Never miss an update

Nike SB Max Stefan Janoski Max SB Skateboarding Shoes Men Sz 29426 11 Gamma Blue 631303-440 15d52e7




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: Shoes are brand new with out the box. Images of actual shoes
Model: Nike SB Stefan Janoski Color: Blue
Style: athletic Brand: Max Shoes
Product Line: SB Idset_Mpn: 631303-440
US Shoe Size (Men's): 10.5
Never miss an update

Nike SB Max Stefan Janoski Max SB Skateboarding Shoes Men Sz 29426 11 Gamma Blue 631303-440 15d52e7 - blurrypron.com

    Nike SB Max Stefan Janoski Max SB Skateboarding Shoes Men Sz 29426 11 Gamma Blue 631303-440 15d52e7
    Nike SB Max Stefan Janoski Max SB Skateboarding Shoes Men Sz 29426 11 Gamma Blue 631303-440 15d52e7
    Nike Dunk CMFT WB Army Olive Green Brown Size 9.5 Hi New Waterproof Sneakerboot , Men's Nike Hypervenom Phade III FG Soccer Cleats Size 9.5 (852547 308) Green , Rare NEW Adidas Gazelle Decon Pink Salmon Mens SIze 12 CG3706 , Dr. Comfort GARY OA Men’s Athletic Shoes for Knee Pain , Nike Hyperdunk Low Lux Black White Men Basketball Shoes Sneakers 864022-001Men's/Women's Nike SB Janoski Max Not so expensive discount British temperamentNike Air Zoom Pegasus 33 Wolf Grey Black Dark Grey running training 831352-004New Balance Men's ARISHI Fresh Foam Running Shoe Grey/Magnet , Mens Skechers Skech Air Garton Modesto Sports Running Jogging Trainers All Sizes , Men's Addidas Sonic Drive Running Shoes Sz 12.5 Medium White Blue BA7544 , VANS SK8-HI MOC SUEDE INFINITY BLANC DE BLANC MEN'S 9.5 SKATE SHOES// S8915.314 , CONVERSE CHUCK TAYLOR ALL STAR FLYKNIT HI | TRUE INDIGO | 156733C | SIZE 10.5Vans Suede Suiting Black Slip On Mens Shoes Classic RunnersNike Air Foamposite Pro Dr.Doom Black White Mens Size 8 624041-006Nike Lebron James XII Instinct Purple Basketball Shoes 684593-583 Men's Sz 11.5 , NEW CONVERSE CHUCK TAYLOR ALL STAR '70 WOVEN SUEDE LO SNEAKERS SIZE MEN 8 WO 10New Nike Paul George PG1 Basketball Shoes Black Light Aqua 878627-002 SZ 18 , VANS New Old Skool ATCQ Vault Men Size USA 9Mens Nike Lunarepic Low Flyknit Size 9 (843764 005) No BoxNEW BALANCE 580 ELITE EDITION TONAL PACK BURGUNDY RED WHITE MRT580BR SZ 9.5 , Nike Air Max Uptempo '94 Men's Shoes 922934-100 922934-101 922934-102 , New with box Under Men'sUA SpeedForm Apollo Vent Training Shoes-black/yelow 002 , NIB NIKE FREE RN 2017 Men's Running Shoe 880839 003 Black/Anthracite-Dark GreyNike Men's Free RN Running Sneakers Shoes Flywire Anthracite 831508-001 Sz 12 , Men's Altra Hit XT Cross trainer Size 12 MediumAdidas Mens Gazelle Pink Suede Casual Sneakers BB5472 Size 9 , adidas Boost - Maroon Running, Cross Training (Men's 11.5) - Used , Adidas Consortium X Wings + Horns WH Campus Sesame Chalk White CG3752 $160 GB , Converse x Looney Tunes Taz CTAS Chuck Taylor All Star OX Low Olive Grey 158236F ,
