Never miss an update

Air Jordan Retro 10 10 mogochinese-29415 Lady Size Liberty US Men's Size 11 without BOX 852b4c8

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Jordan
US Shoe Size (Men's): 11 Product Line: Jordan Retro
Style: Athletic Sneakers Model: Jordan 10
Features: Retro
Never miss an update

Air Jordan Retro 10 10 mogochinese-29415 Lady Size Liberty US Men's Size 11 without BOX 852b4c8 -

    Air Jordan Retro 10 10 mogochinese-29415 Lady Size Liberty US Men's Size 11 without BOX 852b4c8
    Air Jordan Retro 10 10 mogochinese-29415 Lady Size Liberty US Men's Size 11 without BOX 852b4c8
    Mens Nike Zoom Tallac Lite OG 844018-002 Pure Platinum Brand New Size 11JORDAN Super Fly 5 Basketball Shoes Sneaker Black Concord Men's Sz 11.5 NWOBNew Mens NIKE Jordan Flight Runner Soar Midnight Navy Shoes 715572-406 SIZE 10 , Mens Jordan Flight 23 317820-013 Black/Blue Lagoon Brand New Sz 12 , Adidas NMD C2 Simple Brown/Core Black BY9913 ShoesCalvin Klein Men's Ward Leather Sneakers White Size 9 MNike SF AF1 Air Force 1 Special Forces Velvet Brown Men's Shoes 864024-203 , New AIR JORDAN Pro Strong Mens Shoes white red black all sizes , VANS OLD SKOOL DISNEY MICKEY HAND TRUE WHITE/BLACK MOUSE US MEN WOMEN SIZES , Nike Air FLIGHT ONE 1 NRG PENNY ORLANDO MAGIC WHITE BLACK BLUE 520502-110 SZ 11 , Puma Ignite Disc Extreme Golf Shoes 190169-03 Smoked Pearl/Silver Men's - New , Nike Men's Air Max Invigor Print Shoe Cool Grey/ White-Blue Void (749688 008) , SALE AIR JORDAN 1 MID TRIPLE BLACK GREY 554724 021 I RETRO SZ 8-13 NEW AJ1 OG2006 Nike Air Court Force 1 MIGHTY CROWN QS Limited Size 10.5 Brand New DS RAREMENS NIKE JORDAN ECLIPSE 724010 003 SIZE 7.5~13MEN'S NIKE KOBE X SILK SHOES SIZE 7 merlot gold red orange 705317 6762012 Nike Air Penny 2 LE "Volt" Black Cyber Sz 12 (0468) 535600-003 , Adidas blk/blk/wht Black Boost Originals (sz. 9.5) , ASICS GEL LYTE V HN6A4 2890 MENS RUNNING SHOES POMEGRANATE/BLACK , Mizuno EZRun LX [J1GE181811] Men Running Shoes Grey/Black-VoltMan/Woman New Jordan Eclipse 724010-010 Size 8.5 Reliable quality Stylish and fun Popular recommendationNike Air Max 180 Bright Ceramic Orange Concord Purple White OG 615287-101 Size 8MEN'S NIKE LUNARGLIDE 8 SHIELD SHOES SIZE 14 black metallic silver 849568 004 , Nike Hyperdunk 2017 TB Blk / Metallic 897808-00 Sizes 7 thru 14 , Adidas Mens Springblade Running Multi Color Shoes Size 11 US G98612 Green Silver , NIKE HYPERDUNK 2017 LOW LIMITED MEN'S SHOE [897636-901] LIGHT BONE/WHITE/GUM , Saucony Guide 10 Men's Running Shoes Athletic Sneaker S20350-1; Grey/Black/Blue , Nike Flyknit Trainer Pale Grey Sz 10 , Nike Air Zoom Pegasus 92 Premium Grey Sz 9 Mens Running Shoes White 844654-002 ,
