Never miss an update

Asics GEL-Kayano bagisrecor-10709 23 Lite-Show [T6A1N-9793] [T6A1N-9793] Running GEL-Kayano Carbon/Silver-Reflective 0ae9c5e




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Asics
Style: Athletic MPN: T6A1N9793
US Shoe Size (Men's): 4-18
Never miss an update

Asics GEL-Kayano bagisrecor-10709 23 Lite-Show [T6A1N-9793] [T6A1N-9793] Running GEL-Kayano Carbon/Silver-Reflective 0ae9c5e - blurrypron.com

    Asics GEL-Kayano bagisrecor-10709 23 Lite-Show [T6A1N-9793] [T6A1N-9793] Running GEL-Kayano Carbon/Silver-Reflective 0ae9c5e
    Asics GEL-Kayano bagisrecor-10709 23 Lite-Show [T6A1N-9793] [T6A1N-9793] Running GEL-Kayano Carbon/Silver-Reflective 0ae9c5e
    Adidas Originals Stan Smith [CQ2197] Men Casual Shoes Carbon/Black-Grey , Adidas Originals Stan Smith [CP9701] Men Casual Shoes White/White-Tactile Blue , Adidas Originals Superstar 80S Nigo [M21510] Men Casual Shoes Black/White , Nike PG 2.5 EP [BQ8453-401] Men Basketball Shoes Paul George Racer Blue/White , Adidas Originals ZX Flux [M21311] Men Casual Shoes Silver/Yellow-WhiteAdidas Harden B/E Breathable Basketball Collegiate Navy/Legend Ink/White CG4195Adidas Originals Stan Smith CF [S80041] Men Casual Shoes White/White-RedAdidas Crazyquick 2.5 Low [S84013] Basketball Jeremy Lin Black/Solar Red-Volt , adidas Solar Drive ST M Boost Black White Men Running Training Shoes AQ0326Asics Gel DS Trainer 22 (D) (9016) + Free Australia Delivery , Brooks Ravenna 7 Mens Runner (D) (116) + Free Delivery Australia WideAdidas Originals Stan Smith [S75076] Men Casual Shoes White/White-Black , Adidas Originals Stan Smith [S80029] Men Casual Shoes White/White-GreenNike SB Zoom Dunk Pro Decon [AA4275-002] Men Skateboarding Shoes Black/WhiteAdidas SUPERSTAR C77124 white black mod. c77124 , Brooks Addiction 12 Mens Running Shoe (2E) (095) + Free AUS Delivery!Adidas Originals Miss Stan [S79301] Men Casual Shoes Frog Green/White , Asics Fuzex Rush [T718N-9790] Men Running Shoes Carbon/Black-Safety Yellow , Nike KD VII Elite [724349-478] Basketball Blue Graphite/Volt-Citrus-GreyNike Jordan Trunner LX [897992-031] Men Running Shoes Black/Opti Yellowadidas Originals I-5923 Pride Pack Iniki Runner Multi Boost Beige Men B41984Adidas Originals Stan Smith [BZ0472] Men Casual Shoes Ice Blue/Tactile Blue , Adidas Originals Stan Smith [CP9703] Men Casual Shoes Linen Green/Tactile GreenAsics GEL-Netburner Ballistic MT [B508Y-9095] Men Volleyball Shoes Black/Grey , Lacoste Evara 318 Black Off White Leather Mens Trainersadidas Originals Tubular Shadow Triple Black Men Running Shoes Sneakers CG4562ADIDAS VARIAL LOW BLACK MEN'S SNEAKERS SHOES SKATE SHOES LEATHER BLACK by4055 , Nike Free x Metcon Black Thunder Blue Men CrossFit Training Sneakers AH8141-048 , Nike Hyperdunk 2017 Low EP [897637-401] Men Basketball Shoes REACT Blue/Orange ,
