Never miss an update

NIKE SHOX SLAM ELITE SLAM TB 23170 Men's - White/Black Basketball Shoes 324826-101 - Size 8 5b6d083




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Color: White/Black
Product Line: Shox Brand: Nike
Material: Leather Width: Medium (D, M)
Country/Region of Manufacture: China Idset_Mpn: 324826-101
Pattern: Solid US Shoe Size (Men's): 8
Style: Athletic Sneakers, Basketball Shoes Euro Size: EUR 45
Never miss an update

NIKE SHOX SLAM ELITE SLAM TB 23170 Men's - White/Black Basketball Shoes 324826-101 - Size 8 5b6d083 - blurrypron.com

    NIKE SHOX SLAM ELITE SLAM TB 23170 Men's - White/Black Basketball Shoes 324826-101 - Size 8 5b6d083
    NIKE SHOX SLAM ELITE SLAM TB 23170 Men's - White/Black Basketball Shoes 324826-101 - Size 8 5b6d083
    Adidas Vigor TR Mens Trail Running Shoes Sz 12 Black - Pink - ART G99552Vans Authentic Pop Black/Blue Tint Men's Classic Skate Shoes Size 8 , Fresh Nike Air Max 90 Size 6.5 boys/girls Red White And GreyNike Air Force 1 Low VT Comfort Premium Hologram Men’s Size 11 579941-101Vans CLASSIC SLIP ON Mens Womens Black 0EYEBKA Canvas Low Top Skateboard ShoesMens Large Size Nike Free Trainer 5.0 White Basketball Shoes 18 M..391A , Under Armour Mens Size 11.5 Deception Hybrid Metal Baseball Cleats White $110 , Skechers Elite Flex Walking Shoes Taupe Men's US 8 (R3,23)Puma Tazon 5 NM Mens Shoes size 7.5New With Box!!! Red, Black and White! NICE!! , Reebok Men's Shoes MLB Clubhouse Exclusive 171483 Washington Nationals White Red , Nike Air Super Bad LT Football Cleats Spikes Men's Athletic Shoe 11 Pink Black , Adidas Pharrell Williams Tennis HU J - CQ2301Nike Air Flight One 1 Orlando Magic Sz 14 Penny Hardaway Basketball Shoes BlueNew Balance RevLite 420 Black Athletic Sneakers Sample Size D (B4,2) , Men's Zoom Fly Black White Running Wailking Shoes Athletic Sneakers Size 8.5 , Nike KD V 5 Elite Basketball 585386-400 Men's Shoes Size 11.5 Blue/Volt , Men New Balance Fresh Foam Arishi Marisrp1 Athletic Shoes Indigo-Moonstruck 11.5Mr/Ms mens shoes, supra Cuban, supra, skateboard New varieties are launched The latest technology Strong heat and heat resistance , Gentlemen/Ladies Converse Ox, Cons, All-Star, Black/Yellow,Pittsburgh Steelers,Penquins,Pirates Clever and practical Settlement Price have funNEW NIKE RIVAL S MEN'S Track Spikes Black White 806554-101 Size 12 , Vans "Old Skool Suede" Sneakers (Teak/Black) Skating Classic Era Shoes Mens 10 , SULLY WONG Red High Top Mens Shoe Size 12 NEW SWJNR04DC Relax Mid Mens Shoe Size 8.5 NEW Brown Dark Chocolate White 302446 , Jordan Eclipse Black and White Sneakers Size 8.5Nike Alpha Speed D Men's Football Cleats Size 10.5 Black and Grey 442245-002 , NEW Nike Zoom Rival Waffle Shoe 904720-604 Size Mens 12 Women 13.5 , $189 EVISU GENES "SUMERA" GENUINE LEATHER SNEAKERS/TRAINERS SIZE 12 US , NIKE BENASSI DUO ULTRA SLIDE SLD/ PIGALLE 902783-600 CARNATION PINK ROSE SZ: 10 , SPX Sneakers Street Kicks Hand Made. Great Look! Limited Editions.
