Never miss an update

Adidas Flats Excellent Boston mogochinese-29895 Boost Yellow Black Women Black 7 38 2/3 EUR Racing Flats 8ae1de0




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Excellent condition, about 25 miles on these. No inserts, you'll have to provide your own.Unique colorway, these were Adidas pre-release samples.
Product Line: adidas BOSTON Boost Brand: adidas
Heel Height: Low (3/4 in. to 1 1/2 in.) Model: Boston Boost
Color: Yellow Black UK Shoe Size (Women's): 5.5
US Shoe Size (Women's): 7 Style: Running, Cross Training
Material: Synthetic Activity: Cross Training
Width: Medium (B, M) EUR Shoe Size (Women's): EUR 38 2/3
UPC: Does not apply
Never miss an update

Adidas Flats Excellent Boston mogochinese-29895 Boost Yellow Black Women Black 7 38 2/3 EUR Racing Flats 8ae1de0 - blurrypron.com

    Adidas Flats Excellent Boston mogochinese-29895 Boost Yellow Black Women Black 7 38 2/3 EUR Racing Flats 8ae1de0
    Adidas Flats Excellent Boston mogochinese-29895 Boost Yellow Black Women Black 7 38 2/3 EUR Racing Flats 8ae1de0
    Skechers Size 7.5 GOGA Max Black Walking Sneakers New Womens Shoes , Teva Freewheel Suede 2 Women Shoes Black US 11 /UK9 /EU42 , Reebok Cloudride LS Dmx Walking Shoe - WomensSkechers | 11975/WSL | Women's Synergy | Lady Luck Casual Shoe | Size 8Women's Merrell Eventyr Bond Waterproof ZipOn Hiker Boot Black J42404 US SZ 11 , New Balance Size 6 515 Classics Sneakers New Womens ShoesVans Court Mid DX Women's Size 7 Leather Delicacy Pale Pink OTW RareUnder Armour Women's Charged Escape Shoes Size US 9.5 Stealth Gray/Steel/White , New Under Armour Women's Micro G Pursuit Running Shoes - Size 9.5 - Anthracite , Nike W Air Force 1 One '07 Mid Seasonal GREEN BLACK/BLACK-WHITE 818596-002 Sz 5 , New Under Armour Women's Micro G Pursuit Running Shoes - Size 8 - AnthraciteASICS Sneakers GEL CUMULUS 14 Pink Running Shoes T296N Women's US 7.5 $120NIB Women’s NIKE Flex Trainer 8 PRM , New Under Armour Women's Micro G Pursuit Running Shoes - Size 8.5 - AnthraciteAsics Gel Lyte III Sneaker C6C3Y Size 7 , NEW CONVERSE CHUCK TAYLOR ALL STAR '70 WOVEN SUEDE HI SNEAKERS SIZE MEN 5 WO 7Women's Reebok Classic Tan/Sand Shoes - US Size-8 NO SHOEBOX NEW!! , Sam Edelman Women's Gray Baylee Sneakers Sz 6.5 9055 , Brooks Defyance 5 All Season Silver Running Marathon Shoes Women's 5 Wide newGentleman/Lady Adidas womens shoes size 5.5 US elegant discount Elegant and robust menuVANS New Old Skool Purple Velvet Vault/ Mens Size 9.5/Womens Size 11.0/Free ShipPuma Navy Blue Miharayasuhiro Sneaker Wedges Leather Size 6.5 US Euro 37 White , Calvin Klein Malissa Women's Dyed Leopard Print Cow Fur Pumps Sz 7.5 Brand NEW , New Balance Women's WT410v5 Cushioning Trail Running Shoe , Rose Petals by Walking Cradles Women's PumpGeox Fashion Sneakers size 7 M Glitter Sparkle Shoes New WF342003 Vintage Nike Womens Shox R4 Valentines 302874-611 Sz 6.5 Red/White , New Puma 364093 02 Basket Platform Glitter Gold Women's Casual Shoes 7 US , 2005 NIKE AIR FORCE ONE OLIVE PINK GUM BOTTOM SZ 11 W 9.5 M 308038-3611 MAX SP
