Never miss an update

NIKE JORDAN 5 5 WHITE LANEY GS 6Y Kids Sz 4.5Y WHITE 5Y 5.5Y 6Y OREO 440888-189 DB 2013 aad2229




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
Product ID: 440888-189 Style: Basketball
Country/Region of Manufacture: China EU Shoe Size: EU36-40
Exact Colour: white/vrst mz-vrsty ryl-blck Main Colour: White
Lining: Synthetic Leather Upper Material: Nubuck
Product Line: Air Jordan 5 Sole: Rubber
Size Type: Regular
Never miss an update

NIKE JORDAN 5 5 WHITE LANEY GS 6Y Kids Sz 4.5Y WHITE 5Y 5.5Y 6Y OREO 440888-189 DB 2013 aad2229 - blurrypron.com

    NIKE JORDAN 5 5 WHITE LANEY GS 6Y Kids Sz 4.5Y WHITE 5Y 5.5Y 6Y OREO 440888-189 DB 2013 aad2229
    NIKE JORDAN 5 5 WHITE LANEY GS 6Y Kids Sz 4.5Y WHITE 5Y 5.5Y 6Y OREO 440888-189 DB 2013 aad2229
    Nike Air Max Men's Sneakers Shoes Sneakers Classic BW 90 1 95 Tavas CommandAdidas Mens Terrex Swift R2 GTX Hiking Shoes CM7492 Black/Black/Black Size 10.5 , Nike Air Max 1 Ultra Flyknit Mens Running Trainers 843384 001 Sneakers Shoes , Nike Men's Air Trainer 3 Le Treeline/Treeline/Sail/White Training Shoe 9 Men Us , NIKE AIR MAX 97 UL '17 918356-006 BLACK WHITE NEW SIZE 8Kobe VII 8 “EXT” Snakeskin US Size 13 With Drop Front Box , NEW BALANCE 995 SZ 8.5 NAVY BLUE BROWN MADE IN USA WINTER PEAKS PACK M995DCBNike Hypervenom Phatal III DF FG, Black/White-Game Royal, Size 10.5 (852554-002)NIKE LUNAR FORCE 1 DUCKBOOT WATERSHIELD Size 8 New Black Metallic 805899 003 , Salomon X Mission 3 Men's Running Hiking Shoes free shipping worldwide 379137 18 , Nike SB Zoom Janoski Premium Floral Digi Camo 482972-900 Size 10.5 BRAND NEW!Adidas James Harden Vol.1 Primeknit White Black Grey AC8407 Zebra SZ 13 BoostMan/Woman air jordan 1 gatorade orange peel Crazy price Used in durability Sales online storeBT480 ARMANI JEANS shoes white suede leather men sneakersNIKE AIR MAX 270 OLIVE/ORANGE US MENS SHOE SIZES AO1023-301 , Asics Gel Noosa Tri 10 Mens Running Shoes (D) (7323) + FREE AUS DELIVERYNike MEN'S Free Run Flyknit 2017 Team Red/University Red SIZE 14 BRAND NEWNEW Nike Air Max 1 OG Anniversary 908375-105 Aqua Grape Master Atmos Teal Size 9 , Nike Air Jordan Why Not Zero.1 Orange White Blue Fashion AA2510-800 Sz 10 no lid , NIKE ZOOM FLY BLUE FOX BLACK BRIGHT CRIMSON 880848 400 sz 13 , Nike Air Trainer III 3 PRM Premium QS 709989-200 Subdued Gum Shoes Men's 8.5 new , Shoes New Balance M990BK4 Mens 9 D US 8.5EUR Black Running Course NEW , Nike Air Max 1 Ultra Flyknit Black Anthracite free lunar prm 90 95 97 856958 001 , PUMA MCQ TECH RUNNER LO BLUE SZ 10.5 SURF THE WEB ALEXANDER MCQUEEN 359499 01 , Nike ACG Dog Mountain Black Equator Blue Grey White AQ0916-001 Unisex Sizes! , Adidas Originals Rivalry Hi Kazuki Kuraishi x Whiz Limited x Fourness S77287 Rar2003 Nike Dunk ZOOM AIR ANGUS SB ANTHRACITE GREY BLACK BLUE WHITE 307247-001 9.5 , NIKE KYRIE 3 ID WHITE-CRIMSON-BLACK SZ 13.5 SPECKLE! [AQ8767-991] , NIKE AIR JORDAN FUTURE BLACK ICE WHITE WOVEN 656503-010 SIZE 11 Y245W ,
