Never miss an update

Nike Mens Basketball Hyperdunk 2015 TB Basketball Shoes Mens 749645 TB 606 cbc529b




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
Product Type: Mens Basketball Shoes
Style: Basketball Shoes Manufacturer: Nike
Material: Mesh/Synthetic UPC: 888409921566
Color: Team Red/University Red/White/Metallic Silver Width: D(M)
Brand: Nike
Never miss an update

Nike Mens Basketball Hyperdunk 2015 TB Basketball Shoes Mens 749645 TB 606 cbc529b - blurrypron.com

    Nike Mens Basketball Hyperdunk 2015 TB Basketball Shoes Mens 749645 TB 606 cbc529b
    Nike Mens Basketball Hyperdunk 2015 TB Basketball Shoes Mens 749645 TB 606 cbc529b
    Men's Nike SFB 6" NSW Leather Suede Military Hike Boots 862507-001 Sz 12 Black , [630924-001] NIKE MENS NIKE AIR MAX SQ UPTEMPO ZM MENS SNEAKERS NIKEANTHRACITE/ANew Nike Men's KD V Elite Series Basketball Shoe Orange/Yellow/Blue 585386-800 , Reebok Blacktop Boulevard Mens V56085 White Punch Blue Basketball Shoes Sz 8.5NIKE LEBRON VIII 8 V/2 USED SIZE 13 ENTOURAGE PHOTO BLUE BLACK YELLOW 429676-401 , REEBOK CLASSICS DMX RUN 10 AFF SZ 8.5 WHITE SLEEK METALLIC GOLD CN1653nike flyknit racer Pearl Pink Size 10 Macaron Pack , Nike SB Stefan Janoski Max Men's Skate Shoes Thunder Blue/ Black 631303 402NIKE AIR FORCE 1 MID ID SIZE 6 808785-981Reebok Instapump Fury CNY17 New Rare Sample Sneakers BD2026 for Men US Size 6 , adidas Terrex Trail Cross Sl Black - Mens - Size 8.5 DAdidas Originals New York Men's Sneaker Shoes Purple Vintage White Black BY9340 , New Mens Adidas Adizero Prime Boost LTD Core Black White Grey Size 10.5 CP8922 , Nike Men's Jordan J23 Low Basketball Shoes Black/White (905288 010)Nike Air Huarache Run Ultra Black/White-Grey Men's Shoes 819685-014 size 12.5NIKE SB ERIC KOSTON BLACK VOLT YELLOW MIDNIGHT FOG 442476-070 janoski SZ 8.5Men's/Women's Reebok Ventilator Adapt Graphic Men's Shoes New varieties are launched special promotion Breathable shoesadidas Busentiz Pure Boost Primeknit New, BY4092Asics DynaFlyte Barcelona Blue/Green Gecko/Orange Running Shoe mens sz 10 TS0SQ , Nike Air Jordan Reveal Prem Black Grey 834229-010 8-14 eclipse 1 11 3 , Nike Metcon 2 Cross Fit Shoes, 819899 001, Black / White, Mens Size 13CONVERSE x MISSONI AS DECKSTAR.. MULTI-COLOR.. MEN 9 or WOMEN 11.. MSRP: $200Nike Air Huarache Men's Shoes Cobblestone/Cobblestone/White 318429-040 , Hoka One One Mens Hupana Running Shoes Black / Empire Yellow Size 12 US , [B49509] Mens Adidas Dame 3 - Florist City Damian Lillard - Pink Purple Red , 12 2005 NIKE SB DUNK High Khaki White premium pro low suede vtg qs 305050 121Converse Chuck Taylor 70 HI Men's Shoes Natural/Black 142279c , NIKE JORDAN CP3.VII AE MENS BASEKTBALL 644805Nike SB Dunk High Pro Sz 11 Iron Sport Royal VTG 2003 305050-241 ,
    Nike Mens Basketball Hyperdunk 2015 TB Basketball Shoes Mens 749645 TB 606 cbc529b - blurrypron.com>Nike Mens Basketball Hyperdunk 2015 TB Basketball Shoes Mens 749645 TB 606 cbc529b - blurrypron.com
    Womens Classic Red Western Leather Cowboy Cowgirl Boots Rhinestones Snip Toe , New Fashion Mens Pointy Toes Snakeskin Pattern Slip On Leather Dress Party ShoesDesigner BNWOT Filling Pieces Amsterdam Maroon Leather Size 40 Womens Sneakers , Cole Haan Women's Pinch Weekender LX HURARCHE Penny Loafer, British TAN Leather, , Women's Leather Chic Pointed Toe Buckles Low Cuban Heels Slip On Mules Shoes sz , Womens Block Med Heel Slip On Loafers Square Toe Leather Shoes Buckle Pumps ChicZara AW17 Faux Patent Court Shoes With Bows Size 7.5 NWT , Rockport Women's Total Motion Taja Quarter Strap Wedge Sandal - Choose SZ/ColorTHEORY ITALY BROWN LEATHER LADIES SANDALS, SHOES SIZE 8 ½ , JESSICA SIMPSON (CLOE WEDGE ) WOMENS SIZE 9.5 BRAND NEW!!Brooks GTS Seventeen 17 Running Shoes Gray Womens 9NEW BORN Sz 10 Women’s Coltyn Cork Wedge Sandal, Light Gray, $115NEW BALENCIAGA BLACK LEATHER WEDGE ESPADRILLES SANDALS PLATFORM SHOES 38/US 8 , Reebok Sublite Duo Smooth Womens Running ShoePuma Roma White White Leather Men's Sneakers New In Box 100% AuthenticSkechers Go Walk 4-incredible Charcoal/orange Mens Walking Size 9.5m , adidas Men's Alphabounce Em M Running ShoeNike Shoes - 2009 Jordan 1 I Hall of Fame - Black Red Bred White - Size 14Vintage Nike Dunk Master Men's 14 Pink & White Athletic Shoes, Retro Styling , Laredo Western Nashville Mens Peanut Crunch with Black Western Cowboy Boot , Vans Unisex Sk8-Hi Peanuts Moccasin Skate Shoes-Dog House/BoneLizard Cowboy Western Boot made by Cuadra , Diesel S-Naptik Mid Shoes Black Size 44.5 11.5New Versace Blue Leather Palazzo High-Top Sneakers 45 - 12 , JOHNSTON & MURPHY BLACK LEATHER PENNY LOAFERS SIZE 10 DRESS SHOES WOVEN MEN'SSIOUX Woven Black Leather Oxford Men's Dress Shoes Sz 9.5 GERMANY Handmade , Asics Gel Cumulus 19 Womens Black Blue Athletic Running Training Shoes US 8 C283 , Nike Women's Air Tech Challenge II SE Athletic Sneakers 857879 301 Size 8 NewNIKE WOMEN AIR VAPORMAX FLYKNIT 2 NEW WHITE GREY 942843-105 , AC661 MBT shoes black gray textile women sneakers
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Mens Basketball Hyperdunk 2015 TB Basketball Shoes Mens 749645 TB 606 cbc529b - 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 Mens Basketball Hyperdunk 2015 TB Basketball Shoes Mens 749645 TB 606 cbc529b - 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 Mens Basketball Hyperdunk 2015 TB Basketball Shoes Mens 749645 TB 606 cbc529b
    Athletic Shoes
    >
    ;