Never miss an update

NIKE DENIM 29989 AIR MAX 98 QS DENIM 8.5 US 8.5 THUNDER BLUE TEAM RED 2018 924462-400 bbb2d0d




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
EU Shoe Size: 42
Type: Low Top Model: Nike Air Max 98
Features: Retro Country/Region of Manufacture: Vietnam
Upper Material: Textile Style: Trainers
MPN: 924462-400 Shoe Size: UK 7.5
Main Colour: Blue Product Line: Air Max
Sole: Rubber Width: Standard (D)
Brand: Nike Product ID: 924462-400
Lining: Textile Pattern: Solid
Size Type: Regular EAN: 884802340140
Never miss an update

NIKE DENIM 29989 AIR MAX 98 QS DENIM 8.5 US 8.5 THUNDER BLUE TEAM RED 2018 924462-400 bbb2d0d - blurrypron.com

    NIKE DENIM 29989 AIR MAX 98 QS DENIM 8.5 US 8.5 THUNDER BLUE TEAM RED 2018 924462-400 bbb2d0d
    NIKE DENIM 29989 AIR MAX 98 QS DENIM 8.5 US 8.5 THUNDER BLUE TEAM RED 2018 924462-400 bbb2d0d
    Nike Air Jordan retro 3 Fire Red Size 10. 100% AuthenticNike Air Foamposite One Legion Green 314996-301 Mens Metallic Basketball ShoesAdidas Ultra Boost UltraBoost MiAdidas sz 11.5 nmd eqt yeezy multi color mi ds , Rare Adidas Originals ZX FLUX Mens Size 10. Multi Color. ArtB34497. New W/BoxNIKE Zoom KD 11 EYBL Peach Jam Hot Punch Lime SIZE 6-13 AO2604-600NEW Nike Legend 7 Elite Soccer Cleats Hero Blue Cool Grey AH7238-107 RARE Size 8 , Air Jordan Retro 11 XI 72-10 Black Men's Pre-owned 9.5/10 Size 13NIKE DUNK HIGH PREMIUM SB RAGING BULL 3M sz 9 313171 015 WTD SUPREME SPNY2016 Air Jordan 9 IX Retro Space Jam Mens US size 9/ With New Snap Back HatNike KD7 EXT Floral QS Size 9.5 DS Brand NewPuma Women Shoes Design Retro Vintage Lifestyle Leather Hip Hop FREE SHIP WORLDPREOWNED foamposite weather man size 14 rare jordan kd pg kyrie 1 2 3 4 10 11 x2015 Nike Air Jordan XX 20 WHITE LASER 12 , Air Jordan 5 laney 11.5 White Blue Yellow Limited Rare Sold OutBrand New Og Air Jordan XIV "Oxidized" Size 12 Original Box And Wax Paper! , JORDAN XX8 WESTBROOK PE OKLAHOMA CITY THUNDER MEN SIZE 14.0 BASKETBALL RARE NEW , Men's/Women's Retro Jordan 10 chicago Rare sell Carefully selected materials Complete specificationsNEW BALANCE MRL 996 WM/ WHIZ LIMITED EDITION MITA SNEAKERS/ SZ, 11 / 3M N LOGONEW BALANCE CM1600NK 1600 NICE KICKS GRAND ANSE ROYAL BLUE TEAL WHITE GREY DS 10 , VANS UNDERCOVER OG OLD SKOOL LX JUN TAKAHASHI VN0A36C8NTI VN0A36C8NTJ , NİKE AİR JORDAN 6 RETRO UNC UNIVERSITY BLUE US11 100% AUTHENTIC & NEW 384664-006 , Nike Air Max LD-Zero HTM HIROSHI FUJIWARA Obsidian White 13 848624 410 fragmentNIB ADIDAS ORIGINALS BY ALEXANDER WANG run knit sneaker size 6.5 , 2000 Nike Air Max 95 SC GRAPHITE COOL GREY WHITE BLACK ORANGE PEEL 604116-081 11 , NIKE~Kobe 7 VII System Poison Dart Frog/Easter~Size 12~Black/Mint Blue~Rare~8/10Nike Hyperdunk 08 FTB Kobe Fade to Black Stealth Grey 869611-001 11.5 7 10 1 3Nike Mercurial Superfly Electro Flare SG-Pro Cleats Squadron blue US9 641860 4402016 Adidas Ultra Boost 2.0 Clear Onix Grey Gray BB6057 Ultraboost Men's 7.5 New , Kith x Blaze Of Glory x Collet By Puma Mens sz 10.5 New! ,
