Never miss an update

Men's Clarks Casual GTX Shoes Label Men's Stantenwalk Stantenwalk GTX 17d5ad8




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: No data
Width: Various Brand: Clarks
Main colour: Various Fastening: Lace Up
US Shoe Size (Men's) 1: Various size
Never miss an update

Men's Clarks Casual GTX Shoes Label Men's Stantenwalk Stantenwalk GTX 17d5ad8 - blurrypron.com

    Men's Clarks Casual GTX Shoes Label Men's Stantenwalk Stantenwalk GTX 17d5ad8
    Men's Clarks Casual GTX Shoes Label Men's Stantenwalk Stantenwalk GTX 17d5ad8
    Keen Men's Flint Low Shoes - Steel Toe - 1007970Mens Anatomic & Co Gaspar Troy Toast Leather Slip On ShoesAnatomic & Co Gel Torres Cognac Toast Leather Casual Slip On Moccasin Shoes , Anatomic & Co Bernardo Black Leather Casual Slip On Shoes , Mens Anatomic & Co Tavares Leather Casual Slip On Moccasin Shoes Black & CognacNew Camper K100174-003 Size 45 EU/US 11 Blue White Yellow sneakers Mens ShoesAnatomic & Co Bernardo Chestnut Toast Brown Leather Casual Slip On Shoes , Dr Scholls Men's Double Air Pillo Deck Slip On Loafer Size 9.5 D BrownMens Anatomic & Co Tavares Cognac Or Black Leather Slip On Moccasin Shoes , Mens Anatomic & Co Barbosa Tan Toast Or Black Floater Leather Slip On ShoesRoper Men's High Country Cruisers Casual Driving Moc Shoes - 09-020-1770-0793 TA , NIKE FREE SB QUICKSTRIKE "ROSE CITY" FORTRESS GREEN CAMO / RED 749677 360 SZ 8.5 , Men's French Shriner Size 11 M Black Leather Oxford Shoe Sn: 7300 BangorGentleman/Lady LE COQ SPORTIF Alsace Beige Easy to clean surface Upper material negotiation , Bates Men's ZR-6 E02066 Black Slip-Resistant (Non-Skid) , Stacy Adams Men's Kordell 24919 Cognac Leather Business Shoes , Stacy Adams Men's Peyton 24610 Cognac Leather Business Shoes , Stacy Adams Men's Corrado 23274 Cognac Buffalo Oxfords , NIKE Air Zoom Mariah Flyknit Racer Kaki 918264-301Hugo Boss Men's Metro Digital Dark Blue Sneakers Shoes Sz: 135.11 Tactical Men's ATAC 6" Boot Black Slip-Resistant (Non-Skid) , Stacy Adams Men's Sanfillipo 24938 White Woven Print Leather Plain Toe Shoes , Stacy Adams Men's Sanfillipo 24938 Black Woven Print Leather Plain Toe Shoes5.11 Tactical Men's Speed 3.0 Rapid Dry Tactical & Military Boot Black , Stacy Adams Men's Corrado 23274 Black Buffalo Business Shoes , Nike Air Jordan Retro V.I Hazelnut/ Team bRed Ds Men Sz 10 |Free Shipping|Mens Suede Western Fashion-Ankle Pointy Toe Chic Zipped Heel Chelsea Boots Shoes , Mr/Ms Crevo Men's Boardwalk Chestnut Slip-Resistant (Non-Skid) Promotion Ranked first in its class a lot of varieties , Minnetonka Men's Genuine Moose Driving Mocs Natural Moose Driving Shoes
    Men's Clarks Casual GTX Shoes Label Men's Stantenwalk Stantenwalk GTX 17d5ad8 - blurrypron.com>Men's Clarks Casual GTX Shoes Label Men's Stantenwalk Stantenwalk GTX 17d5ad8 - blurrypron.com
    Men's/Women's Anne Klein Womens Katherine Reliable quality At a lower price Explosive good goodsWOMENS INOV8 FASTLIFT 370 BOA LADIES WEIGHT LIFTING RUNNING/RUNNERS SHOES , Gentleman/Lady Pleaser ADORE-708HG Modern and elegant fashion modern Exquisite (processing) processing , Women Oxford Fur Decor Square Toe Leather Slip On Square Toe Rhinetsones SHoes , J/Slides - Alec - White Leather - 8.5 , Man/Woman Donald Pliner Elen Loafer for you to choose Elegant and sturdy packaging Known for its beautiful qualityNEW..SANITA..SHOES.37 Eur 6..SIGNATURE..PROF MARGO..BLACK LEATHER DANISH DESIGN , Womens Woven Strap Block Heels Sandals Shoes Tassel Slingbacks Ankle Strap Grace , Rockport Women's Sharna Cross Strap Dress Pump - Choose SZ/ColorMr/Ms Emanuel & Josiah Vegan Shoes Big clearance sale Modern and stylish fashion Reliable reputationCoconuts Womens Wisp Leather Open Toe Casual Slide Sandals dusty blue Size 7.0 , Manolo Blahnik Womens Silver Metallic Slingbacks Sandals Heels Size 39.5 9.5Nike Lunar Force 1 Flyknit Men's Workboots, Size 9.5, 855984 600Nike Men's Air Icarus Extra QS Sneakers Size 11 Rare Retro , Nike Air Max CB black low cut basketball shoes size 11 mens 917752 001NIKE HYPERDUNK 08 BASKETBALL SHOE MEN SIZE 8.5 KOBE BRYANTNew Balance Mens 2018 Trail Running Hierro V3 Fresh Foam TrainersNew Nike Kobe XI 11 Draft Day White Purple Blue Lagoon Size 10.5 (836183-154) , Nike Air Huarache Cargo Khaki/Cargo Khaki-White (318429 306) , NEW 823204 Men's Ulterra Gore-Tex Backpacking SHOES, Tarmac/Tarmac CHOOSE SIZE2009 NIKE AIR JORDAN 1 RETRO RUFF N TUFF QUAI 54 Laser Blue 372389-401 size 9.5 , Sperry Top Sider Star Wars Han Solo & Chewbacca Men's Canvas Slip-on Size 12 , Vintage 1940's 50s Sears Black Leather Buckle Distressed Motorcycle Riding Boots , LOS ALTOS GENUINE LIZARD STINGRAY BLACK MEN ANKLE BOOT (EE) WIDTH ZA2068205K-Swiss 03343-654: Men's Classic Ribbon Ribbon Vulcanized SneakerNWB Oliver Sweeney Men's Brown Leather Oxford Wingtips US 11 Euro 10 Med D/MMizuno Wave Emperor TR W Pink White Marathon Women Racing Shoes J1GB1686-01 , Inov8 ROADCLAW 240 Women's Running Shoes Grey/Coral , Adidas BA7770 Womens Stan Smith Bold Originals Casual Shoe 7.5Women's Boots winter Snow Waterproof Kingshow Globalwin White Print 8 DM US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's Clarks Casual GTX Shoes Label Men's Stantenwalk Stantenwalk GTX 17d5ad8 - 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.

    Men's Clarks Casual GTX Shoes Label Men's Stantenwalk Stantenwalk GTX 17d5ad8 - 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
    Men's Clarks Casual GTX Shoes Label Men's Stantenwalk Stantenwalk GTX 17d5ad8
    Casual Shoes
    >
    ;