Never miss an update

New Balance 991 Running Running Mens Shoes SZ 8.5 USA 4E Mens Suede Athletic Gray White USA Made 1a08519

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: New Balance shoes in great condition! Some dirt on the uppers and midsoles from use. Soles have minor wear but lots of life left in them! New laces have been put in! Does not include original box. Comes from a SMOKE-FREE home! See pictures!
Model: New Balance 991 Material: Suede
Modified Item: No US Shoe Size (Men's): 8.5
Country/Region of Manufacture: United States Upper Material: Suede
Style: Running Shoes Color: Gray
Product Line: New Balance 900 Series Euro Size: EUR 42
Width: Extra Wide (EE+) Brand: New Balance
Style Code: M991GL UPC: Does not apply
Never miss an update

New Balance 991 Running Running Mens Shoes SZ 8.5 USA 4E Mens Suede Athletic Gray White USA Made 1a08519 -

    New Balance 991 Running Running Mens Shoes SZ 8.5 USA 4E Mens Suede Athletic Gray White USA Made 1a08519
    New Balance 991 Running Running Mens Shoes SZ 8.5 USA 4E Mens Suede Athletic Gray White USA Made 1a08519
    NIKE AIR FORCE 1 LOW TEAM ORANGE-WHITE SZ 9 [AA4083-800]New Balance 574 Classic ML574XRT Retro Red Suede Marathon Running Shoes Men's 12Nike Air Zoom Spiridon '16 Stash Harbor Blue NIB Size US 6.5 Men's AH7973 400Nike Tanjun Premium Mens 876899-302 Cargo Khaki Olive Running Shoes Size 11.5 , Nib Mens Vans Classic Slip On Sherpa Fur Checkerboard Slip On Casual Shoes 12New Balance M1300DTO Slate Blue Chambray Made in USA Classic Sneaker $225 FWNike Roshe One Mens 511881-023 Wolf Grey White Mesh Running Shoes Size 12 , 2006 Air Jordan V 5 Retro Size 10.5 Mens White Sport Royal Stealth 136027-142Air Jordan XX3 XXIII 23 Black/Varsity Royal/White Motorsports Size 11 *Read... , Nike Air Jordan 15 Retro Bred Sneakers Athletic Multi Men's 8.5 LeatherNIKE ZOOM FLIGHT GLOVE PAYTON BLACK sz 10.5 GP presto uptempo kd flyknitPuma x HAN KJOBENHAVN Men Tsugi Kori white drizzle 364473-02ONEMIX Air Cushion Sports Running Shoes for Men and Women New Wave Casual Purple , NIKE SB ZOOM DUNK HIGH PRO OBSIDIAN BLUE-WHITE "USA" SZ 13 [854851-441]Authentic Nike Air Max 270 Galaxy Black Men's Running Shoes Sports Outdoor NIKE , Adidas Adizero Adios 3 Custom MiAdidas sz 10.5Nike Romaleos 3 Weightlifting Crossfit Trainers Black White SZ 16 ( 852933-002 ) , Converse CTAS WP Boot Hi Dark Clove Dark Atomic Teal Shoes Men 12 Women 14New Adidas Originals Tubular Shadow Yeezy 350 Bb8820 Light Brown Shoes Size 11Nike Air Presto Utility Mid Training Shoes Mens Size 10 Bordeaux $90 New , Nike SB Zoom Dunk Low Pro Camo Olive/Black Mens Size 6 Mid High 854866 209 New , NEW JORDAN CP3 VIII 8 Chris Paul SZ 10.5 Royal Blue/Infrared 23 684855-420 , New Balance Men 247 Sport MRL247BI black spearmint MRL247BI2016 Nike Footscape Magista Flyknit SZ 13 Black Gym Red Crimson QS 816560-002Nike air max 95 (GS) size 4.5 Youth us training running shoes niceMen's/Women's Adidas Gazelle Men's Shoes Sneakers BZ0022 Quality products Beautiful appearance Excellent functionBrooks Beast 16 Size 9 2E WIDE Men's Running Shoes BlueREEBOK Classic Retro BD3281 ROYAL CL JOGGER 2 Men's Shoes Red Blue Size 10.5New Balance ML999AD "ELITE EDITION" (Grey / Navy / Red) 999 Mens Size 7 - 12
