Never miss an update

Nike DUNK LOW PRO Mid SB SB Black Mid Fog Mid Men's Navy White Discounted (154) Men's Shoes f6ea32d




Item specifics

Condition: New with defects :
A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour variations to scuffs, cuts or nicks, hanging threads or missing buttons that occasionally occur during the manufacturing or delivery process. The apparel may contain irregular or mismarked size tags. The item may be missing the original packaging materials (such as original box or tag).  New factory seconds and/or new irregular items may fall into this category.  The original tags may or may not be attached. 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: New in box. One or both shoes may have been displayed outside of the box causing the suede to become dirty/discolored and the sole to become dirty/discolored. The suede on the shoes may be inconsistent/scratched. See pictures for examples. Contact seller to request more detailed pictures of a specific size.
Brand: Nike Color: Black
Style: Skateboarding Pattern: Solid
Width: Medium (D, M) Country/Region of Manufacture: Vietnam
Material: Suede
Never miss an update

Nike DUNK LOW PRO Mid SB SB Black Mid Fog Mid Men's Navy White Discounted (154) Men's Shoes f6ea32d - blurrypron.com

    Nike DUNK LOW PRO Mid SB SB Black Mid Fog Mid Men's Navy White Discounted (154) Men's Shoes f6ea32d
    Nike DUNK LOW PRO Mid SB SB Black Mid Fog Mid Men's Navy White Discounted (154) Men's Shoes f6ea32d
    NEW MEN'S ADIDAS ORIGINALS GORE TEX TRAIL HIKING SHOES SIZE US 6Men's NEW No Fear RAIL Brown suede leather Skater Shoes Sz 13Puma Ignite Evoknit Low Hypernature - Black - MensZoot Sports Solana - Blue - Mens , Nike Air Entertainer Men's shoes Size 11 , Nike Men's Zoom Strike Running Shoes Style AJ0189-400New men’s Big Nike High White Basketball Athletic Shoes 336608-119 Sz 11Mens Nike Air Trainer 3 Basketball shoes size 12 US 705426-100Men Athletic Style Chic Climbing Hiking Outdoor Shoes Casual Workers Breathable , Nike Air Jordan Ultra Fly 2 Black/white Red 897998-001 Men's Retro BasketbalNike Incursion Mid Basketball/Casual Shoes Sz 11.5Nike Men's LunarConverge Running Shoes Style 852462-400New Mens adidas 350 Trainers - Black/Red 100% Leather , Men’s Classic Nike Air - Size 9.5 - Black Gray NeonAIR JORDAN V.9 GROWN LOW SIZE 10adidas Pro Model 80s DLX - White - Mens , Nike Zoom Shift TB Black/White Men's Size 11 , NIKE AIR MAX FLAIR 50 RUNNING SHOES WHITE GRAY MENS SIZE 11 NEW AA3824-100 , Gentleman/Lady Emerica Skateboard Shoes Dissent Grey/Black/White Reliable quality Latest styles buy onlineadidas CLIMACOOL 02/17 - Black - Mens , MEN'S ASICS - FUZEX RUSH (T718N-9097) - SIZE 7 - 40% OFF , adidas Athletics 24/7 Trainer - Grey - Mens , MENS REEBOK CLUB C 85 in colors BLACK / CHARCOAL SIZE 10 , Man's/Woman's Nike Men's 318463 Ankle-High Fashion Sneaker Long-term reputation Preferred material Different goodsNike Black Classic Retro High Top White Swoosh Men's Size 12 , Converse Metallic Gold Silver White Unisex Low Top Shoes Sneakers size men’s 9Men's/Women's Nike Men's Legend Trainer Training Shoe elegant Won highly appreciated and widely trusted at home and abroad negotiationNike Womens T-Lite XI Running Trainers 616696 007 Sneakers Shoes , NIKE Zoom Witness Basketball Shoes Mens Sz 10.5 Blue/White/Grey 852439 400 ,
    Nike DUNK LOW PRO Mid SB SB Black Mid Fog Mid Men's Navy White Discounted (154) Men's Shoes f6ea32d - blurrypron.com>Nike DUNK LOW PRO Mid SB SB Black Mid Fog Mid Men's Navy White Discounted (154) Men's Shoes f6ea32d - blurrypron.com
    Women's Denim Blue Heart Inlay Silver Sequins Leather Cowboy Boots SquareHispar Women Ladies FLORANCE Field Horse Motorcycle Riding Boots EquestrianMarc Fisher Ltd Izzie Lugsole Ankle Boot Black 10M NEWMr/Ms Matisse Women's Shields Boot use New style professional design , Tommy Hilfiger Cozy Warmlined Womens Black Leather & Suede Boots , Gentlemen/Ladies Ariat Ladies Burford Wellies - Insulated Quality queen New products in 2018 Complete specifications , Gentlemen/Ladies EMU Platinum Eden Mushroom Sheepskin Boots Moderate price Comfortable touch professional designConverse Chuck Taylor All Star Ox Low Top Red SneakersVintage Connie Shoes Women's 8 Brown Suede Snakeskin Brass Buckle Mary JanesNaturalizer Womens stargaze Leather Closed Toe Classic Pumps Navy Size 6.5 xLpDESIGNER SACCO ITALIAN LEATHER SANDALS MAROON SIZE 8 NEW NO BOX NO TAGS , Men/Women ALDO Women's Cone Pump Quality products Elegant style high quality product , escarpins open toes bouts ouverts DIOR noirs taille 36Joie Gage Dress Pump - Women's Size 6.5 - Mushroom , Man/Woman White Mountain Medusa Honey Sandal 10M Complete specification range special promotion have fun , $1095 Dolce Gabbana Patent Print Yellow Leather Pumps Pointy Toe Shoes 36.5Pleaser - CHIC 38 Womens Chic Sandal- Choose SZ/Color. , Eastland Women's Liv Moc Toe Loafer , K Swiss Billy Reid Arlington NL Fall Leaf/Cinnamon 03421-271 Men's SZ 9.5Nike Zoom Rival Md 8 Running Men's Shoes , Nike Lebron James Witness Sneakers White Gold 852439-103 sz 9.5 , NIKE ROSHE RUN 3 4 5 6 7 8 9 10 11 12 4.5 5.5 9.5 PALM TREES QS 511882-016 RARE , VANS USA standard PRO from japan (1888 , RED WING SHOES 3115 men's leather shoe US 7,5 (pv:) , ECCO Mens Perforated Suede Biarritz Oxford Dress Shoe Gray Leather 45 US , COLE HAAN womens Stitchlite Zerogrand Sneaker Shoes, Black White, 8.5 , Fabulicious Women's Isabelle 18 Wedge Heel Silver Satin Evening Shoes , Nike Women's City Loop AA1097-201 SAND Womens Size 7.5$199 BCBG Max Azria Womens Lexy Canvas Zipper Boot Shoes,Dark Caramel,US 6.5Gentleman/Lady NEW WHAT FOR WOMENS ANKLE BOOTS Packaging diversity discount price a lot of varieties ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike DUNK LOW PRO Mid SB SB Black Mid Fog Mid Men's Navy White Discounted (154) Men's Shoes f6ea32d - 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 DUNK LOW PRO Mid SB SB Black Mid Fog Mid Men's Navy White Discounted (154) Men's Shoes f6ea32d - 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 DUNK LOW PRO Mid SB SB Black Mid Fog Mid Men's Navy White Discounted (154) Men's Shoes f6ea32d
    Athletic Shoes
    >
    ;