Never miss an update

USED MENS NIKE mogochinese-29996 AIR JORDAN NIKE VII 7 304775 RETRO CARDINAL 2011 EDIT 304775 104 SZ 11 FREE c05c9f6

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: shoes are in PRETTY GOOD SHAPE and come with original box.
Style: Basketball Shoes US Shoe Size (Men's): 11
Material: Leather Color: White Cardinal
Width: Medium (D, M) Brand: Nike
Pattern: Solid UPC: Does not apply
Never miss an update

USED MENS NIKE mogochinese-29996 AIR JORDAN NIKE VII 7 304775 RETRO CARDINAL 2011 EDIT 304775 104 SZ 11 FREE c05c9f6 -

    USED MENS NIKE mogochinese-29996 AIR JORDAN NIKE VII 7 304775 RETRO CARDINAL 2011 EDIT 304775 104 SZ 11 FREE c05c9f6
    USED MENS NIKE mogochinese-29996 AIR JORDAN NIKE VII 7 304775 RETRO CARDINAL 2011 EDIT 304775 104 SZ 11 FREE c05c9f6
    Nike Roshe Tiempo VI Black/Black-Wolf Grey 852615-003 Men's SZ 9.5 , Nike SF Air Force 1 Mid Suede Grey Atmosphere Special Forces Sz 13 AJ9502-001 , NEW Men's Nike Air Max LTD 3 Shoes Sneakers Size: 10 Color: Cobblestone , [486978-017] NIKE AIR MAX 2009 NEUTRAL GREY BLK VOLT WHITE MENS SNEAKERS Sz 8 , NIB Reebok Shaq Attaq Hall Of Fame Leather Mid Sneaker CHALK/FLINT GREY Sz 8.5 , NIKE ZOOM MERCURIAL XI FK FLYKNIT..MULTI-COLOR..MEN 9 or WOMEN 10.5..SHIPS FAST , Nike Jordan Future Flight Basketball Men's Shoes Size 11adidas Consortium x Sneakersnstuff Equipment Running Guidance UK8.5 /3 , Nike Mens ID 1 PG 1 Size 7.5 Grey Royal Blue Gold AQ2790-992 Basketball ShoesNike Air Jordan 31 XXXI Shattered Backboard Black Starfish 845037-021 Sz 11 , Nike Air Jordan 7 VII Retro USA Olympic Alternate Tinker 304775-123 Size 12Charlotte Olympia Mens Sneakers Size 43 Black Web Hi Top $595 New In BoxDS 2015 NIKE FLYKNIT ROSHERUN LAVA ORANGE YELLOW 677243-800 ROSHE ONE FREE NM , Nike Air Force 1 Premium XXV Mens 10 Women 11.5 Purple Mist 315185-551 Rare New , Adidas Barricade Club [CM7781] Men Tennis Shoes Black/Silver-WhiteNew Under Armour Drive One Golf Shoes Sz 11.5 Mens 45.5 UA Black TW 127756-001HOKA ONE ONE MEN BONDI 5 CHARCOAL GRAY / TRUE BLUE US 9 / /3 / , Adidas Cloudfoam Superflex TR [BC0048] Men Training Shoes Black/White , Puma Blaze Of Glory Ronnie Fieg & Colette Size 9.5 US Blue/White,Eur 42.5Skechers Flex Advantage 2.0 - Talamo [52121BKW] Men Running Shoes Black/White , Vans SK8 Hi Reissue Peanuts Snoopy Emboss VN0A2XSBQX5 Men's SZ 8.5 Womens SZ 10Adidas Originals Mens Pro Shell Sneaker Black White Gold Metallic Size 11NIKE LUNAR FLYKNIT CHUKKA BLUE-GREEN GLOW SZ 9.5 [554969-443]Nike Flyknit Racer Golf Shoes Volt Black White Sequoia Green SZ 14 (909756-700) , Nike Air Footscape Magista Flyknit - 816560 003 , MEN Nike Air Vapormax "Pure Platinum" Size 10Nike Mens Air Max Woven Boot Grey/White 921854-001**was$199** Brooks Maximus XT 8 (Mesh) Mens CrossTrainer (903) + Free Delivery , Under Armour UA Fire Shot [1269276-669] Basketball Red/Volt ,
