Never miss an update

Nike Men Kyrie 2 ID White-Black-Crimson-Silver-Gold 2 SZ Kyrie 11 11 [843253-998] 172edeb




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
Shade: Black-Crimson-Silver-Gold
Color: White Style: Basketball Shoes
Euro Size: EUR 45 Width: Medium (D, M)
Brand: Nike US Shoe Size (Men's): 11
UPC: 00091209699652
Never miss an update

Nike Men Kyrie 2 ID White-Black-Crimson-Silver-Gold 2 SZ Kyrie 11 11 [843253-998] 172edeb - blurrypron.com

    Nike Men Kyrie 2 ID White-Black-Crimson-Silver-Gold 2 SZ Kyrie 11 11 [843253-998] 172edeb
    Nike Men Kyrie 2 ID White-Black-Crimson-Silver-Gold 2 SZ Kyrie 11 11 [843253-998] 172edeb
    Nike Air Pippen 1 Men's Basketball Shoe , Nike Air Max 97 Ultra ‘17 Wolf Grey White Silver Bullet 918356 007 Size 10.5 , {T646N.9601} Men's Asics GEL-Kayano 23 Grey *New* Retail Price: $160 , Nike Air Max 90 Premium Memphis Mens 700155-603 Grey Rose Running Shoes Size 11 , Nike Cortez Kenny IV 4 Kendrick Lamar Sz 10 "HOUSE SHOE" SNEAKER AV2950-100 , 844134-003 Nike Men Zoom All Out Flyknit Running Wolf Grey White BlackReebok Crossfit Legacy Lifter Lifting Shoes Hunter Green BS8216 NEW SIZE 9NIKE FLYKNIT MAX MULTICOLOR MC PHOTO BLUE concord CRIMSON 620469-404 air max 360 , M997CR New Balance Men 997 Color Spectrum M997CR - Made In USA black white red , adidas Originals NMD R1 - Men's White/Bold Blue/Black Stencil Pack G27916Nike Air Max 97 Premium Wolf Grey Summit White Size 13 , Nike Flyknit Rosherun [677243-004] NSW Casual Black/White-Fireberry-Orangemen's shoes MBT 6 / 6,5 () sneakers black leather nabuk dynamic BT87-40New! Men Air Jordan "Future" Grey Volt 656503-025 KD Lebron Basketball 10 , NIKE AIR 1/2 HALF CENT ONE LIL PENNY HARDAWAY BLACK GREEN FOAMPOSITE SHOES 10.5 , NIKE AIR HUARACHE SHARK-ANTHRACITE-HASTA-WHITE-GUM BROWN 318429-022 sz 10.5Man/Woman Saucony Men's Omni 16 Running Shoe the most convenient Comfortable touch Suitable for colorAdidas Crazy Explosive 2017 Primeknit Black Basketball High Top Shoes Sneakers2017 Jordan Take Flight 8 sz 10.5 305381-305 jordan addias lot , NEW NIKE AIR CB 34 Charles Barkley Triple White Basketball Shoes 316940-100 , KD 6 Neutral. KD OKC Lightning Custom. Size 9Adidas AW Skate ALEXANDER WANG BROWN GUM 5.5Reebok Question Mid Dress Code, Blue / Wheat / Gum, Basketball Shoes, Size 11 , Vans ALYX OG Style 138 LX Back True White Canvas Suede VN0A3DP9OK7 9-10Nike Air Max Tailwind 7 Men’s Basketball Sneakers 683632-601 SIZE 13Nike Mens Air Bakin Posite Metallic Pewter Black Silver 618056-002 Size 7 , Nike Air Zoom Flight THE GLOVE 1 GARY PAYTON BLACK PURPLE VOLT GP 616772-003 8.5 , NIKE MEN AIR MAX 270 BLACK-HYPER MAGENTA SZ 10 [AH8050-006]{BS9669} MEN'S REEBOK KAMIKAZE II VEGTAN BRITISH TAN/CHALK *NEW!*
    Nike Men Kyrie 2 ID White-Black-Crimson-Silver-Gold 2 SZ Kyrie 11 11 [843253-998] 172edeb - blurrypron.com>Nike Men Kyrie 2 ID White-Black-Crimson-Silver-Gold 2 SZ Kyrie 11 11 [843253-998] 172edeb - blurrypron.com
    Vince Brown Suede & Shearling Knee High Boots SZ 8M , NIB Frye Veronica Studded Moto Short Boots in Dark Brown Leather. Women's Size 8 , Tamara Mellon Suede Sunkiss Boots 105MM Heels US 6/$1,195Laura Bellariva 5571 Grey Leather Buckles Zip Lightweight Boots 39.5 / US 9.5 , New! Cole Haan Dover Black Leather Knee High Riding Boot Size 8.5 B MSRP $500 , Ladies Down To Earth Casual Mid Heel Ankle Boots , Vans Old Skool Satin Womens Grey White Textile TrainersGeox D CHARLENE A, Women s Ballet Flats, Beige Lt Taupec6738 , 7 EUWomen’s Taryn Rose Black Bow Flat Shoes Size 9 1/2M , NEW Betsey Johnson Leopard Wedges Size 9KENNETH COLE Brooke Women Heeled Sandals (5 M, GOLD) , Pleaser 3" Kitten Heel Mary Jane Pump Women High Heels Blk Faux Leather , STUART WEITZMAN Black Patent Leather Peep Toe Pumps Shoes Heels 10 M , Ana Roman 16314 Womens Premium Lightweight Leather Wedges/Shoes Made In Spain , Men's/Women's PRADA SHOES SIZE 39 Ideal gift for all occasions a variety of CharacteristicsRETAIL $175 Via Spiga Evelina Cappuccini Open Toe Wedge Platform Size 7.5M US , TEVA ORIGINAL UNIVERSAL MOTO LEATHER BLACK SANDALS WOMENS SIZE 6 US , Dunlop Mens Water resistance Running Shoes, Sneaker: MAX RUN Light, DM202, 4EPuma x Vashtie R698 NIB Mens Sz 13 Gold 358838-01 , Columbia Men's Supervent III Water Shoe - Choose SZ/ColorDS BRAND NEW NIKE AIR JORDAN 1 HIGH OG RETRO "SHATTERED BACKBOARD" 555088-005 12 , Danner Mens Portland Select Mountain 600 Hiking Boot, Saddle Tan, 9.5 D US , Quoddy 40048 Leather Camp Moccasins Distressed Look with Wear GUC Men's 10 MSkechers Sport Womens E Z Flex 3.0 Willowy Fashion Sneaker- Select SZ/Color.Spring Step Women's Sideway Slip On[bargain] Brooks Net Intercept Womens Netball Shoes (B) (338) | RRP $160Free People Maze Runner Sneakers Boot Fringe by El Vaquero 8/38 $298 RARE , Diba Distressed Leather Strappy Moto Boot EUCGeox Taupe Leather Annya Block Heel Shootie Pump NEWBrand New Goldrush women's boots size 9 - $160 retail value - Free Shipping ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Men Kyrie 2 ID White-Black-Crimson-Silver-Gold 2 SZ Kyrie 11 11 [843253-998] 172edeb - 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 Kyrie 2 ID White-Black-Crimson-Silver-Gold 2 SZ Kyrie 11 11 [843253-998] 172edeb - 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 Kyrie 2 ID White-Black-Crimson-Silver-Gold 2 SZ Kyrie 11 11 [843253-998] 172edeb
    Athletic Shoes
    >
    ;