Never miss an update

Saucony Men's Feel mogochinese-29866 Feel Men's Sneaker, Grey, 9.5 Medium US 8bbd070




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: 883799391425
Weight: 1.4 lbs EAN: 0883799391425
Dimensions: L 13.31 x W 8.31 x H 4.8 inches Brand: Saucony
PartNumber: S40008-21-50-Gry-9.5 Medium US MPN: S40008-21
ProductGroup: Shoes Binding: Apparel
ISBN: Not Applicable ClothingSize: 9.5 D(M) US
US Shoe Size (Men's): 9.5 D(M) US Color: Grey
Style: Not Applicable Department: mens
Never miss an update

Saucony Men's Feel mogochinese-29866 Feel Men's Sneaker, Grey, 9.5 Medium US 8bbd070 - blurrypron.com

    Saucony Men's Feel mogochinese-29866 Feel Men's Sneaker, Grey, 9.5 Medium US 8bbd070
    Saucony Men's Feel mogochinese-29866 Feel Men's Sneaker, Grey, 9.5 Medium US 8bbd070
    Balance Men's MW577 White Walking Shoe - 13 4E USadidas Men's Seeley Skate Shoe - Choose SZ/ColorUnder Armour Men's Fade RST Golf Shoe - Choose SZ/ColorPUMA Men's Astro Sala Sneaker - Choose SZ/Color , PUMA 10447401 Mens 365 Netfit CT Soccer-Shoes- Choose SZ/Color. , adidas Men's Energy Cloud m Running Shoe - Choose SZ/Color , Reebok Work Men's Senexis RB4440 Work Shoe,White,6 M USASICS Mens Gel-Contend 4 Running Shoe, - Choose SZ/Color , adidas B74226 Mens Shoes | CF Advantage Sneakers- Choose SZ/Color.DC Shoes Mens Astor Skateboarding ShoeD US- Pick SZ/Color. , adidas Men's Questar Ride Running Shoe - Choose SZ/Color , Skechers 54521 Mens Go Golf Elite 3 Approach Lx Shoe- Choose SZ/Color.BB3418 Adidas Response Boost LT Mens Running Shoe- Choose SZ/Color.adidas Men's Tech Response Ftwwht/Dksi Golf Shoe , New Balance Mens M720V4 Running ShoeD US- Pick SZ/Color. , DC PURE-M Mens Pure Skate Shoe 1- Choose SZ/Color.Mizuno Men's Players Trainer Royal/White 14 M US , Saucony Originals Men's Shadow 5000 Retro Shoe, Bright Blue/Black, 10.5 M US , Skechers Performance Men's Go Walk 4 Remarkable Walking ShoeLevis NY Runner II Trainers in Blue Jean 227823-837-10 , adidas Men's Cf Revolver Running Shoe - Choose SZ/ColorReebok CM9653 Unisex-Kids Yourflex Train 9.0 Sneaker- Choose SZ/Color.ONEMIX Trail Running Shoes Men Lightweight Free Roshe Run One Air Mesh Outdoo... , adidas Men's Copa 17.3 Firm Ground Cleats Soccer Shoe Mens Size 11.5 , Reebok Men's Classic Ventilator SO Shoes - Choose SZ/Color , Under Armour Shoes Mens Cin Running Shoes- Pick SZ/Color. , Gentleman/Lady Vans Women's LPE Black 11 Selling Preferred material Tide shoes listNew Balance Men's 574 V2 Sneaker - Choose SZ/Color , Reebok Men's CROSSFIT Nano 8.0 Flexweave Cross Trainer - Choose SZ/Color
    Saucony Men's Feel mogochinese-29866 Feel Men's Sneaker, Grey, 9.5 Medium US 8bbd070 - blurrypron.com>Saucony Men's Feel mogochinese-29866 Feel Men's Sneaker, Grey, 9.5 Medium US 8bbd070 - blurrypron.com
    Chic Womens Shiny Leather Pointy Toe Over Knee Thigh Boots High Heels Club Shoes , Laredo Ladies Sharona Crackle Sanded Goat Boot 52041 New , Trotters Women's Major Ankle Bootie, Black 8 W USGentleman/Lady Zara AU Men Two-tone sneakers 2342/302/001 Attractive and durable special function Official websiteMiu Miu Prada Silver Glitter Argento Ankle Bootie 40 , Womens Block Mid Heels PU Leather Pointy Toe Sabndals Ankle Boots Mesh Shoes Zipsz 7 New DONALD PLINER sandals heels shoes AJIB Burnished Bronze StrappyEurope Rhinestone Summer Ladies Pumps High Heels Mesh Shoes Wedding OL 10cm Heel , Nine West Women's LAVILAH Leather Heeled Sandal - Choose SZ/Color , Stuart Weitzman Women's Leather Platform Pumps Beige Snakeskin Print 2274 Sz 10M , Stuart Weitzman Poco Globe Heels - Women's Size 8.5 M - PlatinumSkechers Women's Reggae Wishlist Strappy Flip Flops Sandals Shoes , Womens Sequins Rhinestones Slingbacks Ankle Strappy Super Stiletto Heels SandalsWomen's Birkenstock Arizona Black Birko-Flor Sandals Size 38 L7 M5adidas Performance Women's Blue/Pink PureBoost X Running Shoe Size 7 (PX-7)Nike Air Zoom Stefan Janoski SB CPSL Suede Oatmeal Vivid Sky Gold low 855629 147 , MEN’S SHOES VANS UA OLD SKOOL VA38G1UA4 BORDEAUX , Mens Adidas Samba OG - BZ0057 - White TrainersGentlemen/Ladies Pro Keds Classic Cheap Lush design Amoy , MEN PREOWN TOP QUALITY CUSTOM MADE OSTRICH ROPER WESTERN COWBOY BOOTS-TAN-sz 8 , SOLOVAIR 8 Eye Men's Boots Red H/Cell (pv:210£) *Vintage*Handmade Mens Black And White Wingtip Brogue Formal Shoes, Tuxedo Dress Shoes , CHURCH'S DARK BROWN SUEDE LEATHER DERBY VINTAGE SHOES - F / US 8 /FRYE JAMES MEN’S BROWN SUEDE WINGIP OXFORDS SHOES THE FRYE COMPANY SZ 10 DPUMA SUEDE CLASSIC WN'S-W Womens Suede Classic WNs Style- Choose SZ/Color. , 2017 Nikelab Sportswear Gaiter Boot Black/Anthracite/Pale Citron AA0528-001 Sz 5 , NEW Nike Air Max 90 black / cool gray women's 7.5Women's Naturalizer Dora Grey Ankle Boot Shoes Size 5.5 M , Urban Glitter Blue Rhinestones Winter Ankle Sexy Boot Size 8 , Jessica Simpson Women's Chalotte Ankle Bootie - Choose SZ/Color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Saucony Men's Feel mogochinese-29866 Feel Men's Sneaker, Grey, 9.5 Medium US 8bbd070 - 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.

    Saucony Men's Feel mogochinese-29866 Feel Men's Sneaker, Grey, 9.5 Medium US 8bbd070 - 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
    Saucony Men's Feel mogochinese-29866 Feel Men's Sneaker, Grey, 9.5 Medium US 8bbd070
    Athletic Shoes
    >
    ;