Never miss an update

Nike Air Max 90 EZ Camo EZ Mens AO1745-005 mogochinese-29934 Black Shoes Bio Beige Running Shoes Size 11 9d70357




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: AO1745-005
Style: Running, Cross Training Color: Black/Beach/Bio Beige
Width: Medium (D, M) Brand: Nike
US Shoe Size (Men's): 11 Gender: Mens
UPC: 884498899021
Never miss an update

Nike Air Max 90 EZ Camo EZ Mens AO1745-005 mogochinese-29934 Black Shoes Bio Beige Running Shoes Size 11 9d70357 - blurrypron.com

    Nike Air Max 90 EZ Camo EZ Mens AO1745-005 mogochinese-29934 Black Shoes Bio Beige Running Shoes Size 11 9d70357
    Nike Air Max 90 EZ Camo EZ Mens AO1745-005 mogochinese-29934 Black Shoes Bio Beige Running Shoes Size 11 9d70357
    Adidas Climacool 02/17 Mens CG3346 Grey Mesh Athletic Training Shoes Size 9.5MEN'S FILA FONDATO 3 BLACK/DARK SHADOW RUNNING SHOES MEN'S SELECT YOUR SIZEAdidas Stan Smith Croc AQ2728 Grey White Grain Leather Athletic Shoes Size 10 , Adidas Men's Shoes Sneakers - BB7666K | White | Fall Winter 18/19 , Adidas Eqt Support Adv Mens D96771 Black Knit Textile Running Shoes Size 11.5Adidas Climacool 02/17 Mens CG3346 Grey Mesh Athletic Training Shoes Size 8.5 , Nike Air Huarache Varsity Pack Mens 318429-611 Red White Running Shoes Size 11 , Nike PG 2 Taurus Mens AJ2039-003 Black Red White Basketball Shoes Size 12 , Nike Free RN Flyknit 2017 Mens 880843-003 Black White Running Shoes Size 15Nike Air Huarache Run Ultra SE Mens 875841-302 Sequoia Citron Shoes Size 8Adidas EQT Bask ADV Mens B37514 Grey Sub Green Knit Athletic Shoes Size 10.5Adidas Climacool 02/17 Mens CG3346 Grey Mesh Athletic Training Shoes Size 11Nike Zoom Shift 2 Mens AR0461-100 White Black Textile Basketball Shoes Size 10 , Nike Air Force 1 Mid Mens AQ8650-101 White Muted Bronze Leather Shoes Size 12.5 , Adidas Climacool 02/17 Mens CG3346 Grey Mesh Athletic Training Shoes Size 10Nike Air Huarache Run Ultra SE Mens 875841-302 Sequoia Citron Shoes Size 12Nike Air Presto Essential Mens 848187-408 Racer Blue Red Running Shoes Size 11 , Adidas EQT Cushion ADV Mens DA9533 Grey Blue White Knit Running Shoes Size 9 , Nike Free RN 2018 Mens 942836-401 Thunder Blue Gunsmoke Running Shoes Size 8.5Nike Mamba Rage Mens 908972-002 Black Dark Grey Kobe Basketball Shoes Size 9.5 , Nike Air Max 90 Ultra BReathe Mens 725222-404 Photo Blue Running Shoes Size 11.5 , Nike Kyrie 3 Suede Mens 852395-601 University Red Grey Basketball Shoes Size 13Nike Roshe Two Flyknit Mens 844833-402 Navy Blue White Running Shoes Size 10 , Adidas EQT Cushion ADV Mens DA9533 Grey Blue White Knit Running Shoes Size 8 , Nike Free Hypervenom 2 FS Mens 805890-001 Black Grey Athletic Shoes Size 9.5Nike EXP-X14 Mens AO1554-003 Black White Dark Grey React Running Shoes Size 8Nike Zoom Shift 2 Mens AR0461-100 White Black Textile Basketball Shoes Size 11 , Nike Air Max Sequent 3 Mens 921694-404 Midnight Navy Running Shoes Size 11Nike Air Zoom Pegasus 34 Mens 880555-301 Outdoor Green Running Shoes Size 13 ,