    Nike SB Max Stefan Janoski Max SB Skateboarding Shoes Men Sz 29426 11 Gamma Blue 631303-440 15d52e7 - blurrypron.com>Nike SB Max Stefan Janoski Max SB Skateboarding Shoes Men Sz 29426 11 Gamma Blue 631303-440 15d52e7 - blurrypron.com
    Donald J Pliner EDYN Metallic Cut Snake Metallic Distressed Calf Leather 9M NEW , Mr/Ms Harley Davidson Women's Bellacruz Boots Clearance price Fine art uniqueECCO Women's Zoe Tie Combat Boot - Choose SZ/color , JIMMY CHOO Womens 39 9 Tall Knee High Boots Brown Suede Zippers Heels ItalySALOMON S-LAB EXO ZIP TEE - NIGHTSHADE GREYRhinestone Platform Pump GENUINE Pleaser Prestige-20Ladies Rieker Heeled Smart Shoes Style - 57173 , BOBS from Skechers Womens The Menace Top Cat Fashion Sneaker- Pick SZ/Color.Nine West JENNELLE Synthetic Womens Jennelle Dress PumpM- Choose SZ/Color. , MANOLO BLAHNIK Silver Snake Skin Pointed Toe Slingback Pumps sz 39.5 (028) $750 , Womens Open Toe Stiletto Heel Buckle Joint Zip Sexy Ankle Boots Comfy Sandal New , BCBGMAXAZRIA Runway "Evon" Leather Gladiator Flat Sandals in Black Size: 9 B , Sam Edelman Women's Gigi Thong Sandal - Choose SZ/ColorBlock Round Toe Retro Casual Shoes Fashion Slipper Shoes Shiny Leather Mules SZ , PUMA VALOR MESH MEN'S Athletic RUNNING SHOES SIZE 11 COLORS GRAY BLUE & WHITENike Mens Size 13 Mamba Track & Field Shoes With Spikes Rio Olympics Rare $120 , Mens NIKE AIR MAX AUDACITY 2016 Basketball Shoes sz 10 Black/WhiteNew Men's Adidas Crazy Explosive Basketball Shoes Low By3230 White Navy A5 , Nike Stefan Janoski Max Skate Boarding Mens SB Shoes Stealth Grey 631303-017Men's side Zip Leather Dress Formal Shoes Ankle Boots Loafers US Size 5-12 Black , Xtratuf Men's Sharkbyte Airmesh Chocolate Size 9 Casual Deck Shoes , H.S. Trask Bozeman Montana Made in Brazil Leather Tassel Loafer Size 12M , 2018 Men Suede Leather Flat Loafers Slip On Casual Dress Shoes Pointy Toe SizeH by HUDSON Harmer Sand Tan Suede Wingtip Brogue Dress Oxford Mens Shoes 43 US 9 , Gentlemen/Ladies adidas Courtset - Pink - Womens New product Won highly appreciated and widely trusted at home and abroad Exquisite workmanshipSkechers Women's Goldie Rock Show Slip-On Sneaker , Nike Flyknit Trnr Chukka Fsb Womens Style : 805093Avia Women's GFC Studio II Cross Trainer White/Chrome Silver/Black Fitness Shoes , Knee High Boots TOMMY HILFIGER Midnight 403 SIZE 39 / US 8.5Womens Ankle Boots Front Zip Block Round Toe Pure Color Fashion Crystal Heel New
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike SB Max Stefan Janoski Max SB Skateboarding Shoes Men Sz 29426 11 Gamma Blue 631303-440 15d52e7 - 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 SB Max Stefan Janoski Max SB Skateboarding Shoes Men Sz 29426 11 Gamma Blue 631303-440 15d52e7 - 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 SB Max Stefan Janoski Max SB Skateboarding Shoes Men Sz 29426 11 Gamma Blue 631303-440 15d52e7
    Athletic Shoes
    >
    ;