    Asics GEL-Kayano bagisrecor-10709 23 Lite-Show [T6A1N-9793] [T6A1N-9793] Running GEL-Kayano Carbon/Silver-Reflective 0ae9c5e - blurrypron.com>Asics GEL-Kayano bagisrecor-10709 23 Lite-Show [T6A1N-9793] [T6A1N-9793] Running GEL-Kayano Carbon/Silver-Reflective 0ae9c5e - blurrypron.com
    L'Autre Chose Shoes 502247 Brown 39 , Walking Cradles ELITE Morgan 4" Black Size 7.0 , OBOZ BEARTOOTH MID BDRY WATERPROOF HIKING BOOTS WOMENS US 9 BNIBFRYE Women's Anna Shortie Boot - Choose SZ/ColorMan's/Woman's GOTHIKA-50 PU Black Beautiful design Reliable performance Direct business , JONES NEW YORK SPORT WOMENS BRAZILIAN METAL DECOR BROWN LOAFERS TASSEL SIZE 7M , Miu Miu Silver Leather Jeweled Pointed Toe Mary Jane Flats Womens Size Mmanolo blahnik BB Pumps black suede beaded 38.5New Prada Black Leather Sandals Size 39.5 US 9.5 , Adidas Nemeziz 17.1 Fg Red Indoor Soccer Men Shoes 7 , Men's Nike Free RN 2017 Run Running Shoes Vintage Green / Black S 8 880839 300Man's/Woman's nike air jordan 1 mid white Special price Wholesale trade Various latest designs , MEN'S SHOES SNEAKERS PUMA ENZO STRAP KNIT [190029 02] , Nike Free RN Flyknit 2017 Team Red 880843-606 Marathon Running Shoes Men's 11.5Columbia Men's Redmond Waterproof Wide Hiking Shoe, Pebble, Dark Ginger,...Nike Free RN 2018 Black/Vast Grey/White/Total Crimson Mens Running All NEW , New Men's Ariat 10014147 13" Blackhawk Snip Toe Leather Cowboy Boot , Crocs Mens Clogs Offroad Sport Realtree Edge Strap Heel Lightweight Terrain 11 , DS NIKE 2014 AIR MAX LIGHT HYPER COBALT 9.5 ATMOS PATTA CAMP 180 90 95 VINTAGENunn Bush - Douglas Mens Oxford- Choose SZ/Color. , NEW DEMOCRATA ECHO MENS LEATHER SLIP ON CASUAL SHOES MADE IN BRAZILMen Clarks Northam Pace 26138406 Black Oily Leather 100% Authentic Brand NewPuma Women's Suede Platform Explos Leather Fashion Sneaker , Nike Womens Running Shoes Size 9 (21974)DIEGO VANASSIBARA Men's Shoes 679887 Black 5Nike Air Zoom 90 IT Golf Cleats Rory Mcilory 844648 001 Womens SZ 9 Mens SZ 7.5$69.99 Keep Womens Nuss (black / red snakenose) 009BRS , PUMA Women's Match Lo Classic,White SIZE 8.5adidas Originals NMD_R1 PK W Primeknit CQ2040 Triple White Blue Tint Womens sz 7 , Nike React Element 55 Women's Shoe BQ2728-002 BLACK SOLAR RED ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Asics GEL-Kayano bagisrecor-10709 23 Lite-Show [T6A1N-9793] [T6A1N-9793] Running GEL-Kayano Carbon/Silver-Reflective 0ae9c5e - 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.

    Asics GEL-Kayano bagisrecor-10709 23 Lite-Show [T6A1N-9793] [T6A1N-9793] Running GEL-Kayano Carbon/Silver-Reflective 0ae9c5e - 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
    Asics GEL-Kayano bagisrecor-10709 23 Lite-Show [T6A1N-9793] [T6A1N-9793] Running GEL-Kayano Carbon/Silver-Reflective 0ae9c5e
    Athletic Shoes
    >
    ;