Never miss an update

SUPRA CUTTLER GREY SUEDE 9 SUEDE NEON MAX PACK MEN'S SHOES CUTTLER SIZE 9 NEW IN BOX b6a5957




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: SUPRA
US Shoe Size (Men's): 9 Style: Athletic Sneakers
UPC: 886016593039
Never miss an update

SUPRA CUTTLER GREY SUEDE 9 SUEDE NEON MAX PACK MEN'S SHOES CUTTLER SIZE 9 NEW IN BOX b6a5957 - blurrypron.com

    SUPRA CUTTLER GREY SUEDE 9 SUEDE NEON MAX PACK MEN'S SHOES CUTTLER SIZE 9 NEW IN BOX b6a5957
    SUPRA CUTTLER GREY SUEDE 9 SUEDE NEON MAX PACK MEN'S SHOES CUTTLER SIZE 9 NEW IN BOX b6a5957
    MEN'S NIKE RUNNING LUNARECLIPSE+ 2 BLACK VOLT GREY SZ 15 487983-007 , Men's NikeLab Air Unlimited White Sail Lab Black Retro QS SP 854318 003 Sz 9.5New Balance AM210OFW D Fresh Foam Ivory White Mens Lifestyle Shoes AM210OFWD , New Nike Vapor Untouchable Pro Football Cleats 839924 Yellow/Black SZ 15 , Vans OLD SKOOL DX Transit Line Checker Gray Pewter/Reflective Men 8 / Women 9.5NIKE DUALTONE RACER 918227-001 BLACK WHITE PALE GREY DS SIZE: 8.5 , Asics Men's Running Shoes White/Blue/Silver TN502 Size 12.5 4E - NIBADIDAS SNEAKERS - GRAY / BLACK - SZ 8 - NWOB - B-SHO-2 , NEW SIZE 10 Mens Nike Train Speed 4 Duke Blue Devils Shoes Blue White 844102-410 , Mens Nike SB Dunk High Noot 536182-001 Black/Black 638471-102 Size 10 , MAN SHOES CONVERSE STAR PLAYER DISTRESSED OX 160922CNew Nike SB Zoom Janoski Skateboarding Shoes AH4233-116 Sz 7 mens (womens sz 8.5Gentleman/Lady Vibram FiveFingers CVT Hemp sz.47 Complete specification Win highly appreciated Global sales , Nike Lebron James 808709-555 Athletic Shoe For Men Size 10NIKE ROSHE RUN TIEMPO VI SZ 9 PURE PLATINUM WHITE BLACK ROSHERUN 852615 001Nike Zoom Clear Out TB 844372 001 Black/Black-White 844 372 001 Size 14 NIBMUST SEE AWESOME $124.99 2017 NEW BALANCE 880v7 M880BK7 MEN 12.5 2E EUC LN , Skechers Go Walk 3 Linen Cross Training Men's Shoes Size 9 , Vans Sample Chukka DX Surf Check Checkerboard Black White Rad Skateboarding , CONVERSE CHUCK TAYLOR ALL STAR II HI RED SALSA WHITE 150145C SZ 9Asics Gel Fortitude 8 Size US 10 M (D) Men's Running Shoes Blue T816NDC ANVIL CANVAS TX LE LOW SKATE MEN SHOES WASHED BLACK ADYS300373 SIZE 9 NEWNEW Nike Downshifter 6 Mens Running Shoe 10.5 4e US { WIDE }New Balance MRUSHPJ2 2E Wide Vazee Rush v2 Black Green Men Running MRUSHPJ22EAdidas Crazy Explosive Primeknit All Star Orange Basketball Shoes BB8370 Mens 16PUMA Men s Ignite V2 Running Shoe Red Blast 10 M USNike Men's Air Icarus Extra QS Sneakers Size 11 Rare RetroConverse Men's Shoes - Trainers Break Point - SchwarzBlack-Black , New Mens 13 NIKE Vapor Speed 2 II Low Black Cleats Shoes $105 833380-001
    SUPRA CUTTLER GREY SUEDE 9 SUEDE NEON MAX PACK MEN'S SHOES CUTTLER SIZE 9 NEW IN BOX b6a5957 - blurrypron.com>SUPRA CUTTLER GREY SUEDE 9 SUEDE NEON MAX PACK MEN'S SHOES CUTTLER SIZE 9 NEW IN BOX b6a5957 - blurrypron.com
