Never miss an update

Nike Cortez 8 Basic Leather Classic WHITE WHITE BLACK GUMP 819719-100 sz 8 FORREST GUMP OG aab4c58

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Color: White
Brand: Nike Model: Cortez
Type: Low Top Style: Athletic Sneakers
Idset_Mpn: 819719-100 Product Line: Nike Cortez, Nike Vintage
Features: Retro Material: Leather
US Shoe Size (Men's): 8 Width: Medium (D, M)
Never miss an update

Nike Cortez 8 Basic Leather Classic WHITE WHITE BLACK GUMP 819719-100 sz 8 FORREST GUMP OG aab4c58 -

    Nike Cortez 8 Basic Leather Classic WHITE WHITE BLACK GUMP 819719-100 sz 8 FORREST GUMP OG aab4c58
    Nike Cortez 8 Basic Leather Classic WHITE WHITE BLACK GUMP 819719-100 sz 8 FORREST GUMP OG aab4c58
    Men's/Women's Propet Ollie - Black - Mens Practical and economical Impeccable Human border , Karhu Fast 7 MRE Size US 11.5 M (D) Men's Running Shoes Orange Blue , NEW BALANCE 247 DECON SZ 9 LIGHT SLATE GREY GUM BROWN MRL247DKVans Era PRO (Spitfire) Cardiel/Orange NIB Size US 8.5 Men VN000VFBQ30Saucony Men's Guide ISO NIB Size 9 Grey/Denim/Copper S20415-30 Running shoe , NEW Converse All Star Green Chuck Taylor's Size Men's 11 Women's 13 High TopUnder Armour UA Curry 1 Lux Low Shoes Men's Size 8M Black Suede 1296619-002ASICS GEL LYTE III 3 SZ 11 BLACK WHITE GUM BROWN SUEDE HL7X3 9090MEN'S REEBOK CLASSIC LEATHER GUM CASUAL SHOESMr/Ms ASICS GEL-SAGA 1193A095-103 WHITE/AQUARIUM (msrp: $95) Every item described is available Fine art Suitable for colorDC SHOES ARGOSY VULC GREY RED SHOES NEW SS 2016 38 40 41 42,5 SKATEGentleman/Lady NIKE ZOOM HYPERDUNK 2015 PRM superior Sales Italy Great choice , Ralph Lauren Faxon Low Black Mens Canvas Low-top Sneakers Trainers , Mens Nike Air Max Invigor Mid Athletic Basketball Shoes Size 8.5 (858654-001) , Vans Old Skool V Suede Canvas Black/True White Fast shippingRoyal Elastics Icon Alpha 1801 White Black Red Men Shoes Sneakers 02081-091Mr/Ms Nike Men's Lunarconverge 2 Running Shoe fashion buy Lightweight shoesNEW Vans Sk8-Hi MTE All Weather Black Beet Red Men's Skate Shoes Sneakers 7.5 9 , Jordan Air Jordan First Class Men's Black/Gym Red/White/Silver A7312002 11Adidas Men's Tubular Instinct Originals Casual ShoeNike Sb Zoom Dunk Low Pro Mint Barley Green Black White Teal 854866 003 Size 13 , New Nike LunarConverge Black/White Running Shoes (852462-001) All Mens SizesNike Men's Free Trainer V7 TB, Black/White/Black, 8.5 D USNIKE SB ZOOM DUNK LOW PRO DECON SZ 11.5 BLACK SUMMIT WHITE ANTHRACITE AA4275 002 , Mens Nike Presto Fly 908019-600 Gym Red Brand New Size 11 , Merrell Waterpro Maipo Vibram Mens Outdoors Hiking Shoes Sneakers Pick 1 , Nike NikeLab Zoom Flight 95 Jason Kidd Penny Pearl Pink 941943-600 Mens 12CONVERSE ONE STAR OX BLACK ASH GREY GUM 153717C SZ 9 , NIKE FLYKNIT LUNAR3 <698181-014> Men's RUNNING-SNEAKERS Shoes,New with Box ,
    Nike Cortez 8 Basic Leather Classic WHITE WHITE BLACK GUMP 819719-100 sz 8 FORREST GUMP OG aab4c58 ->Nike Cortez 8 Basic Leather Classic WHITE WHITE BLACK GUMP 819719-100 sz 8 FORREST GUMP OG aab4c58 -
    Paul Green 'Lexi' Perforated Open Toe Bootie Quartz Leather 6 US/ 3.5 AUNIB Roberto Cavalli - Italian Leather - Size 35 or 5 sneakers - Retail: $279Buffalo Boots Shoes Lea 37 Brown Boots Leather Padded Warm Np 99 NewAUTHENTIC BOTTEGA VENETA INTRECCIATO LEATHER SLIP-ONS 36 1/2 GRADE S USED - HPFRANCO COLLI FC851 ALASKA MIRROR BLACK PUMPSBLACK LADIES LEATHER MID HEEL ZIP ABOVE ANKLE BOOTS SIZE 5Versace 19.69 GEMI01 METALLIZZATO 2 ballerina shoes Women's Gold AUChristian Dior Flats Black Round Toe Buckle Leather Sz 40 Mint Condition Beauty , SAS Tripad Comfort Women Black Moccasin Loafer size 7.5 M , Donald Pliner Rome Black Crepe Pointed Toe Classic Kitten Heel Pump Women's 8.5Lolita Baby Doll Bow Maid Scalloped Heel shoes 39 blue【JAN9972BU】Rose Petals by Walking Cradles Womens bonjour, Black Teardrop/Patent, Size 9.0 8 , NEW Banana Republic $350 White Leather stiletto Pumps buckle Detail, Sz 36, 6New Donna Serena Beige Patent Leather Made in Italy Shoes Size 37.5 US 7.5 , Man/Woman tom ford shoes women Crazy price, Birmingham Win highly appreciated Recommended today , Variation Sanuk Womens Yoga Mat Flip-Flop (5 B(M) US / 36 EUR, Ebony)Jen Marie Lewis-Cat Running Shoes For Women-Free Shipping , DC REBOUND HIGH SE GOLD WOMEN SHOES SIZE 7 TO 11NEW MEN'S NIKE PRIM HYPE DF 683705-003 , New Balance Men's MD800v5 Spike Shoes Silver with BlackNIKE Lebron XIV 14 Low Mens Sz 12.5 Shoes Prism Pink 878636 600 , New Balance Men’s Red 311 Sneaker Sz 12 D 2594 , Adidas NMD_R1 Mens B76079 Sesame Chalk Pearl Mesh Boost Running Shoes Size 10 , Nike Men's Zoom Mercurial Xi Fk Casual Shoe Size 11 MSRP $200 , New TB Phelps Bit Driving Mocs Size 15W black Leather Excellent ConditionMen's Twisted X Driving Mocs, Bomber Patchwork Style MDMS010Skechers Performance 14904 Womens Go Walk 4 Merge Walking Shoe , Women's Nike Air Rivah Premium Sneakers size 7.5 , Hermes Leather Short Boots Bootie 38 About 24Cm (52036 , Therafit Women's Rose Ankle Strap Sandal Black Leather Sandals
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Cortez 8 Basic Leather Classic WHITE WHITE BLACK GUMP 819719-100 sz 8 FORREST GUMP OG aab4c58 -

    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 Cortez 8 Basic Leather Classic WHITE WHITE BLACK GUMP 819719-100 sz 8 FORREST GUMP OG aab4c58 -

    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.


    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 Cortez 8 Basic Leather Classic WHITE WHITE BLACK GUMP 819719-100 sz 8 FORREST GUMP OG aab4c58
    Athletic Shoes