    Adidas Flats Excellent Boston mogochinese-29895 Boost Yellow Black Women Black 7 38 2/3 EUR Racing Flats 8ae1de0 - blurrypron.com>Adidas Flats Excellent Boston mogochinese-29895 Boost Yellow Black Women Black 7 38 2/3 EUR Racing Flats 8ae1de0 - blurrypron.com
    FRYE Women's Natalie Mid Engineer Boot Black 8 M US , Wmns Nike Air Zoom Vomero 11 Pink Orange Womens Running Trainers 818100-600New Silent D Beba Womens Shoes Boots LongBOTTEGA VENETA Brown Leather Knee Boots, US 7.5 , Bandolino Lamari Knee-High Fashion Boots 712, Dark Gray, 8 USWomens Irregular Choice Sulu Red Metallic Slip Ons Flat Ballerina Shoes Size , ECCO Women's Sense Mary Jane Fashion Sneaker - Choose SZ/ColorBURBERRY WOMEN, AVONWICK LEATHER & CANVAS BLACK BALLET FLATS SHOES, SZ 37.5, NIBDV8 Dolce Vita Size 8 M Empress Black Suede Pumps New Womens Shoes , NEW Ukies Women’s Black Leather Pointed Toe Pump Heels US Sz 5.5/6 /37 #A37 , Gentleman/Lady Chance Provance Jon Josef Pump Queensland First grade in its class Tide shoes list , CLARKS Women's Brier Dolly Dress Pump - Choose SZ/ColorANNA MILAN Women's Heels Shoes Lucero Bordeaux 100% Goatling skin - Brand NewUnder Armour Fat Tire Ascent MID 1289139 man red shoes sz 9 Brand New , Asics Dynaflyte 2 Mens Running Shoes T7D0N-9001. Size 12 , NIKE AIR MAX PRIME LOW SNEAKERS MEN SHOES BLACK/GREY 876068-006 SIZE 10 NEW , Reebok Classic Leather CL Eco Pack Mens Size 8 New AR0248 Botanical Blue Chalk , Vans x Van Gogh Almond Sk8 HI Men's US size 5.5 Women's US size 7 , NIKE KOBE BRYANT VIII 8 LOW FTB FADE TO BLACK US 8 DARK RAISIN PURPLE , Leather Driving Moccasin Wing Tip Slip On Flats Loafers Mens Casual Breath Shoes , Adidas Mens Forum Hi Moc Casual ShoeMen US- Pick SZ/Color.Florsheim 14051 Men's Cortland Oxford Shoes Size 11 Width 3E - NIB $136.71Women's Nike Air Huarache Shoes Black Gray Camo Size 8.5 Running Gym FitnessNIKE WOMEN ROSHE ONE FLYKNIT ATHLETIC SHOE SIZE 8Nike Air Force 1 Ultraforce Mid Women's Casual Shoes Summit White 864025 100 , adidas Crazymove Bounce - Black - Womens , 24 PAIRS WHOLESALE WOMENS WASABI CANVAS SHOES SNEAKERS SIZES 5-10 S324L , NEW NIKE WOMEN'S AIR MAX 98 "GYM RED" VALENTINE'S DAY (AH6799-101) SIZE 7.5Black Suede Knee High Boots with Embellishments women's size 6Durango Women's DRD0188 Western Boot, Butterscotch Latte, 6 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas Flats Excellent Boston mogochinese-29895 Boost Yellow Black Women Black 7 38 2/3 EUR Racing Flats 8ae1de0 - 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.

    Adidas Flats Excellent Boston mogochinese-29895 Boost Yellow Black Women Black 7 38 2/3 EUR Racing Flats 8ae1de0 - 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
    Adidas Flats Excellent Boston mogochinese-29895 Boost Yellow Black Women Black 7 38 2/3 EUR Racing Flats 8ae1de0
    Athletic Shoes
    >
    ;