Never miss an update

NIKE AIR MAX 95 PREMIUM ELEMENTAL 24109 SE SZ 9 VACHETTA 95 TAN SNAKE ELEMENTAL GOLD 924478 201 2d67d1b




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Brand: Nike
Color: Beige US Shoe Size (Men's): 9
Product Line: Air Max 95 Style: Athletic Sneakers
UPC: Does not apply
Never miss an update

NIKE AIR MAX 95 PREMIUM ELEMENTAL 24109 SE SZ 9 VACHETTA 95 TAN SNAKE ELEMENTAL GOLD 924478 201 2d67d1b - blurrypron.com

    NIKE AIR MAX 95 PREMIUM ELEMENTAL 24109 SE SZ 9 VACHETTA 95 TAN SNAKE ELEMENTAL GOLD 924478 201 2d67d1b
    NIKE AIR MAX 95 PREMIUM ELEMENTAL 24109 SE SZ 9 VACHETTA 95 TAN SNAKE ELEMENTAL GOLD 924478 201 2d67d1b
    VIBRAM FIVEFINGERS MENS V-RUN BLACK YELLOW SIZE 43NEW NIB NIKE Men's Air Max 95 Premium SE Running Shoes 924478-201 Torch Plus Kh , Nike Air Max 1 Premium Mens 875844-002 Anthracite Purple Gold Shoes Size 9 , Man's/Woman's jordan 4 Excellent craft comfortability Elegant and robust menuMen's Nike Metcon DSX Flyknit 2 Size-11 “Triple Black” Black Orange 924423-004"New" Odell Beckham Jordans -size 12, NY Giants apparel , Nike SB Stefan Janoski FRAGMENT DESIGN sz 9.5 Black White 628982 001 dunk cementNike PG 2 II Pure Platinum Neo Turquoise Aurora Green Paul George AJ2039-002Mens Nike ACG Dog Mountain Black Hyper Grape Dark Grey AQ0916-001 , NIKE KYRIE 3 ID GREY-BLUE SZ 10.5 [AQ8767-991] , AUTH NIKE MENS AIR JORDAN 1'S RETRO PHAT PREMIER BASKETBALL SHOES 375173 481 , Nike Flyknit Max Air Multicolor Black Crimson Rainbow 620469-404 10.5 NEW $225Adidas Originals Men's SUPERSTAR PRIDE Pack Shoes Size 9 us CM7802 LAST PAIR , Nike Magista Obra II FG Total Crimson Black Soccer Cleat SZ 8 (844595-806) , Merrell Men's Capra Bolt Low Top Hiking Trail Shoes WaterProof Hiker ShoesNike Air Jordan 1 Retro High PREM Premium Suede Nylon Red Grey Men AA3993-601 , Nike Air Jordan 5Lab3 Retro 3 III 3M Black Reflective 631603-010 Sz 11 , Nike Kobe AD Black Mamba Basketball Shoes -Size 13 -AQ5164 001 , New Nike Air Max 97 Plus JDI Tune Up Triple Black White AH8144-001 Men's 8-13 , 32 New Nike Mens Air Max LD-Zero Running Shoes 848624-004 Pure Platinum 13NEW Adidas NMD R1 D96617 Duck Camo Men's Original Core Green Running ShoesNike Air Jordan Trainer 2 Mens Michigan Wolverines Shoes Size 10 11 | 921210-407 , NIKE AIR JORDAN 10 RETRO 'CHICAGO 2012' 100% AUTHENTIC - PRE-OWNEDadidas Harden B/E James Harden White Black Gold Men Basketball Shoes AC7821Nike Shox Gravity AR1999 500 Grand Purple Grey Black Mens size 9 NEW RunningAir Jordan Super.Fly Game Royal Blue Performance Sneakers QS 528650-400 SZ 10.5adidas Solar Glide M BOOST Black White Blue Mens Running Shoes CQ3175 , Ylati Footwear Nerone Low Top Black Leather Gum Sole 8 Handmade Made in ItalyASICS X EXTRA BUTTER GEL LYTE V 8-12 BROWN H31FK-8690. "SNAKE CHARMER" (2014)
