Never miss an update

YEEZY WHITE BOOST 350 V2 TRIPLE COLOR TRIPLE WHITE SIZE V2 4 db75793




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
Style: Running Shoes
Color: White Product Line: adidas Boost, adidas Yeezy
Brand: adidas US Shoe Size (Men's): 4
Never miss an update

YEEZY WHITE BOOST 350 V2 TRIPLE COLOR TRIPLE WHITE SIZE V2 4 db75793 - blurrypron.com

    YEEZY WHITE BOOST 350 V2 TRIPLE COLOR TRIPLE WHITE SIZE V2 4 db75793
    YEEZY WHITE BOOST 350 V2 TRIPLE COLOR TRIPLE WHITE SIZE V2 4 db75793
    Nike Kobe VIII 8 Westchester Promo Sample PE player exclusive Sz 12 black red , 100% Authentic Adidas Yeezy Boost 350 v2 "Blue Tint" SIZE 9 , NIKE Blazer Studio Mid The Ten x Off White Men’s Size 12 Grim Reaper BlackNew Supreme Nike Air Max 98 Black Running Shoes Spring Summer 2016 Size 11DS NIB NIKE AIR FORCE 1 LOW PREMIUM 318775-571 Size 9.5 Eddie Cruz , Air Jordan XX8 28 1/16/13 WHITE/GYM RED-PHOTO BLUE 555109 106 2013 2018Adidas Yeezy Boost 350 v2 Beluga US 8 Kanye West Limited Release AH2203 GreyADIDAS YEEZY BOOST 350 V "FROZEN" AH2203 sz 11 , Men/Women Nike Air Foamposite economic Clearance VariousVery Rare Big Sean Adidas Pro Model II Detroit Player G98976Air Jordan 13 Low Quai 54 Black Chrome Grey White Sz 7.5 W Receipt 810551 050Air Jordan 1 Retro High Og Homage To Home 11.5 IN HAND #d To 2300! Chicago BredADIDAS YEEZY BOOST 700 WAVE RUNNER sz 12 jordan nike lebron 1 3 4 6 5 8 lot XI XMan's/Woman's Jordans Beautiful color Various types and styles Selling new products , NIKE KOBE IX 9 ELITE LOW FLYKNIT ID "MULTI COLOR" SZ 9 SUPER RARE! [677992-995]WTAPS x Vans OG Style 36 LX WTAPS Black Various Sizes DS 2015 Collection , Mens Nike x Off White Presto Black White Cone AA3830-002 US 11 - US 13Men's Nike Air VaporMax Premier Flyknit Shoe - Black/White/Anthracite/MetallicConverse Chuck Taylor All-Star 70s Hi Off White Virgil Abloh Size 6.5 , Nike Kyrie 4 "NBA 2K18" - 2K18KYRIE4 , NIKE AIR JORDAN 4 RETRO IV LS "TOUR" DS 314254-171 OG 2006 RELEASE Sz 10.5 RARE! , Nike Air Jordan 5 V Retro Premium SZ 8 Take Flight Sequoia Green LUX 881432-305 , Nike Womens Air Vapormax FK / CDG "Comme Des Garcon" - 924501 001 , Adidas Pharrell Williams Human Race Hu NMD TR Multicolor US 11YEEZY BOOST 750 - BY2456 - SIZE 8.51996 Nike Air Jordan 11 OG Black/True Red-White Breds 130245-062 Size 9 New HeatAdidas YEEZY BOOST 350 V2 TRIPLE WHITE CP9366 Size 9 FREE SHIPPING , Adidas NMD_XR1 MMJ Mastermind Japan - Men BA9726 black , adidas Yeezy Boost 700 Wave Runner Shoes Size 11
    YEEZY WHITE BOOST 350 V2 TRIPLE COLOR TRIPLE WHITE SIZE V2 4 db75793 - blurrypron.com>YEEZY WHITE BOOST 350 V2 TRIPLE COLOR TRIPLE WHITE SIZE V2 4 db75793 - blurrypron.com
    Frye Veronica Black Combat Boots Boot size 6 , BNIB Mens Van’s Old Skool Blossom Size 8US HypeDC JordanVans Desert Chukka Shoes Mens in Nubuck Black , Gentlemen/Ladies Tony Bianco Boots Size 9.5 (AUS) The color is very eye-catching stable quality Don't worry when shopping , Sofft Mena Peep Toe Strappy Wedge Sandals 021, Black, 8 US / 39 EUNina Armando Candice – Orange Mid Low Heels , B35 Sabrina Ankle Strap Pumps, Flame, 7.5 USLot Black Blue Silver Gold Rhinestone Strappy Faux Leather Women High HeelsSTUART WEITZMAN 5 Peekamid Black Leather Heels Pumps , New Summer Women Clip Toe Ankle Buckle T-Strap Flats Sandals Leather Beach Shoes , **Naot Ankle Strap Sandal - Women's Size 4, TanAcorn Women's New Spa Thong Grey Fluffy SlippersWOMENS REEBOK CL LEATHER SEA-WORN in colors LIGHT PURPLE / WHITE SIZE 8.5 , Haflinger Women's Kitty Slipper - Choose SZ/ColorMENS MERRELL MOAB MID GTX MEN'S WALKING/ HIKING BOOTS , NIKE KD V 5 ELITE SZ: 8.5 ORANGE KEVIN DURANT NEW RARE AUTHENTIC BASKETBALLBritish Men's Faux Leather Shoes Retro Military Ankle Boots Side Zipper Zsell , Los Altos COGNAC Ostrich Square Toe TPU Rubber Sole Western Cowboy Boot EEMen's Lagarto Western Boots Exotic Leather Snakeskin Brown Black Size 10 Pointy , Sanuk Mens yew-Knit Loafer SZ 12- Pick SZ/Color. , British Flag Chukka Mid Boots Dress Shoes Sz 45US M-75 Blue Suede EUCStuart Weitzman Mens Mazing Closed Toe Slip On Shoes, Tan Nubuc, Size 10.0 , VTG Florsheim BLack Pebble Grain Longwing Blucher LWB Gun Boat V Cleat Shoes 9 CNew! Womens New Balance 520 v2 Running Sneakers Shoes - limited sizesWomen’s Nike Shock 7.5 white grey/silver 488312-113 running shoes , HOT PUMA X BTS COURT STAR Shoes 366202 01 BTS Official Goods .NIKE AIR MAX 90 ID ELEPHANT RED OCTOBER SZ 10.5 WOMENS/MENS SZ 9 [708283-991]Sam Edelman Women's Sadee Bootie Black Leather ZipperWMNS NIKE AIR HUARACHE CITY LOW PARTICLE ROSE CASUAL WOMEN'S SELECT YOUR SIZE , Women Ankle Round Toe Cow Leather Motorcycle Platform Winter Thick Heels
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    YEEZY WHITE BOOST 350 V2 TRIPLE COLOR TRIPLE WHITE SIZE V2 4 db75793 - 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.

    YEEZY WHITE BOOST 350 V2 TRIPLE COLOR TRIPLE WHITE SIZE V2 4 db75793 - 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
    YEEZY WHITE BOOST 350 V2 TRIPLE COLOR TRIPLE WHITE SIZE V2 4 db75793
    Athletic Shoes
    >
    ;