Never miss an update

Nike Air mogochinese-10158 Base Base II Sail Vintage Trainers Sail 83f7b68




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Country/Region of Manufacture: Indonesia
US Shoe Size (Men's): 9.5 Style: Trainers
Color: Multicolor Sub Style: Retro
Euro Size: EUR 43 Product Line: Nike Air
Brand: Nike Year: 2012
UPC: Does not apply
Never miss an update

Nike Air mogochinese-10158 Base Base II Sail Vintage Trainers Sail 83f7b68 - blurrypron.com

    Nike Air mogochinese-10158 Base Base II Sail Vintage Trainers Sail 83f7b68
    Nike Air mogochinese-10158 Base Base II Sail Vintage Trainers Sail 83f7b68
    NIB Mens Nike Lunarepic Low Flyknit 2 sz 14 green 863779 300 sneakers trainers918264-003 Nike Men Air Zoom Mariah Flyknit Racer Pale Grey Black Red White807541 101 AIR JORDAN SPIKE FORTY SPIKE LEE WHITE FIRE RED RETRO SIZE 11.5 MENSNew With Box Under Armour UA Curry 3 Men’s Basketball Shoes-1269279-Rhino GrayNIKE LUNAR FLYKNIT CHUKKA Black-Orange-Green running training sneakers new US8.5 , New Balance 574 MTL574CG, Black / Grey, Synthetic / Mesh, Re-Engineered, Size 11Nike Flyknit Trainer Triple White Shoes -Size 9 -AH8396 102 Nike SB Dunk Low Pro IW - Black / White / Multi Color Size 11 New rainbow , Under Armour Speed Tire Ascent Mid BOA Black Blue Shoes SZ 9.5 NEW 1289139 918REEBOK VENTILATOR KOYOMI-HAZUKI 葉月stylemen's size US10-500 PAIRS MADE!!NEW NIB Mens Adidas Response Boost 3 Tech Green Running Shoe Shoes AQ2499 Sz 8.5 , Men/Women MEN'S SHOES SNEAKERS NEW BALANCE [GM500SK] Selling International choice renewed on timeAsics GT-II Shoes Sneakers New Black H549Y 9090 Mens Size 11 , Nike Mens Size 14 Vapor Untouchable 1 TD Football Cleats White Blue New $220 , NIKE TW 17 TIGER WOODS MENS SZ 10 GOLF SHOES [880955-100] WHT/BLK/REDNike Lebron Soldier XI SFG Silver Bullet Basketball 897646-007 Men's Size 14Puma x Sophia Chang Trinomic Disc Blaze - Bijou Blue - Size 12Under Armour Size 10.5 Boots UA Speedfit Hike Mid Black Orange 1257447-007 Mens , Retro Unisex Mixed Colors Green Design Fashion Sneakers Leisure Increased ShoesULTRA RARE. NIKE SB JANOSKI MAX ORANGE/WHITE. DEAD STOCK. SIZE 10DVS Yodeler Boots Size 11.5 US Woodgrain Snow BMX DC MOTO Skate $130 RetailAdidas Superstar 80s Men's Casual Lifestyle Shoes White gold Sneakers BB2229 New , NEW SIZE 16 Mens Nike Kobe XI 11 TB PROMO White Crimson 856485-162 BIG & TALLNIKE LUNAREPIC LOW FLYKNIT 2 BLACK-WHITE-ANTHRACITE SZ 10 [863779-001] , Nike Air Jordan Trainer ST Hypr Red/Org/Blk/Gry Elephant Print 820253 803 FWVANS OG ERA LX WTAPS WHITE BLUE US size 8 , Air Jordan Trainer Pro Size 10 Men Red Pure Platinum Gym Sneaker AA1344 603 NEWAdidas ZX 8000 Semi Solar Slime Core Black Running Cross Training Retro Shoes , NIB Men's Authentic Nike Reax TR 9 Mesh Running Athletic Shoes Sneakers GryGrn ,
    Nike Air mogochinese-10158 Base Base II Sail Vintage Trainers Sail 83f7b68 - blurrypron.com>Nike Air mogochinese-10158 Base Base II Sail Vintage Trainers Sail 83f7b68 - blurrypron.com
    Cowboy Western Boots Ostrich leather Neolite Oil resistance Brown 475 Size 9 , VINTAGE BROWN LIZARD 4711 LEATHER JUSTIN SIZE 6B WESTERN COWBOY ROCKABILLY BOOTS , Dr. Martens Women's Pascal W/Zip Fashion Boot - Choose SZ/Color , Mr/Ms nike air jordan 3 retro 2011 Easy to use the most economical Acknowledgement feedback , WOMENS SALOMON SENSE PROPULSE LADIES RUNNING/SNEAKERS/TRAINING/RUNNERS SHOES , Toggi Ladies Wanderer Wellington Boots / Wellies - Blue1. STATE Women's Davir Espadrille Flat Black Stretch Grosgrain/Textile FlatsNew Women Camo Steel Toe Shoes Anti Puncture Work Safety Casual Breathable Boots✨VGUC✨ Valentino Garavani Rockstud Ballerina Flat Ivory Ladies , Mr/Ms MOON-708OMBRE Easy to clean surface Carefully selected materials Excellent function , SAM EDELMAN IDAHLIA WOMENS RARE STUDDED SLINGBACK NATURAL SLIP ON SHOES SIZE 7.5 , Reebok Women's Club C 85 Syn Fashion Sneaker - Choose SZ/Color , Calvin Klein Women's Nasi Heeled Sandal, Sandstorm, Size 7.5DC Men's Heathrow Skateboarding Shoe Black/Black/Black 13 D D US , Adidas Harden Vol.1 Shoe - Men's Basketball SKU BW0547 Size 12NIKE METCON 1 SQUADRON BLUE-WHITE-OBSIDIAN-LASER ORANGE SZ 7 [704688-410] , Nike Zoom Fly Barely Grey Hot Punch White Men Running Shoes Sneakers 880848-009 , Rockport Mens Dressports 2+ Light Slip On Oxford- -11 M- Select SZ/Color. , ADIDAS CLOUDFOAM DAILY QT MID shoes for women, Style AW4012, NEW, US size 8NEW Women's Nike Air Max 1 Premium Anthracite 454746-007 Running Shoes GrayAllen Edmonds "CAVANAUGH" Loafers 9.5 E Oxblood (550)PUMA Women's Ignite Flash Evoknit Wn Sneaker - Choose SZ/Color , Propet Women's Washable Walker Walking Shoe, SR Bone/White, 6 2E US , Nike Air Force 1 Flyknit Womens Size 6.5 Pink Shoes Bright Melon 818018 802WMNS Nike Air Huarache Run SZ 5.5 Loyal Blue QS LAB 634835-403 , Report Women's Tress Chelsea Boot Cognac 8 B(M) US , Jessica Simpson Womens Saffie Pointed Toe Mid-Calf Fashion Boots , Nine West Booties 7 Jabali Suede Ankle Boot $119 Beige WedgeBEARPAW Womens Gwyneth Fashion Boot, Hickory, M100 M USfashion Womens Ankle bowknot Round Toe Block Heels Zipper Rhinestones Suede Boot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air mogochinese-10158 Base Base II Sail Vintage Trainers Sail 83f7b68 - 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 mogochinese-10158 Base Base II Sail Vintage Trainers Sail 83f7b68 - 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 mogochinese-10158 Base Base II Sail Vintage Trainers Sail 83f7b68
    Athletic Shoes
    >
    ;