    NIKE JORDAN 5 5 WHITE LANEY GS 6Y Kids Sz 4.5Y WHITE 5Y 5.5Y 6Y OREO 440888-189 DB 2013 aad2229 - blurrypron.com>NIKE JORDAN 5 5 WHITE LANEY GS 6Y Kids Sz 4.5Y WHITE 5Y 5.5Y 6Y OREO 440888-189 DB 2013 aad2229 - blurrypron.com
    Punk Womens Knee High Boots Leather Side Zip Embroidery Rivets Block Heels Boots , New Balance Women's 896v1 Lightweight Tennis Shoe - Choose SZ/colorEmelie Womens Mid Boot Shoes 1749261286 Elk Sz 8FRYE engineer campus cognac leather tall pull on vintage boots 8.5 M , Junk Gypsy by Lane Women's Spirit Animal Tall Boot - Snip Toe - JG0022ABALLY LOAFERS - DRED/19 CELESTE CALF RUBBER - COATED (BRAND NEW NEVER WORN) , Gentleman/Lady DELIGHT-2000 PU Black Aesthetic appearance Settlement Price Exquisite processingLadies Blanche West4 Black Patent Synthetic Shoes by Clarks retail , American Rag lauraine Womens Boots Black 7.5 US / 5.5 UK , WOLKY WOMEN'S VALENTINE WEDGE SLIP-ON COMFORT SHOESLouise Et Cie Womens LO-Dahlian Leather Almond Toe Loafers, Grey, Size 8.0Pleaser Women's Seduce 431 Black Patent Ankle StrapsComfortiva Womens Felida Open Toe Mules, Rust, Size 7.5Men/Women Cabello Carly -(Taupe) Fine workmanship Preferred material Simple , Men/Women LifeStride Women's Viva Slip-On Loafer Crazy price Modern design Cost-effective , swedish hasbeens 778 Womens Cross Strap Debutant Platform SandalPro Keds Rocawear Royal Court Green and White Leather Sneakers Mens Size 10Jordan Reveal Mens 834064-303 Hyper Turquoise Jade White Mesh Shoes Size 10.5 , NEW NIKE AIR MAX LD ZERO MENS RUNNING SHOES SIZE 9.5 GREY 848624 100 , Handmade Chelsea Leather Boots, Formal Crocodile Texture Leather Men Beige BootsZANZARA Men's Homer Oxford, Black, 9 M USRARE NIKE AIR HUARACHE 40 ARGENT BASKETS , Puma Suede Heart Quilt - Burgundy - WomensBrand New Womens Adidas Originals Flashback Size 7.5 Very Nice!!! , MAISON MARTIN MARGIELA 22 hi-top leather/suede METALLIC MESH sneakers 40/10 NIB , Chic Women's Platform Round Toe High Heel Stiletto Zip Ankle Boots Shoes Plus , Louise et Cie Black Leather Women's Boots Over The Knee Almond Toe Size 8MARIAT pink and brown oiled leather pull on cowboy Western biker roper boots 10 MKDB Kelsi Dagger Brooklyn US9.5 Black Leather/Suede 3 Strap Zip Up Heel Booties , Gianni Bini Womens Charcoal Roulette Boots Shoe Size 8.5 M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE JORDAN 5 5 WHITE LANEY GS 6Y Kids Sz 4.5Y WHITE 5Y 5.5Y 6Y OREO 440888-189 DB 2013 aad2229 - 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 JORDAN 5 5 WHITE LANEY GS 6Y Kids Sz 4.5Y WHITE 5Y 5.5Y 6Y OREO 440888-189 DB 2013 aad2229 - 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 JORDAN 5 5 WHITE LANEY GS 6Y Kids Sz 4.5Y WHITE 5Y 5.5Y 6Y OREO 440888-189 DB 2013 aad2229
    Athletic Shoes
    >
    ;