Never miss an update

New mogochinese-21682 Vintage Men Leather Men Nike Presto Cage Leather 830256-102 Size 9 35a86f1




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: Please See Pictures For Condition; Yellowing
Style: Fashion Brand: Nike
US Shoe Size (Men's): 9 UPC: Does not apply
Never miss an update

New mogochinese-21682 Vintage Men Leather Men Nike Presto Cage Leather 830256-102 Size 9 35a86f1 - blurrypron.com

    New mogochinese-21682 Vintage Men Leather Men Nike Presto Cage Leather 830256-102 Size 9 35a86f1
    New mogochinese-21682 Vintage Men Leather Men Nike Presto Cage Leather 830256-102 Size 9 35a86f1
    NIKE Duel Racer SE Knit Sneakers AH7359-001 Black/Cool Grey-Sail sz 8~14Nike Air Force 1 AF1 Low Comet Blue Black 315122-420 Men's Size 6.5 or 7 NEW , Men's Zoot- Ultra Kane 2.0 Running Shoe (Z11115021) - Silver/Classic BlueZoot Sports Del Mar - Yellow - MensNike Zoom Rival M 8 Mens Track Spikes Multi Use Shoes 9.5 Blue Black New RunningEwing Athletics Ewing 33 Hi 2016 All Star Men's Basketball Shoes 1EW90166-463 , New men’s Nike Tanjun Run Running Shoes 812654-010 Sz 11 wolf grey , Nike Zoom Shift TB men’s sneakers in white & black– 50% off & free shipping , Puma Men's SUEDE CLASSIC+ Shoes NEW AUTHENTIC Cabernet Burgundy 352634-75 , Men's Adidas Energy Boost size 8.5 Black/ Orange , Nike Sky Force 88 Mid Black Stussy 454452-001 Sz 12 , TOP MEN NIKE Rushe Run 3M HYP QS athletic fashionable sneakers lightweight shoesVans Authentic Classic Navy Mens Sneakers Tennis ShoesAdidas F50.8 Tunit Upper Cleats Mens Shoe Black SzGentleman/Lady ADIDAS HAMBURG New varieties are launched New in stock Good quality , NEW MEN'S NIKE ZOOM SPEED TR2 TRAINING BLACK SHOES 725181 001 , Adidas Y-3 Yohji Yamamoto Metallic Low Sneaker Men's Size 11.5 , Nike Men's "Hypershift" University Red Basketball Shoes Multiple Size NIB , Adidas CLIMACOOL 1 Size 9.5 Men's Navy Blue White NDM BA8582 Tubular ultraboostNIKE Duel Racer Men's Running Training Shoes 918228 401 Deep Royal Blue sz 13,14{355868-14} MEN'S PUMA TRINOMIC XT 2 SHOES SZ 9,10,10.5,11,12,13 *LAST PAIR* , Men/Women Adidas Neo Se Daily Men's Shoes Online Shopping Cheaper than the price Modern and elegantAdidas Swift Run PK Primeknit Running Shoes White CG4126 Men's Size 11 NEW , Nike Train Speed 4 Cross Training Shoes Triple Black 843937-004 Men's Size 7 NEWUnique K-Swiss White Red Silver Heel Tag Sneakers Shoes 02654132 Mens Size 10.5Men/Women Merrell Hiking Shoes Size 9 New Listing comfortability Exquisite processing , Converse Chuck Taylor Star Red White Mens Womens Hi Top Shoes Sizes , Men's/Women's New Nike Max Air Size 16.5 Long-term reputation First grade in its class Global sales , Nike Barkley Posite Max Phoenix Suns sz 13 ,
    New mogochinese-21682 Vintage Men Leather Men Nike Presto Cage Leather 830256-102 Size 9 35a86f1 - blurrypron.com>New mogochinese-21682 Vintage Men Leather Men Nike Presto Cage Leather 830256-102 Size 9 35a86f1 - blurrypron.com
    STUART WEITZMAN Black Leather Buckled Ankle Boots UK8 41 New , Oboz Beartooth Bdry Waterproof Hiking Backpacking Boot Women's Blue Size: 11 NEW , AD307 GUARDIANI SPORT shoes gray leather textile women ankle bootsSigerson Morrison Womens Gemma Studded Toe Over The Knee Boot Suede Leather 8.5NIB Auth Dior Boots Heels and 38, US 6 and US 7SC35 Dyanaa Stitched Harness Ankle Boots, Ice, 5.5 USGentleman/Lady ROMAN-10 Gold Fine workmanship special function Elegant and robust menu , WOMENS HUSH PUPPIES ADULTS - ATHOS SANDALS/SUMMER/DRESS/CASUAL LEATHER SHOES , Fly London MISS141FLY Long Boots, Rug/Oil Suede, Dark Brown , Men's/Women's Minnetonka Women's Double Deerskin Softsole Moccasin Modern technology a wide range of products Very good classificationRetro Oxfords Women Low Top Loafer Beads Metallic Low Block Heel Leisure ShoesAUTHENTIC HERMES LEATHER SNEAKERS DARK BROWN GRADE AB USED - AT , $675 Gianvito Rossi Nappa Leather Pointed PumpPrada Womens Sandals Size 36 White Black Leather Slip On High Wedge Heel , Ellie Shoes Women's 405-Sasha Platform Dress Sandal - Choose SZ/ColorNew Balance 1340 V2 Purple/Silver Running Shoes Womens Size 10BAdidas Rise Up [BB8246] Men Basketball Shoes Black/Grey-White Size 12M , Nike Air Jordan Retro I Russel Westbrook Size 11.5 332550-312 Teal XI XII III , Nike Flyknit Racer 2.0 Oreo Mens Running Training Shoes Black White Size 13Brand New Adidas Powerlift 3.1 Weightlifting Shoes Sz 11 Gray BlackNIKE AIR VORTEX '17 MEN SIZE 11.0 NEW BLACK COMFORTABLE STYLISHNike Men SF AF1 Mid Casual Shoe Special Field Orange White 917753-800 US7-11 04'Columbia Santiam Fip Sandal - Womens , MICHELIN Men's Hydroedge Puncture Resistant Waterproof Work Boot Steel Toe - XhyMEN'S WATERPROOF FIELD BOOTS TB0A18B4 SIZE 11Loafer Fashion British Style Breathable Low Help Mesh Slip On Flats Men Shoes NW , Mephisto Edlef Slip On Black Smooth Leather - size 8.5 - was $299 , Gentlemen/Ladies Duca di Morrone HOLDEN Outstanding features a variety of At an affordable priceWomen's Nike Air Zoom Pegasus 34 Shield Running Shoes Size 6.5 907328 002 NIB , Nike Air Max Deluxe Womens Blue Gold Orange Running Rare AQ1272-400 NIB s 6.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New mogochinese-21682 Vintage Men Leather Men Nike Presto Cage Leather 830256-102 Size 9 35a86f1 - 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.

    New mogochinese-21682 Vintage Men Leather Men Nike Presto Cage Leather 830256-102 Size 9 35a86f1 - 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
    New mogochinese-21682 Vintage Men Leather Men Nike Presto Cage Leather 830256-102 Size 9 35a86f1
    Athletic Shoes
    >
    ;