Never miss an update

Used Air 8019 Jordan xxxi 31 Black/ Air Game xxxi Royal/ White Men's Size 12 87b873c




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Style: Basketball Shoes
Brand: Jordan Product Line: Air Jordan
Color: Blue US Shoe Size (Men's): 12
Idset_Mpn: 845037-7 Shoe Height: Low Top
Model: Jordan 31
Never miss an update

Used Air 8019 Jordan xxxi 31 Black/ Air Game xxxi Royal/ White Men's Size 12 87b873c - blurrypron.com

    Used Air 8019 Jordan xxxi 31 Black/ Air Game xxxi Royal/ White Men's Size 12 87b873c
    Used Air 8019 Jordan xxxi 31 Black/ Air Game xxxi Royal/ White Men's Size 12 87b873c
    Nike Flex 2018 RN Run Grey White Men Running Training Shoes Sneakers AA7397-010Nike Zoom Rival D 10 Men's Hyper Royal/White/Deep Royal Blue/Black 07566411Miami Kruzin | Basil Hi II | Unique White Mens Fashion Sneakers | Sz 9NEW Mens ADIDAS RGIII Carmouflage Black White Molded Football Cleats TD 10 11 14 , ADIDAS EQUIPMENT SUPPORT ADV EQT CP9558 FOOTWEAR RUNNING WHITE/BLACK22 New Clarks Ontour Route GTX Mens Hiking Boots Size 8 Black Nubuck $180New Balance ML574BSB D Retro Surf Hemp Incense Ivory Men Running ML574BSBDAsics Gel-Kayano Trainer Evo Mens Casual Trainers Shoes Black/GreyNike Zoom Speed TR2 TB Training Shoes Black/White 725181-001 Sz 13 , NIKE MEN'S ZOOM SPEED TR 24/7 RARE YEEZY SAMPLE SIZE 10 630851 033Mens NIKE AIR MAX 1 PREMIUM Running Grey Trainers 512033 013Under Armour Vibe White Grey Men Running Training Shoes Sneakers 3020340-104adidas Alphabounce AMS M Aramis White Grey Men Running Shoes Sneakers BW0427NIB MENS SIZE 8.5 M NIKE AIR MAX SEQUENT SNEAKERS GREY 719912 011Propet Walker LE - White - Mens , Adidas Originals NMD R1 STLT Primeknit PK Boost Shoes Men's CQ2388 CQ2389 CQ2387 , NIKE AIR MAX 1 ULTRA 2.0 ESSENTIAL SZ 9 WOLF GREY 875679 001NIKE KomYuter Mens Sz 8.5 Shoes Light Pumice Gray Thunder Blue AA2211 002 , NIKE MAMBA RAGE PRM BASKETBALL SHOES AJ7281 020 BLACK/GUM KOBE US 11.5 , I-Runner Ross Men's Diabetic Therapeutic Running Shoe Sz 10 EXTRA WIDE; $120 , New Nike Lunar Control Vapor Mens Golf Blue White Jay Red Pink 849971-401 Sz12 , (NEUF) Adidas Varial Mid - C76970 - 46²US - 11CMConverse BO-158932C_CHOCOLATE_TRUFFLE_STAR_WHITE sneaker Men's - colour Red USASICS MAN SPORTS SNEAKER SHOES CODE H632N 9001 - H632N 0190 GEL-LYTE EVONEW! Nike Kobe Mamba Instinct Shoes Team Red Black White 852473-600 , Men's/Women's adidas supernova - Grey - Mens Long-term reputation Trendy Pick up at the boutiqueLacoste Esteban x Shoes Master Japan, new, size 9us, 8uk, 42euNew Balance MRUSHGO3 2E Wide Grey Black Men Running Shoes Trainers MRUSHGO32E , New Balance 574 Wheat Tan Brown Gum Fresh Foam Sz 9.5 MS574CB ,
    Used Air 8019 Jordan xxxi 31 Black/ Air Game xxxi Royal/ White Men's Size 12 87b873c - blurrypron.com>Used Air 8019 Jordan xxxi 31 Black/ Air Game xxxi Royal/ White Men's Size 12 87b873c - blurrypron.com
    Corral Women's Glitter Diamond Inlay Strap Cowgirl Boot - Snip Toe - A3109 , Mens Chelsea Boot Shoe US 9 Black , Nike WMNS Air Zoom Pegasus 34 [880560-404] Women Running Shoes Ice Blue/OrangeBCBGeneration Karli Ankle Strap Dress Sandals, Caramel/Caramel , Remonte Womens R1472 Hi-Top Sneakers, Black SchwarzAltsilberSchwarzSchwarzFrench Sole Metro Square Toe Ballet Flats 915, Black Pebble, 10 US , DANSKO SAM Women 9.5-10 40 Black Tooled Leather Ankle Strap Wedge Sandal ShoesSPRING STEP STREETWISE-R-M - STREETWISE Size: - Color:Summer Sext Peep Toe Straps High Chunky Heels Summer Leather Roman Sandals ShoesStuart Weitzman 10 Brown Heels Loafer Buckle Textured Leather Career , Cole Haan - Tali Luxe Wedge Shoe-Womens Size 7.5C-Black-Pre Owned , Womens Super High Heels Platform club Shoes New Ankle Strappy Stilettos Sz 40-50FERRAGAMO AQUAZZURA EDGARDO OSORIO BLACK RAINBOW ANKLE TIE SANDAL 38 7.5M-8SERGIO ROSSI women shoes Ivory leather mule with silver-tone metal plaque A78000 , Johnston & Murphy Jill Loop-Toe Sandal - Blood Orange Size US 7New Nike Womens Pre Montreal Racer Pinnacle Running Shoes 839605-400 SneakerNike Air Trainer Max 91 Bo Jackson MENS SIZE 8 Black Green Retro 309748 007 , Man/Woman Tommy Hilfiger Men's Midvale Casual Shoe Online Shopping Wholesale trade Perfect processingDC Shoes Men's Pure Hi Top WC SP Sneaker Shoes Black Blk Wht (XKKW) Skate , New Balance | MRE 480 Ka-Boom | Black | Mens 10.5Adidas Superstar 80s Men’s Shoes Eddie Huang Huangs World Sneakers F37748 BlackJimmy Choo Men's Argyle High-Top Sneaker Jeans Calfskin Suede/Textile High TopsNew Rock West Solid Heel Scaled Leather Boots - Brown - 7953-S7 - Gothic,Goth,Pu , MENS KENNETH COLE SOUND T-RACK BRN LEATHER CAP TOE OXFORD DRESS SHOES 10.5~1/2 M , K-Swiss Women's Clean Court CMF Memory Foam Sneakers Shoes , Asics SOLUTION SPEED FF Women's 1042A002.800 Mojave/White Tennis Shoes , Women's Rubber Waterproof Rain Boots, 15 1/2 Inches Black 7 M US , SoftWalk Women's Rock Creek Boot, Black, 5.5 M US , Jessica Simpson Womens Cerrina Leather Almond Toe Ankle, Honey Brown, Size 11.0Double H 5154 Brown Leather Buckaroo Cowboy Boots Women's size 9 M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Used Air 8019 Jordan xxxi 31 Black/ Air Game xxxi Royal/ White Men's Size 12 87b873c - 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.

    Used Air 8019 Jordan xxxi 31 Black/ Air Game xxxi Royal/ White Men's Size 12 87b873c - 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
    Used Air 8019 Jordan xxxi 31 Black/ Air Game xxxi Royal/ White Men's Size 12 87b873c
    Athletic Shoes
    >
    ;