Never miss an update

Gentlemen/Ladies PUMA Suede Classic Formstrip Leather Formstrip Sneaker Many style today styles Elegant style Recommended today 72c030e




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
Brand: Puma
Features: Classic sneaker with signature Formstrips featuring brand callout, tongue, and sideTextured toe bumperLace closure for a snug fit Style: Athletic
Never miss an update

Gentlemen/Ladies PUMA Suede Classic Formstrip Leather Formstrip Sneaker Many style today styles Elegant style Recommended today 72c030e - blurrypron.com

    Gentlemen/Ladies PUMA Suede Classic Formstrip Leather Formstrip Sneaker Many style today styles Elegant style Recommended today 72c030e
    Gentlemen/Ladies PUMA Suede Classic Formstrip Leather Formstrip Sneaker Many style today styles Elegant style Recommended today 72c030e
    NEW MEN'S 11 VANS CHIMA FERFUSON PRO NINTENDO MUSHROOMS BLUE SKATE SHOESNike Air Shake Ndestrukt Triple White Dennis Rodman Men SIZE 10 , Nike Hyperdunk 2015 Black Metallic Silver Basketball Shoe 749561-001 Mens 14NIB- Nike LunarGlide 8 Men's Training/Running Shoes Sz. 15ADIDAS COSMIC 1.1 MEN.S RUNNING SHOES.SIZE 8.5.MODEL BA8705Nike Men's Flex Control Athletic Training Shoes Thunder Blue/Carbon Size 12.0M , Nike Big High Basketball Shoes 336608 014 Mens Size 11.5 Black Dark Grey , Air Jordan 1 Green Retro Low Swooshless Trooper Sail No Swoosh 848775-205 10.5 , Puma RS100 HL Gray/Tradewinds-Grisaille 356616 02 Men's SZ 11.5ADIDAS AdiZero Cadence 2.0 Distance Track Field Spike Shoes Red New Mens Youth 6Nike FS Lite Run 4 New Men's 852435 004 Black Running Shoes Size 10Adidas Reground Shoes 13 US Men's Recycled Sneakers 3 Stripes Trefoil RARE , New Balance Numeric "288" Sneakers (Grey/Rust) Men's Skating Shoessize 10.5 BAIT x Asics Bay Pack Gel Lyte V Misfits Giant Orange , MEN'S JORDAN COURT VISION OO 684835-104 WHITE/BLACK-WOLF-GREY-GYM RED MSRP$100Nike Mens KD VII 7 NSW Lifestyle PRM QS Hazelnut Sz11.5 Supreme Kith Off WhiteNike Mens Size 11.5 Zoom LJ 4 Volt Pink Black Long Jump Track Shoes (415339-999) , Converse Men's Chuck Taylor Sz 9 All Star Tie Dye High Top SneakerNew Balance Men's Mt510 Ankle-High Trail RunnerNew Balance 247 Taupe/Gum Mushroom MRL247DT Men's SZ 9.5ASICS 1021A031.400 TORRANCE MX Mn's (M) Race-Blue Mesh Running ShoesNIKE ZOOM STEFAN JANOSKI SB 333824-090 BLACK WHITE DARK DUNE SIZE: 9 , Adidas Men's Tubular Invader Strap BB5038 Vintage White 3 STRIPES NIB size 11 , ADIDAS Originals Tubular Invader Strap Men's Running Training Shoes Red BB5039 , New Men's ADIDAS CRAZYLIGHT BOOST LOW 2016 - Basketball Sneaker Size 7Nike Air Max Tailwind 8 Mens Black White Oreo 805941 101 Running Training NIB , NIB MENS SIZE 9.5 NIKE AIR HUARACHE RUNNING SNEAKERS WHITE 318429-111 , VANS WARD Canvas, Check Foxing ( Dusky Green), Men’s Size 9 , NIKE AIR ZOOM GIMME 12 SPIKELESS GOLF SHOES 849955 100 NO CLEATS ICE BLUE MAX TN
