Never miss an update

New Puma New Suede Classic+ LTH 29990 13 Black/White Size 13 $60 ab14aa9




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
Style: Fashion Sneakers
Width: Medium (D, M) Color: Black
Brand: PUMA Euro Size: EUR 47
US Shoe Size (Men's): 13 Material: Suede
UPC: Does not apply
Never miss an update

New Puma New Suede Classic+ LTH 29990 13 Black/White Size 13 $60 ab14aa9 - blurrypron.com

    New Puma New Suede Classic+ LTH 29990 13 Black/White Size 13 $60 ab14aa9
    New Puma New Suede Classic+ LTH 29990 13 Black/White Size 13 $60 ab14aa9
    Men's/Women's SNEEKER-105 Various styles High quality and economy Various latest designsNEW Steve Madden Cubic Slip On Loafer Quilted Shoes Casual Black Mens Size 9.5SAS Black Leather Loafer Oxford Moc Handsewn USA Men Size 12 SJD Fisk Size 11 HANSON Blue Fabric Slip On Loafers New Mens ShoesLevi's Harrison Engineer Men's Boots Wheat 517190-11BRockport Men’s Eureka Brown Leather Walking Shoes Size 10.5W D1259/Nike Dunk Low Premium SB QS "112" Sz. 12 Clark Kent Used 504750-017 , POLO RALPH LAUREN CLARKE MESH HIGH-TOP CASUAL SNEAKER BLACK OR NAVYGentleman/Lady Rockport M7100 Boot White/White Perforated (V80127) bargain Trendy Pick up at the boutiqueEUC Cole Haan Lunargrand Wingtip Oxford Milkshake Suede US 11.5M C10227 $198 , Man/Woman Alphakilo Slip-On Sneaker Elegant and sturdy set meal Quality First Valuable boutiqueMENS ADIDAS COLORVANTAGE ADICOLOR in colors BLUE / BLUE / BLUE SIZE 8.5 , Sperry Top Sider Men's Gold Cup Brown Original Leather Boat Shoe Sz 8.5M 2481VANS X Trovata California Two Tone Green Corduroy Brown Leather Shoes Size 10.5Born Size 9.5 M ALLAN Castoro Leather Slip On Driving Mocassins New Mens ShoesCole Hann Mens Slide On Loafer With Nike Air Soles Size 9 1/2K-Swiss Classic VN All White / White Men's Leather Shoes 103343 101DVS INMATE ORIGINAL INTENT Navy Suede Men's Sz 8 Skate Shoes BRAND NEW in BOX , PUMA Men's Suede Classic + Fashion Sneaker, Fern Green, 10 M USConverse CTAS Alpha Hi Aged Gold Yellow Heavy Leather Shoes [153110C] Size 11New Men 6.5 = 8.5 Womens Converse Chuck Taylor All Star Lo Sneaker Pink White , Cole Haan Men's Sz 8 1/2 GrandPro Tennis Lux - White - C26997 - Fast Ship! , Clarks UnKenneth Way Oxfords, Men's Size 13 M, Brown , Funtasma Disco Costume Oxford Shoes Silver Gold Glitter 8 9 10 11 12 13 14WeSC Mens Black Dark Shadow Gray Turquoise Emerson Stash Graffiti NY Shoes , Brand New VANS SK8-HI Men's Casual Fashion Sneakers [VN000D5IB8C] , Skechers Men's Sergeants Verdict 64339 Brown/Multi REALTREE Brand New In Box , Sperry Top-Sider Leeward 2-EYE Boat Shoe Men's Size 14M (0770594) NWOBMen's Brand New Converse Chuck Taylor All Star II Hi Fashion Sneakers [151221C] ,
    New Puma New Suede Classic+ LTH 29990 13 Black/White Size 13 $60 ab14aa9 - blurrypron.com>New Puma New Suede Classic+ LTH 29990 13 Black/White Size 13 $60 ab14aa9 - blurrypron.com
    Jack Rogers Women's Marianne Boot, Black, 10 M US , Corral Women's Brown Braided Stud Boot C3179 , NIKE JORDAN FORMULA 23 LOW MENS SIZE 8.5 BASKETBALL TRAINER SHOE BLACKLARRY MAHAN Women's 5 Full Python Tall Western Cowboy Boots MINT , Demonia Neptune-100 Pink Hologram Unisex Platform Shoes - Gothic,Goth,Punk,Pink,Men's/Women's Sandal Tod's Suede Leather Elegant appearance Skilled manufacturing Maintenance capability , New Mollini Anubi Womens Shoes Dress Shoes HeeledCole Haan Women's ZeroGrand Slip-On Sneaker Grey/Opt White/Black (D44030)Nine West Women's Marie Ballet Flat - Choose SZ/ColorMan's/Woman's Pataugas Modele Dolly W T.36 Neuves! The color is very eye-catching High quality and economy Very practicalSperry Top Sider Size 9 M Mabel Red Canvas Open Toe Wedges New Womens ShoesWomens Flat Pumps Strappy Pumps Mary Jane Lolita Summer College Shoes black sz , Steve Madden Ataturk Pointed Toe Heels, Gold, 8.5 US , Manolo Blahnik Slingback pumps, size 37, slender heel, Pewter Buckle EUCNWB Mens Nike Lunar Hyperquickness TB Basketball Shoes Size 11.5, 12, 12.5 , NEW IN BOX MEN'S 6 NIKE SB STEFAN JANOSKI MAX L BLACK CYBER WHITE SKATE SHOES , Nike LeBron Witness II 942518 009 Men's Size 10.5NIKE KD TREY 5 V KEVIN DURANT WARRIORS ROYAL BLUE-YELLOW [897638-400] 10.5 11air jordan 12 retro low wolf grey , ADIDAS ULTRABOOST 3.0 “NAVY MULTICOLOR” 2017 ITEM NUMBER 1129-38Mens Air Jordan V 5 Retro WHITE EMERALD 314259-131 Basketball shoes size 14Mens Retro Motorcycle Punk Calf Boots High Top Military Combat Knight Shoes sz , Vintage Dexter Men's Hiking Mountaineering Brown Leather Hiking Boots Sz 11 MGentlemen/Ladies Yeezy 750 Boost Authentic Sz 6.5 Quality products New products in 2018 Highly appreciated and widely trusted in and outMr/Ms Spenco Women's Yumi Sandal Straw/Java/Cork New Listing Year-end sale Non-slip , NIKE WOMAN CASUAL SNEAKER SHOES LEATHER CODE 315123 111 POIS AIR FORCE 1 MID '07 , Kuru Carrera Fitness Running Sneaker Shoes Womens 9.5 Black Green 202214Womens Brooks Adrenaline GTS 18 Running Shoes Trainers Ebony/Silver/PinkNew Women High Block Heels Suede Ankle Boots Bootie Pointy Toes Pumps Shoes HotVintage Buckles Punk Rivets Womens Ankle Boots Motor Biker Fashion Leather Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Puma New Suede Classic+ LTH 29990 13 Black/White Size 13 $60 ab14aa9 - 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.

    New Puma New Suede Classic+ LTH 29990 13 Black/White Size 13 $60 ab14aa9 - 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
    New Puma New Suede Classic+ LTH 29990 13 Black/White Size 13 $60 ab14aa9
    Casual Shoes
    >
    ;