Never miss an update

Skechers Shoe 54173EWW Performance Mens Performance Go 4-54173 Wide Skechers Walking Shoe 3737821




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: 0190872757468
Style: Causal Brand: Skechers
US Shoe Size (Men's): Multiple Variations Model: 54173EWW
Size Type: Regular MPN: 54173EWW
Material Type: suede
Never miss an update

Skechers Shoe 54173EWW Performance Mens Performance Go 4-54173 Wide Skechers Walking Shoe 3737821 - blurrypron.com

    Skechers Shoe 54173EWW Performance Mens Performance Go 4-54173 Wide Skechers Walking Shoe 3737821
    Skechers Shoe 54173EWW Performance Mens Performance Go 4-54173 Wide Skechers Walking Shoe 3737821
    Skechers Men's Go Walk Max-54606 Sneaker - Choose SZ/Color , Mens adidas Response Boost 2 Techfit Blue Red Cushioned Running Gym Trainers , Asics Gel Kayano Evo Running Trainers in White & Grey HN6A0 , New Adidas Superstar Originals Rare Nigo 80's Leather Trainers Sneakers M21508Mens adidas Originals Superstar Festival Pack Blue White Trainers Shoes , ASICS Men's Fuzex Rush cm Running Shoe - Choose SZ/Color , Skechers 65511 Mens Edmen-Riston Sneaker- Choose SZ/Color. , Altra Men's One V3 Running-Shoes, Orange, 11PUMA Mens Evospeed 17.4 FG Soccer Shoe- Pick SZ/Color.Osiris Men's D3 2001 Skate Shoe, Blue/Black/White, 8.5 M USSaucony Men's Endorphin LD4 Track Shoe - Choose SZ/Color , Men's NIKE Air Jordan B.Fly Basketball Shoes 881444 012 Sz:13 (887224768745) , ASICS Men's Gel-Lyte III Running Shoe - Choose SZ/ColorReebok Men's Print Run Ultraknit Shoe, - Choose SZ/Color , PIMD Khaki X-Core V2 Hightop Shoes Weight Lifting Fitness High Workout - BoxedASICS Mens GT-1000 6 Running Shoe, - Choose SZ/ColorPUMA Men's Biodrive Golf Shoe - Choose SZ/Color , ADIDAS QUESTAR RIDE MEN'S SIZE US 8 DAILY LIFE STYLE DB1345K-Swiss Men's Classic 88 Athletic - Choose SZ/ColorADIDAS QUESTAR RIDE MEN'S SIZE US 7.5 NEW WITH BOX B44806 , Vibram Men's KSO Evo Cross Training Shoe - Choose SZ/Color , DC Men's Court Graffik Shoe Black 11 D D US , PUMA 10442201 Mens Evopower Vigor 4 Graphic FG Soccer-Shoes- Choose SZ/Color.adidas Originals Men's NMD_r2 Sneaker - Choose SZ/Color , PUMA Men's Evopower Vigor 4 TT Soccer Shoe - Choose SZ/ColorDC Men's Notch Skate Shoe - Choose SZ/ColorWalsh Made In England Gymmie Suede Trainers - Black/BrownReebok Men's Club C 85 GS Sneaker - Choose SZ/ColorSkechers Performance Men's Go Golf Focus Shoe - Choose SZ/Color
    Skechers Shoe 54173EWW Performance Mens Performance Go 4-54173 Wide Skechers Walking Shoe 3737821 - blurrypron.com>Skechers Shoe 54173EWW Performance Mens Performance Go 4-54173 Wide Skechers Walking Shoe 3737821 - blurrypron.com
    Muck Boot's Womens Arctic Weekend Boot Swirl w/ Fleece Liner - Size 11Womens Boterine Botas Colombian Black Leather Western Cowboy Boots Size 10 NewNike Lunar Mont Royal Mens Golf Shoes 652530 005 Sneakers TrainersMens Retro Leather British Pointed Toe Chunky Ankle Boot Shoes Cowboy Size US6-9 , ADIDAS MENS RUNNING SHOES SOLAR GLIDE M AQ0332 + RETURN TO MELBOURNEAdidas Pureboost Go W [B75664] Women Running Shoes White/Grey , Dr Martens 1460 Smooth Womens Boots - Cherry All SizesSchutz Freddie Espardrille Slip-On Flats Platina Shoes Size 8 M US , Paul Green Womens Lenny Gold Metallic Loafers Shoes 7 Medium (B,M) BHFO 9022Donald J Pliner Classic Square Toe Kitten Heels Pumps Snake Embossed Leather 8 , Man's/Woman's New Woman Red Pump Size 8 Clearance price Trendy TRUESUPER CHAUSSURE MULE MARTINI OSVALDO TOUT CUIR PYTON VINTAGE 1990 NEUF T.36Man/Woman Missoni Chevron Platform Wedge 36 excellent quality high quality uniqueAuthentic PRADA Italian Tan Leather Pointed CLASSIC PUMPS Heels SHOES Size 39 , Women's party sandals shoes Ankle Strap Open Toe Platform High Block Heel Pumps , $795 Saint Laurent Janis Pointy Toe BEIGE POUDRE Leather Platform Pump Shoe 36.5Birkenstock Sparta Birko-Flor Slip-On Sandal Black regular , MUNOZ VRANDECIC Women's RUSTIC Brown Platform Open Toe Sz 37 ShoesNEW Salming Race R1 2.0 Indoor Handball Shoes Indoorshoes neon 1234091 9191 SALE , Nike Tiempo Legend 6 SG-PRO White Orange Soccer Cleats 819680-108 size 6.5Nike Kobe IX 9 EM Basketball Shoes Men's Size 16.5 New Never Worn Red White , NIKE AIR MAX LEBRON XI 11 LOW Sz 13 PS DUNKMAN (642849-200) size 13 , NlKE AIR SKYLON II 2 NlKE AO1551-101 size 4-12 White/Black-Cool GreyTO BOOT NEW YORK ADAM DERRICK MEN’S BROWN LEATHER WINGTIP OXFORDS SZ 14 , NIKE FREE RN 2017 SIZE 12 WOMEN'S RUNNING TRAINING (880840 404)Salewa North America Speed Ascent-M Mens Ascent hiking Shoe- Choose SZ/Color.Gola Women's Coaster Rainbow Sneaker Navy/Multi Canvas SneakersConverse Chuck Taylor All Star 2018 Seasonal High Top Sneaker - Choose SZ/Color , Man's/Woman's Spira Aquarius Running Women's Shoes We have won praise from our customers. Environmentally friendly Very practicalSkechers BOBS from Women's High Notes Wedge Boot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers Shoe 54173EWW Performance Mens Performance Go 4-54173 Wide Skechers Walking Shoe 3737821 - 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 Shoe 54173EWW Performance Mens Performance Go 4-54173 Wide Skechers Walking Shoe 3737821 - 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 Shoe 54173EWW Performance Mens Performance Go 4-54173 Wide Skechers Walking Shoe 3737821
    Athletic Shoes
    >
    ;