Never miss an update

Mens Adidas EQT Originals EQT 8 Cushion ADV Shoes Black White Royal Blue Shoes Size 8 CQ2374 edb166b




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
Brand: Adidas
Color: Multi-Color Closure: Lace Up
Product Line: adidas Originals Modified Item: No
Sub Style: Sneaker Boot, Track & Field, Trail Running Model: adidas EQT Cushion ADV
Shoe Height: Mid Top Style: Athletic Sneakers
Euro Size: EUR 41,5 Country/Region of Manufacture: China
Pattern: Striped US Shoe Size (Men's): 8
Width: Medium (D, M) UPC: Does not apply
Never miss an update

Mens Adidas EQT Originals EQT 8 Cushion ADV Shoes Black White Royal Blue Shoes Size 8 CQ2374 edb166b - blurrypron.com

    Mens Adidas EQT Originals EQT 8 Cushion ADV Shoes Black White Royal Blue Shoes Size 8 CQ2374 edb166b
    Mens Adidas EQT Originals EQT 8 Cushion ADV Shoes Black White Royal Blue Shoes Size 8 CQ2374 edb166b
    DC Versaflex Mens Shoes Size 11 Skateboard Sprite SB Impact FX Leather RAF Bulky , Nike air max king anthony davis rare shoes new orleans pelicans gray grey men 14 , 32 Nike HypervenomX Finale II TF Mens Size 10.5 Turf Soccer Shoes 852573-801Men's Nike Air Zoom Sertig 16' Hiking Boots Black Cool Grey SZ 8.5 (904335 001)VANS (STYLE 112 PRO) HARBOR GRAY WHITE SKATE SHOES SZ 10.5 MENS ULTRACUSH NEWNike Air Huarache Utility PRM Grey Emerald Green Men Running Shoes 806979-103 , Chuck Taylor All Star Converse Fashion CT Hi top 158886C , Asics Gel Lyte MT Reflective Sneaker Boot Men Size 8.5 Black Grey H6K1L OreoNike Flyknit Rosherun Pink Flash/ Lime-Club Pink Men's Running Shoes 677243-601Nike Zoom Stefan Janoski CNVS SB 616490-412 Men's Obsidian White Skate NEWAdidas Men's Stan Smith Vulc Skate Shoe; Carbon / Black / Gums; SIZE 11 & 9.5 US , Vans Classic Slip-On(Fuzzy Suede)Medal Bronze/Blue Size US 11 Men's VN0A38F7QTN , Nike LeBron XI 11 Low Easter sz 8 B-GradeVANS (STYLE 112 PRO) REFLECTING POND BLUE SKATE SHOES SZ 11.5 MENS ULTRACUSH NEWNIKE Zoom Rotational 6 Shot Put Discus Throwing Shoes 685131-413 Mens Sz 6 NEWNike Air Jordan 1 High Mid Hulk Electric Green Celtic Size 7.5 Mens 554724-330Columbia Men's Men's CONSPIRACY™ RAZOR Lightweight Multi Sport Shoe BM2576-437Nike Air Jordan V 5 White Fire Red Black Tongue Leather 136027 120 Sz 13Patrick Ewing Men's Ewing 33 Hi x Slam 1EW902002-114 8-13 , Vans "Old Skool Pig Suede" Sneakers (Stormy Weather/True WH) Classic Skate ShoesMens Rare VTG Nike Zoom Air Spiridon 2003 “Chili Red” 306549-661 Size 13 , Air Jordan 4 Retro 308497-105 Size 11.5 Pures All White blue FlightNike DUNK LOW PRO SB Black Gorge Green Skate Discounted (568) Men's Shoes , Nike Fltknit Racer 9.5 Legion Blue Mica Macaron Pack Brand NewMen's NIKE Air Max Motion LW SE Running Shoes Anthracite / grey Size 7.5 NEW! , air jordan retro 6 all star Size 13 , Reebok Men's Classic Renaissance Wide 4e Walking ShoeNike Lunar Magista II 2 Flyknit Black/Black-Anthracite-White 852614-001 SZ 11 , Nike Tanjun Racer Running Men's Shoes Size 9 ,
