Never miss an update

New Men's Nike Sz SB Air 10 Max Bruin Men's Vapor Skate Shoes 882097 101 Sz 10 Free Ship 27b7a7e




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: Skateboarding
Idset_Mpn: 882097-101 Product Line: SB
US Shoe Size (Men's): 10 Brand: Nike
Color: Multi-Color UPC: 823233857964
Never miss an update

New Men's Nike Sz SB Air 10 Max Bruin Men's Vapor Skate Shoes 882097 101 Sz 10 Free Ship 27b7a7e - blurrypron.com

    New Men's Nike Sz SB Air 10 Max Bruin Men's Vapor Skate Shoes 882097 101 Sz 10 Free Ship 27b7a7e
    New Men's Nike Sz SB Air 10 Max Bruin Men's Vapor Skate Shoes 882097 101 Sz 10 Free Ship 27b7a7e
    $180 Nike Zoom Matumbo 3 Track Spike Shoes Men Size4 White Black Oreo 835995-107 , Nike Air Zoom All Out Low 2 Running Shoes White Clear Jade AJ0035-101 Men's sz 8 , Men's Nike Kobe AD Size 11 (922482 100) White/Court Purple/BlackBrooks Men's Levitate Running Shoes White/Black/Grey Size 13 , Adidas Court Attitude Aluminum/Green-Purple GIOIA G99100 Men's SZ 13Globe Motley Mid (Walnut/Khaki/Gum) Men's Skate ShoesVANS SK8-HI MOROCCAN GEO BLACK IVY GREEN MEN'S SKATE SHOES/OLD SKOOL S89136.328 , Adidas Men Tubular X Primeknit navy tech steel core black S80131new mens 8.5/10 New Balance 574 Classic ML574GPE/GPE dark red/black-white , Nike Air Pegasus 83/30 Red Clay Neutral Grey Deep Burgundy Sz 9 599482 600Mens Air Jordan B. Fly Cool Grey White Wolf Grey 881444-003 , Adidas Originals Equipment Support EQT ADV PK White BY9391 Msrp $140 HW , Supra Bleeker, S02108, Men's Skateboarding Shoes, Red/White, Size 10, Used , Reebok Men's Kamikaze IV M40834 Mid Retro Basketball Shoe Black/Red/White 14MNike Lunareclipse+ 2 Cool Grey/Reflect Silver-Pure Purple 487983-005 Men's SZ 9VANS SK8-HI PIG SUEDE FLEECE BLACK BLANC MEN'S 10.5 SKATE SHOES//S89104.36 , Used Worn Size 13 Adidas Crazy 1 Basketball Shoes Vivid Berry, Black, Silver , Adidas Original Tennis Hu "Pharrell Williams" NEW AUTHENTIC Yellow DA9617Men's Converse All Star Modern Ox 155031C Sneakers Shoes Size 10, 12, 12.5Saucony Grid 9000 Coral/Black S70196-2 Men's SZ 12 , Puma Shoes El Ace Leather Gray/White Sneakers Size 9 , DC Shoes Men's Net Low Top Sneaker Shoes Black Lime Green Skate 302361 Size 11.5SUPRA MEN'S SKYTOP III PURPLE GOLD BLACK WHITE MEN SHOES SIZE 8 & 8.5 , Nike Men's Zoom Span Running Shoes 852437 400 SIZE 12 retail $100 NEWNike Vandal High Supreme 'Burgundy' 318330-600 Size 9-10.5 , Mens Nike Zoom Rev BHM QS Size 5 (AA1009 001) No Box , New Balance Men's 996 Made in USA in Grey M996 BNIB Free Shipping , New In Box Adidas Vigor Bounce M Men's Size 11.5 Shoes Black Yellow BB8380 , Nike Air CB 34 Godzilla Shoes Mens US 8.5 Charles Barkley Black Purple VNDS ,
    New Men's Nike Sz SB Air 10 Max Bruin Men's Vapor Skate Shoes 882097 101 Sz 10 Free Ship 27b7a7e - blurrypron.com>New Men's Nike Sz SB Air 10 Max Bruin Men's Vapor Skate Shoes 882097 101 Sz 10 Free Ship 27b7a7e - blurrypron.com
    Womens Fly London Solv Leather Knee High Riding Winter Snow Wedge Boots , BC Footwear Women's Stand up Straight Boot, Sand, 8 M USFRYE Company Distressed Brown Leather Buckle Harness Riding Boots Size 8 B , Rockport Womens Deer Tan WP Leather Work Boots More Energy Comp ToeGentleman/Lady vt7995 Gedebe woman's brown ankle boot Special purchase Latest styles Strong heat and heat resistance , Gibellieri 89 Black Leather / Zip-Up Ankle Heel Boots 36 / US 6Men's/Women's Globe GS Chukka Shoe Walnut/White Innovative design Upper material valueConverse All Star Swarovski & Studs Stella [Product Customized] Shoes BoConverse BO-559169C_LIGHT_GOLD_WHITE_CANTEEN sneaker Women's - colour golden AU , Scholl Orthaheel Moraga Ii Womens Supportive Orthotic Comfort SandalsDANSKO Brown Sz 38 (7.5/8) Women's Work Mules Nursing , Dr. Martens POLINA 4 hole wing chip shoes UK6 NO. 1499ko * *Womens Alegria Shoes Kourtney Slickery Black Leather Mary Jane Size 38 US 8 , New Gianfranco Ferre Heels Shoes Bone Size 38Sexy 3 3/4" knee high single sole women's costume bootsWomen's Block Heel Square Toe Velvet Shoes Slip on Bowtie Loafers New Pump 34-39 , Geox Respira Buckle Wedges Brown Crinkle Patent Leather Sz 9.5 Worn 1X!Fontana 2.0 Shoes Women Pumps & Heels Black 83108 moda1 SALEMens Nike Zoom All Out Flyknit Running Shoes Size 8.5 - 13 Black Grey 844134 002 , Nike 414967 Men's Air Flight Classic Mid Top Basketball Shoe Sneakers , CONVERSE CHEVRON & STAR ROADCLASSIC Charcoal Limited Japan ExckusiveEngland Retro Men Leather Pointy Toe Punk Boots Shoes Mid Calf Boots Size 37-46 , Fiesso Mens Leather Multi Color Magazine Pattern Metal Tip Slip On Party Shoe , New! Mizuno Women's Wave Enigma 5 Running Shoes Purple Teal Silver SCMagnanni 'Marco' Monk Strap Loafer Brown Cuero Shoes size 11.5 D $325 *Bona Fide Asics Gel Game 6 Womens Netball Shoes (B) (0187)NIKE Womens Air Force 1 '07 Prm 896185-003 BLACK Size 11 , Women's Nike Air Max 97 UL '17 Metallic Field/Hazel Rush 917704-901 Sz 11.5 , Men/Women Irises Van Gogh Snow Boots excellent quality discount Fine wild , French Connection Konnie Wrap Buckle Bootie, 9
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Men's Nike Sz SB Air 10 Max Bruin Men's Vapor Skate Shoes 882097 101 Sz 10 Free Ship 27b7a7e - 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.

    New Men's Nike Sz SB Air 10 Max Bruin Men's Vapor Skate Shoes 882097 101 Sz 10 Free Ship 27b7a7e - 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
    New Men's Nike Sz SB Air 10 Max Bruin Men's Vapor Skate Shoes 882097 101 Sz 10 Free Ship 27b7a7e
    Athletic Shoes
    >
    ;