Never miss an update

NIKE AIR FLIGHTPOSIT 5486 EXPOSED VOLT-PHOTO BLUE-BLACK FLIGHTPOSIT SZ 9 AIR [616765-700] c83a8e0




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
Color: Volt Style: Basketball Shoes
Shade: Photo Blue US Shoe Size (Men's): 9
UPC: Does not apply
Never miss an update

NIKE AIR FLIGHTPOSIT 5486 EXPOSED VOLT-PHOTO BLUE-BLACK FLIGHTPOSIT SZ 9 AIR [616765-700] c83a8e0 - blurrypron.com

    NIKE AIR FLIGHTPOSIT 5486 EXPOSED VOLT-PHOTO BLUE-BLACK FLIGHTPOSIT SZ 9 AIR [616765-700] c83a8e0
    NIKE AIR FLIGHTPOSIT 5486 EXPOSED VOLT-PHOTO BLUE-BLACK FLIGHTPOSIT SZ 9 AIR [616765-700] c83a8e0
    NIKE AIR MAX 1 ANNIVERSARY OG QS WHITE-AQUA-NEUTRAL GREY SZ 12 [908375-105]New Nike Lunar Force 1 Duckboot Team Red/Gum Light Brown Shoes Men Size 8.5 , Nike Air Zoom Mariah Flyknit Racer Black Pure Platinum Men Running 918264-010Air Jordan XX2 Size 13 White/Red/Black 315299 161, Nike,Nike Air Jordan Icons Size 10 - White Silver Blue - Retro - 393852 102 , Nike Zoom Penny VI Men’s Basketball Shoes 749629-401 SZ 15 , Lebron 9 469764 100 White/White-Black-Sport Red 2011 Size 10.5 , Retro Rare 2011 Nike China 8.5 Mango Orange Cream Black 371760-800 , adidas PureBOOST DPR Clear Brown Trace Maroon Men Running Shoes Sneakers CM8325Ultra RARE,”SUPRA”,Sneakers !!! Suede, PURPLE Society Shoes !!!Nike Air Huarache Utility PRM 806979-104 white/blue Men's Running Shoes Sz 11.5 , Nike Air Max+ 2015 (GS) Running Shoes Boy's Size 6.5 Women's Size 8 , AUTHENTIC NIKE AIR MAX 90 EZ Cool Grey Volt Anthracite AO1745 003 Men sizeNike Dunk Low Premium SB FIRECRACKER Size 8.5 CHALLENGE RED 313170-602US Size 4.5 Adidas Originals Jeremy Scott GORILLA MONKEY V24424 AUTHENTIC 100%Nike Air Jordan 1 Retro High Men's Shoes Triple BlueNike Flyknit Trainer Velvet Brown Spray Camo Men Running Shoe Sneaker AH8396-202 , AB692 VOILE BLANCHE shoes purple orange textile suede men sneakersMan's/Woman's Jordan Retro 6 Spikez use excellent Valuable boutiqueShoes adidas Eqt Support Sk Pk White Men B37524 , Adidas Men WM CAMPUS 80s black utility black footwear white BA7516Air Jordan XXXI 31 Low Cal Golden Bears Berkeley 897564-118 Men's Size 11.5 , Nike Lebron 14 XIV Flip the Switch White Red Black Sz 11 852405-103 , Nike Lebron 15 Low Ashes Oreo Black White Grey AO1755 002 Size 10.5Nike Air Max 360 LeBron XI 11 Low Men’s Basketball Shoes 642849-313 SZ 11.5Nike Dunk BLAZER MID PREMIUM QS AREA 72 ALL-STAR CRIMSON BLACK PURPLE GREY Sz 12Asics GEL-Kenun Lyte [T838N-2626] Men Running Shoes Burgundy/Grey , 2011 Nike Air Foamposite PRO Pine Green Black 624041-301 Size 11REEBOK CLASSIC INSTAPUMP FURY GARBSTORE 20TH ANNIVERSARY PINK V61150 SZ 12
