Never miss an update

Adidas BUSENITZ PURE 29901 BOOST Adidas Black F37761 mogochinese-29906 Skateboarding (344) Men's Shoes 8fca5d8




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
Pattern: Solid
Width: Medium (D, M) Style: Skateboarding
Brand: Adidas Color: Black
Material: Suede, Synthetic Product Line: Busenitz Pure Boost
Country/Region of Manufacture: China
Never miss an update

Adidas BUSENITZ PURE 29901 BOOST Adidas Black F37761 mogochinese-29906 Skateboarding (344) Men's Shoes 8fca5d8 - blurrypron.com

    Adidas BUSENITZ PURE 29901 BOOST Adidas Black F37761 mogochinese-29906 Skateboarding (344) Men's Shoes 8fca5d8
    Adidas BUSENITZ PURE 29901 BOOST Adidas Black F37761 mogochinese-29906 Skateboarding (344) Men's Shoes 8fca5d8
    32 New Mens Louis Garneau Onyx Black 1487263 Bike Cycling Touring Shoes 12.5 USNike KD 8 Christmas MINT Silver Grey Green Glow Black Durant Basketball Shoes 14 , NIKE AIR MAX 90 ULTRA 2.0 ESSENTIAL 875695 012 , New Nike Air Force Max Men's Sz 10 Basketball Shoes AH5534 100Nike Air More Uptempo '96 Premium "Flax" AA4060-2002017 NIKE FLYKNIT RACER TRAINER BLUEBERRY WHITE LEGION MICA BLUE 526628-102 10.5Air Jordan 6 Retro 'Gatorade' 384664 145 Size 8.5 , Under Armour Charged Bandit 3 III Black Grey Men Running Shoe Sneaker 1295725008 , Asics Tiger Men Gel-Lyte V red poppy red black H613Y-2590 , NWT! Nike Air Zoom Kevin Durant KD VIII Wolf Grey Silver White ix size 11.5 , NIKE AIR JORDAN XXXII LOW "WIN LIKE '96" SZ: MNS 12.5 (AA1256 603) RETAIL: $160 , NIKE AIR MAX 90 F "CHINESE NEW YEAR" BLACK-UNIVERSITY RED SZ 15 [AO3152-001] , NIB NIKE KD V ELITE CREAMSICLE 10.5 kevin durant orange eybl entourage viiiMen's/Women's Nike Flystepper the most convenient Preferred material Caramel, gentleNike Men’s Lebron XIV 14 Low Basketball Shoes Prism Pink [878636 600] sz 12.5Nike Men Air Max SEQUENT 3 Shoes Running White Training Sneakers Shoe 921694-101New Mens Nike Huarache Run Ultra SE Shoes Running Training 10.5 gray grey sailAA0519-700 Nike Women Air Footscape Mid Utility Tan Wheat Gum Medium Brown , NIKE KOBE 11 XI PROMO = SIZE 16 = TEXAS LONGHORN MEN BASKETBALL SHOES 856485-882 , Adidas Alphabounce Xeno Mens B39074 Black Granite Mesh Running Shoes Size 10 , Nike Jordan Zoom Tenacity Air Black Red Bred Men Shoes Sneakers AH8111-001 , Nike Mens Free RN Flyknit 2018 Shoes 942838 001 Black/White Size 10 , 2006 Nike Total 90 Shift Shoes Men's Size US11 UK10819685-101 Nike Huarache Run Ultra Running Shoes Triple White Sizes 8-12 NIBNike Air Jordan 9 Retro IX LA All Star Game City Of Flight Mens Womens Pick 1 , Nike Zoom Mercurial XI FK FC Pink Blast Mens SZ 9 - 11 , Nike Zoom Fly 880848-003 Triple Black Anthracite Mens Size 11.5 Rare! MSRP $150! , NIKE AIR ZOOM MAX KD V 5 KEVIN DURANT X-MAS HOH HOLIDAY CHRISTMAS SIZE 9JORDAN Men's Black Air Jordan 1 Trek Sneakers 616344 Sz 10 $120 NIB ,
