Never miss an update

Air Jordan 6 sz11 sz11 28991 Carmine varsity Carmine Lakers playoff Yeezy zebra pirate torro 4775e7f




Item specifics

Condition: :
An item that has been or previously. 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:
Product Line: Air Jordan 6 US Shoe Size (Men's): 11
Brand: Jordan Color: Red
Style: Basketball Shoes
Never miss an update

Air Jordan 6 sz11 sz11 28991 Carmine varsity Carmine Lakers playoff Yeezy zebra pirate torro 4775e7f - blurrypron.com

    Air Jordan 6 sz11 sz11 28991 Carmine varsity Carmine Lakers playoff Yeezy zebra pirate torro 4775e7f
    Air Jordan 6 sz11 sz11 28991 Carmine varsity Carmine Lakers playoff Yeezy zebra pirate torro 4775e7f
    Nike Flyknit Lunar 1 + OG Size 10.5 Sequoia 554887-310 Rare Colorway YeezyAsics Mens Gel Nimbus 20 Running Shoes T800N 400 Blue Print/Race Blue Size 12 , NikeLab Nike Vandal High x John Elliott Sail/ White Premium Suede AH7171-101ADIDAS ULTRABOOST 2.0 “SHOCK MINT” ITEM NUMBER 3390-14 , ASICS TIGER GEL MAI MEN'S RUNNING SHOES LIFESTYLE SNEAKERS , Nike Air Jordan Retro 10 X Lady Liberty 30th Anniversary DS Sz 11 - Send OffersAir Jordan 4 Retro Fire Red 2012 Men's size 10.5 with Hang Tag READ DESCRIPTION , Nike Lunar Magista II FK FC White Black Mens SZ 8 - 132004 Retro Nike Air Jordan 7 VII "Olympic" 9.5 TRUE RED GOLD OBSIDIAN BLUE OG , Vans X Star WARS Classic Slip On Shoes! Darth Vader Dark Side! , NikeLab Nike Vandal High x John Elliott Anthracite Premium Suede AH7171-002Nike Air Zoom Run the One James Harden Beard Player Sample Edition PE 11 DS NEW , NIKE AIR TR. V. CRUZ PRM HAYSTACK-WHEAT SZ 9NIKE ID FLYKNIT AIR MAX VOLT PINK RUNNING SHOES 845615 992 MENS 9.5 WOMENS 11 , Nike SB Zoom Dunk Low Elite QS Midnight navy/white 877063 416 Size 8 , Nike Air Jordan Retro 10 X 30th BULLS OVER BROADWAY Red Black 18 705178 601 1 ii , Nike Air Force 180 Size 9.5 air charles barkley 310095 100 basketball olympicAIR JORDAN 1 RETRO HIGH GYM RED 332550 603 ATHLETIC BASKETBALL MEN'S SIZE 12 NEW , Nike Men's LeBron XV 15 "Pride of Ohio" size 10.5 Black Taupe shoes LA lakers 232011 New Sample Nike Air Jordan Aero Flight sz 9 Marquette PE Feng Tay SC , NIKE AIR MAX 270 OIL GREY-OIL GREY-HABANERO RED SZ 14 [AH8050-013]Nike React Element 55 Size 12 Black Wolf Grey Volt White BQ6166 New DeadStock , Nike Air React Element 55 Black Pink Solar Red BQ6166-002 New DeadStockNIKE LEBRON XII AS ALL STAR WHITE/MULTI-COLOR-BLACK SIZE MEN'S 11 [742549-190]DS NIKE 2017 AIR JORDAN XIII 3M ANTHRACITE "HYPER PINK" 7, 7.5, 8, 8.5, 9, 9.5Man/Woman NIKE FOAMPOSITE COPPER SZ 10 fashion Optimal price At an affordable price2011 Nike Air Jordan 7 VII Retro Cadinal Cardinals 304775-104 SIZE 12 VNDS , Nike Zoom Mercurial XI 11 Flyknit Dark Grey/Pale Grey 844626-003 Men's SZ 9 , Nike Air Jordan 11 Retro Low Black / Infrared / Platinum Low - Size 9.5