    NIKE AIR MAX 95 PREMIUM ELEMENTAL 24109 SE SZ 9 VACHETTA 95 TAN SNAKE ELEMENTAL GOLD 924478 201 2d67d1b - blurrypron.com>NIKE AIR MAX 95 PREMIUM ELEMENTAL 24109 SE SZ 9 VACHETTA 95 TAN SNAKE ELEMENTAL GOLD 924478 201 2d67d1b - blurrypron.com
    Drew Women’s Athens Black Leather Therapeutic Diabetic Ankle Boots Size US 7WW , Mens Nike Air Jordan Eclipse - 724010 603 - Burgundy Maroon Trainers , Ladies Padders Extra Wide Fitting Shoes Style Darcy -W , Ibiza Last Hand Made Jeffret Campbell kelly green silver studded flats shoes 6.5PLEASER Sexy Thigh High Platform Boots Chunky Heels Zipper ELECTRA-3000Z BlackEllie Shoes Women's M Jesse Platform Sandal - Choose SZ/Color , IN BOX BURBERRY HEELS Patent Leather Platform Pumps BURGUNDY SZ 8 authentic , Mr/Ms Ladies Remonte Smart Court Shoes D7319 Special price discount price Complete specificationsGianvito Rossi - Sz 36 - Peep Toe Pumps - Heels - Made In Italy , Woman Reef Fanning Sandal Flip Flop RF1626 Black / Grey 100% Original Brand New , Tom Ford BNWT Strappy High Heel Sandal BRAND NEW Never been Worn! , Saucony Women's Excursion TR11 Running Shoe - Choose SZ/Color , adidas TUBULAR SHADOW - Green - MensNike Air Zoom Lebron Low University Red Silver Basketball 579765-600 Men SZ 15Nike 315122-402 Air Force 1 All Star Dallas Athletic Training Sneaker Mens US 13 , NEW Nike Air Zoom Talaria Mid Flyknit PRM 875784-001 Black/Gray 9.5 Retail$225 , NIB Nike Nike Zoom Winflo 2 Running Shoes Blk Gry 807276-003 Mens Sz 10.5 11.5 , Rick Owens x Adidas Runner Black & WhitePUMA Men's Suede Classic Terry Sneaker - Choose SZ/ColorLacoste Men's Turnier 216 1 Low-Rise Leather Sneakers Navy Blue Casual Shoes NEWMen's fashion Hard Sole Mesh Suede Leather Shoes 005, GENTLER SHOP , Cole Haan Men's Montgomery Cap Oxford, Java WP, 13 M US…NIB Asics T7H6N 2090 Kanmei Cosmo Pink Black Women's Running Shoes Size 8.5Air Force 1's (black/white) size 10 in women , NEW Converse John Varvatos Sz 6 8 Deck Star '67 Slip Dark Navy/Turtledove Shoes , New Balance Ww1765v2 Purple/Green Size 5 Wideadidas Originals EQT Support ADV W Womens Day White Green Women Running CQ2250OluKai Women's Pehuea Leather Slip On Black Honu/Black Slip-on ShoesCall It Spring Women's Abert Western Boot, Black Nubuck, 7.5 B USB.O.C Womens Faye Pull On Tall Knee High Strap Buckle Inside Zip Fashion Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE AIR MAX 95 PREMIUM ELEMENTAL 24109 SE SZ 9 VACHETTA 95 TAN SNAKE ELEMENTAL GOLD 924478 201 2d67d1b - 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 MAX 95 PREMIUM ELEMENTAL 24109 SE SZ 9 VACHETTA 95 TAN SNAKE ELEMENTAL GOLD 924478 201 2d67d1b - 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 MAX 95 PREMIUM ELEMENTAL 24109 SE SZ 9 VACHETTA 95 TAN SNAKE ELEMENTAL GOLD 924478 201 2d67d1b
    Athletic Shoes
    >
    ;