Never miss an update

Merrell Women's All Out Out Peak 5 Merrell Trail Running Shoe, Light Green, 5 M US f931340




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
UPC: 695640281850
Department: womens EAN: 0695640281850
Weight: 1.45 lbs Brand: Merrell
Dimensions: L 11.4 x W 7.8 x H 4 inches MPN: J35534
NumberOfItems: 1 Binding: Shoes
ISBN: Not Applicable Color: Light Green
US Shoe Size (Women's): 5 B(M) US
Never miss an update

Merrell Women's All Out Out Peak 5 Merrell Trail Running Shoe, Light Green, 5 M US f931340 - blurrypron.com

    Merrell Women's All Out Out Peak 5 Merrell Trail Running Shoe, Light Green, 5 M US f931340
    Merrell Women's All Out Out Peak 5 Merrell Trail Running Shoe, Light Green, 5 M US f931340
    Adidas Ultra Boost X Womens BY1674 Mystery Ruby Primeknit Running Shoes Size 7.5Hoka Vanquish 3 Running Shoes - SS17-11.5 - Blue , Nike Air Presto 878068-002 BONE Womens Size 9Splendid LL1237 Womens Bennett Sneaker- Choose SZ/Color. , Nike Shox Gravity Womens AQ8554-700 Metallic Gold Running Shoes Wmns Size 6.5 , ASICS GEL-DS Trainer 21-W Womens Gel-DS 21 Running Shoe- Choose SZ/Color.MBT 700906-1048Y Womens ZeeW Sneaker- Choose SZ/Color.adidas Women's Adizero Tempo 9 W - Choose SZ/ColorASICS S753N.4839 Womens Conviction X Cross-Trainer-Shoes- Choose SZ/Color.ASICS Gel Resolution 6 Women's Tennis Shoes - Choose SZ/Color , Inov-8 Men's Roclite 280 Trail Running Shoe - Choose SZ/ColorASICS S753N.9620 Womens Conviction X Cross-Trainer Shoe- Choose SZ/Color. , New Balance Women's Vazee FuelCell v1 Running Shoe Elderberry/Silver 65 B US , PUMA IGNITE DUAL PROKNIT WN'S-W Womens Ignite Dual Proknit Wns Running ShoeNew Balance Women's 1080v8 Fresh Foam Running Shoe Blue 7.5 B USGeox D724CB00085C9997 Womens W Trysure 4 Fashion Sneaker /- Choose SZ/Color. , Mizuno Womens Wave Horizon Running Shoe- Pick SZ/Color. , Ash 370045 Womens Kingston Fashion Sneaker /- Choose SZ/Color. , Merrell Women's Emma LTR Fashion Sneaker - Choose SZ/ColorAdidas B27499 adidas Boost Icon 2.0 Cleat Running White-Running , FRYE Gemma High Womens Fashion Sneaker- Choose SZ/Color.Ahnu Montara Boot-W Womens Hiking Boot- Choose SZ/Color. , Under Armour Speedform Gemini 3 City RE Running Shoe - Womens- Pick SZ/Color.adidas BB1557 Womens Shoes | Crazypower TR Cross-Trainer- Choose SZ/Color. , SKECHERS Variation Womens Go Run Ultra R Athletic Shoe- Choose SZ/Color.Mizuno Running USA 410871.1Z4P Womens Wave RiderGtx Shoe- Choose SZ/Color. , Travel Fox 900 Womens 914820-52 Bronze Embossed Snakeskin Shoes Size 8.5 - 39 , NIKE Womens Nike Free Tr Flyknit 3 942887-001 BLACK Womens Size 8Under Armour 1274413-002- Womens Street Precision Low Training Shoes
    Merrell Women's All Out Out Peak 5 Merrell Trail Running Shoe, Light Green, 5 M US f931340 - blurrypron.com>Merrell Women's All Out Out Peak 5 Merrell Trail Running Shoe, Light Green, 5 M US f931340 - blurrypron.com
    Nine West Womens Dale Ankle Bootie- Pick SZ/Color. , Initial Point Kenneth Cole Shoes Fashion Brown Men New , Gentleman/Lady NEW Julius Marlow Discover Sandal Tan Reliable quality New in stock Perfect processingJambu Women's Elegance Strappy Sandal Black Nappa Leather Slingbacks , Klogs New Women's Portland Clog Puzzle 9 , US Shoe Size Women Slip On Black Leather Comfort Casual Formal Dress Loafer PumpNIB! CHRISTIAN LOUBOUTIN CROC MAROC EMBROIDERED OXFORD LOAFERS Sz 40.5, US 10AVEC Les FILLES Womens Size 8 Bella BLACK Kid SUEDE Wedge Mules Slides $148 , Stuart Weitzman Nearlynude Ankle Strap Sandal Heels US 5.5M NWD $398 , Women's Ralph Lauren BLATINA GLITTER PRINTED KIDSUEDE Sz 9B MSRP $695 , Car Shoe By Prada Brown Suede Ankle Tie Wedge Heels Sz 40/10~RTL $695NEW Crocs Isabella Mini Wedge Sandals Black/Smoke Size 5 6 7 8 9 11DESIGUAL MUEVETE 46DS503 3099 - Sneaker Baskets Montantes Rose / Violet *NEUF* , Adidas 2015 Crazylight Boost Primeknit Basketball Shoes Men's 15 New w/o Box , New Balance Men's Mflcl Ankle-High Running Shoe , NIB MENS SIZE 9 NIKE AIR HUARACHE RUN RUNNING SNEAKERS 704830-200NIKE ZOOM KD9 KD 9 ELITE TS KEVIN DURANT TIME TO SHINE" GREY SZ 9.5 [909139-013]DS NIKE DUNK CHUKKA RT 910088 100 WHITE RED RICCARDO TISCI2011 Nike Air Jordan Fly Wade South Beach Miami Heat DS RARE SZ 9.5 (429486-030) , adidas Nemeziz 17.1 Men's FG Soccer Cleats Football Shoes Coral-Red Zest 1801 , Nike Zoom Kobe VII 7 Black Purple Blue Invisibility Cloak 488371 005 size 13 LESalewa North America Mens Mountain Trainer GTX Approach Shoe- Pick SZ/Color. , Jordan Retro 12 XII OVO - Black-Metallic Gold - Near Dead Stock - SZ-9.5 - AUTH , Adidas Yeezy Boost 350 V2 BELUGA BB1826 ZEBRA Kanye 750 BMens Black Crocodile Boots Size 9.5 BY JOTA EXOTICSGentlemen/Ladies TBS Galais Beige Beautiful color fashionable various kinds , NIKE AIR MAX ST WOMEN'S RUNNING SHOES SIZE US8 UK5.5 ONLY SIZE ON EBAY FOR SALE!Nike Revolution 4 Gray White Pink (Women Size) Running Shoes New N Box 908999 01 , L'Artiste by Spring Step Women's April Mary Jane , Women's Born Rachelle Brown Leather Slip On Booties Ankle Boots Size 7
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Merrell Women's All Out Out Peak 5 Merrell Trail Running Shoe, Light Green, 5 M US f931340 - 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.

    Merrell Women's All Out Out Peak 5 Merrell Trail Running Shoe, Light Green, 5 M US f931340 - 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
    Merrell Women's All Out Out Peak 5 Merrell Trail Running Shoe, Light Green, 5 M US f931340
    Athletic Shoes
    >
    ;