION RUNNING SNEAKERS BLACK 918230-007Nike Air Jordan Flight Club 80's Blk-Pink-Flash Lime-Gamma Blue 599583-032 10.5Emerica Reynolds Low Vulc Black/White/Gold Men's Skate Shoes Size 8 , Puma Trinomic Trail Mid Mens Sneakers / Shoes - 9704 - See Sizes , New Nike Zoom HyperQuickness 2015 Basketball, Men's Size 13.5, Black, 749883 001 , Adidas Men’s Adicolor Mint Green Contrast Strings Reflective Sneakers Size 10 , New Men's Nike Hypervenom Phelon FG, Black/Citrus, 8.5 M US , Man/Woman Chrome Truk Black/White Men's Shoe 8,9 Selling Clearance Superb craftsmanship , Nike Men's Air Max Invigor Athletic Shoes Wine/Solar Red/White Size 8.0MNew Reebok Zigtech Zig Kick Neo Mens Cushioned Running Shoesadidas Copa 18.3 Firm Ground - White - Mens , Man/Woman 361 Men's Shield Running Shoe, High-Rise/Green Various goods a good reputation in the world Explosive good goods , Reebok ZPump Fusion 2.5 FL Black White Men Running Training Shoes Sneaker AR0515Nike KD Trey 5 IV TB Basketball Men's (10) White Black 844590-100 Kevin Durant , New Nike Prime Hype DF Men Basketball Shoes Size 11 - 683705-002 ,
    NIKE ZOOM LIVE TB without TB PROMO Shoes Men, Style 18 NEW; without box US SZ 18 86d9b3a - blurrypron.com>NIKE ZOOM LIVE TB without TB PROMO Shoes Men, Style 18 NEW; without box US SZ 18 86d9b3a - blurrypron.com
    Frye Women'S Billy Hammered Stud Boot Red 6M , BASKE CALIFORNIA Free People 'Roscoe' Buckle Strap Bootie 8.5PUMA X FENTY BY RIHANNA WHITE BLACK WOMEN STILETTOS SIZE 8 newConverse Chuck Taylor All Star Ox Mens Trainers White New Shoes , SPERRY Top Sider Womens Bliss Zebra Pony Slip On Shoes Size US 9 M NWBLouise et Cie Charisa Ankle Strap Flat Black Patent Leather SIZE 10M , Sexy women's pearl bow high-heeled pointed patent leather shoesWomens Pointy Toe Buckle Strap Med Heels Court Shoes Pump OL Suede Leather 2018 , [V68799] Mens REEBOK Instapump Fury Road Running Sneaker - Black Polka Dot , Nike Air Jordan Retro 3 III Wolfe Grey/Black Men's Size 11.5 , Men's Nike Sneaker, Red, Foams, Size 11.5, New without Box , PUMA 18990402 Mens Ignite Evoknit Lo Cross-Trainer Shoe- Choose SZ/Color. , NEW Sz 10.5 Nike Air Max 270 Running Shoe Black/Hyper Magenta AH8050-006Nike Air Max 95 GPX SP AJ7183 400 , Nike Air Force 1 Foamposite Cup Light Carbon Blue Black AH6771 002 AF1 Uptown , Mens British High Top Front Zipper Style Leather Mid Heel Pointy Toe Ankle Boots , black and gold jordan 12 master limited, size 10.5 original pristine conditionDr Martens Harrisfield Size 10 US Black Ankle Boots Doc Martens , Salvatore Ferragamo Black Leather Italian Dress Shoes Men's Size 9.5$295 NIB Kenneth Cole Black Label Men's Hi S-Core Chelsea Boot 66% OFFCOLE HAAN Men’s Gray Suede/Leather Wingtip Dress Shoes Size 11M SH4Flowerhorn Cichlid Fish Running Shoes For Women-Free Shipping , VN08G1R1G Vans Women Old Skool Satin Lux tan , Nike Air Huarache Run Suede Womens Shoes Diffused Blue AA0524-400 , NIKE Womens Air Max Torch 4 343851-008 PURE PLATINUM Size 9.5 , ED Ellen DeGeneres Women's Chapala Sneaker Black Leather SneakersAdidas Vibe Energy Boost Training Women's Shoes , Womens Ankle Boots Shiny Rivets Studded Pointy Toe Block High Heel Punk Shoes , INC International Concepts New Womens Henrynut Nutmeg Brown Boots Shoes 7.5 Med , green label relaxing Shoes 231236 Black M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE ZOOM LIVE TB without TB PROMO Shoes Men, Style 18 NEW; without box US SZ 18 86d9b3a - 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 ZOOM LIVE TB without TB PROMO Shoes Men, Style 18 NEW; without box US SZ 18 86d9b3a - 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 ZOOM LIVE TB without TB PROMO Shoes Men, Style 18 NEW; without box US SZ 18 86d9b3a
    Athletic Shoes
    >
    ;