    Air Jordan 6 sz11 sz11 28991 Carmine varsity Carmine Lakers playoff Yeezy zebra pirate torro 4775e7f - blurrypron.com>Air Jordan 6 sz11 sz11 28991 Carmine varsity Carmine Lakers playoff Yeezy zebra pirate torro 4775e7f - blurrypron.com
    Nike Superfly 6 Pro FG Soccer Mens Shoes Cleats Black Orange AH7368-081 , Beacon Terri Women's Slip On, Multi-aztec, Size 8.0 US / 6 UK , New Django & Juliette Oceansh Womens Shoes Casual Sandals HeeledHaflinger Women's AR Jimmy Flat,Charcoal,37 EU/6 M US , BADGLEY MISCHKA BLACK SATIN AND FABRIC SLIP ONS WITH CUTE BOW DETAIL , Nike Vapor Pro Low Football cleats 511340 100 Mens New White BlackNew Balance 877 Walking Shoe - Men's Size 8D, Gray , Man/Woman Nike Air Max 1 feature Optimal price best sellerNike Air Force 1 Men Size 11Air Jordan Retro 12 MCS Men’s Size 15 Baseball Cleats Shoes Black 854566-010 , BRAND NEW!Mizuno Mens Wave Paradox Athletic Shoes , Mizuno Spark 2 Men's Running Shoes K1GA170309 A 17G , Nike Phantom Vision Academy DF TF Wolf Grey/Light Crimson/Pure Platinum 3269060 , Air Jordan Why Not Zero 1 Russell Westbrook Navy Tribute AA2510-431 Size 10Skechers Men's Relaxed Fit Relment Sonego Hiking Shoe Khaki Waterproof , DS 2010 Nike Air Maxim Max 1 Attack Pack QS 11.5 SP Running Trainer 366488-400NIKE 2016 SF AF1 AIR FORCE 1 SPECIAL FIELD URBAN UTILITY FADE OLIVE GREEN 13Nike HyperAdapt 1.0 'Habanero Red' Size 11 , New Neil M. Rome 6.5 EEE walnut (442) , Gentlemen/Ladies Lacoste Flat Shoes Sneakers Casual733CAM1071_MARICE High quality and low overhead Has a long reputation Superb craftsmanshipROBERTO GUERRINi A1040 Italian mens brown leather ankle boots with 2 zippersGentlemen/Ladies Nautilus Men's N1725 Grey Slip-Resistant (Non-Skid) Modern technology Used in durability Exquisite (processing) processing , Allen Edmonds Badlands Black Leather Oxford Mens Size 11 M Shoe EUCConverse Chuck II Shield Canvas Low Top size size 7.5 , adidas Women's Cf Qtflex W Running Shoe, Grey, Size 9.5 , NEW WOMEN'S ASICS GEL-SOLUTION SPEED 3 (3301: PURPLE/WHITE/PINK) TENNIS SHOES.Klogs Women's Salem Clog Tawney Adored Leather ClogsASICS GEL-Quantum 360 4 Womens Running sneakers 1022A029-300 MSRP:$160Donald J Pliner Boots Black Leather Knee High Stacked Heel Boots Auth Size 9.5LAUREN by Ralph Lauren Womens Genna Leather Closed Toe Ankle Black Size 9.0 YW
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Air Jordan 6 sz11 sz11 28991 Carmine varsity Carmine Lakers playoff Yeezy zebra pirate torro 4775e7f - 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.

    Air Jordan 6 sz11 sz11 28991 Carmine varsity Carmine Lakers playoff Yeezy zebra pirate torro 4775e7f - 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
    Air Jordan 6 sz11 sz11 28991 Carmine varsity Carmine Lakers playoff Yeezy zebra pirate torro 4775e7f
    Athletic Shoes
    >
    ;