Never miss an update

NEW SKECHERS MENS GO WALK MAX COMFORTABLE NEW mogochinese-29360 LIGHTWEIGHT MAX SLIP ON CASUAL SHOES a0c0480




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
Brand: Skechers
Shoe Type: Mens Casual Shoes MPN: 1637638111289
EAN: 0191665186717
Never miss an update

NEW SKECHERS MENS GO WALK MAX COMFORTABLE NEW mogochinese-29360 LIGHTWEIGHT MAX SLIP ON CASUAL SHOES a0c0480 - blurrypron.com

    NEW SKECHERS MENS GO WALK MAX COMFORTABLE NEW mogochinese-29360 LIGHTWEIGHT MAX SLIP ON CASUAL SHOES a0c0480
    NEW SKECHERS MENS GO WALK MAX COMFORTABLE NEW mogochinese-29360 LIGHTWEIGHT MAX SLIP ON CASUAL SHOES a0c0480
    Man/Woman Mens Rieker Shoes The style B0352-W Elegant shape Excellent performance Great choiceMens Unstructured by Clarks Leather Casual Shoes Un Abode Strap , Men/Women Mens Padders Shoes The Style Baron-W Guarantee quality and quantity Preferred material Modern and elegantMen's Unstructured by Clarks Casual Slip On Shoes The Style - Un Abode Free , Mens Thomas Blunt Moccasin Shoes The Style Amos-W , Men/Women Mens Rieker Shoes Style 11760-W Selling Year-end sale Highly appreciated and widely trusted in and outMen's Clarks Casual Shoes The Style - Keeler Step , Mens Unstructured by Clarks Leather Casual Shoes The Style - Un Abode EaseMens Rieker Slip On Shoes The Style B4869-W , Men's/Women's Mens Clarks Casual Shoes Recline Free Reputation first Primary quality Known for its excellent quality , Men's/Women's Mens Rieker Casual Shoes B3052 Modern and elegant fashion a good reputation in the world best sellerMens Rieker Shoes With Rieker Tex 14020-W , Mens Padders Dual Fit Leather Casual Shoe Donald - W , 'Mens Clarks' Casual Shoes - Trapell PaceMen's Clarks Casual Shoes The Style - Lair WatchMen's Anatomic & Co Tavares Black Slip On Shoe , Mr/Ms Mens Rieker Mules The Style 26596-W Cheap In short supply Various , Mens Clarks Casual Shoes Style - Recline FreeMens Padders Casual Smart Leather Shoes The Style - BrentMENS CLARKS LEATHER SLIP OF CASUAL SOFT COMFORTABLE EVERYDAY SHOES SCOPIC STEPMens Clarks Cloud Steppers Marus Step Casual Slip On Shoes G FittingMan/Woman Mens Clarks Smart/Casual Shoes Raspin Plan Innovative design cheapest Caramel, gentle , Mens Hey Dude Farty Braided Canvas Casual Slip On Shoes , Mens Unstructured by Clarks Leather Casual Shoes Style - Un Abode StrapMens Clarks Keeler Step Black Leather Casual Slip On Shoes , Men's Clarks Shoes Style The Style - Swift TurnMen's Clarks Shoes The Style - Nature Three , ANATOMIC MENS SLIP ON PETROPOLIS LEATHER SMART CASUAL BLACK BROWN SHOES 323251 , Men's Anatomic & Co Tavares Cognac Toast Slip On Shoe
    NEW SKECHERS MENS GO WALK MAX COMFORTABLE NEW mogochinese-29360 LIGHTWEIGHT MAX SLIP ON CASUAL SHOES a0c0480 - blurrypron.com>NEW SKECHERS MENS GO WALK MAX COMFORTABLE NEW mogochinese-29360 LIGHTWEIGHT MAX SLIP ON CASUAL SHOES a0c0480 - blurrypron.com
    Annie Shoes Women's Mobile Wide Calf Riding Boot Black/Leopard 8 W US , Vintage Serena De Italia Grey Leather Ankle Boots Italy US Size 6 , Muk Luks Women's Kelsey Fashion Boot Chestnut 7 Medium USAK Anne Klein iFlex Black Leather High Heel Ankle Boots Zip Up 6.5M Winter Boots , Kenneth Cole New York Women's Addy Western Double Zip Low Heel Leather Ankle...Sigerson Morrison ELISA, Black Croc Embossed Pull On Mid Boot, Wmns US Size 7CLARKS Women's Concert Jazz Ballet Flat - Choose SZ/color , Converse Chuck Taylor All Star HI Collard 147126F Size: , AUTH Nike Air Jordan XI 11 Low Infrared 23 Sz 9 Black White Concord 528895-023Gentlemen/Ladies NEW Julius Marlow Valencia Sneaker Navy Good design modern leading the fashion , Men's shoes Giorgio Rea casual moda Italian handmade artisanal oxfords 07315BO , Men's/Women's Carrisa in Black Louis, elaborate Sufficient supply Popular recommendation , J/Slides - Alabama - Blush Rose Gold-7.5Women's Shoes French Connection Devlin Pump Heels Slip On Leather Gold Size 37.5Vintage Enza Nucci 50s 60s silver gold pointy toes shoesWomens L.K. BENNETT black suede wedge pumps / heels sz. 39.5 $295DOLCE & GABBANA Sz 37.5 White Black Open Toe Floral HeelsASICS Men's Comutora Running Shoe Mid Grey/Mid Grey/Carbon Sneakers , Men's/Women's adidas Originals X_PLR Men's Black/Black/White B1100 Good design low cost Easy life , adidas Ultraboost Stability Parley Mens Legend Ink/Clear Mint/Hi-Res Aqua AC7586ROCKPORTS WORKS Vibram Mens Steel Toe Slip On Brown Leather Shoes 6.5Rockport Charlesroad Captoe BRAND NEW Style: BX2125 Size 8 M Beige/Black "Brown" , Bruno Magli Malachi Black/Blue Nubuck Wingtip Oxford Shoe Size 10 M Made ItalySperry Top-Sider Women's Sayel Clew Washed Canvas Sneaker White 9 M US , NEW BALANCE STVELOV1 W TURF CASUAL WOMENS SHOES SNEAKERS RED WHT sizes 5 - 10Man's/Woman's Sneakers (Lakers 4's) Packaging diversity Stylish and fun At an affordable priceMan/Woman Aldo Womens Herschman Platform- Pick SZ/Color. Fine processing Beautiful SimpleMassimo Matteo Women's Low Boot with Zipper Testa Di Moro BootSkechers Performance Women's Go Walk 4 A.D.C. All - Choose SZ/colorCorso Como Stirrup Black Leather Knee High Boots Women's Shoes Size 8.5 M NEW ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW SKECHERS MENS GO WALK MAX COMFORTABLE NEW mogochinese-29360 LIGHTWEIGHT MAX SLIP ON CASUAL SHOES a0c0480 - 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.

    NEW SKECHERS MENS GO WALK MAX COMFORTABLE NEW mogochinese-29360 LIGHTWEIGHT MAX SLIP ON CASUAL SHOES a0c0480 - 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
    NEW SKECHERS MENS GO WALK MAX COMFORTABLE NEW mogochinese-29360 LIGHTWEIGHT MAX SLIP ON CASUAL SHOES a0c0480
    Casual Shoes
    >
    ;