Never miss an update

Asics mogochinese-29994 Gel-Tactic Women's Women's Shoes, Volleyball Shoes, Blue/White/Red, B752N-4901 NEW! deadff8




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
Width: Medium (B, M)
Fastening: Lace Up Brand: ASICS
Color: Indigo Blue/White/Red/Gold Style: Volleyball
Never miss an update

Asics mogochinese-29994 Gel-Tactic Women's Women's Shoes, Volleyball Shoes, Blue/White/Red, B752N-4901 NEW! deadff8 - blurrypron.com

    Asics mogochinese-29994 Gel-Tactic Women's Women's Shoes, Volleyball Shoes, Blue/White/Red, B752N-4901 NEW! deadff8
    Asics mogochinese-29994 Gel-Tactic Women's Women's Shoes, Volleyball Shoes, Blue/White/Red, B752N-4901 NEW! deadff8
    New In Box Women's Nike Lunarepic Flyknit Shield 849665 300 SHIP FREE US FASTNew NIKE Women's Orange Flyknit Lunar 2 Running Shoes Athletic Training Sneakers , NIKE AIR MAX 90 PREMIUM SHOES BLACK/WHITE SIZE 7.5 BRAND NEW (443817-009) , Nike CK Racer Women’s Running Training Shoes 916792 005 Light Bone Grey Size 7Nike Air Force 1 Mid '07 LE Womens 366731-001 Black Leather Shoes Wmns Size 7.5MERRELL Women's BARE ACCESS FLEX MAX BLACK, YELLOW, PINK & GRAY SHOES Size 7 , Nike Air Zoom Fearless Flyknit Womens Size 7 Shoes White Grape 850426 103 NEWAdidas UltraBOOST X All Terrain women’s size 8.5 , Nike Wmns Huarache Run White Roshe Presto 634835-108 Womens 6-11 , NIKE Women's Free Rn 2017 Black/Anthracite Dark Grey Running Shoe 10 Women USNike Women's Air Zoom Mariah Flyknit Racer Black White AA0521-006 "OREO" NEWWomen's Adidas Cloudfoam Ultimate Running Shoes BC0034NEW Hoka One One Tracer Women's Running Shoes 10 B(M) US , Altra Women's Escalante Running Shoe, Magenta, 6.5 B US , Gentleman/Lady Nike Juvenate Women's Running Shoes 724979-010 Beautiful color Settlement Price Personalization trendWomen's Nike Classic Cortez Shoes White Black Size 8.5 807471 101 NIB , Nike Lunarepic Low Flyknit 2 Women Running Shoes 863780 004 Black/GreyECCO Women`s Soft 7 Shoes Size US 10, , ara Women's Leona 41468 Bootieara Women's Hollis 44526 SneakerWomen's Adidas Aerobounce ST - Blue - Width: med - RunningS76403 adidas Originals Superstar UP Women's Sneakers Shoes US size 9.5 , Brooks Adrenaline GTS 18 Women's Running Shoe Size 6.5 7 Navy/Teal NEW WITH BOXNike Women's Zoom All Out Flyknit Running Shoes 845361 002 NEWAltra Footwear Women's Escalante Running Shoe , Women's Mizuno Wave Horizon Running Shoes - Pink/Black/Blue - NIB!Women's New Balance W1080BW7 Running Shoes - Black/White - NIB! , Nike Classic Cortez Nylon Women's Shoes White 749864-201Brand New Nike Women's Metcon 2 Training Crossfit Shoes 821913-001 SHIP FREE
    Asics mogochinese-29994 Gel-Tactic Women's Women's Shoes, Volleyball Shoes, Blue/White/Red, B752N-4901 NEW! deadff8 - blurrypron.com>Asics mogochinese-29994 Gel-Tactic Women's Women's Shoes, Volleyball Shoes, Blue/White/Red, B752N-4901 NEW! deadff8 - blurrypron.com
    Vtg ACME WMNS 6.5 M GENE AUTRY BLUEBIRD FLOWERS ROPERS COWBOY WESTERN BOOTS , Winter High Block Heels Genuine Leather Warm Zippers Womens Knee High Boots szGentlemen/Ladies BNIB Freebird Coal Boots sz 7 selling price Skilled manufacturing leading the fashion , $480 Victoria's Secret Shoes Boots FRYE Leather TAN Brown Size 9 KNEE High NEW!* , Gentleman/Lady Windsor Smith Tan Boots 9 Strong heat and wear resistance Has a long reputation Preferred boutiqueArcopedico Lolita Olive White Sole Ballet FlatsNew Womens Kendall + Kylie Black Baker Suede Boots Ankle Zip , Nine West Womens Speakup Fabric Pointed Toe Flat- Select SZ/Color.$250 CHIARA FERRAGNI FLIRTING SLIP ON LEATHER & GLITTER SNEAKERS-37 , Sam Edelman Women's Bay Slide Sandal Black Vaquero Saddle Leather Slides , Man's/Woman's ALLURE-608 Queensland Affordable SimpleWomen's Donald J Pliner FRAN Platform Wedge Sandals Heels Natural Cork Size 10Christian Louboutin Tucsy Glitter & Patent Pointed Pump, Black/Yellow 39.5 $845 , J Slides Womens Edie Open Toe Casual Slide Sandals Black Size 6.0 B70lNWOB Men's Skechers Equalizer 2. 0 Arlor Oxford Shoes 51539/BLK Size us 11.5-MPUMA Mens Basket Classic Badge Fashion Sneaker True Blue Bright Plasma 10 USMen's Jaca Exotic Brown Leather Cowboy Western Boots sz: 9 EE , Crevo original. shoes Leather. Upper Memory Foam size 9 《D3》 , Florsheim 11745-221-221 Mens Portico Bike Toe Slip on Oxford- Choose SZ/Color.Florsheim Mens Raly Moc Ox Oxford- Select SZ/Color.Vans Sk8 Hi Slim Zip (Hologram) Black/True White-Women's Size 9 , New Nike Womens Zoom Hyperspike Volleyball Shoes Black [585763 001] Size 7 , Nike Air Max 90 Premium Safari Women Size 8.5 Silver Black Leather Suede Shoe , Converse Chuck Taylor All Star Material [549647C] Women Casual Shoes Black/WhitePuma Vikky Platform VR Trainers Womens Olive Sports Trainers Sneakers , NEW YSL Yves Saint Laurent California Ski High Top Sneaker Faux Fur Snow BootsWMNS NIKE AIR MAX SEQUENT 3 ELEMENTAL ROSE RUNNING SHOES WMN'S SELECT YOUR SIZEChinese Laundry Katrina Brown Womens Shoes Size 6.5 M Boots MSRP $130New Women Shiny Leather Over Knee Boot Gold Silver Color Nightclub Stiletto ShoeWomens CHARLES BY CHARLES DAVID black ankle wedge boots sz. 7 $155 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Asics mogochinese-29994 Gel-Tactic Women's Women's Shoes, Volleyball Shoes, Blue/White/Red, B752N-4901 NEW! deadff8 - 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 mogochinese-29994 Gel-Tactic Women's Women's Shoes, Volleyball Shoes, Blue/White/Red, B752N-4901 NEW! deadff8 - 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 mogochinese-29994 Gel-Tactic Women's Women's Shoes, Volleyball Shoes, Blue/White/Red, B752N-4901 NEW! deadff8
    Athletic Shoes
    >
    ;