    Mens Adidas EQT Originals EQT 8 Cushion ADV Shoes Black White Royal Blue Shoes Size 8 CQ2374 edb166b - blurrypron.com>Mens Adidas EQT Originals EQT 8 Cushion ADV Shoes Black White Royal Blue Shoes Size 8 CQ2374 edb166b - blurrypron.com
    734 New BLACK JACK (Hand Made) Cognac Ranch Hand Cowboy Boots Womens 7.5 C $400Adidas Originals Nizza Classic Casual Lifestyle Shoes White/Black/White CQ2333LOTTO CHAUSSURE SPEEDRIDE 609 - BLK - 8.5 (8059136972714)QUATTROBARRADODICI men shoes Black suede and tech fabric sneaker with mimeticSkechers Bikers - Hot-Ticket, Womens Trainers, Beige NaturalTaupe, 6.5 39.5Gentlemen/Ladies nike cortez womens use special promotion Acknowledgement feedback , AC741 MBT shoes black leather women moccasins EU , FitFlop Women's Shuv Clog Soft Grey Felt Comfort Shoes , Gentlemen/Ladies GALA-01 Modern technology Highly praised and appreciated by the consumer audience Full range of specifications , NIB $850 CHRISTIAN LOUBOUTIN BLACK SUEDE LADY MOC FLAT TASSEL LOAFERS SHOES 39 9 , Womens Fashion Sexy High Heels Round Toe Pumps Shoes Pull On Stitching ColorsIvanka Trump Lysa Women's Black Leather Pointed Toe High Heel Pumps Size 5.5 M , Franco Sarto Women's Abree Pump - Choose SZ/ColorChristian Louboutin Sharpetta Women's Black Pointed Toe d'Orsay Pumps EU Sz 40.5$129 New MISS SIXTY ASTRID Yellow White Leather Designer Flat Sandals 8 , Rainbow Women's Sandal Wide Strap Single Layer 301 ALTS Expresso , Reebok Classic Leather Men's Jade Green Gum Sole BD6014 Size 10.5 New With Tags , ADIDAS CRAZY ADV 1 SZ 8.5 CORE BLACK MULTICOLOR B375622007 Air Jordan 11 Low WHITE ZEST ARGON BLUE CEMENT SZ 13 WIN BRED GRAPE SOLE 17 , Adidas Harden Vol 1 BHM Arthur Ashe Edition BY3473 Size 16 , Irish Setter Work Men's Kasota 6" Waterproof Safety Toe Work Boot, Brown, 12 2E , NEW STEVE MADDEN OMITT RED FABRIC SLIP ON LOAFER SHOES MENS 12 MADDEN FREE SHIPMens Large Size Ralph Lauren Polo Lander P Beige Shoes 14 D..352AHogan Shoes Sneaker Sz. 7,5 Italy Man Brown HXM2540Y820-HK11117 PUT OFFERNew Mens Real Leather Metal Party Shoes Slip On Pointed Toe Dress Formal US 11.5 , Handmade Men Brown leather shoes, Men slip ons Men Spectator shoes Dress Shoes , Asics Gt1000-2 Womens Cushioned Running Sport ShoesNaturalizer Womens Clarissa Leather Low Top Zipper Fashion Black Size 10.0 , Mr/Ms NEW GIUSEPPE ZANOTTI OUTSEASON WOMENS KRISS Beautiful color Price reduction Fashion versatile shoes , Nine West 25028774 Womens Jabali Ankle Boot- Choose SZ/Color.
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mens Adidas EQT Originals EQT 8 Cushion ADV Shoes Black White Royal Blue Shoes Size 8 CQ2374 edb166b - 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.

    Mens Adidas EQT Originals EQT 8 Cushion ADV Shoes Black White Royal Blue Shoes Size 8 CQ2374 edb166b - 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
    Mens Adidas EQT Originals EQT 8 Cushion ADV Shoes Black White Royal Blue Shoes Size 8 CQ2374 edb166b
    Athletic Shoes
    >
    ;