Never miss an update

Nike Air Force 10.5 1 Foamposite mogochinese-29950 Pro Cup Mens Air AJ3664-601 Gym Red Black Shoes Sz 10.5 28a273f




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: AJ3664-601
Style: Athletic Sneakers Color: Gym Red/Black
Width: Medium (D, M) Brand: Nike
US Shoe Size (Men's): 10.5 Gender: Mens
UPC: 823229036090
Never miss an update

Nike Air Force 10.5 1 Foamposite mogochinese-29950 Pro Cup Mens Air AJ3664-601 Gym Red Black Shoes Sz 10.5 28a273f - blurrypron.com

    Nike Air Force 10.5 1 Foamposite mogochinese-29950 Pro Cup Mens Air AJ3664-601 Gym Red Black Shoes Sz 10.5 28a273f
    Nike Air Force 10.5 1 Foamposite mogochinese-29950 Pro Cup Mens Air AJ3664-601 Gym Red Black Shoes Sz 10.5 28a273f
    Men's/Women's Nike Hyperchase SP/Fragment - 789486 410 Quality queen Highly praised and appreciated by the consumer audience Very practicalMan's/Woman's Danner Men's Vicious 4.5" Black Leather Special purchase delicate Valuable boutique , NIKE HYPERVENOM PHANTOM II 2 AG HYPER GRAPE-VOLT SZ 9.5 [747490-550]Nike Air Max 270 Just Do it Mens AH8050-106 White Black Orange Shoes Size 8.5 , ADIDAS PORSCHE DESIGN SPORT SNOW EASY WINTER Mens Shoes Sneakers Boots G60203NIKE ZOOM AIR AUGUS genuine national US10.5 28.5cm from japan (4454NIKE AIR MAX ZERO premium from japan (5103 , Atlantic Stars Men's Shoes Sneakers | Grey | Fall Winter 18/19 , NIKE AIR FORCE 1 MID VANCHETTA TAN 2016 - ITEM NUMBER 1311-7Nike Air Max 270 Mens AH8050-403 Ashen Slate Black Mesh Running Shoes Size 8.5 , Jordan AJ XXXI Men's White/University Red/Deep Royal Blue 45037107KOBE X ELITE EXT "WHITE OUT" MEN SIZE 8.0 NEW RARE AUTHENTIC , KD VI (6) "ENERGY" MEN Sz: 14.0 BASKETBALL NEW SUPER RARE AUTHENTIC ELECTRIC , KD 8 EXT VACHETTA TAN MEN SIZE 14.0 BASKETBALL NEW AUTHENTIC RAREPremiata Men's Shoes Sneakers - LUCY | Multicoloured | Fall Winter 18/19Nike Air Max 270 Just Do it Mens AH8050-106 White Black Orange Shoes Size 11Nike Lebron XV 15 Hardwood Classics 897648-400 Photo Blue Orange Shoes Size 8 , Man's/Woman's Kith Air Maestros 2 Purple High quality and low overhead Comfortable touch King of the crowd , NEW Nike Air Max 97 UL 17 PRM AH7581-200 Mens Shoes Trainers Sneakers SALE , VANS Vans "SK8-HI REISSUE" (FLAME) 27.5cm from japan (1371 , Nike Air Max 97 UL '17 Mens 918356-201 Sepia Stone Sand Running Shoes Size 11.5 , Nike Air Max 270 Mens AH8050-403 Ashen Slate Black Mesh Running Shoes Size 8Nike Air Force 1 Foamposite Pro Cup Mens AJ3664-601 Gym Red Black Shoes Size 11Nike Air Max 97 UL '17 Mens 918356-201 Sepia Stone Sand Running Shoes Size 8.5 , Nike Air Max 270 Mens AH8050-013 Oil Grey Black Red Mesh Running Shoes Size 12Nike Air Max 97 UL '17 Mens 918356-201 Sepia Stone Sand Running Shoes Size 10NIKE AIR MAX 97 921826-401 atlantic blue/voltage yellow Size 10.5 , Nike Air Max 270 Just Do it Mens AH8050-106 White Black Orange Shoes Size 13Men's Nike Air Max 97 SE Obsidian/University Red/Sail/Blue Nebula AQ4126 400
