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 - blurrypron.com

    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 AJ9502-001NEW 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 FASTNike Jordan Future Flight Basketball Men's Shoes Size 11 , adidas Consortium x Sneakersnstuff Equipment Running Guidance UK8.5 /3Nike Mens ID 1 PG 1 Size 7.5 Grey Royal Blue Gold AQ2790-992 Basketball Shoes , Nike 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 12 , Charlotte Olympia Mens Sneakers Size 43 Black Web Hi Top $595 New In Box , DS 2015 NIKE FLYKNIT ROSHERUN LAVA ORANGE YELLOW 677243-800 ROSHE ONE FREE NMNike 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 127756-001 , HOKA 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 10 , Adidas Originals Mens Pro Shell Sneaker Black White Gold Metallic Size 11 , NIKE 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 DeliveryUnder 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 - blurrypron.com>USED MENS NIKE mogochinese-29996 AIR JORDAN NIKE VII 7 304775 RETRO CARDINAL 2011 EDIT 304775 104 SZ 11 FREE c05c9f6 - blurrypron.com
    NEW!! Paul Green Bow Tassel Bootie- Brown- Size 5.5 US/ 3 AU $480 (B9) , Columbia Women's Twentythird Ave Mid Print Boot Elk/RocketStuart Weitzman Highland Suede Over-The-Knee Boot Size US 7.5M , MIU MIU BY PRADA HI HEEL BLACK SUEDE STRETCH OVER THE KNEE BOOTS US 10 , FRYE Women's Belted Harness 12r Chestnut 8 B USMULBERRY TAN D-RING PYTHON SNAKESKIN Boot Booties Brown Size 37 US 7 , H&M Suede Ankle Boots- Dark Orange UK5 EU38 BT01 09Fitflop LTD 593-194 FitFlop Womens Gogh Pro Superlight Clog/Mule 7AB925 DI MELLA shoes black shiny leather men moccasins , PAUL GREEN / AUSTRIA / LUXURY LOAFER IN BROWN SUEDE / SZ: 5 UK / MINTY , ECCO Angel Ballerina (239033) - NIB - Free Shippingwomens cross strap open toe sandals shoes high heels summer cool buckle stilettoPierre Hardy Womens High Heel Wedges Size 6 Black Leather Sandals BucklesBadgley Mischka Heels Shoes Ankle Strap Open Toe Pump Stiletto Women’s Size 9.5 , Soft Style by Hush Puppies Women's Patsie Wedge Sandal Mid Blue Cambric 7 M US , VANS Sk8 Hi Reissue (MTE) Black/Woven Chevron Water Resistant Boots WOMEN'S 9.5Christian Dior Multicolor PVC Floral Embellished Wedges SZ 37.5 , NEW Adidas Men’s Running Fashion Athletic Shoes - size 7, Leather Blue/YellowNEW CONVERSE CHUCK TAYLOR ALL STAR PREMIUM HI WOOLRICH SHOES 149455C SIZE 10 , Nike Air Max 90 Ultra 2.0 Oregon Doernbecher Freestyle w/Receipt (GS) Size 4.5 , Nike Air Foamposite Pro PRM Yeezy Black/Crimson Red 616750 001 Sz 8 , Irish Setter Men's 8" Steel Toe Work Boot Brown 12 EE USFrye Mens Size 10 D Distressed Brown Leather Tall Western Cowboy Boots 12.5"Sperry Top-Sider Men's Convoy Slip-On Leather Sneakers Linen , La Milano Men's Dress Shoes Aligator/Ostrich Print BlackSZ 7 Nike Women's Internationalist JCRD PRM Running 807407-300 Purple Green Gum , Adidas Tubular Viral 2 BY2122 PINK Womens Size 7 , Nike Studio Wrap Pack NRG Limited Edition Photo Blue / Chilling Red 639017 401ASICS T7B8N.4890 Womens Gel-Cumulus 19 Running-Shoes- Choose SZ/Color.NWOB COLE HAAN extended calf LEATHER BOOTS 6 ,
    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 - 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.

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