    USED MENS NIKE mogochinese-29996 AIR JORDAN NIKE VII 7 304775 RETRO CARDINAL 2011 EDIT 304775 104 SZ 11 FREE c05c9f6 ->USED MENS NIKE mogochinese-29996 AIR JORDAN NIKE VII 7 304775 RETRO CARDINAL 2011 EDIT 304775 104 SZ 11 FREE c05c9f6 -
    Tahari Womens corbin Suede Closed Toe Over Knee Fashion Boots, Black, Size 5.5 , $795 Stuart Weitzman Kneezie High Knee Boots Black Flat Suede Booties Shoe 8 , Mt. Emey Men's 728-E Black shoes Size Mens AUS/US 11 (Width : 4E) , Woodland Womens/Ladies Pull On Plain Design Wellington Boots (DF1176) , HOGAN women shoes brown leather Interactive Luxury sneakers HXW00N0J460GOCS018Men/Women Ladies Clarks Casual Shoes Glick Resseta Innovative design Orders are welcome Global sales , womens lady stiletto heels pu leather peep toe knee high boots shoes sizes 35-39 , Luxury Rebel Dagan Oxfords Black. Size 9Easy Spirit Womens Arora Closed Toe Mules, Beige, Size 6.5OLIBERTE Women's ADUNI Tan Suede Moccasins US 10 (581012-1210)Franco Sarto Women's Millicent Black Leather Flat , TEVA Womens Cabrillo Crossover Black Leather Sandals Shoes US 6 NEW!Donald J Pliner Black Pausha Peep Toe Pump Heel Patent Leather Elastic Size 11 MMen's/Women's Woman shoes, made in Italy Crazy price First grade in its class Official websiteRalph Lauren Purple Label Canvas Espadrille Shoes 11 B New $395Stuart Weitzman Realdeal saddle color heels size 6.5 N new in boxFemme chaussures pump escarpin cuir model AGNEZ Eu 33 to 44Saucony Ride 10 Athletic Shoes - Men's Size 9.5 W - Black/Grey/Lime , Original OG 1996 style, 2001 Nike Air Jordan 11 XI Concord Spacejam Bred RoyalNike Magista Obra 2 Pro DF FG Men's Soccer Cleats Football Shoes AH7308-107 1805 , NEW! NIKE LEBRON XIII LOW - MEN'S James Premium Anthracite Gray Basketball ShoesNEW Nike 679680-463 Air Jordan Flight Remix MEN'S ATHLETIC BASKETABALL SHOES , ECCO Goretex Men’s Brown Chukka Boots Size EU47/ US13Vintage Vip Steel Toe Brown Work Buckle Boot Goodyear Gt Oil Proof Men’s Size 9D , Mr/Ms Jordan 4 Kaws Size 10.5 quality Wholesale trade Extreme speed logisticsStylish Mens Leather Flat Heel Metal Decor Dress Wedding Business Dress Shoes , Balance Women's 779v1 Trail Walking Shoe, Brown, 7 D US , New Balance Women's W574 Core Sneaker Grey/White Suede/Mesh , Adidas Superstar Bling Silver Sparkles Womens Trainers Black LeatherKenneth Cole Reaction Very Clear Womens TALL OVER KNEE Boots Black Leather 10 M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    USED MENS NIKE mogochinese-29996 AIR JORDAN NIKE VII 7 304775 RETRO CARDINAL 2011 EDIT 304775 104 SZ 11 FREE c05c9f6 -

    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.

    USED MENS NIKE mogochinese-29996 AIR JORDAN NIKE VII 7 304775 RETRO CARDINAL 2011 EDIT 304775 104 SZ 11 FREE c05c9f6 -

    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.


    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
    USED MENS NIKE mogochinese-29996 AIR JORDAN NIKE VII 7 304775 RETRO CARDINAL 2011 EDIT 304775 104 SZ 11 FREE c05c9f6
    Athletic Shoes