    Adidas BUSENITZ PURE 29901 BOOST Adidas Black F37761 mogochinese-29906 Skateboarding (344) Men's Shoes 8fca5d8 - blurrypron.com>Adidas BUSENITZ PURE 29901 BOOST Adidas Black F37761 mogochinese-29906 Skateboarding (344) Men's Shoes 8fca5d8 - blurrypron.com
    The North Face Womens Shellista II Mid Waterproof Boots Duck Green , YL261-2 ALAMEDA NAVY MULTI FLORAL EMBROIDERED 13" LEATHER BOOTSVersace 19.69 Abbigliamento Sportivo Srl Milano Italia Womens Short Boot B1441 A , Rag & Bone Ryland Boot BRAND NEW Size 36.5 6.5Man's/Woman's EXOTICA-2000 PU White for you to choose First grade in its class Very good classificationMan/Woman BELLA-30 PU Tan Strong heat and wear resistance Various types and styles Acknowledgement feedbackLa Redoute Collections Womens Leather Platform BroguesPatricia Green Women's Little Mouse Slipper Black Textile Slippers , NIB WOMEN'S SPERRY TOP-SIDER A/O VIDA ROSE GOLD BOAT SHOES SZ 7 NEWJEFFREY CAMPBELL Studded Flats Pumps Loafers Size 8 , Womens Pointy Toe Flats Pull On Loafers Casual Ankle Boots Shoes White BlackStuart Weitzman Women's Stretchlimo Cola Brown Suede Pumps , 10B Salvatore Ferragamo Brown All Lthr Brogue Cap Toe 'Lizard' Classic Heel PumpMan/Woman Rachel Roy size 9.5 Clever and practical delicate Maintenance capability , Man/Woman Dolce Vita Women's Maura-F Mule New product Ranked first in its class Famous storeNWT In Box Valentino Garavani Rockstud Rouge Red Sandals Flats Size 7 MSRP $795 , Diamond Men's Native Trek Mid-Top Leather Skateboarding Shoe , SZ 13 NIKE AIR JORDAN V 5 136027-142 Sport Royal Stealth Grey GRAPE Metallic XI , NIKE Air Zoom Trout 3 White Red Black Baseball Softball Turf Shoes NEW Mens Sz 9NEW Nike Men's SB Dunk Low TRD QS Galaxy Print 420 Sneakers 10 2017 DS AUTHENTIC , Cole Haan Mens Pinch Grand Casual Tassel Loafer ShoeBrunello Cucinelli Mens Light Grey Leather Canvas Sneakers Sz44/ US 11~RTL$795 , NEW Nike Air Max 1 Ultra 2.0 SI Sail/ Oatmeal/ White/ Lava Glow 881103 102 $140 , Variation Ryka Womens Catalyst Plus Iii Walking Shoes (- Choose SZ/Color. , Giuseppe Zanotti Women 6.5 Black Velvet Crystal Embellished Gold Chain SneakersNew Balance 990 Women's Faded Rose/Komen Pink W990KMND , Vasque Womens Gray Hiking Boots Size 8 (C,D,W) (346345) , Womens sz 7 B M Justin Peanut Brittle Teju Lizard Skin Cowboy Western Boots USA , Womens Vince Camuto 203618 Black Leather Fashion Boots Sz. 7 MSole Society | Dinah Booties with Clear Heels | women's | size 9 | NEW
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas BUSENITZ PURE 29901 BOOST Adidas Black F37761 mogochinese-29906 Skateboarding (344) Men's Shoes 8fca5d8 - 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 BUSENITZ PURE 29901 BOOST Adidas Black F37761 mogochinese-29906 Skateboarding (344) Men's Shoes 8fca5d8 - 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 BUSENITZ PURE 29901 BOOST Adidas Black F37761 mogochinese-29906 Skateboarding (344) Men's Shoes 8fca5d8
    Athletic Shoes
    >
    ;