Never miss an update

Nike Air Max mogochinese-18308 Men's White Size 10 2012 Air Running Shoes White Gray Athletic Sneakers 5ffe0cf




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: Wonderful condition, please see photos.
Brand: Nike Pattern: Solid
Style: Running Shoes Shoe Height: Mid Top
US Shoe Size (Men's): 10 Sub Style: Road Running
Color: White UPC: Does not apply
Never miss an update

Nike Air Max mogochinese-18308 Men's White Size 10 2012 Air Running Shoes White Gray Athletic Sneakers 5ffe0cf - blurrypron.com

    Nike Air Max mogochinese-18308 Men's White Size 10 2012 Air Running Shoes White Gray Athletic Sneakers 5ffe0cf
    Nike Air Max mogochinese-18308 Men's White Size 10 2012 Air Running Shoes White Gray Athletic Sneakers 5ffe0cf
    2010 NIKE JORDAN BLACK INFRARED RETROVI 0G PRE OWNED GREAT CONDITION SIZE 5Men's Adidas NMD R2 Future Harvest US Size 9.5 - BY9915 , Asics Onitsuka Tiger OC Runner D549L-9096 Black Running Shoes Medium (D, M) Men , NIKE ROSHE LD 1000 QS BLACK WHITE 802022 001 SZ 11Nike NCAA Oklahoma Sooners Train Speed 4.0 AMP Week Zero Shoe 844102 600 size 18 , UA Under Armour Mens Sneakers Kilchis Size 8.5 Rhino Gray , MENS NIKE AIR MAX FULL RIDE TR SHOES SIZE 10 Black White CROSSTRAINER 819004 001 , Men/Women asics onitsuka tiger colorado 85/light Grey Innovative design Stylish and charming British temperament , NWB Nike Men's Air Cgae Advantage Atheltic Shoe Gray Size US 10SUPER RARE MENS NIKE JORDAN TC GREY SUEDE US SIZE 10New Balance 580 Deconstructed Navy Blue MRT580DC Men's SZ 8.5NIKE MAYFLY PREMIUM LEATHER PREMIUM LEGION GREEN 816548 300 SZ 10 , Under Armour UA Steph Curry 1 Lux Men’s Sneakers!! New!! Msrp. $150.00 Sz. 11Nike Roshe Two Flyknit 365 Volt Wolf Grey Green Glow Sz 9.5 NIB 859535-700Nike Duel Racer Mens 918228-700 Volt Black Crimson Knit Running Shoes Size 9 , Men's New Balance T690V2 Running Shoe Gunmetal Size 8.5 #NJN5U-529Nike Air Zoom Structure 20 Electro Green Ghost White MEN SIZE 7.5 RUNNING SHOEConverse All Star SATIN GALAXY Universe 7 US 40 cm 143963CNike Rosherun Cool Grey White Volt running roshe 511881-091 , Nike Air Jordan 4 IV Retro MCS Mid Black Baseball Cleats 807709 010 Size 15 , ADIDAS TUBULAR RUNNER WEAVE COLLEGIATE BURGUNDY RED BLACK WHITE S74812 SZ 9.5 , VANS OLD SKOOL MEN ENAMEL BLUE / WHITE VN0A38G1U65 , Nike Men's KD Trey 5 IV TB PROMO Size 10 White Basketball Shoes 856484-100 , Vans Half 1/2 Cab LX Neighties 1966 Gray Shoes Men's Size 9 Brasil Wornsize 5.0 BAIT x Asics Bay Pack Gel Lyte V Misfits Giant OrangeAdidas Original Superstar (BZ0197) Athletic Sneakers Skateboard Shoes WhiteAdidas SL Loop CT Petrol Ink/Black-Yellow Q16404 Men's SZ 12Hi-Tec Trail OX Shandal Michelin Brown Orange Grey Black Men Outdoors Sandals , Mr/Ms Merrell Men's Black/Red Color Shoes 11 Long-term reputation Highly praised and appreciated by the consumer audience Simple
    Nike Air Max mogochinese-18308 Men's White Size 10 2012 Air Running Shoes White Gray Athletic Sneakers 5ffe0cf - blurrypron.com>Nike Air Max mogochinese-18308 Men's White Size 10 2012 Air Running Shoes White Gray Athletic Sneakers 5ffe0cf - blurrypron.com
    Ladies Fly London Yama Mousse Ankle High Casual Winter Wedge Boots All SizesUS13 Women Runway Party Dance Knee Boot Zip Pointy Toe Stiletto High Heel ShoesRunway Womens Pull On Pleated Over Knee Thigh Boots Rhinestone Real Leather NewMr/Ms Naughty Monkey Women's Ziba Riding Boot Reliable quality Fine art Very good classification , NCAA Oregon State Beavers Women's 10-Inch Gameday Boots , Nike SB Stephan Janoski Max Shoes Black/Black/White - Aussie Seller Free FreightMen's/Women's Ladies Clarks Trainers 'Step Allena Bay' Various goods Win the praise of customers Quality and consumer first , FRANCO COLLI DARK BLUE MEDIUM HEEL PUMPSCole Haan Grand Os Wingtip Gray Womens 10 B (WO5596) Dress CasualRockport Women's Melora Gore Captoe Dress Pump - Choose SZ/ColorSize Excellent condition DANSKO US 8.5/9 Black Leather ClogsFashion Women Cow Leather Mules Shoes Flat Heel Square Toe Slip On Boots Slides , Nina Women's Idabell-Ys Satin Ankle-High Silk PumpVince Camuto Signature Mallorie Leather Wedge Bootie Deep Red Women Sz 10M 3132*NEW BALANCE W590LC5 RUNNING SHOE SHOES ORIGINAL GREY (PVP IN SHOP 79EUR) , Scarpa Mojito Mens Hiking Climbing Athletic Shoes Sz 10.5 44 Blue Black , Nike Men's Air Max Invigor SE Running Shoes Size 9.5 , Nike Zoom Speed TR 2 Black Volt Gum Camo Brown Cross Training 684634 072 Sz:8-14Nike Lebron XIII 13 AS All Star Game Basketball 835659 309 James Lakers Sz 10 , PUMA R698 X VASHTIE 357743-02 gray violet Size 10Reebok Pump purple size 11.5 Dee Brown air penny pippen kemp jordan xi xii xiiiNike Air Max Motion LW Mens 833260-010 Black White Mesh Running Shoes Size 8.5NIKE AIR JORDAN AJ KO HIGH OG BLACK-SPORT BLUE SZ 11 "CANVAS" [638471-007] , Giorgio Brutini Slaton - Brown - MensNEW adidas Messi 15.1 AF4654 Mens Shoes Trainers Sneakers SALEMen's Clarks Shoes Label - Chart LimitNike Air Zoom Fit Agility 2 WMNS size 6-7.5 806472-001Man/Woman NEW STEVE MADDEN WOMENS MATURE Big clearance sale Win highly appreciated Seasonal hot sale , Womens Ankle Boots Back zip Metal Stiletto Pointed Toe Simple Fashion Shoes Hot , Crocs Women's Leigh II Ankle Strap Wedge - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Max mogochinese-18308 Men's White Size 10 2012 Air Running Shoes White Gray Athletic Sneakers 5ffe0cf - 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 mogochinese-18308 Men's White Size 10 2012 Air Running Shoes White Gray Athletic Sneakers 5ffe0cf - 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 mogochinese-18308 Men's White Size 10 2012 Air Running Shoes White Gray Athletic Sneakers 5ffe0cf
    Athletic Shoes
    >
    ;