    NIKE SHOX SLAM ELITE SLAM TB 23170 Men's - White/Black Basketball Shoes 324826-101 - Size 8 5b6d083 - blurrypron.com>NIKE SHOX SLAM ELITE SLAM TB 23170 Men's - White/Black Basketball Shoes 324826-101 - Size 8 5b6d083 - blurrypron.com
    NEW ACTIVE WOMEN BREATHABLE SNEAKERS RUNNING SHOES - 361 DEGREE SHOCK ABSORBING , Adidas Ultraboost Parley [AC7836] Men Running Shoes Black/White , NIKE AIR MAX 95 ESSENTIAL size 10 USNike Sb Blazer Zoom Mid Xt Mens Hi Top Trainers 876872 Sneakers Shoes 001New Balance MRL999AH D Deconstructed 90s Leather White Mens Running MRL999AHD , Dolce Vita Women's Pali Mule - Choose SZ/ColorSigerson Morrison Elias Kid Suede Ghillie Flats, Women's Size 8.5B, OliveSkechers Women's Cleo - Dots Scalloped Collar Engineered Knit Skimmer BalletSafety Work Shoes Fila Memory Amalfi Women Size 9 Black Leather Synthetic New , Propet Women's Maxigrip Slip-on Black Comfort ShoesTods Patent Leather Driving Loafers Womens Size 40 Beige Shoes Sz Gommini Women , Roman Style Women Peep Toe Summer Sandals Gladiator Low Heel SHoes real leatherCosplay Womens Ankle Strappy Bowknot Block Low Heels Lolita Mary Janes Shoes New , Elegant Womens Ladies Peep Toe Summer OL Shoes High Block Heel Ankle Straps Size , New Womens Prom Size Crystal Rivet Buckle Block High Heels Party Wedding Shoes , G.I.L.I. Cross-band Sling Back Mid-heel Pumps - Loren 6.5 medium floral , Ivanka Trump ITJANIE Womens Janie Dress Pump- Choose SZ/Color. , Steve Madden Womens Leather Jelybely Studded T Strap Flat Sandal Shoes US 7.5 H2Fjord Horse Christmas Running Shoes For Women- Free ShippingNew! Men's Adidas Solar Boost Running Gray/Silver SZ 11.5 D69870 D2Adidas Yeezy 350 V2 Boost Low SPLY Kanye West Beluga Solar Red BB1826 **SIZE 7**VANS ISO 1.5 Wind Chime/True White UltraCush Trainer Shoes WOMEN'S Size 9.5NEW $90 Nike Women's Size 11 Shoes Platinum White Zoom Condition TR 852472-002Nike Womens Size 8.5 Lunarglide 9 X-Plore Athletic Running Trainers Sneaker Shoe , Saint Laurent YSL Womens SL/18H 20 Fringe High Top Sneakers Flats 36New Balance Women's W940V2 Running Shoe - Choose SZ/ColorSoftWalk Women's Meredith Sport Clog Blue Dogs Leather Slip-Resistant (Non-Skid) , Light Brown Leather & Suede w/ Zipper Knee High Riding Boots Argentina Size 7 , VINTAGE JUSTIN MADE IN USA BLACK LIZARD ROPER BOOTS SIZE 5.5 BDolce Vita Size 9.5 M Laila Black Leather Knee High Boots New Womens Shoes NWB ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE SHOX SLAM ELITE SLAM TB 23170 Men's - White/Black Basketball Shoes 324826-101 - Size 8 5b6d083 - 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 SHOX SLAM ELITE SLAM TB 23170 Men's - White/Black Basketball Shoes 324826-101 - Size 8 5b6d083 - 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 SHOX SLAM ELITE SLAM TB 23170 Men's - White/Black Basketball Shoes 324826-101 - Size 8 5b6d083
    Athletic Shoes
    >
    ;