    Nike Air Max 90 EZ Camo EZ Mens AO1745-005 mogochinese-29934 Black Shoes Bio Beige Running Shoes Size 11 9d70357 - blurrypron.com>Nike Air Max 90 EZ Camo EZ Mens AO1745-005 mogochinese-29934 Black Shoes Bio Beige Running Shoes Size 11 9d70357 - blurrypron.com
    Steve Madden Gellar Ankle Boots, Taupe, 6.5 USDr Martens Ladies 1B99 Zip Soft Virginia Nappa 14 Eye Punk Tall Leather Boots , Steve Madden Dorthy Flat Ankle Strap Sandals, Black Suede, 7 US , Franco Sarto Women's Saletha Pointed Toe Flat Nimbus Grey 10 M US , Adidas Originals NMD R1 - Blue With Yellow Details , Trotters Signature Estee Woven Women's Casual Flats - All Colors - All SizesCobb Hill Gigi Black LTHR Flat Size 7M D2049/ , Man/Woman adidas Originals Women's Superstar Fashion Sneakers Modern technology Online export store TRUE , Men/Women TEEZE-25-3 wholesale delicate Authentic guarantee , Adrianna Papell New Andie Gold Womens Shoes Size 8 M Sandals MSRP $129 , Salvatore Ferragamo Blue Satin Rosette Pumps 9.5 AA , Marc Fisher Women's Obvious Sandal Wedge (5, Gold Multi)Women Summer Gladiator Sandals Genuine leather Slippers Flat Strappy Size 39Rene Caovilla 39/9 T-Strap Jeweled Crystal Gold Thong Evening Sandals Heels NEW , 2003 Air Jordan Retro XVIII(18) Low OG Size 10.5 With Box 306151-001 , Mens Nautilus Composite Toe ESD Athletic Grey/Black Faux Leather Shoes Size 13 , Brooks Mens Anthem White/Black Running Shoes Size 11.5 , Nike Air Jordan Fly Unlimited AA1282- 011 , Nike 723987-800 Free Trainer 5.0 V6 TB Valor Safety Orange/White-Black Size 10.5 , Sz 8 M Martin Dingman Pebbled Brown Leather Loafers Slip-OnsMens round toe pure color real leather party night-club dance comfortable Ch , Men's Ankle Dress Boots Slip On Almond Round Toe Leather Chelsea Luciano D-510 , Asher Green Mens Genuine Leather Burnished Oxford Wingtip Dress Shoe : AG1643 , Women's Nike Flyknit Zoom Agility CRIMSON $150 698616 603 RUNNING SZ 8, 9.5 RARENike Womens Dunk Hi 08 Grain Gold 407922-202 New without Box Size 8 , Adidas Originals Women's Superstar Sneakers Size 8.5 us AC7163 , NEW IN BOX HOKA ONE ONE WOMEN'S 5 STINSON 3 DRESDAN BLUE FREE SHIPPINGMinnetonka Women Blaire Fringe Suede Peep Toe Wedge Heel Dusty Brown , New Kenneth Cole Womens Rotini Putty Fashion Boots Size 8.5naturalizer Zakira Casual Zip Up Ankle Boots 142, Black, 8.5 W US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Max 90 EZ Camo EZ Mens AO1745-005 mogochinese-29934 Black Shoes Bio Beige Running Shoes Size 11 9d70357 - 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 90 EZ Camo EZ Mens AO1745-005 mogochinese-29934 Black Shoes Bio Beige Running Shoes Size 11 9d70357 - 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 90 EZ Camo EZ Mens AO1745-005 mogochinese-29934 Black Shoes Bio Beige Running Shoes Size 11 9d70357
    Athletic Shoes
    >
    ;