Never miss an update

Converse All-Star All All Star CT Chamberlain 70 High High Double Tongue Sole Wilt Chamberlain DS 10 e022bea




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: Converse
US Size: 10 Style: Basketball Shoes
Sub Style: Sneakers US Shoe Size (Men's): 10
Main Color: White Width: Medium (D, M)
Type: Athletic Material: Genuine Leather Upper and Man Made Sole
Type 2: Basketball Color: White
UPC: Does not apply
Never miss an update

Converse All-Star All All Star CT Chamberlain 70 High High Double Tongue Sole Wilt Chamberlain DS 10 e022bea - blurrypron.com

    Converse All-Star All All Star CT Chamberlain 70 High High Double Tongue Sole Wilt Chamberlain DS 10 e022bea
    Converse All-Star All All Star CT Chamberlain 70 High High Double Tongue Sole Wilt Chamberlain DS 10 e022bea
    NIKE KOBE XI ELITE LOW MEN'S BASKETBALL SHOES - SIZE 12 WHITE/PURPLE/BLUEDS Nike CJ81 Trainer Max TRANSFORMERS Sz 10 100% Authentic Retro Decepticon , ASICS Gel Katoomba MENS CrossTrainers (0195) WAS $200 NOW $159 + FREE Delivery , Adidas EQT Support 93/17 Boost Red Carpet Grey lot CQ2393 Mens Size 5.5 Womens 7Nike Air Max Sequent 3 Black White Dark Grey 921694-011 Men Size 12.5 , Reebok Alloy Toe Work Shoe Blue EH Rated Slip Resistant 6 to 15 , Nike Air Jordan 10 X Retro Lady Liberty 30 Anniversary Size 11.5 705178 045NIKE AIR FORCE ONE HIGH PREMIUM ID SIZE 8.5 AJ4756-992Asics Gel-Lyte V Women's Shoes Dark Grey h6r9l-1616 , NIKE AIR MAX INVIGOR MID 858654-700 WHEAT/BLACK-LIGHT BONENew* Men's Nike Stefan Janoski Max Shoes Photo Blue White Black 631303 401 Sz 142018 Nike Air Force 1 SF AF1 Mid SZ 10 Obsidian Black Special Field 917753-400 , ADIDAS TUBULAR RADIAL CHARCOAL SOLID GREY S76718 SZ 9.5 , Puma Composite Toe Metal Free Wedge Sole EH Rated, Slip Resistant in GreyNIKE JORDAN SON OF LOW GYM ROYAL/CEMENT GREY-YELLOW SIZE MEN'S 10 [580603-433] , Asics Tiger Men Gel-Lyte III blue indigo blue tan H7E2N-4971 , Nike Air Jordan Retro 7 VII sz 8 304775 029 Marvin The Martian Vintage Rare , NIKE FLYKNIT RACER “ROUGH GREEN” 2016 - ITEM NUMBER 3708-5 , NIKE ID AIR FORCE 1 HIGH "LADY LIBERTY STATUE" SHOES 779426 991 MEN 7.5 WMNS 9 , 12.0 Asics Men Gel Lyte III 3 Maroon Blue Burgundy White Ronnie Fieg H30QK-2601MERRELL MENS MOAB 2 SMOOTH NAVY SIZE 11New! NIKE FLYKNIT RACER 2016 TRIPLE BLACK 526628-009 Size 6.5 Retail $150 , Nike Air Huarache Run iD Waffle Mesh Black White SZ 9.5 ( 777330-981 )**BARGAIN** New Balance M860BY7 Mens Running Shoes (2E)AIR JORDAN 11 RETRO XI LOW TD CLEATS SZ 10.5 COOL GREY WHITE AO1560 003 , Nike Shoes Air Force 1 Low CMFT PRM White/Gray/Red/Blue Sneakers Size 10.5 , NEW! Nike Air Max 95 All White/Black Running Oreo 609048-109 Size 14 , Adidas Crazylight Boost Low 2016 Men's Basketballshoe Shoes Basketball AQ7762Asics GT-DS Men's Shoes Black/Grey comfort lightweight h6g3n-9011 ,
