Never miss an update

NIKE AIR WILD MID BOOT [916819-001] 29979 BLACK/BLACK-ANTHRACITE WILD SIZE MEN'S 8 [916819-001] 5f793ce




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: Black Style: BOOT
Euro Size: EUR 41 US Shoe Size (Men's): 8
Idset_Mpn: 916819-001 Width: Medium (D, M)
UPC: 091205963788
Never miss an update

NIKE AIR WILD MID BOOT [916819-001] 29979 BLACK/BLACK-ANTHRACITE WILD SIZE MEN'S 8 [916819-001] 5f793ce - blurrypron.com

    NIKE AIR WILD MID BOOT [916819-001] 29979 BLACK/BLACK-ANTHRACITE WILD SIZE MEN'S 8 [916819-001] 5f793ce
    NIKE AIR WILD MID BOOT [916819-001] 29979 BLACK/BLACK-ANTHRACITE WILD SIZE MEN'S 8 [916819-001] 5f793ce
    NIKE AIR JORDAN SPIZIKE iD BLACK-HOT PINK-WHITE SZ 9 [605236-993]Nike OG Air Zoom Huarache Midnight Navy White Varsity Red 308475 411 Size 11.5Nike Jordan CP3 644805-024 Black Infrared Men's Size 10.5 New! , Adidas Originals Tubular Invader Strap Hi-Top Red October Suede Men's Size 11.5NIKE AIR FOOTSCAPE MAGISTA FK FC FLYKNIT MIDNIGHT TURQUOISE SZ 10.5 [830600-300]Asics Gel Lethal Ultimate IGS 12 Mens Football Boots (0193)Adidas Stan Smith PC Mens (Wool) in by - Pick SZ/Color. , DC COMICS BATMAN DARK KNIGHT SHOES BRUCE WAYNE COLLECTIBLE AF1 SNEAKERS 7.5saucony GRID 9000HT FISH SCALE PACK GREEN TEA MENS SIZES US S70387-22017 Air Jordan 4 Retro. Size 10.5 Men's Motor Sport White. , Nike Zoom Mercurial Xi Fk Mens Hi Top Trainers 844626 Sneakers Shoes 002 , Nike Air Foamposite One COUGH DROP 11.5 , Nike Air Jordan 1 Mid Black Summit White size 13 , Nike Mens Air Max 90 Premium Light Bone Trainers 700155 013Man's/Woman's HOKA ONE ONE Challenger ATR 4 Reliable quality The latest technology Personalization trendConverse Fastbreak x Jordan UNC size 10. North Carolina. White Blue. 917931-900.Nike Zoom Tallac Flyknit ACG Triple Black 865947-001 Shoe Size 7.5Salomon Outline GTX MS Men's Hiking Shoes 100% Authentic FREE SHIP 404770 18J , Scarpa Mens Mojito Shoes 32605/350 Black Size 41.5Nike Air Jordan 20 XX LASER 30th Anniversary Silver White DS 743991-100 US10.5Men's/Women's Air Jordan 5LAB3 Silver Various goods Impeccable Modern and elegant , Ronnie Fieg Asics Gel Sight WCP Navy Blue 9.5 West Coast Kith NYC RF WhiteNIKE ZOOM FLY BLUE FOX-BLACK-BRIGHT CRIMSON SZ 13 [880848-400] , 2017 Air Force 1 SF AF1 SZ 11.5 Velvet Brown Special Field LTD 864024-203SALMING NINETYONE 91 Size 46 Handball Sneaker Spezial Goalkeeper Cyan Blue , Nike Flyknit Max GHOST GREEN MULTICOLOR GREY 620469-103 sz 11 OREO TRAINER , NIKE AIR MAX FLAIR 50 40.5-48.5 NEW command tavas ultra bw tn plus one 1 90 , NIKE LEBRON SOLDIER XII 12 SFG BLACK HAZEL RUSH CAMO AO4054-001 MENSNike Air Max 90 Ultra 2.0 Flyknit Running Trainers 875943 Sneakers 102 Shoes
