Never miss an update

ASICS Gray/Black ASICS Gel-Kayano 23 Running Shoe - Men's Size 9 Men's Gray/Black f8dac56




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Shoes show signs of light wear. Bottoms of shoes are slightly dirty. Insoles of shoes are in good condition and have very light wear. Shoes are in overall great condition.
Model: ASICS GEL-Kayano 23 US Shoe Size (Men's): 9
Style: Running Shoes Color: Gray
Product Line: Gel-Kayano Brand: ASICS
Width: 4.5" UPC: 0885259855133
Never miss an update

ASICS Gray/Black ASICS Gel-Kayano 23 Running Shoe - Men's Size 9 Men's Gray/Black f8dac56 - blurrypron.com

    ASICS Gray/Black ASICS Gel-Kayano 23 Running Shoe - Men's Size 9 Men's Gray/Black f8dac56
    ASICS Gray/Black ASICS Gel-Kayano 23 Running Shoe - Men's Size 9 Men's Gray/Black f8dac56
    New W/O Box NIKE ROSHE NM FLYKNIT MENS SHOES SIZE 9.5 677243 013Under Armour Men's ClutchFit Drive 2 Basketball Shoes Blue/White Size 9.5MNEW Nike Men's 14 Hyperdunk 2016 USA Home Basketball Shoes White 856483-100 , Nike ERIC KOSTON Black Digital Pink White Skate 580418-061 (243) Men's ShoesNike Air Jordan X 10 Retro Lady Liberty Dust Black 705178-045 SZ 11.5adidas TUBULAR X PK - White - Mens , ADIDAS EQT SUPPORT ADV SZ 11.5 CORE BLACK RUNNING WHITE 91/16 CP9557 , NEW adidas alphabounce em m - Running, Cross Training (Men's Multiple Sizes) , NEW NIKE ZOOM VICTORY 3 TRACK & FIELD SPIKES RIO OLYMPICS Size 10.5 (882006-999)New Balance Vazee Prism Orange/Grey Men's Running Shoes training MPRSMOGJordan Velocity Men's Shoes Black/Fusion Pink-Tropical Teal-Electric Orange 6889Diadora Men's Game L High Waxed Leather Shoes GG8 White Size 8Mens Nike KB Mentality II Size 14 (818952 300) No BoxNike Jordan Sz 11.5 Eclipse Holiday Black New Casual Basketball Shoes SneakersNIKE Lunar Hyperquickness Basketball Shoe US Size 12 NEW! 652777 006 , Adidas Stan Smith Lab 84 Leather Rare Grey/white Mens #M25779 US Size 7 , NEW Mens Sz 9 ADIDAS Adizero XT 5 B26585 Semi Solar Yellow Trail Sneakers ShoesPUMA x Big Sean Suede Mid Classic 50th Pack 366300 01 Msrp $110 HUUnder Armour UA Velocity GR Running Athletic Shoes 1273206-001 Black Red White , Adidas AF6306 Mens ZX Flux Shoes Grey/Multi #BR1Nike Men's Free TR Force Flyknit Black Crimson Size 12 833275 001Nike x Gyakusou Lunarepic Flyknit Shield Sz 11.5 100% Authentic 859891 300 $200 , Nike Epic React Flyknit 11.5 Men **Cargo Khaki** , *New* Air Jordan Super.Fly 5 Infrared 23 Men’s size 17 Mango/Black 844677-606 , NEW Nike Hyperdunk React 2017 Team Red Size 20DC PLAZA TC Leather Casual Low-Top Skate Shoes Sneakers Mens Trainers , NIKE STEFAN JANOSKI CANVAS MEN'S SKATE SHOES SIZE: 8.5 MULTI-COLOR 615957 900NIKE AIR MAX 1 ULTRA 2.0 ESSENTIAL SZ 8.5 BLACK WOLF GREY 875679 002NIKE FLYKNIT STREAK SIZE 8.5 MEN'S RUNNING SHOES (835994 303)
    ASICS Gray/Black ASICS Gel-Kayano 23 Running Shoe - Men's Size 9 Men's Gray/Black f8dac56 - blurrypron.com>ASICS Gray/Black ASICS Gel-Kayano 23 Running Shoe - Men's Size 9 Men's Gray/Black f8dac56 - blurrypron.com
    DANNER Women's 9.5 - BROWN & BLACK LEATHER ANKLE BOOTS Hiking Trail "CLOUD CAP"Men/Women men's work boots Quality queen Let our goods go to the world Fashion versatile shoes , WOMENS ASICS GT 2000 6 LADIES RUNNING/SNEAKERS/FITNESS/TRAINING/RUNNERS SHOESMen's/Women's Ladies Gabor Boots Style 51.702-W High quality and cheap Attractive fashion cheaperLot of 2 pairs AGL Black/tan leather cap toe ballet flats shoes US 9 , DOLCE & GABBANA WOMAN FLATS BALLET SHOES MACULATED CANVAS PATENT LEATHER C15244 , Womens Nightclub Peep Toes Sandals Rhinestones Less Wedge Heels Platform PumpsIvanka Trump - Carra Heels Womens Size 6.5M Light Brown , FABIO RUSCONI Shoes 984591 Grey 35 1/2Skechers Sport Women's EZ Flex Flighty Majesty Slip-on Flat Black FlightyDansko Women's Brigitte Flat Sandal - Choose SZ/Color , Reebok Royal Ultra SL Shoe Women's Casual pink-CN0450Unisex Puma Fierce Core Mono Casual Shoes Purple/Metallic 19153203 PCTNEW SUPRA VAIDER OLIVE GOLDEN WHITE 08044-381 SKATEBOARDING SHOES 7.5New REEBOK Instapump Fury Tech Men Sneakers25 Under Armour UA Highlight MC Mens Football Cleats Black 1258400-101 8 - 13 , Nike Dunk Low Flyknit Chlorine Men's size 10.5 US 917746-001Air Jordan 1 Retro High OG Metallic Red Size 8 555088 10310 D RED WING 606 Soft Toe Burgundy Leather Work SUPERSOLE 2.0 Boots ASTM F2892Bota Vaquera Imitacion Edicion Limitada El General Piel Res Grabada ID 122523Mephisto Air Jet Full Grain Leather Slip On Men's US 11.5 EUCmens British mesh slip on business woven shoes comfort driving shoes moccasins , Hugo Boss Men's Dressapp_Oxfr_prpf Black Leather Oxfords ShoesNew 1st Quality Allen Edmonds Gregory 16 D black , Adidas Adizero Ambition 4 Women Track Spikes BB5778 Red White Size 7 NO SPIKES , ***Brand New*** ZARA HIGH HEEL HIGH-CUT LEATHER BOOT US SIZE:7.5 , Anne Klein 25027759 Womens Obri Fabric Ankle Boot- Choose SZ/Color. , Womens winter furry Trim zip Ankle short High Top flat warm snow Boots shoes NewNEW SKECHERS WOMENS COMFORT AIR TRITON BOOTIE , Man's/Woman's SCREAM-3010 durability Cheaper than the price fine ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ASICS Gray/Black ASICS Gel-Kayano 23 Running Shoe - Men's Size 9 Men's Gray/Black f8dac56 - 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.

    ASICS Gray/Black ASICS Gel-Kayano 23 Running Shoe - Men's Size 9 Men's Gray/Black f8dac56 - 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
    ASICS Gray/Black ASICS Gel-Kayano 23 Running Shoe - Men's Size 9 Men's Gray/Black f8dac56
    Athletic Shoes
    >
    ;