Never miss an update

Nike Air Presto Essential 848187-402 Shoes 12008 848187-402 Binary Blue White White Men's Size 9, 11 b5245cf




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Product Line: Nike Air
Modified Item: No Color: Binary Blue Binary Blue-White
Country/Region of Manufacture: Vietnam Material: Stretch mesh upper
Style: Athletic Sneakers Width: Medium (D, M)
Euro Size: EUR 48,5 Brand: Nike
Idset_Mpn: 848187-402 Model: Nike Air Presto
US Shoe Size (Men's): 9 And 11 UPC: Does not apply
Never miss an update

Nike Air Presto Essential 848187-402 Shoes 12008 848187-402 Binary Blue White White Men's Size 9, 11 b5245cf - blurrypron.com

    Nike Air Presto Essential 848187-402 Shoes 12008 848187-402 Binary Blue White White Men's Size 9, 11 b5245cf
    Nike Air Presto Essential 848187-402 Shoes 12008 848187-402 Binary Blue White White Men's Size 9, 11 b5245cf
    34 Nike Air Max 90 LTR Premium Polka Dot Shoes Size 10 666578 006 , Vans Old Skool Flame Sneakers Shoes Brand New , Vans Old Skool Yacht Club Blue Green Yellow Red Color Block VN0A38G1R1Q Sz 4-13 , Vans Vault OG Mid Skool LX Nubuck Black White Dark Gum VN0A3DP70KJNike Dualtone Racer Black/White-Dark Grey Lightweight Running Shoes 918227-002Men Vionic Orthaheel Walker 23MWALK Black Leather 100% Authentic Brand NewNike Air Max Plus Tn Tuned 1 La Requin The Shark Size 6 Shoes AJ6311 100 , NIKE KOBE AD 922482-004 PURE PLATINUM/WHITE MEN'S SIZE 14 *NEW NO BOX TOP*NIKE JORDAN ULTRA FLY Mens Black/white/gym Red Shoes 834268-012 Size 12 , Nike Air Skylon 2 Size 10 Blue Lagoon Eggplant Mens A01551 100 , NIKE METCON 4 CROSS MENS TRAINING SHOES VOLT/ RACER BLUE AH7453-701Nike Men's Sb Bruin Hyperfeel Skate Shoe , Nike Flyknit Lunar3 Running Shoe Photo Blue Athletic Shoes Men's 12NEW Nike Moto 8 - White Running, Cross Training (Men's Multiple Sizes)Mens Nike Zoom All Out Low 2 Pure Platinum Running Trainers AJ0035 006Brand New Reebok Phase 1 Pro Alife Men's Casual Fashion Sneakers [BS7121] , PUMA Suede Classic Men's Olympian Blue/White 35263464Nike Air Force 1 '07 Trainers In Black AO6296-001adidas Originals EQT Basketball ADV men lifestyle shoes NEW navy coral CQ2996Mens Nike Air Presto Ultra BR 898020-401 Racer Blue Brand New Size 14 , USED MENS NIKE AIR JORDAN XXX1 31 USA OLYMPICS 845037 107 SZ 10 FREE SHIP WHITE , NIKE ZOOM VICTORY ELITE 2 Unisex 835998-446 SIZE 11 With Removables Spikes $100 , New Mens adidas EQT Support Mid ADV - Black / Sub Green TextileCONVERSE WEAPON GRAY/WHITE BASKETBALL SHOES SIZE 12ADIDAS F/22 PRIMEKNIT SZ 12 TRACE ORANGE CORE BLACK CRYSTAL WHITE CQ3027NWB Adidas Adizero Varner 2 wrestling shoes Men's 5 US Aqua/Yellow/BlueNike Air Huarache men lifestyle sneakers NEW sequoia dark stucco 318429-311Nike Air JORDAN MELO M8 White Orange Sz 10.5 viii , Adidas Approach [BY1602] Men Tennis Shoes Black/Silver-Grey