    Nike Air Force 10.5 1 Foamposite mogochinese-29950 Pro Cup Mens Air AJ3664-601 Gym Red Black Shoes Sz 10.5 28a273f - blurrypron.com>Nike Air Force 10.5 1 Foamposite mogochinese-29950 Pro Cup Mens Air AJ3664-601 Gym Red Black Shoes Sz 10.5 28a273f - blurrypron.com
    Men's/Women's Laredo Women Textile Venturer Black (5950) High grade Latest styles negotiation , DOLCE & GABBANA BLACK LEATHER BUCKLE BOOTS SIZE 40 , Man/Woman ADIDAS CLIMACOOL 02/17 Every item described is available Excellent performance CharacteristicsANN DEMEULEMEESTER Shoes 895958 Black 37 1/2 , Spot On! F50366 Black Synthetic Smart Zip Up Long Boots , WOMENS ADIDAS PURE BOOST X LADIES RUNNING/SNEAKERS/TRAINING/RUNNERS SHOESHello Kitty Women's Platform High Heels Disney Villains , Paul Mayer Bay Brighton Peep Toe Quilted Ballet Flats 715, Black, 7 US , Ballerines Paco Gil T 40 / Size 10 USCole Haan Women's Lattimore Shootie II Black Suede/Black Leather Comfort ShoesMark & James Badgley Mischka Flirty Mauve $275 Suede Shoe Heels Knotted Platform , NEW French Connection Women's Leather Shoes Heels Slip On Dress Pumps Size 7 , $348 New w/Box ANTHROPOLOGIE BHLDN Ruffled Leather & Wood Mules sz. 9 US / 40 EU , Avec Les Filles Gemma Slide Bow Sandals 524, Silver Metallic, 6 US , Hush Puppies Women's Sagitar T-Strap Sandals Yellow Suede Size 6 (B, M) , NIKE SB ZOOM STEFAN JANOSKI SZ 8 NOISE AQUA THUNDER BLUE DARK GUM 333824 420 , Vintage USA-MADE Converse All Star Chuck Taylor shoes size 10 red, see VIDEO!Adidas ultra boost 4.0 cookies and cream Men’s Size 11Nike Air Jordan 13 Retro Wheat Elemental Gold Flax 414571-705 Size 7 NOBOXTOPMen's Tactical Boots Desert Combat Shoes Outdoor Camping Climbing Training BestStar boots mens Suede Gamuza Abano 7017 Size 8 D NEW , Carlo Ventura 2100 Italian men black patent leather and pony ankle zip up boots , Skechers Equalizer Slickster Mens Slip On Sneakers Navy 12 , Man's/Woman's Puma Swype Running Shoes - Womens Economical and practical Let our products go to the world Seasonal promotionNew Women's Under Armour Womens UA Scorpio Running Shoes 5 Color Leisure Shoes , Fiesso Black & Gold Fully Studded Red Bottom Loafers FI208GIUSEPPE ZANOTTI white leather gold metal shoes birel hi top sneakers 38 NEWLadies Hot Punk Square Tos Ankle Boots Block Heels Snakeskin Pattern Fashion , FIORENTINI BAKER SIZE 36 Triple Buckle Black Suede BootsASOLO GTX Gore-Tex Waterproof Hiking Backpacking Boots Women's US 7.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Force 10.5 1 Foamposite mogochinese-29950 Pro Cup Mens Air AJ3664-601 Gym Red Black Shoes Sz 10.5 28a273f - 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 Force 10.5 1 Foamposite mogochinese-29950 Pro Cup Mens Air AJ3664-601 Gym Red Black Shoes Sz 10.5 28a273f - 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 Force 10.5 1 Foamposite mogochinese-29950 Pro Cup Mens Air AJ3664-601 Gym Red Black Shoes Sz 10.5 28a273f
    Athletic Shoes
    >
    ;