Never miss an update

Fashion Ape Men's Bape Camo 39-44 Shark Jaw WGM 8218 A Bathing Ape Sports Shoes Sneaker 39-44 930f6d8




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: sports
US Shoe Size (Men's): US 5~11,UK 4~10,EU 38~44 Brand: Unbranded
Material: Leather Pattern: Casual
Never miss an update

Fashion Ape Men's Bape Camo 39-44 Shark Jaw WGM 8218 A Bathing Ape Sports Shoes Sneaker 39-44 930f6d8 - blurrypron.com

    Fashion Ape Men's Bape Camo 39-44 Shark Jaw WGM 8218 A Bathing Ape Sports Shoes Sneaker 39-44 930f6d8
    Fashion Ape Men's Bape Camo 39-44 Shark Jaw WGM 8218 A Bathing Ape Sports Shoes Sneaker 39-44 930f6d8
    Cole Haan Men Size 8.5 Leather Boat Shoes C10590 Mulberry Air Yacht Club , Men Shoes Classic Clark's Unnature Easy OrthoLite Footbed Leather Black 27952 W , Invicta Womens Angel Rose Dial Gold Ion-Plated Stainless Steel WatchAdidas NMD_XR1 Nomad Boost Running Shoes White Core Black BA7233 Merrell Mens Slip On shoes Jungle Moc Gunsmoke Waterproof J52931Puma Smash Nubuck Casual Trainers Mens Peacoat/Wht Fashion Trainers SneakersBruno Magli Malachi Black/Blue Nubuck Wingtip Oxford Shoe Size 10 M Made Italy , GBX Men's Otis Loafer, Tan, Size 10.5NIKE AIR FOOTSCAPE NM shoes, Nike FOOTSCAPE QS nike NSWSKECHERS Men's Star Wars Black Canvas shoes size 13 SN52404New adidas Originals SAMBA ADV Shoes WHITE/CORE BLACK/GUM BY3931 z1Dr Doc Martens 1461 Multi Hogarth Renaissance 3 Eye Shoes Mens US 13 , ZANZARA Men's Becket Slip-On Loafer, Blue, 13 D USFerracini Casual Wingtip Leather Oxford, Men's Shoes, Black 7-13USmen's shoes BRIMARTS 7 () sneakers black textile suede BT425-40Rockport Works Men's RK6465 Size 13W , NEW* PUMA VEDANO V LEATHER MEN'S SHOE BLACK RED ALL SIZES CASUAL DRESS ATHLETICNew 13 Adidas Originals Men ADIRISE AR Shoes Canvas Black Gum G47868 2.0 3.0 x1 , NEW LACOSTE MENS ALERON MB BLACK KHAKI LEATHER CASUAL FASHION SNEAKERS SHOESPolo Ralph Lauren Wes Smooth Pull Up Men's Loafers Black 803200174-001 , C-152713 New Cole Haan GrandPro Tennis Leather Sneakers Shoes Size US 10 D , Sperry Gold Cup Gold Crepe Oxford Shoe Men Blush Size 7.5M STS16177Frye Jefferson Venetian black vintage leather loafer black Men's 9.5 B , NEW WILD RHINO BYRON MENS COMFORTABLE LEATHER BOAT SHOES CASUAL SHOESMens Casual Shoes Loafers Pull on plaids Pumps Round Heel Flat Heels Canvas ChicNEW! adidas Originals QUESENCE CQ2132 MAROON, TRACE BLUE & BLACK Red Shoes e1 , Mens UNDER ARMOUR FAT TIRE MID Hiking Trainers 1296611-861 Size 13 BlueGEOX PATRICK COX NEWTON MENS RETRO SIXTIES FRINGED TASSEL CASUAL Shoe US 8Preowned $600 DOLCE & GABBANA Shoes Sneakers Top High Blue Leather s. EU44/US11
    Fashion Ape Men's Bape Camo 39-44 Shark Jaw WGM 8218 A Bathing Ape Sports Shoes Sneaker 39-44 930f6d8 - blurrypron.com>Fashion Ape Men's Bape Camo 39-44 Shark Jaw WGM 8218 A Bathing Ape Sports Shoes Sneaker 39-44 930f6d8 - blurrypron.com
    Vans Unisex Authentic Lo Pro Skate ShoeGANT Women S Ashley Ankle Boots Black LN30 02Vtg Dr Martens US 6 UK Sz 4 Brown Buckle Perforated Mary Janes 8307 England , Scholl Orthaheel Colby Womens Comfortable Supportive Mary Jane Shoes , Circus by Sam Edelman Leni3 Flat Espadrilles, White, 9.5 US / 39.5 EUYellow Box 28158 Womens Vow Fashion Sneaker- Choose SZ/Color.Pleaser JENNA-06 Womens Black Faux Leathe Kitten Heel Spectator Mary Jane Pump , Black Aldo High Heel Pumps- Size 39 Aka 8 , Stuart Weitzman Black Satin Open Toe Evening Shoes size 7 1/2 M , NEW VINCE Pointy Toe Leather Heels Sz 9M Made In ItalyWomens Super High Heels Patent Leather Pointed Toe Ankle Strap Nightclub Shoes , NEW Donald J Pliner 'ZANNA-0202' Black & Gold Suede Woman's Heels 8074Size 6.5 MWomen's Shoes Vionic SERENE TIA Slingback Thong Sandals Woven Textile TEALMr/Ms Eastland Women's Baylee Wedge Pump Clever and practical First quality TRUEShoes Lynnfield S DC Shoes Maroon Men ADYS300463-BUR , PUMA Men's 365 Evoknit Ignite CT Soccer Shoe - Choose SZ/Color , Mens Brooks Adrenaline GTS 18 Running Shoes Trainers Black/Blue/Red2012 Nike Air Jordan Retro 10 Chicago White Varsity Red Black Size 8.5 OG ALLNew Vivobarefoot Scott Mens Leather Tobacco Minimalist Casual Boot , VTG ROBERT WAYNE Saddle ROCKABILLY Shoes Black White BROGUES Size 9 MenGentleman/Lady Custom Wesco 10" Boots Size 9D Excellent craft Preferred material Cheap order , Mephisto Cap Vert Slip On Black Smooth Leather - size 11.5 - was $350 , Air Force 1 HI PRM - 654440Brooks Ghost 4 Womens Running Shoee 6 Medium Sneakers C86 NEWNew Prada Studded Gold Glitter High Top Sneaker Flat Women Shoes sz 11.5 / 41.5Via Spiga Women's Traynor Slip ON Sneaker - Choose SZ/Color , NIKE AIR MAX 2016 806772-001 Wmn Sz 8.5 Black/WhiteWomens stylish ankle short zip block heels Leather Boots casual Lady New grace s , Womens Vegan Leather KNEE HIGH Riding Boots Size 9.5 w Faux Fur Lining 2 ZippersVionic Orthaheel Taber Grey Snake Leather Orthotic Ankle Boots 7.5 38.5 NEW
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Fashion Ape Men's Bape Camo 39-44 Shark Jaw WGM 8218 A Bathing Ape Sports Shoes Sneaker 39-44 930f6d8 - 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.

    Fashion Ape Men's Bape Camo 39-44 Shark Jaw WGM 8218 A Bathing Ape Sports Shoes Sneaker 39-44 930f6d8 - 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
    Fashion Ape Men's Bape Camo 39-44 Shark Jaw WGM 8218 A Bathing Ape Sports Shoes Sneaker 39-44 930f6d8
    Casual Shoes
    >
    ;