    NIKE DENIM 29989 AIR MAX 98 QS DENIM 8.5 US 8.5 THUNDER BLUE TEAM RED 2018 924462-400 bbb2d0d - blurrypron.com>NIKE DENIM 29989 AIR MAX 98 QS DENIM 8.5 US 8.5 THUNDER BLUE TEAM RED 2018 924462-400 bbb2d0d - blurrypron.com
    Etnies Jameson Vulc Skate Shoes Mens Unisex Footwear Trainer Skate New , Suede Leather Dress Boots Handmade Wing Tip Casual Formal Suede Leather ShoesMW009628 - FASHION FAUX PEARL EMBELLISHED SLIPPER SHOES MULES (SIZE 35 - 40)Stuart Weitzman Jabow T-Strap PomPom Sandals 900, Ivory, 6 US , Man/Woman Black Valentino Gold Rockstud Boot 38.5 Many varieties Used in durability Simple , LifeStride Women's Sims Slip-On Loafer - Choose SZ/Color , Kenneth Cole New York Pia d'Orsay Pump - Women's Size 9.5M, Biege , Naughty Monkey Womens Calla Leather Open Toe Casual Slingback Black Size 6.5Kenneth Cole New York Women's Bryanna Strappy Dress Heeled SandalNIB AUTHENTIC TORY BURCH DALE CITRUS YELLOW SLIDES SHOES GOLD LOGO SIZE 9.5Nike Mens Air Max Excellerate 4 Running Shoes-DarkGrey/Slate/Black-Size 7.5-NIB , NEW Adidas EQT 93/17 Black Core Gum Size 10.5 Men’s 100% AuthenticAdidas Men's Superstar Adicolor Fashion Sneaker - Choose SZ/Color$300 NEW NIB NIKE Men's NIKELAB ACG LUPINEK FLYKNIT SFB Shoes 826077-002 , Nike Lunar Ballistec 1.5 Blue White Tennis Shoes Mens Sz 9 Rafa Nadal , Muck Wellie BROWN Classic Soft Toe Men's Leather Work Boots, Wide WidthWomen's Nike Track Star 3 Shoes Size 9.5 (389554-011) (W-134) , NIKE WOMENS LUNAR APPARENT SIZE 11 ATHLETIC/RUNNING SHOES [908998 001] , Bzees Women’s Sneakers Size 6.5 Fabric Odor Ban Machine Wash Cloud Technology*NEW* Adidas Performance Women's Boost Running Athletic ShoesNew Balance Women's 575LI2 Comfort Ride Running Shoe Size US 9 *Free Shipping , Mr/Ms Nike Women's Revolution 4 Running Shoe New product New design Known for its beautiful quality , Nike Dunk Sky Hi Wedge Black Hi Top Leather Suede Sneakers 528899-004/ US Sz 11Nike Air Max 2016 Womens Running Cross Training Shoes Orange Black Size 10Men's/Women's Balenciaga Triple S Black Pink 35 We have won praise from our customers. online shop Outstanding functionNIB W NIKE AF1 UPSTEP LX 898421 101 AIR FORCE IS FEMALE SZ 8.5 , 1709 Nike SF Air Force 1 Mid Women's Sneakers Sports Shoes AA3966-800 , NEW TORRID GRAY STITCHED BUCKLE KNEE HIGH BOOTS WIDE WIDTH & CALF 12WTecnica Black Fur Skandia Snow Boots Ladies Size 40/US 9 FAB!Mr/Ms plantation Shoes 573773 Brown excellent quality Beautiful Elegant and solemn ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE DENIM 29989 AIR MAX 98 QS DENIM 8.5 US 8.5 THUNDER BLUE TEAM RED 2018 924462-400 bbb2d0d - 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 DENIM 29989 AIR MAX 98 QS DENIM 8.5 US 8.5 THUNDER BLUE TEAM RED 2018 924462-400 bbb2d0d - 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 DENIM 29989 AIR MAX 98 QS DENIM 8.5 US 8.5 THUNDER BLUE TEAM RED 2018 924462-400 bbb2d0d
    Athletic Shoes
    >
    ;