Never miss an update

Nike Jordan Relentless Shoes Relentless [AJ7990-100] Men Training 28303 Shoes White/White 84df6b3




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Brand: Nike
Style: Athletic MPN: AJ7990100
US Shoe Size (Men's): 4-18
Never miss an update

Nike Jordan Relentless Shoes Relentless [AJ7990-100] Men Training 28303 Shoes White/White 84df6b3 - blurrypron.com

    Nike Jordan Relentless Shoes Relentless [AJ7990-100] Men Training 28303 Shoes White/White 84df6b3
    Nike Jordan Relentless Shoes Relentless [AJ7990-100] Men Training 28303 Shoes White/White 84df6b3
    Nike Zoom Kobe Venomenon V SeperHero Radiant/Emerald/OrangeVolt 749884-383 Sz 13 , 11.5 Nike Air More Money US Dollar Sequoia Currency Gold Black Green AJ7383 300Nike Jordan Relentless [AJ7990-003] Men Training Shoes Black/Red-Dandelion , NIKE ZOOM KD10 KD 10 X ID BLUE-BLACK-GUM BROWN SZ 12 [AH2928-994]Adidas EQT Boost Support 93/17 BY9512 Core Black Triple 9.5 NIBNike SFB LEATHER 6" NSW NP QS Sneaker Boot Pendleton SIZE 9 875040 101Nike Air Max 97 Ultra '17 Sand Sail Tan Beige 3M Reflective White Gum 918356-200 , Nike Fingertrap Max TB White Black Mens Sz 10.5 Running Shoes Trainers Air NEW!! , Air Jordan Mens Pro Strong Basketball Shoes Black/Varsity Red/White 407285-005Nike ACG Dog Mountain Black Equator Dark Blue Grey [AQ0916-001] Men's Size 10.5 , NEW Nike Mens Flyknit Air Max Running Shoes Multi Color Sz 11 (620469-404) , NIKE SF AF1 MID ATHLETIC SHOE MEN SIZE 11.5 , NIKE AIR VAPORMAX 97 "GRAPE" 2018 - ITEM NUMBER 4825-14 , Nike Foamposite One PRM US 9 Safari AnthraciteSaucony Originals Grid Sd Md White Grey Men New Shoes sneakers S70346-2 , Nike Air Max 1 Deadstock 308866-151 Purple Safari Atmos Size 10.5Nike Lebron James Elite 13 XIII LMTD Squadron Blue 864942-440 Size 11 , Hot Shoes New Styles Men's Mixed Colors Retro Sports Casual Fashion Shoes , NEW Nike Kyrie 4 Mamba Mentality Mens AV2597-001 Black Basketball Shoes Size 9.5Nike Dunk Low Pro Premium SB SPOT Skate Park of Tampa 2013 Size 12 (573901-002)Nike Blazer Mid PRM VNTG QS [638322-902] NSW Casual Floral City Pack ChicagoMens Air Jordan 7 Retro 304775-123 White/Metallic Gold Coin Brand New Size 18ASICS Gel-Nimbus NYC (Blue/Orange) Limited Edition Sneakers , *NEW* Adidas Boost Icon 3 Nomar Mazara PE Rangers Baseball Cleats CG5466 Sz 11.5Nike Flyknit Streak - Wolf Grey / Black / Anthracite Size 9 New , 1711 adidas Originals Gazelle Men's Sneakers Sports Shoes BB5480Lebron 11 Elite Super Hero ( CONDITION: Beaters!!! ) Size: 9.5(ONLY SHIP IN US) , Nike Hypervenom Phantom II FG Soccer Cleats Crimson Obsidian SZ 10 (747213-845) , Adidas Alphabounce Beyond M [AQ0575] Men Running Shoes White/Legend Ink
    Nike Jordan Relentless Shoes Relentless [AJ7990-100] Men Training 28303 Shoes White/White 84df6b3 - blurrypron.com>Nike Jordan Relentless Shoes Relentless [AJ7990-100] Men Training 28303 Shoes White/White 84df6b3 - blurrypron.com
    Dolce Vita Bentley Women US 11 Black Knee High Suede Boot SEXY Winter FallMan's/Woman's KICKERS Fowno Camel Not so expensive excellent International big nameD-Lowyy Neo Diesel Shoes Dress Shoes Brown Men New , Highlander Womens Countrywoman Wellingston Boots - Daisies, Size 8ECCO Womens St.1 Hi-Top Trainers, Black Black 1001, 8 UK* NEW * Asics Gel Venture 6 Womens Running Shoe (B) (9097)ZARA BLACK LEATHER POINTED ANKLE BOOTS SIZE UK8/EUR41/US10 NEWNine West Womens Starship Fabric Ballet Flat- Pick SZ/Color. , Bernie Mev Womens Sabrina Bronze Boot - 38Ladies Peep Toe Leather Buckle Rhinestone Block High Heels Sandals Shoes 2 Color , Trendy Ladies Slip On Pointy Toe Wing Hollow Slingbacks Dress Shoes High Heels , Stuart Weitzman Slingback Heels Leopard Pattern Spain Formal Size 7.5M , Fergalicious Womens Charity Split Toe Casual Platform Sandals , Balenciaga Studded Suede Slide Flat Sandal Black 40 IT / 9.5-10 USNAOT Women's Etera Wedge Sandal, Black Madras Leather, 40 EU/8.5-9 M USStegmann Women's Wool Felt Cork Clog Slipper Turquoise WoolAdidas 3ST.001 Grey One Black Sz 11 CQ1084 , BrandBlack J Crossover 2 I JAMAL CRAWFORD Black History Month BHM 7.5 215BB BKSLNIKE STUSSY COURT FORCE OLIVE US 8 100% Authentic , NIKE AIR MAX COLISEUM RACER MEN SIZE: 10.0 "CATALINA" NEW RARE COMFORTABLE , Gentleman/Lady Adidas Originals Hamburg S74838 Dublin Rare fashion Ranked first in its class leading the fashionNEW CAT Caterpillar Sawyer RETRO SHOE (P719872) Mulch 9-MED, FREE SHIPPINGLacoste Men's Fairlead Nylon 316 Fashion Sneakers, NaturalAO2722-001 NIKE WMNS Praktisk Women's Sandals Slippers Comfortable -ac , Women's Keen Targhee II Vent Mid color Fumo/Quiet Green size US 8 , Nike Tanjun ENG 902865-600 Prism Pearl Pink Mesh Floral Running Shoes Size 6.5 , Nike Lab Women's Dunk Lux Sacai Shoes Size 10 Navy Maize 776446-447 Michigan , PLEASER Delight-2000 Series 6" Heel Sexy Exotic Knee-High BootsNew Women Fashion Side zip Square toe Suede Wedge heel Creeper Ankle bootsBorn Crown Camel sz 7 Color Light Brown Suede Over The Knee Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Jordan Relentless Shoes Relentless [AJ7990-100] Men Training 28303 Shoes White/White 84df6b3 - 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 Jordan Relentless Shoes Relentless [AJ7990-100] Men Training 28303 Shoes White/White 84df6b3 - 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 Jordan Relentless Shoes Relentless [AJ7990-100] Men Training 28303 Shoes White/White 84df6b3
    Athletic Shoes
    >
    ;