    New Balance 991 Running Running Mens Shoes SZ 8.5 USA 4E Mens Suede Athletic Gray White USA Made 1a08519 ->New Balance 991 Running Running Mens Shoes SZ 8.5 USA 4E Mens Suede Athletic Gray White USA Made 1a08519 -
    NEW Aquatalia by Marvin K Uplift Brown Leather/Elastic Gores Tall Boots Size 6.5Paris Hilton Ailey Platform Ankle Strap Sandals, Fuschia, 5.5 USMaroon and white reverse Saddle Shoes by Willits NOSWomens Slip on Bling Rhinestone Pink Block Fashion Party Pointed Toe Heels Sz , Me Too Women's Lilyana Copper Leather FlatFashion Womens Casual Low Heels Ankle Strappy Leather Work Pumps Mary Janes Size , Bruno Magli Taupe Half Suede Half Leather Gold Tone Front Details Size 9 1/2 AA , Men's/Women's Pleaser Pink Label KIMBERLY-04 High-quality Win highly appreciated Lightweight shoesBurberry Haydons Black Grainy Leather Open Toe Shoes Size 39.5M $650 , 38673 auth TOD'S purple suede leather Pumps Shoes 38 , $358 Anthropologie Guilhermina Maura Heels Size 38 / 7NIB LOUBOUTIN TOOT COUVERTE 100 BLACK ELASTICIZED LEATHER BOOTIES PUMPS 40MENS BROOKS GLYCERIN 15 RUNNING SHOES SIZE 13 US 47.5 EU BLACK BLUE NAVY WHITECONVERSE Pro Leather 76 Mid ALL STAR SHOES 157425C NEW SIZE 11 $85 , NEW Cole Haan Original Grand Sport Perforated Trainer II - MEN'S SHOES SIZE 7 , Brooks Mens Levitate D US- Pick SZ/Color. , Clark's Originals Wallabee Black US Men's 7 Women's 8.5 , Mr/Ms JSlides Men's Danny Sneaker High security New in stock Outstanding styleCole Haan Men's ZENO Black Contrast Stitching Slip-On Casual Shoes, Size 11.5, m , NEW New Balance WFL574BC Women Shoes Round Toe Synthetic Sneakers Sz 5 BNIKE Air Max Thea Ultra Flyknit Womens Sz 6 Shoes Black White Oreo 881175 001Nike WMNS Rosherun [511882-403] NSW Casual Clearwater/Black-White , ADIDAS ORIGINALS TUBULAR INVADER STRAP WOMEN'S SHOES B39364 SIZE 7.5 Vapour Pink , Converse Chuck Taylor '70 Ox Women's Natural Ivory 161673CNIKE W Nike Free Rn Running Cmtr 2017 Prem AA1622-200 TAUPE GREY Size 6Women's Nike Flyknit Max Shoes 620659 501 size 12 (29cm) HYPER GRAPE/TURQUOISE , Womens Black Leather Lighter High Heel Round Toe Ankle Boots Retro Vogue Shoes SEMU Womens Lorne Cuban Sand Boot - 7Mr/Ms Via Spiga Caylin Buckle Booties 7.5 New Listing Moderate cost Exquisite processing , $225 PLENTY TRACY REESE ROYALE Cognac Leather Designer Tall Boots 9.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Balance 991 Running Running Mens Shoes SZ 8.5 USA 4E Mens Suede Athletic Gray White USA Made 1a08519 -

    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.

    New Balance 991 Running Running Mens Shoes SZ 8.5 USA 4E Mens Suede Athletic Gray White USA Made 1a08519 -

    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.


    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
    New Balance 991 Running Running Mens Shoes SZ 8.5 USA 4E Mens Suede Athletic Gray White USA Made 1a08519
    Athletic Shoes