Never miss an update

Supreme Nike Black Air HumaraDS Black Size Size Nike 9 a4e7fe5




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
Color: Black
US Shoe Size (Men's): 9 Style: Athletic Sneakers
Brand: Nike Product Line: Nike Air
Never miss an update

Supreme Nike Black Air HumaraDS Black Size Size Nike 9 a4e7fe5 - blurrypron.com

    Supreme Nike Black Air HumaraDS Black Size Size Nike 9 a4e7fe5
    Supreme Nike Black Air HumaraDS Black Size Size Nike 9 a4e7fe5
    AIR JORDAN 5 RETRO 136027-602 university red/black 5 Size 10.51802 adidas Ultraboost Uncaged Men's Training Running Shoes CG4095 , RARE NIKE LUNAR MARIAH ND+ "neptune blue" sz11,5US JORDAN ATMOS LEBRON OFF WHITE , Mr/Ms AIR JORDAN 3LAB5 “BLACK/METALLIC” Mean 10 Excellent craft product quality negotiation , Air jordan 6 Sport Blue sz 10.5 Brand New DS NIB FAST SHIPPING COLUMBIA , NIKE AIR JORDAN 10 RETRO SUMMIT WHITE-SUMMIT WHITE SZ 11.5 [310805-104]JORDAN SHINE PREMIUM MEN SZ 13.0 BLACK NEW AUTHENTIC RETAILS $400 HERE FOR LESS , Nike Air Max 270 AH8050-104 Men's Sizes US 7 ~ 15 / Brand New in Box!Man's/Woman's adidas ultraboost packer/solebox size 13 new Strong heat and wear resistance Latest styles Cheap orderadidas C . P . Company tobacco 7,9.5 uk vintage rare consortium BD7959 , AIR JORDAN 11 XI RETRO CLOSING CEREMONY WHITE/ METALLIC GOLD 528895-103 Sz 10.5Adidas NMD_R1 “White Blue Cyan” Men's Trainer "All Sizes" (S31511)Nike Air Vapormax Flyknit Moc Mens AH3397-013 Midnight Fog Running Shoes Size 11 , Nike Air Max 2017 <849559-601> Men's Sizes US 8 ~ 15 / Brand New in Box!Converse One Star Ox Golf Wang Tyler The Creator Limited Size 9.5 Brand New , 2013 Asics Gel Saga Cottonmouth H32AQ 3601 Size 8 , LEBRON 11 'EVERGLADES' - 616175-006 - SIZE 9 , Vans Authentic retro flag from japan (578 , AIR JORDAN 13 XIII RETRO CP PE CHRIS PAUL BLACK SUN ORION BLUE 823902‌-‌015 Sz10 , Nike Air Max 2016 Men's Deep Royal Blue/Racer Blue/Photo Blue/Black 06771401Nike Air Jordan XIV 14 Retro WOLF COOL GREY SPORT BLUE WHITE 487471-004 NEW 12 , 100% authentic Adidas Y3 Yohji Yamamoto shoes/sneakers, size US 10.5RARE VINTAGE Dash-A 1980'S MADE IN Korea RUNNING SHOES sz 10 original suedeNIKE Air Jordan 1 Mid 28cm US10 regular article! from japan (4236Nike Lebron 15 City Series Free Shipping , Man/Woman Adidas Ultraboost J - S80588 Diverse new design New design Acknowledgement feedback , Air Jordan 6 Spiz'ike "History Of Jordan" - 694091 625 , 1808 Nike Mercurial Vapor 360 Elite Men's FG Soccer Cleats Shoes AH7380-060BB1967 Adidas Originals NMD XR1 PK Primeknit Triple White Boost Limited New Men
    Supreme Nike Black Air HumaraDS Black Size Size Nike 9 a4e7fe5 - blurrypron.com>Supreme Nike Black Air HumaraDS Black Size Size Nike 9 a4e7fe5 - blurrypron.com
    FENTY X PUMA BY RIHANNA SNEAKER BOOTS , Exchange by CHARLES DAVID Size: 10 M Brown Suede BOOTS New Сапоги , LFL by Lust for Life Womens l venus Closed Toe Mid-Calf Fashion Boots , NAOT PARADISE BOOTS SIZE 6 or SIZE 37 BLACK BROWN PATCHWORK LEATHER & SUEDE $249DC COLE LITE S BLACK WHITE FREE POSTAGE AUSTRALIAN SELLER KINGPIN SKATE SUPPLYSUPER SPECIAL || Brooks Adrenaline GTS 16 Mens Running Shoes (D) (181)B.O.C Born Malang Slingback Round Toe Sandals 676, Black, 9 US / 40.5 EU , Supremes 7.5 Wide Black Sneakers Women's Shoes , Elegant Women Dating Bowknot Solid Leather Pumps Block Heel Shoes Plus Size New , PRE-Owned Jessica Simpson Cayna Women Black Heels 6MPapillio by Birkenstock Arizona Gizeh Dorothy African Wax Sandals Womens Thongs , KORKS Kork-Ease LAURELIN Chunky Cork Heels Sandal Comfort Leather Black Size 9 , adidas Superstar 80's Cork BY2962 Mens Trainers~Originals~RRP .99~to 6 , Nike SB Stefan Janowski Max Men Size 11 Blue SkateBoard Sneaker Style 631303 418 , CONVERSE CHUCK TAYLOR ALL STAR II OX DEEP BORDEAUX WHITE NAVY 150150C SZ 11Nike Air Force 1 High Premium 386161-006 Grey White Leather Sz 11.5Muck Boot's Mens Excursion Pro Low Shoe Black - Size 9 , Nike 823581 Mens Air Jordan Horizon Mid Top Basketball Athletic Shoes SneakersGentleman/Lady Retro Jordan 10 Size 8.5 bargain Won highly appreciated and widely trusted at home and abroad Vintage tide shoesAdidas NMD R1 PK size 9. Gum White. BY1888. Primeknit. ultra boostNike Roshe One SE Mens 844687-008 River Rock Desert Moss Running Shoes Size 13Gentleman/Lady Women’s Air Jordan 14 Retro Used New market Sufficient supply Export , Nike PG 2 Mamba Mentality Mens AO2986-001 Purple Basketball Shoes Size 12Adidas x Wings+Horns NMD_2 Leather BB3117 Ash/Off White Men Size US 9.5 NEW , Shoes Sneaker Daniele Alessandrini Shoes -50% Man Brown F7148KL4663606-34Mens 10 D M Nunn Bush Bristol 3014 Bicycle Toe Side Zipper Boots Black Leather , Allen Edmonds Spencer Men's Black Patent Leather Tuxedo Dress Shoes Size 13 D , ECCO Women's Biom Fjuel Tie Walking Shoe, Black/Black, 39 EU/8-8.5 M US , Women Fashion Rivet Sexy fishnet stockings Pointy Toe Chic Pump Shoes Size , Naturalizer Women's Tricia, Camel, 8.5 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Supreme Nike Black Air HumaraDS Black Size Size Nike 9 a4e7fe5 - 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.

    Supreme Nike Black Air HumaraDS Black Size Size Nike 9 a4e7fe5 - 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
    Supreme Nike Black Air HumaraDS Black Size Size Nike 9 a4e7fe5
    Athletic Shoes
    >
    ;