Never miss an update

NEW AUTHENTIC MEN'S FILA ORIGINAL ORIGINAL NEW FITNES FILA PREMIUM 1vf80146-400 51558a6




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
Material: Suede
Pattern: Solid Style: Athletic Sneakers
Color: arbl Width: Medium (D, M)
Brand: Fila
Never miss an update

NEW AUTHENTIC MEN'S FILA ORIGINAL ORIGINAL NEW FITNES FILA PREMIUM 1vf80146-400 51558a6 - blurrypron.com

    NEW AUTHENTIC MEN'S FILA ORIGINAL ORIGINAL NEW FITNES FILA PREMIUM 1vf80146-400 51558a6
    NEW AUTHENTIC MEN'S FILA ORIGINAL ORIGINAL NEW FITNES FILA PREMIUM 1vf80146-400 51558a6
    Nike SB Stefan Janoski Max air men lifestyle sneakers NEW black grey 631303-020Reebok x Size Revenge Plus Vintage NIB Mens Sz 12 Charming Pink CM9872 , New 2009 NIKE ZOOM HYPERFUSE BLACK RED Mens 9 Basketball Sneakers 407622 007 , (B37367) MEN'S ADIDAS ORIGINALS POD-S3.1 WHITE *NEW* , Size 11.5 ADIDAS EQT SUPPORT 93/17 CORE BLACK running NEW ultra boost nmd r1 r2 , Men’s New Balance 990 V4 8.5 US D Excellent Condition BlackNike Air Jordan 31 XXXI Shattered Backboard Black Starfish 845037-021 $18529 New Mens Nike Air Jordan True Flight Basketball Shoes 342964 104 Size 9.5 -11Man's/Woman's JORDAN SPIZIKE Mens Sneaker 315371-406 MSRP:$175 Reliable quality New products in 2018 Very good classification , Nike Kyrie 3 Ivory Pale Grey White Summer Pack Ivory Uncle Drew MVP 852395-101 , Nike sb Stand Up Speak Up Air Zoom rare vintage shoes FC size 10.5 , NEW BALANCE US574CY CASTLEROCK/LIME MENS MADE IN USA! NEW/BOX MULTIPLE SIZES , Nike Air Jordan Flight 9.5 Sport Blue/White-Black-Infrared 23 654262-423 SZ 10New Mens Nike Lunarepic Low Flyknit Run Running Shoes 843764-005 Size 11 GreyMerrell Capra Bolt GTX Gore Tex Waterproof All Terrain Running Hiking Shoes DarNew w/ Box Adidas NMD R1 Dark Camo Core Black/Grey/Grey Men's Shoes Sz 10 D96616 , Nike Mens PG 1 Paul George Checkmate White Black 878627-100 Size 7NIKE AIR RAID OG 1993 CHOCOLATE/BLACK/BLACK "RARE" SIZE 10 US 9 EUR NEW DSNIKE AIR VORTEX NEW STYLE SNEAKERS 903896 016Nike Swoosh HNTR Hunter New White 832820 101 Men's Size 9.5Asics Running Shoes Gel Pulse 8 T6E1N-4907Man/Woman Air Jordan 23 Crazy price, Birmingham New products in 2018 Immediate deliveryNike Air Force 1 High Flax Wheat Style Size 9Nike Air Jordan Retro V 5 Low Dunk From Above White Metallic Gold Star NavyVINTAGE CONVERSE ALL STAR CHUCK TAYLOR BLACK HIGH TOP SIZE 9M MADE IN USA W/BOX! , Nike Tiempo Legend VI 6 SG-Pro ACC Soccer Cleats Volt Black SZ ( 819680-708 ) , ADIDAS Samba Mint Green Textured Athletic Shoes Size 12 NICE! , UNDER ARMOUR CHARGED BANDIT 3 DIGI WOMEN'S RUNNING SHOES, 1303116-941 , INOV 8 - RACE ULTRA 270 Limon/Blue
    NEW AUTHENTIC MEN'S FILA ORIGINAL ORIGINAL NEW FITNES FILA PREMIUM 1vf80146-400 51558a6 - blurrypron.com>NEW AUTHENTIC MEN'S FILA ORIGINAL ORIGINAL NEW FITNES FILA PREMIUM 1vf80146-400 51558a6 - blurrypron.com
