Never miss an update

DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706




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
Brand: Jordan
US Shoe Size (Men's): 13 Style: Basketball Shoes
Color: University Red/University Red-Gum Yellow Country/Region of Manufacture: China
UPC: Does not apply
Never miss an update

DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706 - blurrypron.com

    DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706
    DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706
    1801 Nike Air Force Max 93 Men's Sneakers Sports Shoes AH5534-100Air Jordan IX 9 Anthracite Oregon Retro Nike Flight Kith Basketball Shoes , “Stranger Things 2” Netflix Limited Edition “Bait” Reebok SneakersNike Air Jordan IX 9 Retro LA City Of Flight US 11/BIN 23/Chicago , Men Diesel Shoes Onice Fashion Black Size 9 , Puma R698 x BAPE 358845-01 Camo Men Size US 5 NEW 100% Authentic , Authentic Jordan 7 Retro Hare Mens Size 12.5 Deadstock DS 100% AUTHENTIC , NIKE LEBRON XV 15 BLACK/GUM LIGHT BROWN SZ 8.5 [897648-001] , [asics] GEL-QUANTUM 360 KNIT 2 White Men's Running Shoes T8G3N.9601Adidas x Social Status x SNS Consortium UltraBoost LuxDS 2011 JORDAN CMFT 11 VIZ AIR COOL GREY sz 10 CARBON 444905-003 , Nike NIKELAB Air Force 1 Low - 905618 500 , Nike Odyssey React [AO9819-001] Men Running Shoes Black/White-Wolf Grey , New Authentic Nike Kyrie 4 BHM Equality Black History Month AO3167-900 Size 14 , 2015 - Nike Flyknit Lunar 2 - BLACK / WHITE - DARK GREY , Nike Lebron 13 XIII All Star Mens 835659-309 Alligator Basketball Shoes Size 9.5 , NIKE KOBE X 10 ELITE LOW FLYKNIT QS ID "MULTI COLOR"-GREY SZ 9.5 [802817-903] , Nike Air Jordan Phly Legend MCMLXXVIII White Varsity Red/Black/Cement Grey US 121806 Nike LeBron 15 Low EP Men's Basketball Shoes AO1756-005 , Man/Woman Adidas NMD_R1 "3 Stripes" - S76519 Excellent craft Attractive fashion Recommended today , Adidas WH NMD R2 sz 12 (White Mountaineering Hint Grey BB3118 not Bape SNS OG) , NEW BALANCE 997 "BUTTERSCOTCH" 2012 - ITEM NUMBER 2631-16Nike KD ID VI (6) SZ 9.5 DS Sprite Golden State Warriors Glow In the DarkNIKE AIR FOAMPOSITE PRO PRM PURE PLATINUM YEEZY 616750-003 CRIMSON GLOW SZ 12Air Jordan 9 IX Retro Anthracite/White-Black 302370-013 Size 102016 adidas NMD R2 PK 'Trace Cargo' Sz 7-8.5 Primeknit - BA7198Nike Kyrie 1 Driveway size 9.5 705277-001NIKE AIR MAX 95 ESSENTIAL Bright Mango-Racer Blue MEN'S SHOES COMFY SNEAKERS , Nike Air Jordan V 5 Retro Olympic Gold Coin White Black Metallic 136027 133 ,
    DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706 - blurrypron.com>DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706 - blurrypron.com
    ECCO Footwear Womens Auckland Loafer Flat - Choose SZ/color , Smoky Mountain Women's Torrance Leather 7" Fringe Western Boots, BrownFendi Black Genuine Rabbit Fur Lined Motorcycle Leather Boots/Booties Size 38.5Gianmarco Lorenzi Suede Italian Shoes New Collection Black Sizes ,7,8,9,10New in Box Sergio Rossi Ladies Black & Gold Leather Ankle Boot A78931 , Nike Air Vapormax Men’s Running shoes Size 10 US White , Men/Women Demonia Women's Charade 35 superior Various types and styles Cost-effective , Andrew Charles 7618 SOFTY BIANCO Loafers Women's White US , Paul Green Char Heel D'Orsay Pumps Black SIZE 4.5 US , HAFLINGERWomen's Clogs Pure Wool Felt Slipper Grizzly Torben 713001Sexy clear cork 6 1/2" pole dance wedges , NEW Polo Ralph Lauren Olive Bardot Jute/Raffia Platform Espadrille Sandals - 9PRADA GREY SUEDE LEATHER GENTLY WORN POINTED TOE KITTEN HEEL MULES SZ 40 , Valentino Garavani Nude Patent Rockstud T-strap Pumps 36 / 6Birkenstock Arizona Birko-Flor 0051701 (Regular Fit) - Men Brown Sandals , See By Chloé Denim Floral Espadrille Platform Sandals Sz 38 NIBNEW DC Shoes Mens Boost Skate Sneaker Trainer Sport Casual Size 10 11 12 13 Blue , ASICS Mens Gel-Resolution 7 Tennis-Shoes- Pick SZ/Color.Nike Air Jordan Retro XIII 13 US MEN'S SIZE 13 (309259-161) PRE-OWNED VERY NICE! , AH6770-002 Nike Men Air Force 1 Mid '07 Canvas Desert Sand SulfurNIKE SB DUNK HIGH TRD QS [881758 217] WIN SOME LOSE SOME ZOOM SCRATCHERS Sz 11.5 , Nike Air Foamposite Pro Silver Surfer Metallic Silver Black Size 7 616750 004 , NIKELAB LEATHER AIR FORCE 1 MID SP BLACK 819677-002 AUTHENTIC , Carhartt Men's CMR6859 6" Work CSA Brown Pebble Oil Tanned InsulatedMen's Caterpillar Work Boots Colorado Ginger Brown LeatherKeds Women's Kickstart Leather Fashion Sneaker,White/Blue,9 M USAsolo JUMLA GV A12011 Women's Silver/Lilac Water-resistant Vibram Trekking BootsAntonio Melani Paxton Buckle Black Leopard Print Calf Hair Leather Bootie Boot 7Women's Suede Leather Over Knee Thigh Boots Block Heel Party Pointed Toe Shoes , Corso Como Yorktown Cut Out Bootie - Women's Size 8.5M, Black ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706 - 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.

    DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706 - 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
    DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706
    Athletic Shoes
    >
    ;