Never miss an update

Asics Gel Cumulus 19 Womens Running Gel 19 Shoes (D) Womens (4890) 2018fc9




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
Style: Running Shoes
Brand: ASICS MPN: T5D9N.7007
Shoe Type: Womens Running Shoe
Never miss an update

Asics Gel Cumulus 19 Womens Running Gel 19 Shoes (D) Womens (4890) 2018fc9 - blurrypron.com

    Asics Gel Cumulus 19 Womens Running Gel 19 Shoes (D) Womens (4890) 2018fc9
    Asics Gel Cumulus 19 Womens Running Gel 19 Shoes (D) Womens (4890) 2018fc9
    Asics GT 2000 4 Womens Runner (2A) (4034) + Free Delivery Australia WideNew Balance Women's Shoes CRT300 EC Size 5.5 us , 1710 Nike Free TR 7 Women's Training Running Shoes 904651-603 , Mizuno Connect 3 Womens Runner (B) (864) + FREE AUS DELIVERY , ISABEL MARANT Shoes 804344 White 36 , NIKE Women's W Roshe Two SI, Black SIZE 7 , NIKE Women's Air Zoom Structure 20, White/Aurora Green SIZE 6QUATTROBARRADODICI women shoes Blue suede and fabric sneakers with floral printCRIME WOMAN CASUAL FREE TIME SNEAKER SHOES SHINY LEATHER CODE 25365A16BAsics Gel Netburner Ballistic Womens Netball Shoe (B) (9095)Nike Air Force 1 '07 Women's Sneakers 315115 112 + 18FNew Balance Women's Shoes GW500 KG Size 8.5 usAuthentic Asics Gel DS Trainer 22 Womens Running Shoe (B) (4920) , adidas Sambarose W Shoes Pink Women B37861 , Nike WMNS Dunk Retro QS [854340-700] NSW Casual Be True Michigan Maize/NavyAdidas Originals Women's Gazelle Sneakers Size 8 us BY9363AE827 GUARDIANI SPORT shoes black velvet suede women sneakersWOMEN’S SHOES NEW BALANCE 840 CLASSICS WL840PB , Puma Basket Platform Satin Creepers Olive Green Gold Womens Trainers 365719 03Asics Gel Netburner Professional 13 Womens Shoe (B) (4301)Nike W Air Max 1 Ultra 2.0 [881104-002] NSW Running Black/Hematite-White , Calvin Klein Jeans Tonia sneakers sale neoprene/eleastic black re9787 , Asics Dynaflyte [T75TQ-1939] Women Running Shoes Paris Sport Pink/Aquarium , Brooks Ghost 8 Womens Runner (B) (580) + Free Delivery Australia Wide , Asics Gel-Kayano 24 Purple Pink White Women Running Shoes D Width T7A5N-3320 , Asics Hyper GEL-SAI [1022A013-020] Women Running Shoes Grey/GreyNIKE Women's Air Zoom Structure 20 Running Shoe, Anthracite/Iron Purple SIZE 6.5 , Newton Motion VI 6 Women's Running Shoes Sports Training Athletics TriathlonAsics Gel Netburner Ballistic Womens Netball Shoe (B) (3501) ,
    Asics Gel Cumulus 19 Womens Running Gel 19 Shoes (D) Womens (4890) 2018fc9 - blurrypron.com>Asics Gel Cumulus 19 Womens Running Gel 19 Shoes (D) Womens (4890) 2018fc9 - blurrypron.com
    Lucchese M4873 Cheyenne Womens Tan Leather Cowboy, Western Boots 5.5 B , NEW WITH DEFECTS FRYE Dorado Riding Boot in Dark Brown Sz 9M ,10M-$458FRYE Phillip Harness Leather Boot Brown Women Sz 7.5 B 5504 *Nike Lunarglide 8 Men / Women Running Shoes NWOB Pick 1Desiree Deraya Silver Leather High Heel Sandal Size 36Mr/Ms DOLCE&GABANNA heels Size 39.5 New varieties are launched Settlement Price Extreme speed logistics , Dolce Vita Women's Burgundy Suede Pointy Toe Flats 2714 Sz 6Sperry Top-Sider Suede A/O 2-Eye Boat Deck Shoe Gray (STS94328) Women Sz: 5.5M , Tory Burch Laila 2 Driver Metallic Leather Ballet Flats Silver, Size 7 , Open Closed - - 320813 - BlackSalvatore Ferragamo Varina Bow Ballet Flat Size 9 NEW Womens ShoesSexy Womens Ankle Strap Shoes Glitter Sequins Super High Heels Platform Party , STEVEN by Steve Madden Womens Razzi Leather Closed Toe, Black Velvet, Size 9.0NIB TORY BURCH Patent Leather Miller Sandal ** CHOOSE YOUR SIZE ** , Kenneth Cole Hannon Ankle Strap Sandals, Persimmon, 9.5 US / 40.5 EU , Nine West Womens Izzio Canvas Dress Sandal- Pick SZ/Color.Asics Onitsuka Tiger Alvarado Men’s Size 14 White/BlackNew Nike Mens Air Max Lunar 90 WR Gray/Black/Green/Orange/Violet 654471-001 *** , Mizuno Wave Catalyst (men's) ___ Size 9.5 ___ Last pair, running, black/green , ADTEC 1428 STEEL TOE WORK BOOTS MENS 7 1/2 M FREE SHIPPINGJoe's Jeans Men's chadd Fashion Sneaker - Choose SZ/Color , C-1469116 New Prada Silver/Red Hi Top Sneakers Shoes Size Marked 7 US 8 , New Men Pointy Toe Slip On Embroidery Flat Slippers Mules Sandals Shoes Casual , Brooks Adrenaline GTS 16 Womens Running Shoes (B) (485) + Free Aus Delivery , Banana Republic Brown Leather Ankle boots size 11 - What a find!! , STUDSWAR GORAN Black White Designer ITALY Ankle Boots MisMate R L , Steve Madden Gorgeous Over-The-Knee Dress Boots 398, Navy Velvet, 8 USSbicca Womens Reprise Ankle Bootie- Pick SZ/Color.NEW Vince Camuto 'Filtra' Over-The-Knee Boot, Black Suede, Size 5, $229 , CARLOS SANTANA BURGUNDY SUEDE BOOTS WITH DECORATIVE EMBROIDERY, NEW IN BOX, 6M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Asics Gel Cumulus 19 Womens Running Gel 19 Shoes (D) Womens (4890) 2018fc9 - 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.

    Asics Gel Cumulus 19 Womens Running Gel 19 Shoes (D) Womens (4890) 2018fc9 - 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
    Asics Gel Cumulus 19 Womens Running Gel 19 Shoes (D) Womens (4890) 2018fc9
    Athletic Shoes
    >
    ;