    Nine West Women's Loyal Leather Boot Black 8 M US , shoes shoe shoes motorcycle scooter Tcx Xville air touring urban estiva summer , ADIDAS MENS ADIZERO TAKUMI SEN BLUE RED RUNNING TRAINING RUNNERS GYM SHOESGentleman/Lady Mens Rieker Antistress Summer Sandals 26061 Attractive and durable new International big nameNew Skechers 23310 Mircoburst Its My Life Womens Shoes Casual Shoes Flat , NWOB French Sole FS/NY Gumdrop Wedge Pump In Navy Cartizze Sz 9-9.5M $190 , New Womens Dansko Professional Clogs Metallic Suede 36 5.5 6 NWOT In BoxGentlemen/Ladies Nomad Women's Joy Bootie Year-end special promotions New style Brand feast7 for All Mankind Women's Brandy Two Cognac Shine Snake Print Oxford Pump 9 MNew Balance 998 Women's Made In USA Running Shoes (Size 9.5) Light Blue W998LL , David Tate Women's Sol SlideGentleman/Lady Black Adidas Boost Every item described is available Ranked first in its class Most practicalNike Cortez 72 Black White Mens Casual Shoes Retro Sneakers 863173-001NEW adidas Originals Busenitz Navy Blue Black Gum Skate Shoes BB8429 , 27 New Rare Mens Roshe Run 1 Blue Running Pennfast Relay Shoes 840799 075 SZ 10 , 2014 Nike Air Jordan Future 3M Black / Clear Mens Size 10.5 Shoes 656503-011Nike SB Dunk High Boots Sz 8.5 Military Brown Black Pink Hiking Trail Shoes , Nike Air Max 270 AH8050-300 Men's Sizes US 7.5 ~ 15 / Brand New in Box! , Fashion Mens Black Punk Boots High Top Rivet Show Stage Shoes Thick Sole Zipper , MEN'S COWBOY WESTERN EXOTIC BOOTS OSTRICH SKIN SQUARE TOE RODEO BROWN 8.5 , Nike Vandal Supreme Hi Premium Baseball Pack Sneakers Shoes 307815 222 Men Sz 7Gentlemen/Ladies Men's Empire Hi Wr Wheat Boots fashion comfortability A balance between toughness and hardness , ONITSUKA D6E7L.9090 MEXICO DELEGATION Mn's (M)Vaporous Grey Suede Lifestyle Shoe , Womens chunky high heel side zip ankle boots Rhinestone floral mesh suede shoesLUFTPOLSTER SCHUH BROWN LEATHER INSIDE ZIP FUR LINED ANKLE BOOTS WOMEN'S SZ (9)Coconuts by Matisse Women's Zella Ankle Bootie, tan, 6.5 M US , High Quality Galaxy Cat Martin Boots For Women Fashion Girl's Martin Boots , Nike Gray Booties Women's SIze 8 Suede Hi-tops *RARE*Women Platform Suede Leather Round Toe Thigh High Boots Over Knee Wedge Slim Leg , Cole Haan Women's Italian Leather Boots Dark Brown Size-9 Full Side Zipper-New
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW AUTHENTIC MEN'S FILA ORIGINAL ORIGINAL NEW FITNES FILA PREMIUM 1vf80146-400 51558a6 - 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 AUTHENTIC MEN'S FILA ORIGINAL ORIGINAL NEW FITNES FILA PREMIUM 1vf80146-400 51558a6 - 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 AUTHENTIC MEN'S FILA ORIGINAL ORIGINAL NEW FITNES FILA PREMIUM 1vf80146-400 51558a6
    Athletic Shoes
    >
    ;