Never miss an update

Skechers Sport Mens Sage Trainers Refresh 50856 50856 X 9 (GO) Mens (GO) 69aac98




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
Style: Sports Trainers
Brand: Skechers Sole: Manmade
Material: leather/Synthetic Size 1: UK 7
EU Shoe Size: 41 X 46 Lining: Textile
Colour: SAGE
Never miss an update

Skechers Sport Mens Sage Trainers Refresh 50856 50856 X 9 (GO) Mens (GO) 69aac98 - blurrypron.com

    Skechers Sport Mens Sage Trainers Refresh 50856 50856 X 9 (GO) Mens (GO) 69aac98
    Skechers Sport Mens Sage Trainers Refresh 50856 50856 X 9 (GO) Mens (GO) 69aac98
    Vans Classic Slip On Canvas Black Men Women Skate Boarding Shoes Sneaker C966199 , Vans Sk8 Hi Reissue Retro Sport Unisex Ginger Suede & Canvas Trainers , Puma Basket_classic_soft_363824-04 sneaker Men's - colour White AU , Asics Mens G-T3D.1 Premium Cushioned Running Shoes , Man/Woman Adidas MARATHON VIN Gold mod. 25799 use Environmentally friendly Exquisite (processing) processing , Everlast Yon Caged Trainers Mens Black Sports Shoes SneakersLacoste Men's Esparre Deck 118 1 CAM Trainers, BrownDiadora DA7AMO3900 Black Yellow Grey Men Outdoors Hiking Trail Running ShoesADIDAS ZX FLUX MENS TRAINER SHOE MULI COLOR UK SIZE 9 RUNNING TRAINER SHOE , DC Trase SE Red Suede Mens Skate Trainers Shoes , Avon Mens Trainer SHOES BLACK TRAINER SHOEadidas ZX Flux ADV ASYM Mens Running Trainer Shoe UK Size 8 10.5Diadora Heron 2 Blue Green White Men Running Walking Shoe Sneaker DA172865-C7317New Balance NB MCSTLLB4 D Lightweight Lifestyle Running Shoes 2018 Black/White , Asics Lethal Tigreor 4 St Clt Soccer Men's Shoes Size , New Balance 580 Series Elite Edition Paper Lights MRT580RA (Size US9) New in BoxConverse Chuck Taylor All Star CTAS [149524C] Unisex Casual Shoes Aqua/White , Adidas Metrum 3.5 Skateboarding Shoes Mens Size , Skechers Stamina-Fast Type Black White Men Running Shoes Sneakers 666028-BLKBoxfresh Stern Black Mens Waxed Canvas Trainers Shoes , Man's/Woman's And1 Basketball Sneakers Size 12.5 US for you to choose comfortability Suitable for color , New Balance Ml373 Classic Mens Black Grey Suede & Synthetic Trainers , Converse Chuck Taylor All Star Red White Lo Unisex Trainers BootsConverse Chuck Taylor All Star Navy White Ox Lo Unisex Trainers Shoes , Puma Speed 300 Ignite men's trainers running shoes sneakers sports shoes , Puma Faas 500 V4 men turn shoes running sneaker sports shoesadidas Nizza Mens Black White Canvas & Synthetic TrainersNew Mens Athletic Sport Sneakers Shoes Match Color Board High Top Korean Splice , adidas ZX FLUX NPS UPDT Mens Womens Trainer Shoe Size 5 Blue ,
    Skechers Sport Mens Sage Trainers Refresh 50856 50856 X 9 (GO) Mens (GO) 69aac98 - blurrypron.com>Skechers Sport Mens Sage Trainers Refresh 50856 50856 X 9 (GO) Mens (GO) 69aac98 - blurrypron.com
    NEW ILSE JACOBSEN WOMENS RUB 15 YELLOW , SUPER SEXY!!! VIVIENNE WESTWOOD PIRATE ANKLE BOOTS US 7.5 .MADE IN ITALYNew Womens XTI Tan 47382 Synthetic Boots Knee-High Elasticated Zip , AB82 MBT shoes gray green suede leather women sneakersMerrell Waterpro Pandi [ML587924] Women Mary Jane Water Shoes Silver PinkWomens Donald J Pliner Verra Multi Color Flats 6 M ..442B org ret $175JCREW Gemma Canvas Ballet Flats $138 Shoes 7 neon flame pink f1164 NWOB brightJosef Seibel Wms Black Leather Mules 38 US 7.5 *Cute Must C* , Pleaser Red Patent Exotic Stripper Dancer Heels Delight Size 10 NEW RRP $109.95 , Man's/Woman's SCENE-51 Modern technology Selected materials Very good classification , Boho Women Lady Roma shoes Layer Fringe Pearl Open toe Buckle Gladiator Sandalsrene caovilla 38,5 satin embellished high heel sandalNEW! JIMMY CHOO BLACK DIDA STILETTO SANDALS - NEVER BEEN WORN! SIZE 39.5JIMMY CHOO Nude Patent Leather Platform Cork Wedge Sandals Size 39 , Nike Free 5.0 Men Running Shoes BlueNew Balance Mens M1340sb2 Blue/Silver Running Shoes Size 8 (48346) , Nike Dunk Low Basketball Shoe Black White 904234-003 size 7.5 sb Classic air Men , Nike Flex Fury 2 Running Fitsole Men’s Size 14 Shoes Blue New In Box 819134-400 , Puma Ignite Limitless Hi-Tech - Black - Mens , Adidas Originals Swift Run Primeknite Men's Shoes Black/White CQ2891MEN'S NIKE ZOOM FLY RUNNING SHOES VAST GREY ANTHRACITE 880848-002 SIZE 9Steve Madden Men's Vaelen Oxfords in Blue Suede D(M) USConverse Chuck Taylor All Star 70 1970s OX Khaki Canvas Men Women Shoes 161504C , Stacy Adams Mens Brown Lanzo Faux Reptile Leather Moc Toe Slip On Trending Shoe , Ryka Nalu Running Training Fitness Athletic Shoes Sneakers Pink Purple Womens 8 , Nike LunarEpic Low Flyknit OC Shoes Orange Yellow White(844863-999)Women's Sz6.5Nike Women's Air Tech Challenge II SE Athletic Sneakers 857879 301 Size 8 NewMan's/Woman's NEW CALPIERRE WOMENS ANKLE BOOTS Rich design special function negotiationWomens Pointy Toe Block heel Leather Shoes Chelsea Zipper Shoes Ankle Boots SizeWomen New 12cm Stilettos high Heels Knee High Boots Shiny Party Shoes Pointy Toe ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers Sport Mens Sage Trainers Refresh 50856 50856 X 9 (GO) Mens (GO) 69aac98 - 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.

    Skechers Sport Mens Sage Trainers Refresh 50856 50856 X 9 (GO) Mens (GO) 69aac98 - 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
    Skechers Sport Mens Sage Trainers Refresh 50856 50856 X 9 (GO) Mens (GO) 69aac98
    Athletic Shoes
    >
    ;