Never miss an update

Asics Gel Asics Netburner Gel Professional 13 28456 Womens Shoe (B) (4301) 316fc60




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: ASICS
MPN: eerR751N.4301
Never miss an update

Asics Gel Asics Netburner Gel Professional 13 28456 Womens Shoe (B) (4301) 316fc60 - blurrypron.com

    Asics Gel Asics Netburner Gel Professional 13 28456 Womens Shoe (B) (4301) 316fc60
    Asics Gel Asics Netburner Gel Professional 13 28456 Womens Shoe (B) (4301) 316fc60
    NEW NIKE Air Max 90 Print Mesh Lifestyle Sneaker Sport Shoes Trainers 833486 003 , *Genuine 2017 Release* Asics Gel Cumulus 19 Womens Running Shoe (D) (4890) , DS NIKE 2017 AIR HUARACHE RUN OATMEAL M 8 / WMN 9.5 PRESTO MAX PLUS 360 90 180 , WOMEN’S SHOES CONVERSE CTAS PLATFORM DISTRESSED OX 559047CGenuine Brooks Ravenna 8 Womens Running Shoe (B) (073)Women Adidas CG4040 Supernova Running shoes purple SneakersNEW RELEASE Asics Gel Netburner Professional FF Womens Netball Shoes (B) (4101) , * NEW * Asics Gel Netburner Professional 12 Womens Netball Shoe (B) (2001) , Puma X Sega RS-0 White Hawaiian Yellow Juniors Boys Girls Trainers 366950 01 , ONE STAR CONVERSE WOMEN’S SHOES OX HEAVY METALLIC LEATHER 161590C ONE STAR CONVEORIGINALS FLB W FLASHBACK WHITE BLACK WOMEN SHOES BA7760 , 1711 adidas Equipment 10 Women's Training Running Shoes BY3298Mizuno Wave Inspire 11 Womens Running Shoe (B) (408)* NEW * Asics Gel Netburner Ballistic Womens Netball Shoe (B) (9093)New Balance Women's Shoes WL420 KIC Size 7 usWOMEN’S SHOES VANS UA AUTHENTIC FRINGE VA3TK7U6E AVORIOWOMENS MIZUNO WAVE INSPIRE 13 LADIES RUNNING/SNEAKERS/TRAINING/RUNNERS SHOES , NIKE 2016 SF AF1 SPECIAL FEILD AIR FORCE 1 GOLDEN BEIGE 6 SUPREME SAFARI MAX 1 , DIADORA WOMEN'S SHOES TRAINERS SNEAKERS NEW N9K EVO GREY B92 , 1805 adidas NIZZA SLIP-ON Women's Sneakers Sports Shoes CQ3103 , Asics Dynaflyte 2 [T7D5N-9001] Women Running Shoes Black/White-CarbonAdidas B37680 Deerupt Sneakers Casual shoes greenVERSACE JEANS WOMAN CASUAL SNEAKER SHOES FREE TIME RUBBER CODE E0VRBSG5 , Asics Gel-Kayano 25 White Pink Women Running Shoes B Width 1012A026-100 , * NEW * Brooks Neuro 2 Womens Cushioned Running Shoe (B) (099) , Adidas Women's PureBOOST X TR 3.0 Training Shoes Size 9.5 us CG3529Women Sports Zip Dector Wedge Heels Sequin Creeper Shoes Real Leather BreathableAdidas Originals Women's Stan Smith Shoes Size 7.5 us S32256 LAST PAIRAdidas Women's PureBOOST X TR 3.0 Training Shoes Size 8 us CG3527
    Asics Gel Asics Netburner Gel Professional 13 28456 Womens Shoe (B) (4301) 316fc60 - blurrypron.com>Asics Gel Asics Netburner Gel Professional 13 28456 Womens Shoe (B) (4301) 316fc60 - blurrypron.com
    SAM EDELMAN Ankle Boots Taupe Suede Zipper Sides Leather Uppers Sz 8 B4038 , Converse Breakpoint Pro Yellow White Suede Men Casual Shoes Sneakers 161528CNike Wmns Classic Cortez SE PRM Womens Casual Shoes NWOB AJ0135-001Franco Sarto Brindley Equestrian Boots 326, Whiskey Leather, 8 US / 38 EU , A35 Denny Slip-On Dress Kitten Heel Pumps 047, Russian Red, 7.5 US , Sesto Meucci Black Fabric Low Heel Shoes with Center Beaded Brooch sz.6M ItalyDr Martens AirWair Brown Mules Slip On Shoes Size US 8 Clog Slide Leather , Easy Street Pointe Dress Pumps, Red PatentWalter Steiger Pumps - Size 9 B[Ash] Open Toe Heel Military Style Size IT 37.5 / US 7.5 New Without TagBrand New Women's Black Rachel Zoe Booties. Size 7.5Women's ROBERTO CAPUCCI Floral Espadrilles Leather Rhinestone Wedges sz 8 ITALYSJP by Sarah Jessica Parker Lucid Black Womens Shoes Size 9.5 M Heels MSRP $455Christian Louboutin "Fifi Strass" Gray Crystal Pumps SZ 38.52017 Women Bride Wedding Shoes High Heels Evening Dress Stilettos Shoes Sandals , NIKE Men's Lupinek Flyknit Low Casual Shoe Size 10 Grey $225 RetailVANS KYLE WALKER PRO BLACK/WHITE SKATE SHOES NIB SIZE 8 , NIKE MENS MERCURIAL VAPOR X FG HYPER PINK BLACK SOCCER CLEATS 648553 660 SIZE 13ROSHERUN PRINT RETRO TEAL MEN Size: 8.0 NEW STYLISH RARE AUTHENTICMens Clarks SALE Deliver Light Black Leather Smart Slip On Shoes G Fitting , Men's Salvatore Ferragamo Black Leather Loafers Dress Shoes Size 10DNew Balance 711 V2 Trainer Black/White WX711HB2 Women's SZ 7.5 , Drew Shoe Women’s Solo Mesh Athletic Sneakers Size 5 W $139VANS CLASSIC SLIP-ON DISNEY MICKEY & MINNIE CHECKER FLAME WHITE/BLACK WOMEN SIZEASICS Women's Gel-Excite 4 Running Shoe Indigo Blue/Blue/Orchid 8 B(M) USBorn Black Leather Boots Womens Size 6MNine West Womens Orsella Knee-High Boot Cognac Size 6.5 M USPAJAR ALINA WATERPROOF INSULATED WINTER BOOTS EURO 38 WOMEN'S 7 7.5 RTL $185 , Womens 8B, Dark Blue Jean Zip Up Boots By Diba!Men/Women Jellypop Sarin Womens Ankle Bootie Not so expensive stable quality Non-slip
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Asics Gel Asics Netburner Gel Professional 13 28456 Womens Shoe (B) (4301) 316fc60 - 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 Gel Asics Netburner Gel Professional 13 28456 Womens Shoe (B) (4301) 316fc60 - 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 Gel Asics Netburner Gel Professional 13 28456 Womens Shoe (B) (4301) 316fc60
    Athletic Shoes
    >
    ;