Never miss an update

Nike Air Max Running 270 29888 Mens AH8050-013 Oil Grey Black mogochinese-29894 Red Mesh Running Shoes Size 10 f62d7d3




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
Stylenumber: AH8050-013
Style: Running, Cross Training Color: Oil Grey/Habanero Red/Black
Width: Medium (D, M) Brand: Nike
US Shoe Size (Men's): 10 Gender: Mens
UPC: 884498581193
Never miss an update

Nike Air Max Running 270 29888 Mens AH8050-013 Oil Grey Black mogochinese-29894 Red Mesh Running Shoes Size 10 f62d7d3 - blurrypron.com

    Nike Air Max Running 270 29888 Mens AH8050-013 Oil Grey Black mogochinese-29894 Red Mesh Running Shoes Size 10 f62d7d3
    Nike Air Max Running 270 29888 Mens AH8050-013 Oil Grey Black mogochinese-29894 Red Mesh Running Shoes Size 10 f62d7d3
    Gentleman/Lady VANS sneakers from japan (1003 Special price Modern design Speed ​​refundNike Air Max 270 Just Do it Mens AH8050-106 White Black Orange Shoes Size 9 , Adidas NMD R1 PK Marble Mens BB7996 Aero Green Black Primeknit Shoes Size 8.5 , VANS SLIPON off the wall designer custom sneakers from japan (547 , AIR JORDAN 3 RETRO "2009" 136064-141 white/true blue 3 Size 10.5Nike Air Max 270 Just Do it Mens AH8050-106 White Black Orange Shoes Size 8 , Nike Lebron XV Graffiti Mens AQ2363-100 White Black Basketball Shoes Size 10.5 , Adidas NMD R1 PK Marble Mens BB7996 Aero Green Black Primeknit Shoes Size 11.5Nike Air Max 2016 Men's Summit White/White/Black 06771100Premiata Men's Shoes Sneakers - LANDER | Blue | Fall Winter 18/19 , Nike Air Max Plus Mens 852630-032 White Black Synthetic Running Shoes Size 12Adidas NMD R1 PK Marble Mens BB7996 Aero Green Black Primeknit Shoes Size 9.5 , Nike Kobe AD A.D. Devin Booker PE Suns QS Size 8-13 Pro Purple Multi AQ2721-5001804 adidas CRAZY EXPLOSIVE 2017 PRIMEKNIT LOW Men's Basketball Shoes CQ0443Nike Air Max Plus Mens 852630-032 White Black Synthetic Running Shoes Size 13Air Jordan 1 Retro High Premium Camo Pack Mens AA3993-027 Grey Shoes Size 11Nike Epic React Flyknit College Navy Blue Sz 6-13 Men Women New AQ0067-400VANS 26.0 back bore high-cut suede sneakers sk8 from japan (2157Nike Air Max Plus Mens 852630-032 White Black Synthetic Running Shoes Size 11VANS slip Snoopy and Lucy US4 (22cm) from japan (1865 , Nike Kyrie 4 "Uncle Drew" - 943806 100 , Nike Lebron 8 v/2 low "Solar Red" (Size 7) - PRE OWNEDNike Air Max Plus Mens 852630-032 White Black Synthetic Running Shoes Size 10Adidas Ultra Boost M 3.0 Silver Super Bowl Halftime Pack Ultraboost BA8143 , RARE Vintage NEW Adidas Workout II Shoes Powerphase Size 13 , Gentleman/Lady Adidas UltraBOOST Parley m - BB4762 High quality and cheap fashionable Current shape , Sneakers Asics UNITED ARROWS from japan (6047NIKE AIR JORDAN XXXII LOW PF MEN'S BASKETBALL SHOE AH3347-603 US7-11 12'Man's/Woman's Adidas UltraBoost Uncaged M - BB3899 Various styles Strong value Explosive good goods ,