    Nike Air Presto Essential 848187-402 Shoes 12008 848187-402 Binary Blue White White Men's Size 9, 11 b5245cf - blurrypron.com>Nike Air Presto Essential 848187-402 Shoes 12008 848187-402 Binary Blue White White Men's Size 9, 11 b5245cf - blurrypron.com
    FREE PEOPLE SHOES BRAXTON TALL BOOT NEW 38 $348 OVER THE KNEE OTK BROWN , NR MINT Old Gringo Marsha Razz Black Floral Zipper Western Cowboy Boots 8 HTFFRYE JANE BRAID CAMEL LEATHER & COW HAIR PULL ON TALL WESTERN BOOTS 9B 7726 $450 , NEW NEW BALANCE MENS MX409BK2 LEATHER BLACK CROSS TRAINING SHOES (2E WIDE) WIDTHBROOKS MENS GHOST 11 NAVY RED WHITE SHOES 2018 **FREE POST AUSTRALIANew Django & Juliette Doyle Womens Shoes Casual Sandals HeeledHAFLINGER Men's Clogs Pure Wool Felt Slipper Orthopedic Blizzard Credo 718001 , STRIKE FIRENZE women shoes Black calf leather penny loaferHot Chocolate Design Chocolaticas Cupid Women's Mary Jane Flat Multicoloured ... , Zara Cork Suede Wedge Peep Toe Strappy Sandals Platform Heels Black Size 38 , PLEASER Sexy Black & Red Ribbon Stitched Bow Side Platform 6" Heels Shoes Sandal , Steve Madden Women's Sandal Mania Heeled Silver Studded Gray 7.5M NWOBDolce Vita Womens NWB Nita Studded Black Suede Heels Shoes 7.5 MED NEW , Gentlemen/Ladies Chinese Laundry Women's Jam Heeled Sandal Elegant shape luxurious fineDesigner Gianni Versage pink strappy high heel sandal made in Italy , Dolce Vita Women's Remie Wedge Sandal, Black, 8 M USMen/Women BIRKENSTOCK PAPILLIO ROSES L6 excellent quality First batch of customers Reliable reputationVANS x Nintendo Chima Ferguson Pro (Mushrooms) Blue/White MEN'S 7.5 WOMEN'S 9 , New Men's ADIDAS Originals Clima Cool 1 - BA8611 - Silver Red Sneaker Mens 14 , Nike Hypervenom Phantom 3 FG III men soccer cleats NEW photo blue 852567-104Skechers Sport Men's Equalizer Mind Game Slip-On Loafer , NEW ADDIAS CONSORTIUM SUPERSTAR 80V METROPOLIS MOONROCK GREY SUEDE S76445 12.5Mens real Leather Pointed Toe Dress Formal wedding party Shoes Size6-10Hush Puppies Tom Maddow Dress Boots New Men's Size 10.5 Wide Black HM01240-001 , Under Armour Horizon RTT Trail Running Shoe - Women'sAnne Klein Womens Gallup Closed Toe Mid-Calf Cold, Grey/Multi Fabric, Size 7.0 NLARRY MAHANS COLLECTION Womens 5.5B Two Tone Embossed Lizard Foot Western A009 , CAT Women's Narcissa Persimmon 6" Boot Size 5.5 US (K,0) , VINTAGE DAN POST USA BROWN EEL LEATHER WESTERN COWBOY DANCE RODEO BOOTS 8.5 B , New $278 FRYE Ilana Suede Leather Slip On Booties Boots 7
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Presto Essential 848187-402 Shoes 12008 848187-402 Binary Blue White White Men's Size 9, 11 b5245cf - 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 Presto Essential 848187-402 Shoes 12008 848187-402 Binary Blue White White Men's Size 9, 11 b5245cf - 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 Presto Essential 848187-402 Shoes 12008 848187-402 Binary Blue White White Men's Size 9, 11 b5245cf
    Athletic Shoes
    >
    ;