    Davinci Italian Women's Ankle Boots Medium heel 17043 Dark Brown , Nike Dual Fusion Hills Mid Leather Mens Hi Top Trainers 695784 Shoes 001 , Jessica Simpson Rayvena Heeled Sandals, Sand CastleNew Django & Juliette Prima Womens Shoes Casual Sandals HeeledPleaser Shoes 5" Stiletto White Heels Party Evening Office Daily Wear , Ladies Clarks SlipOn Smart Heel Court Shoes The Style - Chorus NightsMan/Woman Arcopedico L18 Black Shoes Clearance price Has a long reputation Non-slip , Alegria Variation Womens Flair Mary Jane Wedge Pump SZ- Choose SZ/Color.JCrew $138 Denim Ankle-Wrap Flats Sz 6 Crisp Azure G0917 Blue Black Shoes , Heel Nine West Fifth9x9 Pump Silver Multi MetallicNew Women Embroidery Pointy Toe Block Mid Heels Side Zipper Booties US Size W975 , 7" Rainbow Glow in the Dark Neon 90s Candy Raver Platform Shoes Stripper HeelsWomens Shiny Leather Open toe Slippers Shoes High Heels Stiletto Sandals Plus SZ , Valentine's Day Special-Bearded Collie Print Running Shoes For Women-Free ShippiNIKE FREE TR TWIST SL WOMEN'S TRAINING SNEAKERS SIZE 12 BRAND NEWNew Genuine Fur Lined Embroidery Loafer Slipper Mule Womens Summer 2017 , Nike Air Jordan J23 Wolf Grey Cool Grey Sz 10 854557-013Asics Gel-Lyte V Stone Grey/Stone Grey DS 9-13 Ronnie Fieg St Alfred , Reebok Swizz Beatz Mens Sneakers Size 9.5NIKE FREE TRAIN FORCE FLYKNIT MEN SIZE 9.0 NEW AUTHENTIC TRAINING COMFORTABLEGentleman/Lady adidas Ultra Boost Men's Black S80731 New product new Acknowledgement feedbackAdidas ZX 5000 UNDFTD BAPE 8.5 A Bathing Ape Camo Nigo Undefeated Limited , Leather Oxford Dress Brown Shoes to Gain Height for Short Men, 3" Taller-SKD-101 , new Roman Europe Summer Men's Creeper Leathr Boho Casual Beach Fashion Sandalsn , Nike LunarEpic FK Flyknit Shield Gyakusou Women Running Shoe Size 6.5 859890 300Women's Converse Chuck Taylor All Star X Patbo OX, 558374C Sizes 5-9 Citadel/GolWomens Stretchy Satin Pointy Toe Over Knee High Thigh Boots Clubwear Shoes 4-13Womens Stilettos Med Heels Pointed Toe Knitting Pumps Pull On Ankle Boots SboxCLARKS Women's Acre Bridge Ankle Bootie, - Choose SZ/color , Ladies Unstructured from Clarks-Ankle Boots-Size-11M, Pre-owned, Mint
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    SUPRA CUTTLER GREY SUEDE 9 SUEDE NEON MAX PACK MEN'S SHOES CUTTLER SIZE 9 NEW IN BOX b6a5957 - 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.

    SUPRA CUTTLER GREY SUEDE 9 SUEDE NEON MAX PACK MEN'S SHOES CUTTLER SIZE 9 NEW IN BOX b6a5957 - 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
    SUPRA CUTTLER GREY SUEDE 9 SUEDE NEON MAX PACK MEN'S SHOES CUTTLER SIZE 9 NEW IN BOX b6a5957
    Athletic Shoes
    >
    ;