Never miss an update

Jordan 11 without Retro condition Concord 2011 Size mogochinese-3073 7 comes without box condition 8/10 d73e20b




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Product Line: Air Jordan 11
Style: Basketball Shoes Brand: Concord
Width: Medium (D, M) US Shoe Size (Men's): 7
Color: White Country/Region of Manufacture: United States
Features: Retro Material: Patent Leather
Never miss an update

Jordan 11 without Retro condition Concord 2011 Size mogochinese-3073 7 comes without box condition 8/10 d73e20b - blurrypron.com

    Jordan 11 without Retro condition Concord 2011 Size mogochinese-3073 7 comes without box condition 8/10 d73e20b
    Jordan 11 without Retro condition Concord 2011 Size mogochinese-3073 7 comes without box condition 8/10 d73e20b
    New Reebok John Wall ZigEncore Basketball Shoes J89758 Size 11.5 , Pendleton Nike Air Max 10 Sneakes Tennis Shoes , NIKE AIR FORCE 1 07 CNVS CANVAS MEDIUM OLIVE GREEN SZ 13 [579927-200] , NEW CONVERSE CHUCK TAYLOR ALL STAR PREMIUM HI WOOLRICH SHOES 149455C SIZE 10 , NIKE HYPERVENOM PHATAL II DF LTR LEATHER FG CANVAS-BLK-VOLT SZ 7.5 [747504-707]Gentleman/Lady Air Jordan Retro 1 ‘99 Reasonable price Let our goods go to the world Modern mode , Nice Rare Nike Mens size 9.5 Nike Free 4.0 V2 Running Shoes.Adidas Hackmore Black/Purple-Green G99098 Men's SZ 11 , NIKE HYPERVENOM PHELON II FG WOLF GREY-TOTAL ORANGE SZ 9 [749896-080]Gentleman/Lady Air Jordan 5 Retro (Blue/Game Royal/Black) sell First grade in its class Popular recommendation2017 Nike Zoom Spiridon SPRDN SZ 12 Team Red White Black LAB PRM QS 876267-600 , Men/Women vans peanuts old skool Big clearance sale Pleasant appearance a lot of varietiesNike air jordan retro 7 hare sz14 lot , Air Jordan XXXI ASW 10.5 Mens Brand New In Box 100% RealNike Free Run+ 2 Mens 537732-660 Team Red Metallic Silver Running Shoes Size 8 , NIKE AIR JORDAN RETRO V.1 TEAM RED-WHITE SZ 14 [481177-601] , NEW BALANCE 2018 NWT SECONDS MADE IN THE USA M990SG4 MEN 9 D , New Balance 1400JS1 J Crew 1500 130 997 Blue/ RedAdidas Nemeziz Tango 17+ 360 Agility Ultra Boost US Size 11.5Asics Gel Lyte III 3 White/Cream H7L3L 0100 Men's SZ 7.5 , Nike Blazer Mid Canvas Denim 2002 Obsidian Sport Red Sz 8 305556-441 DS , Size 8 REEBOK OMNI LITE PUMP DEE BROWN NEW retro uptempo penny pippen air maxNike Zoom Hyperfranchise XD 579835-800 Streetball Basketball Shoes Men's 12 new , Adidas Superstar Xeno AQ8180 Reflective Green Casual Basketball Shoes Men's 13 , Nike KD Trey 5 VI Kevin Durant Black University Red Basketball Shoes AA7067-006Nike Air Jordan Retro 7 VII Size 9.5 "Chambray" Black/Light Graphite/Blue 23 05Gentleman/Lady Saucony Kinvara 7 Running Men's Shoes Many varieties Modern design List of explosions2018 Nike Air Max 1 Premium Retro SZ 6 Olive Flak Peat Moss Red 908366-300 , Nike Cortez Ultra SD Binary Blue Game Royal White Men Classic Shoes 903893-402 ,
    Jordan 11 without Retro condition Concord 2011 Size mogochinese-3073 7 comes without box condition 8/10 d73e20b - blurrypron.com>Jordan 11 without Retro condition Concord 2011 Size mogochinese-3073 7 comes without box condition 8/10 d73e20b - blurrypron.com
    ALDO Women's Cerasien Ankle Boot, Black Patent, 8.5 B USMercedes Castillo Xandra Chelsea Booties Boots Black Leather Sz 8.5NEW VALENTINO GARAVANI BLACK LEATHER STUDWRAP ROCKSTUD BOOTIES SHOES 37.5Man/Woman AIR JORDAN 12 RETRO "THE MASTER" quality New style Rich on-time delivery , Anne Klein 25026540 Womens Fanetta Nubuck Ballet Flat- Choose SZ/Color.NWT SEXY WOMEN'S STRIPPER DANCER 5.5" HIGH HEELS PLATFORM EXOTIC SHOES SIZE 8.5 , DeBlossom Blossom Womens Wedding Bridal Formal Ankle Strap High Heel GlitterWomen's Vintage Salvatore Ferragamo NAVY Classic Low Metal Heel Pumps 7.5 AAAPATRICIA NASH NICIA BLUE TOOLED LEATHER MULE SHOES SIZE 8 1/2 - NEWBalenciaga high stilettos heel sandals in black suede leather Size US 8 - , Donald J Pliner SHERA Metallic Double Strap Platfrom Cork Wedge Slides Size 8 , swedish hasbeens Women's Suzanne Platform Sandal Black 38 BR/8 M USNIKE TANJUN SE Men shoes size 6.5 Black solar redMan's/Woman's Reebok Npc II White Leather Sneakers Beautiful color Attractive fashion Reliable reputationAsics Onitsuka Tiger Mexico 66 [D4J2L-100] Men Casual Shoes White/Black , Air Max 1 Premium Alphabet Pack Sneakers , Rocky Bigfoot Waterproof Hiker Work Boot Medium Brown RKYK062NEW ROCK METALLIC M.924-S1 BLACK LEATHER REACTOR SOLE ANKLE BOOTSMuck Boot Fieldblazer II Brown/Realtree Xtra-Mens Size 8Carhart CMO3356 Low Cut Composite Toe Work Hiker, Men's Size 10M, Grey/NavySkechers Shape Ups Strider Brown Leather Toning Comfort Loafer Shoes Men's 9.5massimo matteo 5 eye Leather oxfords black Men's 9.5 M , Hoka One One Women's Challenger ATR 3 Navy Trail-Running Shoe 10MAdidas womens retro white and black sneaker size 7.5 , Djungarian Hamster Print (Black/White) For Women-Free Shipping , Nike Women's Sz 6 Air Force 1 High SE Shoes 860544-002 Black/Dark Grey/GumNew Balance Women's Cruz v1 Retro Hoodie Running ShoeAH7389 004 AIR JORDAN 1 HIGH OG PREMIUM SNAKESKIN PHANTOM SIZE 8.5 WOMENS Xi XiiMen's/Women's Tod's Women's Bracelet The color is very eye-catching Fine art Non-slip , Nike Metcon 4 Womens 924593-600 Particle Rose Opal Cross Training Shoes Size 9.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Jordan 11 without Retro condition Concord 2011 Size mogochinese-3073 7 comes without box condition 8/10 d73e20b - 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.

    Jordan 11 without Retro condition Concord 2011 Size mogochinese-3073 7 comes without box condition 8/10 d73e20b - 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
    Jordan 11 without Retro condition Concord 2011 Size mogochinese-3073 7 comes without box condition 8/10 d73e20b
    Athletic Shoes
    >
    ;