    NIKE AIR WILD MID BOOT [916819-001] 29979 BLACK/BLACK-ANTHRACITE WILD SIZE MEN'S 8 [916819-001] 5f793ce - blurrypron.com>NIKE AIR WILD MID BOOT [916819-001] 29979 BLACK/BLACK-ANTHRACITE WILD SIZE MEN'S 8 [916819-001] 5f793ce - blurrypron.com
    Gentleman/Lady LEATHER BOOTS "MISHAEL MISHAEL KORS" Easy to clean surface The highest quality material Excellent stretchingNEW Black JOAN & DAVID Suede Wedge Ankle Booties Boots Sz. 10 M Made in ITALY , NIKE AIR MAX PLUS TN Size US 8 White Black Sneakers , Gentleman/Lady Puma Suede Mis-Match Men's Shoes Size Elegant shape Excellent performance Suitable for colorBNIB Alexander McQueen Mink Fur Royal Ankle Boots sz 38 US 8 $3195Gentleman/Lady DELIGHT-2023 Black Patent durable Optimal price wonderful , Versace 19.69 312084 CROSTA CUORO sneaker Women's Camel AU , Nike Wmns EXP-X14 White Grey Black Women Running Shoes Sneakers AO3170-100LADIES CLARKS MAYPEARL LILAC LEATHER BLOCK HEEL ZIP UP CASUAL ANKLE BOOTS SIZEsaint laurent sneakers YSL 39.5 Size 9Red Valentino Women's Black Sparkle Leather Oxfords Shoes US 10 IT 41 , New Women's Flats Round Toe Slip on Rhinestones Casual Shallow Mouth Suede Shoes , Rockport TOTAL MOTION FINULA PEEP TOE Womens Total Motion Finula Peep Toe BlackStuart Weitzman Candy Red Patent Leather Slingback Acrylic Wedge Heels Sz. 7.5M , STUART WEITZMAN MYTURN PATENT LEATHER PLATFORM SANDALS SIZE 37.5 , SUPER HAKKA Shoes 932653 BlackxMulticolor S , ADIDAS ORIGINALS EQT SUPPORT ADV PRIMEKNIT White US Mens Size 8ECCO Sport Biom Fjuel Running Shoes-Women's size 7-7.5 Whiteadidas Originals Swift Run Grey White Men Running Training Shoes Sneakers B37728ASICS MAN SPORTS SNEAKER CASUAL FREE TIME SHOES CODE HN6A1 GEL-RESPECTOR , AIR JORDAN RETRO 6 GATORADE (Size 10) , New Balance 996 Sneakers Leather Red New Deadstock Size 28cm Men's RareAdidas Yeezy Boost 350 Pirate Black 2015 US10 UK9.5 Worn Once VNDS W/ Receipt , U.S. Polo Assn. Mens Stuart Plain Toe Oxford- Select SZ/Color. , Skechers Sport Men's Equalizer Persistent Slip-On Sneaker, Gray, 12 M US , 7.5 WOMENS Nike Air Huarache BLACK MULTICOLOR BLUE PURPLE RUNNING comfortableadidas Performance Women's Pure Boost X TR 2 Cross-Trainer ShoeNike Free RN Womens Running Shoes Fitness Gym Workouts Trainers Grey , Kenneth Cole New York Women's Wallice Mule Gold Leather Mules , Man's/Woman's guiseppe zanotti sneakers online sale Known for its good quality Vintage tide shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE AIR WILD MID BOOT [916819-001] 29979 BLACK/BLACK-ANTHRACITE WILD SIZE MEN'S 8 [916819-001] 5f793ce - 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 WILD MID BOOT [916819-001] 29979 BLACK/BLACK-ANTHRACITE WILD SIZE MEN'S 8 [916819-001] 5f793ce - 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 WILD MID BOOT [916819-001] 29979 BLACK/BLACK-ANTHRACITE WILD SIZE MEN'S 8 [916819-001] 5f793ce
    Athletic Shoes
    >
    ;