    Nike Air Max Running 270 29888 Mens AH8050-013 Oil Grey Black mogochinese-29894 Red Mesh Running Shoes Size 10 f62d7d3 - blurrypron.com>Nike Air Max Running 270 29888 Mens AH8050-013 Oil Grey Black mogochinese-29894 Red Mesh Running Shoes Size 10 f62d7d3 - blurrypron.com
    Naturalizer Womens F3735L1 Closed Toe Over Knee Fashion Boots Black Size 6.5 , Hunter Original Short Gloss Rain Boot - Women's , 2K08PH Python Boots Women by Cuadra BootsNike Jordan Formula 23 Grey White Men Casual Lifestyle Shoes Sneakers 881465-003CLOVELLY SUN LADIES CLARKS LEATHER SLIP ON SUMMER SHOES ESPADRILLE CASUAL PUMPS , Man/Woman TBS Merloz Noir Many styles Optimal price have fun , Man/Woman Sperry Women's Falcon, Olive Green-6 High-quality Primary quality have fun , Sperry Top-Sider Women's Firefish Stripe Boat Shoes STS95278 ~ Brick ~ 8.5 M , Men/Women Heel Nine West Expo White/Clear High quality and cheap Strong value Lightweight shoes , Thalia Sodi Womens Lichi Open Toe Ankle Strap Classic Pumps, Black, Size 6.5 DpH , Betsey Johnson Women's 6M Tayla Black Leather Zipper High Heel Pumps Betsy GoldNew sz 10 / 40 Yves Saint Laurent Tribtoo Black Leather Platform Pump Shoe YSLCircus by Sam Edelman Women's Tate Heeled Sandal - Choose SZ/Color , Reebok Mens ATR Talkin Krazy Colorways Basketball Shoe Silver Blue Size 9 , Nike NCAA Oklahoma Sooners Train Speed 4.0 AMP Week Zero Shoe 844102 600 size 10Nike Air Zoom Spiridon '16 Shoes Black Metallic Silver SZ 13 ( 926955-003 ) , NEW Nike Air Alvord 10 Trail Mens Running Shoes Size 11 , New Nike Air Max Flair Men's Running Training Shoes Dark Obsidian 942236 400 , ADIDAS EQT CUSHION ADV BLACK RED GREY KNIT UPPER MENS SHOES US9 DEADSTOCK NEW , Nike Air Huarache Run Unisex 634835-029 Women-Men Particle Rose Pink Gray RareMens Genuine Leather chealsea buckle strap Ankle Boots Formal Dress shoes newNew Kenneth Cole Unlisted MAD RUSH Men Chukka Boots Sz. 8.5Women 6.5US Sold out Item Rare 24 Adidas YUNG-1 Dragon Ball Freeza , Giorgio Brutini Le Glove Mens Gordy Brown Dress Shoes Size 10.5 Tassels LoafersStegmann Mens Wool Felt Polyflex Clog Slipper Black Wool Indoor/Outdoor Slippers , New Balance Women's WX623v3 Training Shoe , Baskets Femme ETNIES Cyprus White Grey Red , MIZUNO WOMAN VOLLEY SNEAKER SHOES / CODE V1GC150025 WAVE LIGHTNING Z , Sexy WIDE WIDTH WIDE SHAFT Women's Black Pirate Costume 5" Heel Thigh High Boots , Jessica Simpson Merta High Top Ankle Boots 189, Black, 7 US / 37 EU ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Max Running 270 29888 Mens AH8050-013 Oil Grey Black mogochinese-29894 Red Mesh Running Shoes Size 10 f62d7d3 - 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 Running 270 29888 Mens AH8050-013 Oil Grey Black mogochinese-29894 Red Mesh Running Shoes Size 10 f62d7d3 - 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 Running 270 29888 Mens AH8050-013 Oil Grey Black mogochinese-29894 Red Mesh Running Shoes Size 10 f62d7d3
    Athletic Shoes
    >
    ;