Never miss an update

PUMA Classic Womens Soleil V2 Comfort Sneaker- Fun Soleil Classic Sneaker- Pick SZ/Color. b8f9e90




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
UPC: 0888533047095
US Shoe Size (Women's): Multiple Variations Brand: PUMA
Size Type: Regular MPN: Does Not Apply
Material Type: Rubber Style: Casual
Never miss an update

PUMA Classic Womens Soleil V2 Comfort Sneaker- Fun Soleil Classic Sneaker- Pick SZ/Color. b8f9e90 - blurrypron.com

    PUMA Classic Womens Soleil V2 Comfort Sneaker- Fun Soleil Classic Sneaker- Pick SZ/Color. b8f9e90
    PUMA Classic Womens Soleil V2 Comfort Sneaker- Fun Soleil Classic Sneaker- Pick SZ/Color. b8f9e90
    New Balance Women's 520v1 Sneaker, Overcast/Nimbus Cloud, 5 B US , Call It Spring Women's Goldfarb Fashion Sneaker - Choose SZ/Color , Keen Targhee ll Women's Gargoyle/Ceramic Hiking Shoe 10M , Salomon XA Pro 3D CS WP Women's Shadow/Black/Arctic Running Shoes 11MPUMA Women's Match LO Black and White WN's-W - Choose SZ/Color , New Balance Women's Cypher v1 Running Shoe, Dark Oxide/Veg Tan Leather, 8 B US , Under Armour Women's Seamless Plunge Sports Bra - Choose SZ/ColorSuperga Women's 2750 Netu - Choose SZ/Color , Circus by Sam Edelman Women's Collins-3 Sneaker - Choose SZ/ColorSkechers Women's Madison Ave - My District Sneaker,Skechers Women's Go Joy 15606 Walking Shoe , Carlos by Santana Women's Park Walking Shoe - Choose SZ/Color , Under Armour Women's Favorite Cotton Everyday Long Sports Bra - Choose SZ/Color , Saucony Women's Cohesion 8 Running Shoe - Choose SZ/Color , Saucony Women's Spitfire 4 Track and Field Shoe - Choose SZ/Color , Skechers Women's Easy Going - Tribune - Double Zipper Bungee Bootie with... , Skechers BOBS Women's Bobs Squad-Awsome Sauce SneakerASICS Womens Gel Tactic Volleyball Shoe- Pick SZ/Color.PUMA Women's Suede Classic WN's Fashion Sneaker Ultra Magenta-True Blue 7 M USASICS Women's GT-1000 4 Running Shoe - Choose SZ/Color , Saucony Originals Women's Shadow Original Running Shoe, Grey/White, 9 Medium US , Keds Women's Champion Embroidered Triangle Sneaker - Choose SZ/Color , PUMA Women's Suede Platform Mono Satin - Choose SZ/Color , Dolce Vita Women's Tux Sneaker - Choose SZ/Color , Under Armour Women's Charged 24/7 Low NM Running Shoe - Choose SZ/ColorSkechers Women's Go Walk Lite-15395 Ballet Flat - Choose SZ/Color , Rocket Dog CHOWCHOWBD Womens chowchow biddie Cotton Sneaker- Choose SZ/Color. , The Fix Women's Talon Slip-on Poms Fashion Sneaker - Choose SZ/Color , New VADO Women"s High Top Trainers Shoes LEATHER Fashion Size 7,5 USA/39 EURO
    PUMA Classic Womens Soleil V2 Comfort Sneaker- Fun Soleil Classic Sneaker- Pick SZ/Color. b8f9e90 - blurrypron.com>PUMA Classic Womens Soleil V2 Comfort Sneaker- Fun Soleil Classic Sneaker- Pick SZ/Color. b8f9e90 - blurrypron.com
    DOLCE VITA WOMEN'S PEPINO KNEE-HIGH BOOT CHOCOLATE LEATHER US SIZE 8 MEDIUM (B)Mrag & bone -'Harrow' Bootie- Black -Size 6.5 US/36.5 $550 (P20) , Men's/Women's Converse Black Mono Hi High security modern Direct businessKITH X FILLING PIECES US 10.5 Ronnie Fieg , Adidas Harden B/E 2 [AQ0030] Men Basketball Shoes James Solar Yellow/BlackWmns Nike Air Force 1 Mid 07 LE Black Out Women Shoes Sneakers AF1 366731-001 , New Django & Juliette Roland Womens Shoes Sandals Heeled , Gentlemen/Ladies SEXY-08 Neon Wear resistant real Preferential price , Womens Spring Flat Patent Leather Square Toe Slip On Pumps Oxford Casual Shoes @ , NIB Women's Dyeables NICKY Chocolate Satin Heel Bridal Wedding Size 9 EE , Pleaser BEAU-608 Women's Wedge Heel Ankle Strap 6.1/2" Platform Sandal.Kurt Geiger Slingback Heels 8C Red/Gold Leather Open Toe Pumps Formal , Casadei black patent pumps multicolor heels US 10 , Men's/Women's Report Women's Meryl Thong Sandal Strong heat and wear resistance modern Speed ​​refundKelsi Dagger Brooklyn Dumont Leather Wedge Sandals, Women's Size 7.5M, Black NEW , New SAUCONY Grid Ignition 4 Gray Black Size 9 Medium Running Shoes 2516915ADIDAS INCISION TRAIL Running MENS BA8657 NEWNIKE AIR MAX 2017 BRIGHT CRIMSON/TOTAL CRIMSON 849559-600 MENS SZ 10PUMA 30592501 Mens Rbr Rider Culture Walking Shoe 4.- Choose SZ/Color. , Ad Tec Men's 9" Packer Western Work Boot - Soft Toe - 1173 , Mens Platform Punk Ankle Boots High Top Fashion Korean Sneakers Sports Shoes NewGentlemen/Ladies Kobe 1 Protro PE ‘Undefeated’ Packaging diversity High quality and economy Beautiful and charming , New Mens Clarks Originals Desert Boots - Black Suede SuedeMens Males Dandy Loafer Fashion Sneakers Casual Slip-on Shoes Black CS-MVS_Rd , G.H. Bass & Co. Men's Proctor Oxford , [BS9944] Womens Reebok Classics Freestyle F/S HI Metallic Sneaker - Silver , NIKE AIR VISI SLEEK MTLC DARK GREY/WHT-BRIGHT MNG SIZE WMN'S 7.5 [396042 009]Nike Roshe One Women's White/White/Pure Platinum 44994100Nike Golf Lunar Control 4 College (Ohio State) shoes 838116-104 Women's 7.5 , Vince Camuto 7.5 W Suede Bootie Womens New In Box
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    PUMA Classic Womens Soleil V2 Comfort Sneaker- Fun Soleil Classic Sneaker- Pick SZ/Color. b8f9e90 - 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.

    PUMA Classic Womens Soleil V2 Comfort Sneaker- Fun Soleil Classic Sneaker- Pick SZ/Color. b8f9e90 - 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
    PUMA Classic Womens Soleil V2 Comfort Sneaker- Fun Soleil Classic Sneaker- Pick SZ/Color. b8f9e90
    Athletic Shoes
    >
    ;