Never miss an update

Nike Men's Shoe Air Wr Max Lunar1 Wr Running 20615 Shoe 336d043




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Nike
Model: 654470 600 MPN: 654470 600
Product Line: Air Max Colour: Red
colorname: Deep Burgundy/Hypr Crmsn/Rd Cly
Never miss an update

Nike Men's Shoe Air Wr Max Lunar1 Wr Running 20615 Shoe 336d043 - blurrypron.com

    Nike Men's Shoe Air Wr Max Lunar1 Wr Running 20615 Shoe 336d043
    Nike Men's Shoe Air Wr Max Lunar1 Wr Running 20615 Shoe 336d043
    Men's/Women's Nike Men's Zoom Cabos Basketball Shoe New market Year-end sale Famous store , Puma Suede Classic Badge Flip EM Trainers Black-Muted Clay, 5.5 UKHGL Womens 4-10 1326 6000 Trainers, Grey Grey 6000, 3 UKGeox Men Uomo Symbol B Low-Top Sneakers, Black, 7.5 EU , Etnies Jefferson Mid, Men s Skateboarding, Black Black Dark Grey560 , 6 , Nike Men's Air Max 270 - AH8050-403Rockport Men's Essential Details Wp Cap Toe Casual ShoeAsics Lethal Testimonial 4 IT Rugby Football Boots (indigenous version) - Bla... , Geox Mens New Damon 1 Black Size 44 EU11 M US , Man/Woman AIRWALK STREET CRUISER Quality products Orders are welcome Rich on-time deliveryPuma Suede Classic Badge Flip EM Trainers Black-Muted Clay, 7.5 UKGentleman/Lady Brooks Men's Launch 5 Excellent value the most economical Seasonal hot sale , Nike Men's Sb Air Max Bruin Vapor Skate Shoe , Lacoste Sport Men s Ampthill LCR3 Spm Low, White Wht , 11 UK , Puma Madrid NBK Low-Top Sneakers, Forest Night-Laurel Wreath, 5 UK , Hummel Womens Stockholm Suede Low Trainers, Green Sea Pine 6608, 8 UK , Puma Court Star Suede Interest Low-Top Sneakers, Forest Night-Whisper White, 4 U , Puma Tsugi Apex Evoknit Low-Top Sneakers White, 5 UK , Men's Jordan Super.Fly 5 Basketball Shoe 844677-002 , Puma Breaker Low-Top Sneakers, Black White Black, 13 UK , Puma Suede Classic Low-Top Sneakers, Elephant Skin Team Gold, 7.5 UKSuperga 2750-cotu Classic, Girls Low-Top Trainers, Intense Blue, 11 EUKeen Uneek O2 W, Womens Low-Top, Multicolor SeaportWhite, 6 EU , Nike Men's Air Max 1 Ultra 2.0 Essential Medium Olive/Sail/Legion Green Running , Puma Insurge Eng Mesh Low-Top Sneakers Black, 12 UKPUMA Power Cat 1.10 Graphic Football Boots US 11 1/2 /2 , Nike Men's Air Max Zero Se Running ShoeMan's/Woman's Sb dunk (size 13) Excellent craft Make full use of materials Speed ​​refund , camel active Womens Spring 71 Low-Top Sneakers, Grey Lt.GreyBlack 01, 9 UK
    Nike Men's Shoe Air Wr Max Lunar1 Wr Running 20615 Shoe 336d043 - blurrypron.com>Nike Men's Shoe Air Wr Max Lunar1 Wr Running 20615 Shoe 336d043 - blurrypron.com
    Bona Fide Asics Lethal Legacy IT Mens Fit Football Boots (0701)ASICS JB ELITE RED GOLD MENS WRESTLING BOXING SHOES US 8 **FREE POST AUSTRALIA , WOMENS FLY LONDON MAKE LOW HEEL ELASTICATED PULL ON CHELSEA BOOTS LADIESMr/Ms BETTIE-23 PU Brown Not so expensive Sufficient supply a wide variety of goodsJ Crew Audrey Flats In Liberty Edenham Floral 7 G0666 Ivory Red Womens Shoes$395 NEW Tory Burch Laila 2 Metallic Leather Driver Ballet Flat Shoes Navy 7 , Men's/Women's TORY BURCH ESPADRILLES PEACH SIZE 8 Special purchase The latest technology As of the latest model , Stuart Weitzman Axis Nude Patent Leather Women’s Platform High Heels Sandals 7 MNew in box Boden navy blue suede Polly Mid Heel Courts Pumps Shoes 39US 6UK , Spenco Black Ashley Orthotic buckle sandal Black Leather/canvas 8 , sz 7.5 / 7.5 Jimmy Choo Sofia Black Patent Leather Ankle Bow Open Sandal Shoes , Skechers Cali Women's Vinyasa Loop-D-Loop Wedge Sandal - Choose SZ/ColorAlexandre Birman Felicie Python Caged Sandal, Iris $850 Size 11Asics H6E4N-0139: GT DS White/Blue Training Running Unisex Adult Sneaker , K-Swiss Men's Belmont T Ankle-High Canvas Fashion Sneaker , Converse Pro LEATHER 76 Mid Shoes size Men's 11 155647C $80 , Skechers Sport 51490 Mens Skech Air Varsity Oxford- Choose SZ/Color. , NFL Football Reebok Pro Bowl 2008 Hawaii All-Star Game Shoes Men's Size 9.5 USRare Vans Neckface 2007 Sk8 Hi Size US 12 , Nike Free OG '14 Woven, Blue Legend / Persian Violet / Midnight Navy, Sz 12Shoes EA7 Emporio Armani 7 248028 ea sneakers man woman white black navy blue unMan/Woman Inov-8 Men's Bare-XF 210 V2 Sneaker wholesale a good reputation in the world Fashion versatile shoes , Belleville Cold Weather 600g Insulated Safety Toe Boot - USAF - Green - Mens , CLARKS Men's Wallabee Step Boot Chukka - Choose SZ/ColorNEW CLARKS SUEDE SLIP ON LOAFERS SHOES SLIPPER SHOES MENS 10 TWIN GORE BROWNNike SF Air Force 1 - Orange - WomensNike Free RN 2018 Women's Crimson/Grey 42837800 , BCBG Women Knee High Boots Size 10 B 40 EU Black Leather Platform Stiletto , Red Wing ComfortPro Oxford Work Boots Non Metallic Toe Static Dissipative Women , BC Footwear Women's Crew Boot, Black, 7 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Men's Shoe Air Wr Max Lunar1 Wr Running 20615 Shoe 336d043 - 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 Men's Shoe Air Wr Max Lunar1 Wr Running 20615 Shoe 336d043 - 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 Men's Shoe Air Wr Max Lunar1 Wr Running 20615 Shoe 336d043
    Athletic Shoes
    >
    ;