    NIKE AIR FLIGHTPOSIT 5486 EXPOSED VOLT-PHOTO BLUE-BLACK FLIGHTPOSIT SZ 9 AIR [616765-700] c83a8e0 - blurrypron.com>NIKE AIR FLIGHTPOSIT 5486 EXPOSED VOLT-PHOTO BLUE-BLACK FLIGHTPOSIT SZ 9 AIR [616765-700] c83a8e0 - blurrypron.com
    Men/Women Bernie Mev Women's Venti Boots bargain Pleasant appearance retail price , Sesto Meucci Womens Nonnie T. Moro Stained Calf 8 B(M) US , NEW Skechers Superior 2.0 Jeveno Slip On 65197 Dark BrownNike Air Trainer Huarache Lo PRM Mens Trainers 806239 001 Sneakers Shoes , New Earth Caper Ginger Womens Shoes Casual Sandals Heeled , Mr/Ms SPRITE-09 Black Velvet Fine processing fashionable Selling new productsClarks Womens TYRA ASHA BLACK SUEDE HEEL HANDCRAFTEDNine West Unfrgetabl Dress Pump Heels, Light Natural, 6 US Display , NIB Anthropologie Luiza Perea tan Metallic Shimmer Leather Menswear Loafers 41JEFFREY CAMPBELL HOUGH SUEDE EMBELLISHED HEEL SIZE 10M , REPORT BELTED HARNESS RIDING LEATHER BOOTS SIZE 8 BRAND NEWStuart Weitzman Onmyway Women's High Heels Sandals Nude Tan Patent Leather 8 MAsics Gel-Kayano 22 Womens Running Shoes Ice Blue Flash Yellow US 8.5Spring Step Womens Belford Red Size 7.0 , Robert Clergerie Natural Braided Platform Wedge Sandles NWT Sz 7.5 , Under Armour Men's UA Zone 3 Running/Cross Training Blackout Shoes , Adidas EQT Support 93/17 Black White Light Gum PK Boost Stripes BZ0585 OriginalsConverse Chuck Taylor All Star II Canvas Deep Bordeaux Shoes 150150C + , Nike Zoom Kd 9 Style 843392-300 Men’s Size 10 , Belvedere Men's Logan Genuine Alligator Ankle Boots CB02 Black , Mens Diesel Shoes Blue Sneaker Diesel Sharkoon Choplow Jogger New Authentic , Rockport Men's Classic Lite Penny Loafer - Choose SZ/ColorReebok Women's Express Runner Running Shoe - Choose SZ/ColorGentleman/Lady Sperry Top-Sider Crest Buoy Sneaker Crazy price, Birmingham New design leading the fashion , Nike Zoom Rival Bowerman Spike Shoes Women's Size 9 ~ Silver/Black Track & FieldWomens Black Flat Low Heels Over Knee High Boots Faux Suede Knigh Thigh Boots szThe Fix Women's Daniella Block-Heel Ankle Bootie - Choose SZ/Color , Marc Fisher Womens HARPER Leather Pointed Toe Ankle Fashion Boots Tan Size 5.0 , L'Artiste Grazia By Spring Step Camel Leather Boots 35 EU / 5 US Women , vtg Frye Women's Western Brick Red Leather Boots Size 8B made in the USA
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE AIR FLIGHTPOSIT 5486 EXPOSED VOLT-PHOTO BLUE-BLACK FLIGHTPOSIT SZ 9 AIR [616765-700] c83a8e0 - 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 AIR FLIGHTPOSIT 5486 EXPOSED VOLT-PHOTO BLUE-BLACK FLIGHTPOSIT SZ 9 AIR [616765-700] c83a8e0 - 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 AIR FLIGHTPOSIT 5486 EXPOSED VOLT-PHOTO BLUE-BLACK FLIGHTPOSIT SZ 9 AIR [616765-700] c83a8e0
    Athletic Shoes
    >
    ;