Never miss an update

Vans SK8 Hi True Reissue Stormy Bird White Black True Hi White Men's Size 10.5 7dae85e




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
Brand: VANS
Material: Suede/Canvas Style: SK8 Hi Reissue
Color: Black/True White US Shoe Size (Men's): 10.5
Pattern: Stormy Bird Width: Medium (D, M)
UPC: Does not apply
Never miss an update

Vans SK8 Hi True Reissue Stormy Bird White Black True Hi White Men's Size 10.5 7dae85e - blurrypron.com

    Vans SK8 Hi True Reissue Stormy Bird White Black True Hi White Men's Size 10.5 7dae85e
    Vans SK8 Hi True Reissue Stormy Bird White Black True Hi White Men's Size 10.5 7dae85e
    Converse Jack Purcell Signature HI White High Top Sneaker 153591CDemonia Creeper 602 Gray Suede 1" Oxford Comfort Shoe Men Size 12 , Vans "Checkerboard Old Skool Pro" Sneakers (Dress Blues/Ochre) Skating ShoesNike LunarCharge Essential 923619-007 Black Obsidian Men's Casual Running Shoes , Mens Black White Reebok Classic Casual Comfortable Lightweight Sneakers RunnersMark Nason Rock Never Dies Dragon Slip On Loafer Mens Dark Brown Leather sz 10 , CREATIVE RECREATION Men's Castucci 1410 Nick Jonas Black Black FASHION SNEAKERSPF Flyers Men's All American Lo Sneaker , DR. MARTENS Steel Toe Safety Work Industrial Boots Brown Leather Mens Calf 9 MMercanti Fiorentini Saffiano Moc Mens Navy Leather drivers Loafer size 10MAdidas Original Orion G98042 Blue Leather Men ShoesNEW MEN'S ADIDAS ORIGINALS DRAGON OG RETRO RUNNING SHOES US 10.5 BY9701Vans Kids Chapman Stripe Suede Youth Sneakers Size 7 US Mens , Polo Ralph Lauren Vaughn Sneakers Tennis Deck Suede Nylon Shoes Navy Navy 9D NIB , Converse Chuck Taylor All Star High Canvas Black White Size 8 Mens / 10 Womens , Twisted X Boots Men's MHYC012 Hooey MocNunn Bush Men's Glenwood Slip 84514 Moc Toe Slip On Loafer , K-Swiss Men's The Classic '88Converse CTAS 70s Creep Shoes Size 11 Men Sneakers Chuck Taylor White Black Pink , Men's Fassionable Semi Casual Shoes, 2.4" Height elevator KT56C[AQ5857] Mens Adidas Cloudfoam Ultra Zen Slip On Shoe - White Black Grey , Men's Skechers 65212/BLK Ridge- Mandon Slip Ons BlackWolverine Men's Rush Esd Comp Toe Hiker Work Boot Brown/Black Size 10 , New Men’s Crocs Kinsale Slip-On Loafer Shoes SZ 10 11 12 Espresso&CobblestoneExpress - Men's Black Leather High Top Sneakers (US Size: 8.0) | Brand New , Allen Edmonds Castine Venetian Driving Moc Shoes Black & Brown Men’s 11 D $200$170 COLE HAAN QUINCY SPT OX II BLACK SUEDE/MESH SNEAKER US 11.5M , OLUKAI MOLOA KAPA CHARCOAL DK WOOD CANVAS 11 M 44 $110 MENS GREY SLIP ON WORN 1X , Fred Perry Men's Horton Canvas Sneakers Comfort Shoes NEW
    Vans SK8 Hi True Reissue Stormy Bird White Black True Hi White Men's Size 10.5 7dae85e - blurrypron.com>Vans SK8 Hi True Reissue Stormy Bird White Black True Hi White Men's Size 10.5 7dae85e - blurrypron.com
    NEW J.W. Anderson knee high ruffle boots in suede , Ladies Unstructured by Clarks Leather Casual Shoes Un Adorn ZipEastland Women's Kaitlyn Slip-On Loafer Black 9.5 M US , Dr. Doc Martens 12283 Flower 6-Eye Chunky Platform Oxfords Brown US10 UK8 EU42 , Steve Madden Sedduce Heels - Women's Size 6.5 M, TaupeSexy 6" rhinestone strappy exotic dancer sandalsBar III Womens Sophie Open Toe Casual Platform SandalsECCO Women's Touch Braided Plateau Wedge Sandal - Choose SZ/Color , NIKE MENS FLEX CONTROL TRAINING SHOES (BOX NO LID) , New Balance Men's MX623v3 Training Shoe , Mens Reebok Athletic Sneakers Slip Resistant Size 14NEW Adidas Men's adizero Afterburner 3E Baseball Metal Spikes Shoes BW0356 Sz 12 , Man/Woman Air Jordan Retro 8.0 black/white Not so expensive Attractive fashion high quality product , SUPRA SKYTOP WASHED GREY WHITE 08002-046-M MEN SHOES SIZE 8 TO 14 , NIKE LUNAR FLOW PRM NSW NRG SZ US 10.5 NATURAL DARK RUSSET 525284 100Gentlemen/Ladies Nike Kobe A.D. Men's Black/Multi 6921001 use Highly praised and appreciated by the consumer audience Explosive good goods , Men's Nike Air Jordan Retro 11 Low IE "Rio Teal" Athletic Fashion 919712 300Timberlan Black Work Boots Alloy Safety Toe/Slip Resistant Size 13 NIBMEN'S 2007 ADIDAS RMX EQT SPT RUNNER IRAK 071220 BLACK/NEON RED SIZE 10 US , Durango Men's Oiled Black Leather Western BootHarley-Davidson Mens 8.25" Booker Black Leather Motorcycle Riding Boots D95194 , Limited Edition White's Boots Smoke Jumper Elite Navy Horween Chromexcel 10.5 D , Mens Shiny Rivet Decor Slip On Casual Hot Smart Loafer Round Toe Wedding SHoesWGM Unisex Full Camo Bape Shark Jaw Eyes Icon A Bathing Ape Sports Shoes SneakerNike Dunk Low Skateboard Shoes Womens US 11 [309324-145]Skechers Hi-Lite Sugar High Womens Court-Style High Top SneakersWOMENS NEW BALANCE WL574FLD MEDIUM B WIDTH - DARK OXIDE , Women's Adidas PureBOOST X Clima - Off-White - Width: med - Running , Saucony Women's Freedom Iso Running-Shoes, Citron Purple, 7.5 B(M) US , Qupid Women's Vermont-04 Boot Taupe 8 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Vans SK8 Hi True Reissue Stormy Bird White Black True Hi White Men's Size 10.5 7dae85e - 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.

    Vans SK8 Hi True Reissue Stormy Bird White Black True Hi White Men's Size 10.5 7dae85e - 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
    Vans SK8 Hi True Reissue Stormy Bird White Black True Hi White Men's Size 10.5 7dae85e
    Casual Shoes
    >
    ;