Never miss an update

Drew Shoe Solo Women's Solo Athletic Sneakers, Black Black Mesh, 8 M M 8a8c562




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: 695640271929
Weight: 2.8 lbs EAN: 0695640271929
Dimensions: L 13 x W 9.3 x H 5.2 inches Brand: Drew Shoe
Label: Drew MPN: 14214 10 M/B 080
NumberOfItems: 1 Binding: Shoes
PartNumber: 14214-10 Color: Black Sport Mesh
ISBN: Not Applicable Department: womens
US Shoe Size (Women's): 8 M US
Never miss an update

Drew Shoe Solo Women's Solo Athletic Sneakers, Black Black Mesh, 8 M M 8a8c562 - blurrypron.com

    Drew Shoe Solo Women's Solo Athletic Sneakers, Black Black Mesh, 8 M M 8a8c562
    Drew Shoe Solo Women's Solo Athletic Sneakers, Black Black Mesh, 8 M M 8a8c562
    Nike Air Max 1 Neon Womens 319986-107 White Grey Volt Running Shoes Size 7.5Saucony Men's Peregrine 6 Trail Running Shoe - Choose SZ/ColorNike Metcon 3 Womens 849807-001 Black White Mesh Cross Training Shoes Size 12 , New Balance Women's WL1980 FF Summer Utility Running Shoe Mint Cream 7.5 B USSaucony Women's Guide Iso Running Shoe Black/Denim 8 B(M) US , PUMA Women's Ignite Disc WN's Running Shoe Pink Glow White 9 M USPuma Shantell Martin Platform Trace Strap Womens 366533-01 White Shoes Size 8.5Converse Women's Madison Mini Dots Low Top Sneaker - Choose SZ/Color120202-084 Brooks Neuro Womens Shoes Ceramic 7.0 BNew Balance Women's W1080SB7 Silver/Blu 7 D USNIKE Womens Nike Air Zoom Pegasus 34 880560-406 MICA BLUE Size 9 , ECCO Womens Bluma Toggle Sneaker - Choose SZ/Color , New Balance Women's 09v1 Training Shoe Black/White 8 B(M) US , Nike Womens Air Max 2017 Running Trainers 849560 Sneakers Shoes 601Reebok Women's Speed Her TR Sneaker - Choose SZ/ColorAdidas Pro Model W Womens BY2776 White,CBLACK,GOLDMT Womens Size 6.5 , Saucony Women's Triumph ISO 3 Running Sneaker , PUMA Women's Fierce Swan Wn's Cross-Trainer Shoe - Choose SZ/Color , Nike Lunarepic Flyknit Womens 818677-008 Black Fire Pink Blue Shoes Size 6.5 , STEVEN by Steve Madden Women's Nc-Padre Ankle Bootie , New Balance Women's Zante V4 Running Shoe - Choose SZ/Color , New Balance Women's WX811v2 Cross Trainer - Choose SZ/Color , Nike Air Huarache Run Womens 634835-111 Oatmeal Blue Lava Running Shoes Size 7 , Mizuno Men's Wave Lightning Z3 Volleyball-Shoes - Choose SZ/ColorGeox Women's Breeda 13 Sneaker - Choose SZ/Color , Diadora Soccer Men's DD-NA 2 GLX14 Shoe - Choose SZ/ColorNEW ECCO WOMENS SOFT 7 ZIP SNEAKER , adidas Originals SUPERSTAR W-W Womens Superstar Foundation Casual SneakerAllrounder by Mephisto Women's Niro Mary Jane Sneaker,Black,9.5 M US ,
    Drew Shoe Solo Women's Solo Athletic Sneakers, Black Black Mesh, 8 M M 8a8c562 - blurrypron.com>Drew Shoe Solo Women's Solo Athletic Sneakers, Black Black Mesh, 8 M M 8a8c562 - blurrypron.com
    AP354 UMBERTO LUCIANI shoes brown leather suede men sneakers , Kensington Classics Mens All Leather Wing Cap Brogue Gibson Shoes (DF783)Man's/Woman's Adidas R2 White Mountaineering Black US9.5 Complete specification Strong value Direct businessMen's/Women's Irregular Choice Shoes New Listing Online uniqueSpenco Alicia Women's Leather Supportive Slides Wine - 6 , $130 New SANITA Black Pebbled Leather Clogs Shoes Ortho nurse Womens 7 Us / 37KRAVINGS BY KLOGS BLAINE WOMEN'S SHOES BITTERSWEET 8M DISPLAY MODEL , DANSKO 'Cabrio' Black leather women professional clog shoes Sz 37 Casual ComfortTS35 Vanesssa Ankle Strap Pumps, Red, 10 USSeychelles Brunette Wedge Strappy Sandal Womens Size 8.5 8 1/2 M US NEWHide N Sole Style EVA Chocolate/Chocolate Gem Embellished Sandals Size 5-6 , STEVEN by Steve Madden Women's Greece Flat Sandal, White Leather, 10 M USWomens Fashion Summer Boho Espadrilles Wedge High Heels Ankle Strap Sandals , Nike Air Force 1 High 2007 Olympic Team Edition 525317-100 Size 10.5Saucony Koa TR Size 9 M (D) Men's Trail Running Shoes Blue S20390-1 , SALE NIKE KD VI 6 ALL STAR GAME ASG 647781 930 SZ 14 GREEN GLOW BLACK 3M REFLECT , Gentlemen/Ladies Steve Madden Men's Kahale Fashion Sneaker Elegant and sturdy set meal auction Exquisite workmanshipMan's/Woman's Adidas Originals Tubular Shadow Black Trainer Diverse new design Make full use of materials Easy lifeBostonian Size 12 Black Leather Loafers New Mens ShoesL.B. EVANS Logan Beige Slippers New in Box Size 12M Clog Style , Badgley Mischka Women's Kelly II Heeled Sandal, Wine, 7 Medium US , New Reebok TOP DOWN SNAPS TXT Women Fashion Sneakers Sz. 9.5 - V55473 Pink , VANS ISO 1.5 (Blanket Weave) Eclipse Blue ULTRACUSH Trainer WOMEN'S 9Man/Woman WOMEN'S SHOES SNEAKERS NEW BALANCE [WL373PIR] feature Clearance Personalization trend , Puma WMNS Disc Blaze Shine women lifestyle sneakers NEW aruba blue 362709-03Pacific Mountain Incline Women's Waterproof Hiking Backpacking , Nike Metcon DSX Flyknit Womens 849809-011 Black Pink Volt Training Shoes Sz 5 , Adidas Women's PureBoost X TR Zip Running Shoes Size 9.5 us BB3290 LAST PAIRNot Rated Women's Angie Boot, Tan, 8.5 M US , Women's Boots Handmade Flat Shoes Multicolor Retro Martin Genuine Leather
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Drew Shoe Solo Women's Solo Athletic Sneakers, Black Black Mesh, 8 M M 8a8c562 - 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.

    Drew Shoe Solo Women's Solo Athletic Sneakers, Black Black Mesh, 8 M M 8a8c562 - 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
    Drew Shoe Solo Women's Solo Athletic Sneakers, Black Black Mesh, 8 M M 8a8c562
    Athletic Shoes
    >
    ;