    Gentlemen/Ladies PUMA Suede Classic Formstrip Leather Formstrip Sneaker Many style today styles Elegant style Recommended today 72c030e - blurrypron.com>Gentlemen/Ladies PUMA Suede Classic Formstrip Leather Formstrip Sneaker Many style today styles Elegant style Recommended today 72c030e - blurrypron.com
    HH Sonora women's DH5191 GOLD/BLACK Size 8.5 M NEW , LAREDO LADIES CROSS POINTS BROWN LEATHER COWBOY WESTERN BOOTS! 52033~NIB , Padders Plus Women s Lydia Black Fleece and Fur Lined 414 7 UKNike Womens Roshe Two Hi Flyknit Trainers 861708 Sneakers Boots 400 , The North Face Hedgehog Fastpack Lite II Gore Tex Women's Trail Shoes New , Nike Wmns Blazer Low SD Suede Coral Stardust Sail Women Classic Shoes AA3962-605 , A35 Jaymee Zip Up Stiletto Knee High Boots 443, Black, 7.5 USPLEASER SEXY-1006 BLACK PATENT STILLETO STUD ANKLE BOOTS SIZES US 5-14ALAÏA Peep-Toe Black Patent Leather Heels/Pumps, US 10 , Gentlemen/Ladies Arche Flats 38 Yellow ECU!!! Excellent value Used in durability Different styles and stylesDansko PRO XP 2.0 BROWN FLORAL TOOLED Womens Leather Slip Resistant Clogs Shoes , Retro Womens Horse Hair Leather Work Casual SHoes Pointy Toe Block Heels Pump szWomen's Ferragamo Tan Suede Sling Back Shoes, Sz 6women open toes knee high sandals boots hidden mid heel breathable shoes hot new , sweet women's floral print rivet anke strap lolita high heel shoes pumps party , Jimmy Choo Women's 7 Clue Leather Slingback Peep Toe Pumps Champagne Reg $665 , JIMMY CHOO Beige SUEDE AND CRYSTAL  SANDALS size 39 , Clarks Saylie Moon Leather Womens Sandal Low Heel Shoes Low HeelBrooks Anthem Men's Gray Black Training Performance Running Shoes US 13 M C264Nike Hyperdunk TB 2013 Gym 584433-600 Red Basketball Shoes Men's 18 NBA NCAA 7.5 , Nike TOTAL 90 SHOOT IV FG 2011 SOCCER SHOES DARK GREY/RED/BLACK BRAND NEW , Men's Nike Zoom Speed TR Training Shoes, 630855 070 Size 9 Cool Grey/Volt/Black/Brooks Maximus XT 9 Mens Crosstrainer (Mesh) (D) (437) | BUY NOW!Air Jordan Retro 13 Gold and White size 7Man/Woman Baskets Serafini leopard blue/noir 39 NEW Reliable quality Moderate cost Preferential priceAltra Footwear Women's Provision 3.5 Running Shoe Black Running Sneakers , Black Knee High Wide Calf Boots Size 7.5W , Mojo Moxy Liberty Tan Liberty Laser Cut Cowboy Boots / Women's Size 7Jessica Simpson Zamia Ankle Boot Black Eco Sheep Platform Stiletto Heel Bootie S , Joan & David Black Upper Alligator Print Western Boots Womens US 7 / Italy
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gentlemen/Ladies PUMA Suede Classic Formstrip Leather Formstrip Sneaker Many style today styles Elegant style Recommended today 72c030e - 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.

    Gentlemen/Ladies PUMA Suede Classic Formstrip Leather Formstrip Sneaker Many style today styles Elegant style Recommended today 72c030e - 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
    Gentlemen/Ladies PUMA Suede Classic Formstrip Leather Formstrip Sneaker Many style today styles Elegant style Recommended today 72c030e
    Athletic Shoes
    >
    ;