Never miss an update

Gentlemen/Ladies Vapormax Gentlemen/Ladies High-quality Dragon Ball Z High-quality Affordable hitechchain-14882 Outstanding style 3c44f89




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Pointure: 44
Gamme de produits: Dragon Couleur: Orange
Marque: Nike
Never miss an update

Gentlemen/Ladies Vapormax Gentlemen/Ladies High-quality Dragon Ball Z High-quality Affordable hitechchain-14882 Outstanding style 3c44f89 - blurrypron.com

    Gentlemen/Ladies Vapormax Gentlemen/Ladies High-quality Dragon Ball Z High-quality Affordable hitechchain-14882 Outstanding style 3c44f89
    Gentlemen/Ladies Vapormax Gentlemen/Ladies High-quality Dragon Ball Z High-quality Affordable hitechchain-14882 Outstanding style 3c44f89
    New Balance Men's Burn Mid Speed - Choose SZ/Color , Skechers Performance Mens Go Sport-Power Walking Shoe- Select SZ/Color.New Balance Men's Cruz V2 Fresh Foam Running Shoe - Choose SZ/ColorPUMA Men's Ferrari Wayfarer Sneaker - Choose SZ/Color , Gentleman/Lady adidas Originals Men's Pro Model Sneaker Modern technology Quality and quantity guaranteed German Outlets , Under Armour Men's Speedform Fortis 2.1 Running Shoe, - Choose SZ/Color , Mens Nike Air Max 90 Essential Black Dark Grey Chrome 537384-075PUMA Men's Future 2.3 Netfit Fg/Ag Soccer Shoe - Choose SZ/Coloradidas Men's Adizero Afterburner V Baseball Shoe - Choose SZ/Color , Nike Men's Sb Lunar Paul Rodriguez 9 Skate Shoe , Skechers Performance Mens Go Golf Focus Collegiate Shoe- Select SZ/Color. , Mens Nike Air Skylon II White Game Royal Red AO1551-104 , Nike Men Athletic Sneakers Running Shoes Air Max Fury Black Red AA5739-006Mizuno Men's 9-Spike Classic G6 Low Switch - Choose SZ/Color , DC Mikey Taylor Vulc SE Skate Shoe - Choose SZ/ColorNike M2K Tekno Black Off White Obsidian Men Daddy Shoes Sneakers AV4789-002 , Man/Woman Air Jordan XXX 2015 Comfortable feeling Environmentally friendly Brand feast , Under Armour Men's Charged Covert Knit Sneaker - Choose SZ/ColorMens Adidas x Raf Simmons Adilette Checkerboard Core Black Granite B22525New Balance Men's M775V2 Running Shoe - Choose SZ/Color$169 NWOB ASICS GEL SONOMA 3 GTX black red Gore-Tex TRAIL Running SHOES Men's 9 , Sperry Top-Sider Men's Flex Deck CVO Ultralite Sneaker - Choose SZ/Color , Vans Authentic Golden Coast Checkerboard Shoes Sneakers Black/White US Size 7-10adidas Terrex AX2R Men's Hiking Shoes Outdoor Sneakers CM7727Air Jordan 1 New Retro High 1 Pink SZ 9 , Nike Zoom All Out Low I II Mens Air Max Running Shoes Pick 1Mens Under Armour Curry 3ZERO Anthracite White Constellation Purple 1298308-016Jordan Super.Fly 4 JCRD BRED New In Box Red Black DS Deadstock Size 11 NIB , Mens Nike Atmos Air Max 1 Premium Curry Tough Red Rush Red Pale 908366-600
    Gentlemen/Ladies Vapormax Gentlemen/Ladies High-quality Dragon Ball Z High-quality Affordable hitechchain-14882 Outstanding style 3c44f89 - blurrypron.com>Gentlemen/Ladies Vapormax Gentlemen/Ladies High-quality Dragon Ball Z High-quality Affordable hitechchain-14882 Outstanding style 3c44f89 - blurrypron.com
    Madewell $228 The Billie Boots 8.5 english saddle shoes leather brown f5044NEW STUART WEITZMAN CLASSIC OVER THE KNEE OTK LEATHER 50/50 5050 BOOT BLACK 5.5Geox Womens Sylvia Tall Boot 3EU/ US- Pick SZ/Color.Dan Post Boots Women's Paint Cowgirl Boot DP4615Steve Madden Womens Breeze-V Sneaker Trainers, Grey Grey 12001, 4 UK , Clarks Ladies Air Active Flat Shoes Fairlie Lake , Ladies Van Dal Chelsea Ankle Boots 'Benton' , 2x Camper TWS Leather Flower Strappy Heels In Red And Blue 21473-001,21473-002 , COLE HAAN Womens Black Leather Ballet Flats Sz 6.5 B - 232453 , Soft Style by Hush Puppies Women's Fairfax Oxford, Rose Quartz, Size 8.5MNine West Women's Audora Leather Wedge Pump Brown Size 7.0Corso Como Womens Cour Dress Sandal- Pick SZ/Color.Rieker Women Clogs Sabot Multicolour Soft Leather Insole 46305 NEWMen's Air Max Premiere TB 685775 402 size 13,15 Blue Basketball ShoesVibram Men's EL-X Shoe Khaki/Coyote 50 (14-15)Nike Air Max Renegade Men's Size 9 Sneakers Shoes Leather Black/Black 431998-020 , Air Jordan 11 XI Pantone Gift of Flight Blue/White(689479-405)Sz 13 GDFAS‼️✔️♨️ , MEN'S NIKE AIR JORDAN VII (7) "HARE" CDP 304775-102 SIZE 10.5PHARRELL X ADIDAS NMD HU TRAIL Human Race AC7188 US Size 12.5 - Sun Glow DSBlundstone Unisex Super 550 Series Boot Rustic Brown 11 UK/12 M US/14 B(M) US , SH21 Magnanni 10.5M Handmade Blue Black Leather Oxford Derby Dress ShoesWomen's Nike Blazer Low SE Premium Casual Shoes Port Wine Sz 7 , Nike WMNS Air Force 1 Hi PRM - 654440 005 , nike womens air max ST running trainers (705003 002) sneakers shoes sz: 12 , NIKE WMNS AIR MAX 90 ULTRA ESSENTIAL 724981 402 LOYAL BLUE/BLUE GREY-WHITE-GREEN , WMNS NIKE AIR HUARACHE CITY LOW BLACK CASUAL WOMEN'S SELECT YOUR SIZE , Womens embroider Floral Knee high Low Heel Boots Suede Zipper Knight shoes hotSM Cosplay Patent Leather Heelless Platform Womens Strappy Mid Calf Boot ShoesSkechers 48854 Womens Parallel-Dusk Ankle Bootie- Choose SZ/Color.Adult Women Pf Peep Toe Sequins Ankle Side Zip Shoes Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gentlemen/Ladies Vapormax Gentlemen/Ladies High-quality Dragon Ball Z High-quality Affordable hitechchain-14882 Outstanding style 3c44f89 - 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 Vapormax Gentlemen/Ladies High-quality Dragon Ball Z High-quality Affordable hitechchain-14882 Outstanding style 3c44f89 - 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 Vapormax Gentlemen/Ladies High-quality Dragon Ball Z High-quality Affordable hitechchain-14882 Outstanding style 3c44f89
    Athletic Shoes
    >
    ;