Never miss an update

ASICS Men's Gel-Lyte Fashion Sneaker, Navy/Black, 10 Gel-Lyte ASICS M 10 US febcf05




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
Product Line: Gel-Lyte
Style: Fashion Sneaker Width: Medium (D, M)
US Shoe Size (Men's): 10 Brand: ASICS
Material: Synthetic,Leather, Rubber sole Color: Navy/Black
Country/Region of Manufacture: Vietnam UPC: 889436441034
Never miss an update

ASICS Men's Gel-Lyte Fashion Sneaker, Navy/Black, 10 Gel-Lyte ASICS M 10 US febcf05 - blurrypron.com

    ASICS Men's Gel-Lyte Fashion Sneaker, Navy/Black, 10 Gel-Lyte ASICS M 10 US febcf05
    ASICS Men's Gel-Lyte Fashion Sneaker, Navy/Black, 10 Gel-Lyte ASICS M 10 US febcf05
    Man/Woman Air Force 1 New Listing Used in durability Fair priceNew Nike Revolution 3 Wide (4E) Mens Sizes Shoe Black White Dark Grey 819301 001 , Nike Men's Duel Racer Ankle-High Running ShoeMen's/Women's Nike KD VI AS Quality products Win highly appreciated have funNike Flex 2017 RN Mens Shoes Anthracite Volt Cool Grey Sz 11.5 US NEW898457 007Men's Altra HIIT XT 1.5 Training Shoes Black Size 14Nike Zoom Stefan Janoski Cnvs PR QS Mens Shoes 615957 011 Size 13 , Nike Air Jordan Horizon Low 845098-060 Black/Infrared Men's Sz 12Adidas Adizero Long Jump Track Spikes Petrol Blue Green White SZ 11 E3 398Nike AIR JORDAN 1 Mid Size 10 Men's 811124-035 black park gray INFRARED HOLIDAY , Nike Free RN Black/White-Anthracite 831508-001 Men's SZ 11ADIDAS ORIGINALS TOP TEN LOW WOVEN CANVAS MESH - D69288 RUST RED/HEMP TAN/WHITE , Globe Agent Skater Shoes Men's Trainer Skate Shoes Shoes TrainersNew Balance 880 v5 Neutral Running Race Training Shoes Sneakers Gray Neon Mens , VANS Sk8 Hi Reissue DX (Armor Leather) Turtledove UltraCush MEN'S Size 9Brooks Neuro Running Shoes Mens Sz 12 D White/Black/Nightlife 110211 1D 159ONEMIX Men Sneaker High-tech Energy Drop Jacquard Vamp High-elastic sole SneakerNike Roshe Tiempo VI QS Leather Black/White 853535 002 NEW Mens Size 10.5 , Converse Star Player Ox Black Mens Leather Low-top Casual Sneakers Trainers31 New Adidas Adizero Afterburner 4 Faded BY3680 Men's Baseball Cleats Size 11.5 , 852473 002 NIKE KOBE MAMBA INSTINCT PURE PLATINUM BASKETBALL SHOES 10.5 MENSNEW Men's Nike Reax 3 TR III SL Running Training Shoes Torch 333765 White Sz 14 , PUMA Men's Suede Minions Fashion Sneakers ( puma black-puma black )Mr/Ms NIKE Men's Revolution 3 Running Shoe Selling Brand Pick up at the boutiqueAdidas D Howard 5 V Dwight D12 Dwight4Prez sz 10.5 DS NEW yeezy boost $130 MSRPNike Air Pegasus A/T PRM Premium Black White Men Casual Shoes Sneaker 924470-001 , Under Amour Micro G Torch black, Red white men's basketball shoes Size 11.5Men's Nike Zoom Victory Waffle 4 XC Racing Shoes Black Volt Size 8 878803 017 , New Balance Men's MRT580SR Mecha in Grey/Red NWT Free Shipping!!
    ASICS Men's Gel-Lyte Fashion Sneaker, Navy/Black, 10 Gel-Lyte ASICS M 10 US febcf05 - blurrypron.com>ASICS Men's Gel-Lyte Fashion Sneaker, Navy/Black, 10 Gel-Lyte ASICS M 10 US febcf05 - blurrypron.com
    Womens Turquoise Wedding Cowgirl Boots Embroidered Bridal Leather Square , Stuart Weitzman Coolboot Stretch Pull On Suede Knee High Boot Black 6.5 NIB , AD347 LE VIVALDI shoes blue suede men ankle boots , ADIDAS MENS I-5923 RUNNER GREY WHITE GUM CASUAL SHOES 2018 **FREE POST AUST , Gentleman/Lady Ladies Rieker Casual Everyday Shoes 41345 service Online AmoyReebok Women's Hayasu Sneakers Shoes Size 9.5 Sandy Rose BS9482Brunello Cucinelli Brown Metallic Leather High Top Sneakers IT41/US11~RTL$1495 , Women's Shoes Bernie Mev. Brighten Casual Woven Open Toe Wedge Pewter *New*Kay Unger New York Heel Sandal - Women's Size 7.5M, RoseCasual Women Suede Shoes High Wedge Heel Pointy Toe Back Zipper Pull On US 4.5-8Pleaser CAP609/BPU/M Womens Platform Dress Sandal- Choose SZ/Color.FLY LONDON LEATHER Mary Jane Comfort Wedge Shoes US 5.5 - 6 Brown GreenPrivileged Vlush Mesh Beige Black Snake High Heels Mesh Ankle Boot Size 8.5new BADGLEY MISCHKA red satin open-toe jeweled shoes heels 5 - very dressyVicini Leather Italian High Heel Pumps Sizes 40Call It Spring Women's Ioppolo Wedge Sandal, Bone, 7 B US , STEVEN by Steve Madden Women's Nc-Shams Sandal, - Choose SZ/color , Kenneth Cole Karolina Gray Womens Shoes Size 7.5 M Heels MSRP $150 , NIB Vans COURT ( WASHED CANVAS) BLACK Men Skate Sneaker Shoes US 9.0 , Nike Mens Air Jordan 7 Retro "Citrus" Black/Citrus-Red 304775-081 Size 7.5 , Wolverine Trecker Hiking Men's 05102 Grey Navy Boots Size 10 1/2 EW Gore-Tex , Paul Harnden PH7 Ladies Short Boots Leather Size 4 23cm Natural Camel Y13Nocona Mens NB2005 Black Imperial Calf Western Boots 9EE New , SANTONI *NEW from ITALY* Smooth Brushed Leather Ankle Boot Chelsea UK6 US7 , Cole Haan Men's Kelson Penny Loafer, Black, 7.5 M US , Puma Women's Vikky Black Denim Sneakers - Size 8/8.5/9 NWB 363731-01Nike Zoom Structure +14 Running Women's Shoes Size 5.5 , ara Women's Leona 41468 Bootie , Under Armour Women's HOVR Sonic NC, White/Elemental, 7.5 , NEW MADDEN GIRL COYY BLACK TALL LONG BOOTS WOMENS 7 BLACK PARIS ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ASICS Men's Gel-Lyte Fashion Sneaker, Navy/Black, 10 Gel-Lyte ASICS M 10 US febcf05 - 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 Men's Gel-Lyte Fashion Sneaker, Navy/Black, 10 Gel-Lyte ASICS M 10 US febcf05 - 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 Men's Gel-Lyte Fashion Sneaker, Navy/Black, 10 Gel-Lyte ASICS M 10 US febcf05
    Athletic Shoes
    >
    ;