    Air Jordan Retro 10 10 mogochinese-29415 Lady Size Liberty US Men's Size 11 without BOX 852b4c8 ->Air Jordan Retro 10 10 mogochinese-29415 Lady Size Liberty US Men's Size 11 without BOX 852b4c8 -
    Ferrini Women's Aztec Cowgirl Boot - Square Toe - 82693-16LIMITED EDITION MENS PUMA BASKET 68 PRINT RUNNERS SNEAKERS SHOES SIZE US 9 NEW , **SPECIAL** New Balance WKAYMLB1 Womens Running Shoes (D) , Gothic Punk Rock Combat Black Wedge Platform Boots Demonia 6 7 8 9 10 11 12 , Nine West ONOSHA9, Womens Slip On, White WhiteBlack White Leather, 8OTBT Wos Shoes SPRINGFIELD Mary Jane Slingback US 7.5 M Brown Woven Wedge 5570 , Claudia Ciuti Women´s Cloe Blue Suede Ballerina FlatsJessica Simpsons Women's Misha Flats Sparkling Zigzag Black/Copper-Nude Size 8 M , Nine West 25024191 Womens Joylyn Leather Dress Pump- Choose SZ/Color. , NEW Timothy Hitsman 6 Metallic Multi-Color Gold Silver Stripe Leather Round ToeANTHROPOLOGIE ECOTE BLACK MOTORCYCLE SLING BACK LEATHER CLOG HEELS SIZE 7BLACK RUBBER FETISH PANTS-BOOTS SIZE 9-15 BOLINGIER POLANDWomen's Bohemia Causa Rhinestone T-Strap Flat Sandal Beach Thong Shoes Size New , VERSACE Silk Stiletto Heels Sky Blue, Ivory & Red *NEW IN BOX* Womens US 6.5 M , Alegria Leather Sandals Victoriah Glimmer Glam EU40/US 10-10.5M NEW A304026 , Plus size women Silver Peep Toe High Block Heel Ankle Strap Pumps SANDALS SHoesRALPH LAUREN Purple Label Women's Black Ankle Strap Leather Sandals $595 NEWAuthentic Christian Dior Vintage Mules Sandals Red White Size 35 US 5New Balance Men's Fresh Foam Lazr Nations Shoes Navy with White , NIKE AIR MAX LTD 3 687977 103 WHITE/NEUTRAL GREY-BLACK MEN US SZ 12 , NIKE AIR MAX 90 WHITE/BLACK-DUST-SOLAR RED MEN'S SIZE 7 [325213 132] , Men's Brand New Puma Creeper Velvet Athletic Fashion Sneakers [364639 01] , NIKE LEBRON XII 12 SIX MERIDIANS = SIZE 9.5 = MEN'S BASKETBALL SHOES 684593 870New Air Jordan 11 Retro Gamma Blue Black Size 10.5 (378037-006) , Women's Shoes Bernie Mev Rigged Vivaldi Sneakers Black Velvet *New*Asics Women's Gel-Kayano 21 "DAMAGED" Powder Blue/Pink/White T4H7N-4401 SZ:6.5Mr/Ms Easy Spirit Women's Gogo3 Fashion Sneaker wholesale New style Fine wildNIKE Hyperdiamond 2 Keystone 856434-104 WHITE Size 9.5 , NIB Alegria by PG Lite Molasses Tooled Leather Ankle Boots Size US 6.5 - 7 , Retro Women's Cuban Heels Buckle Strap Mid Calf Boots Retro Punk Motorcycle SZ ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Air Jordan Retro 10 10 mogochinese-29415 Lady Size Liberty US Men's Size 11 without BOX 852b4c8 -

    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 Retro 10 10 mogochinese-29415 Lady Size Liberty US Men's Size 11 without BOX 852b4c8 -

    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.


    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 Retro 10 10 mogochinese-29415 Lady Size Liberty US Men's Size 11 without BOX 852b4c8
    Athletic Shoes