    Converse All-Star All All Star CT Chamberlain 70 High High Double Tongue Sole Wilt Chamberlain DS 10 e022bea - blurrypron.com>Converse All-Star All All Star CT Chamberlain 70 High High Double Tongue Sole Wilt Chamberlain DS 10 e022bea - blurrypron.com
    Fly London Women's Yat Slip On Wedge Booties in Brown/Black Sizes 38 39 40 , FRYE BLACK LEATHER WIDE CALF KNEE HIGH PULL ON BOOTS BUCKLE ACCENTS SIZE 10 BBrooks PureFlow Lightweight Mens Running Shoes (499) (D) RRP $200.00 + FREE POSTBALENCIAGA BLACK LEATHER RIDING BIKER HIGH HEEL BOOTS US 5.5Ladies Clarks Maymie Stellar Black Leather Casual Knee Length Zip Up BootsNorth Face W Tsumoru Boot Womens Boots - Fig/burnished Lilac All SizesSexy Hot Ladies Leather Over The knee Boots Pointed Toe Stiletto High Heel ShoesJack Rogers Georgica Circle Flip Flops 614, Black, 7 USFRYE Portia Seam Vintage Peep-Toe Pumps, Camel, 6 USJOSHUA SANDERS Bow Felt Slip-On Sneakers Sz 36 EU / 6 US $350 NWB , NIB JIMMY CHOO WARM SHOES FLATS W/BUCKLE BRONZE SZ 39dr martens 10084 Oxfords Pewter Ladies Size US 7 , Womens T Strap High Block Heel Pom Pumps Round Toe Mary Jane Sequins Shoes NewArnaldo Toscani 3277100 Women's Leather Ankle Boots Booties Side Zip White , BCBGeneration Kiley Slip on Sandals 8.5 M Black Synthetic New in BoxManolo Blahnik NIB "Raspberry" Suede Crisscross Pointed "Umice" Pumps SZ 40.5New! Women's Nike Zoom Rival S 9 Track Shoes Black/White 907564-017 7XGentleman/Lady Dromedaris Women's Golden Eagle Bronze Sandals Economical and practical Upper material renewed on time , Puma Clyde Natural Vachetta Tan 363617 03 8-9.5 vach natural fentyNike Air Max 1 PRM - 512033 002AIR JORDAN 23 130690-101 RETRO TAXI BLACK & WHITE ATHLETIC SNEAKERS SIZE 12Brand New Reebok Pump Running Dual Men's Athletic Fashion Sneakers [V61556]PUMA 19001505 Mens Enzo Mesh Sneaker- Choose SZ/Color. , NIKE Men's SF AF1 Mid Ivory/Ivory Ivory Basketball Shoe 12 Men US , Kith x Adidas Copa Ace+16 Purecontrol Ultra Boost Size 5.5 Kourtney KardashiansMen's Nike Air More Uptempo '96 Basketball Cool Grey/White/Mid Navy 921948 003Mens Metal Pointy Toe Loafer Slip On Suede Casual Vogue Wedding Dress Shoes Size , VANS Sk8-Hi Slim Blanc de Blanc/Blanc de Blanc White Skate WOMEN'S Size 8 , WOMEN'S/JUNIOR SHOES SNEAKERS ADIDAS ORIGINALS GAZELLE J [CQ2882]Jessica Simpson Cherrell Pull On Ankle Booties, Black
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Converse All-Star All All Star CT Chamberlain 70 High High Double Tongue Sole Wilt Chamberlain DS 10 e022bea - 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.

    Converse All-Star All All Star CT Chamberlain 70 High High Double Tongue Sole Wilt Chamberlain DS 10 e022bea - 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
    Converse All-Star All All Star CT Chamberlain 70 High High Double Tongue Sole Wilt Chamberlain DS 10 e022bea
    Athletic Shoes
    >
    ;