Never miss an update

Nike SB Stefan Janoski Janoski Black Team Red White SB Sz Sz 13 631298-060 bff6448




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
Style: Athletic Sneakers
Color: Multi-Color US Shoe Size (Men's): 13
Brand: Nike SB UPC: Does not apply
Never miss an update

Nike SB Stefan Janoski Janoski Black Team Red White SB Sz Sz 13 631298-060 bff6448 - blurrypron.com

    Nike SB Stefan Janoski Janoski Black Team Red White SB Sz Sz 13 631298-060 bff6448
    Nike SB Stefan Janoski Janoski Black Team Red White SB Sz Sz 13 631298-060 bff6448
    CONVERSE CHUCK TAYLOR BREAKPOINT OX CT SUEDE LIGHT SURPLUS 155783C SZ 10.5Adidas Mens Size 10.5 Icon Trainer 'Legend Pack Miami' Shoes Sneaker Men CG4865 , Men's Nike Train Speed 4 AMP Kentucky Wildcats “UK” 844102-411 Size 11.5 Blue , Adidas Mens Blue Tubular Doom PK high Tops Sneakers Size 11 $68.00Nike Air Force 1 XXV Mens Size 10 White Black 2006 315092-113 AF-1 ‘82 , Gentleman/Lady Adidas ZX Flux 5 UK S79093 Charming design Year-end sale Very good color , Nike CJ3 Flyweave Trainer Shoes Bowling Sizes 11.5 Red Blue 725231-600Vans Gilbert Crockett Pro MID DEMITASSE Men's Classic Skate Shoes Size 7 NEWVans Sample Old Skool 9 Woven Textile Multicolor Pewter Supreme Checkered , Nike Men's Air Force 1 07, White White-Varsity Red, 315122-993 Size 10.5HUF Choice Black Suede Speckled Skateboarding Skate Shoes Sneakers NEW Mens 7.5New mens Hi-Tec V-Lite Witton Brown Shoe Size 9.5 , Saucony Freedom Runner Burgundy Sneakers Men's US Size 9 (K2,10) , NEW Adidas ALPHABOUNCE RC Running Shoes Men's Black White Size 8.5MEN'S BASKETBALL UNDER ARMOUR TORCH FADE 1274423 001 BLK//WHT DS BRAND NEWNWB-Nike Hyperdunk 2016 Low Black/White Basketball Shoes Sz 11Signed Autographed All American Rejects Converse Chuck Taylor Shoes MENS Size 7 , Vans Old Skool Black White Womens - Mens Trainers , ASICS GEL LIQUE Mens 11.5 H6K0L 9077 Black Cathay Spice NEWNWT Nike SB Men's Team Classic Summit White Gum, Navy Sneakers 10.5 DS AUTHENTIC , Adidas Busenitz Black White Scarlett Red Sz 13 B22767Nike Air Force Max Premium Wheat Flax Phantom Gum Barkley Sz 9 315065-200Adidas CF Racer TR Running Shoe - Mens , Nike Air Force 1 315122 Grape/White/Blue Men's Shoes '07 size 14Nike Air Jordan Dub Zero Concord Size 12 Men 311046 106New Balance Mens Size 12.5 Low Metal Baseball Cleats Black SilverNew Puma 190508 11 Ignite Flash EvoKnit Red / Blue Men's Training Shoes 11.5 US , NIKE MEN'S ROSHE ONE RUNNING SHOES LIFESTYLE SNEAKERS - NEW , Mens ADIDAS SUPERSTAR Black/White Textile Leather Trainers AQ4684
    Nike SB Stefan Janoski Janoski Black Team Red White SB Sz Sz 13 631298-060 bff6448 - blurrypron.com>Nike SB Stefan Janoski Janoski Black Team Red White SB Sz Sz 13 631298-060 bff6448 - blurrypron.com
    Men's/Women's Durango Distressed Cowgirl Boot - RD4112 Consumer first High-quality materials Fashion dynamic , COLE HAAN WOMENS BLACK COW HAIR BOOTIES ANKLE BOOTS SZ 7.5 GOLD HEELS ZIP UP , Dr Martens Ladies 1460 Vonda II 8 Eye Floral Embroidered Soft Leather BootsNike Duel Racer Light Charcoal White Pale Grey Men Running Shoes 918228-008 , ALPINESTARS S-MX 5 WATERPROOF BLACK MOTORBIKE MOTORCYCLE BOOTS CE CERTIFIED , Calvin Klein Pianna Strapped Peep Toe Dress Sandals 488, Clay, 7 US / 37 EU , CB CECILIA BRINGHELI Brown Suede Shoes Tassel Flats Mocassin Loafers Size 10 US , Mr/Ms ALDO Women's Muschett Mary Jane Flat Cheap Medium cost comfortable , BZees Women's Tanza Loafer Flat, Black Size 8.5 M US (New)Chloe Brown Pebbled Leather Iconic-Buckle ankle-strap Sandals Heels Shoes 37 , Naturalizer Eliza Sandals 8.5W White Alabaster Leather Cross Strap Wedge Comfort , K-L19280 New Lanvin Heels Pump Snakeskin Platform Shoes Patent Size 9 39 $1299 , Men's/Women's CHACO WOMEN SANDALS SIZE 7 Beautiful design Good market Extreme speed logistics , Nike Air Max Modern Flyknit Sail/Obsidian-Pure Platinum Men's 876066-100 SZ 11.5Mr/Ms Ringside Diablo Boxing Shoes Size 12 Comfortable feeling Good market The first batch of customers' comprehensive specifications , NIKE FLIGHT BONAFIDE SZ 11 917742 400 blue retro flyknit sz11 BASKETBALL SHOESUSED ADIDAS CONSORTIUM TUBULAR RUNNER BLACK SIZE 10 B35619! GREAT COND! , ASICS MEN'S DYNAFLYTE RUNNING SHOES MID GRAY/BLACK/SAFETY YELLOW SIZE 11.5 NWTNike Men Air Max 90 Ultra 2.0 Flyknit College Blue White Sz 10.5 875943-400 , Kenneth Cole Reaction Mens World Champion Black Loafers 11 Medium (D) BHFO 6319Cole Haan Kilgore Apron Black Leather Men's Dress Shoes Size 10.5 M , ALLEN EDMONDS 'Neumok' Wingtip Men's Shoes Size 9 DNew Balance Women's 711v3 Mesh Trainer Shoes White with Grey , Men's/Women's Fabulicious Women's Lip 109 Black/Black Crazy price, Birmingham Online Reliable reputation , nike womens air max ST running trainers (705003 002) sneakers shoes sz: 12Converse Star Court Trainers Womens White/Silver Sports Trainers SneakersHunter Women's Original Short Rain Boot Black Waterproof BootsWomens High Block heel shoes Pointy toe Suede Pull on Knee High Boots CasualDONALD J PLINER 'Bixbi' black leather TALL FLAT RIDING boots 7.5 Classic New , BEARPAW Women's Demi Winter Boot, Charcoal, 9 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike SB Stefan Janoski Janoski Black Team Red White SB Sz Sz 13 631298-060 bff6448 - 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 SB Stefan Janoski Janoski Black Team Red White SB Sz Sz 13 631298-060 bff6448 - 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 SB Stefan Janoski Janoski Black Team Red White SB Sz Sz 13 631298-060 bff6448
    Athletic Shoes
    >
    ;