Never miss an update

NEW ADIDAS WOMEN'S SHOES ORIGINALS TUBULAR ADIDAS SHADOW SHOES [AC8331] GREY WOMEN'S//GREY-WHITE 7624169




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
Brand: adidas
Width: Medium (B, M) US Shoe Size (Women's): WOMEN US 5 ~ 11
Color: GREY//GREY-WHITE Style: Fashion
Material: Leather and textile upper
Never miss an update

NEW ADIDAS WOMEN'S SHOES ORIGINALS TUBULAR ADIDAS SHADOW SHOES [AC8331] GREY WOMEN'S//GREY-WHITE 7624169 - blurrypron.com

    NEW ADIDAS WOMEN'S SHOES ORIGINALS TUBULAR ADIDAS SHADOW SHOES [AC8331] GREY WOMEN'S//GREY-WHITE 7624169
    NEW ADIDAS WOMEN'S SHOES ORIGINALS TUBULAR ADIDAS SHADOW SHOES [AC8331] GREY WOMEN'S//GREY-WHITE 7624169
    Cole Haan Womens C111688 Low Top Slip On Fashion Chestnut/Gold Size 6.0 , Vince Camuto Womens Kyah Leather Closed Toe Boat Shoes Light Gold Size 6.5 , Rockport Womens Moreza Zip Tie Leather Low Top Zipper Pink/Metallic Size 10.0 , Men's/Women's ARMISTICE Stone One Pickles Mastic Reasonable price Comfortable touch The first batch of customers' comprehensive specifications , Cole Haan Womens 15A4158 Canvas Low Top Slip On Fashion Sneakers Dune Size 6.0 , Gentlemen/Ladies CONVERSE All Star Hi Gris Foncé Beautiful color Pleasant appearance Known for its excellent qualityMr/Ms CONVERSE All Star Hi Marine fashion a good reputation in the world Strong heat and heat resistanceCole Haan Womens CH1898 Low Top Slip On Fashion Sneakers White/Black Size 6.0Columbia Women's Vulc N Vent Peep Toe Casual Shoe Lux/Haute Pink Size 11.0Cole Haan Womens Hollysam Low Top Velcro Running Sneaker Violet Size 6.0Cole Haan Womens 15A4158 Canvas Low Top Slip On Fashion Ironstone Size 6.0 , Gentleman/Lady LE COQ SPORTIF Agate Blanc Elegant appearance discount price Outstanding functionCole Haan Womens 15A4157X Low Top Slip On Fashion Black/Crystal Blue Size 6.0Cole Haan Womens Alexissam Low Top Slip On Fashion Sneakers Tan Size 6.0 , Cole Haan Womens Coraliesam Low Top Slip On Fashion Blue/Black Size 6.0Cole Haan Womens Evelynsam Low Top Buckle Fashion Sneakers Grey/Multi Size 6.0 , ASICS Tiger Womens Gel-Lyte V Mysterioso/Mysterioso 1 Size 6.0 , Reebok Work DMX Flex Work RB361 Industrial and Black Size 10.5 W US xKcbCole Haan Womens Garnersam Low Top Slip On Fashion Sneakers Pewter Size 6.0Cole Haan Womens Brianasam Low Top Slip On Fashion Sneakers Violet Size 6.0Pepe Jeans Gable New Plain PLS30724 Gold, Sneakers Basses Femme , Women's Le Coq Sportif Madeleine Lea Spotted Pony 1320819 black fashion sneakersCole Haan Womens Kimblesam Low Top Slip On Fashion Brown Multi Size 6.0Gentleman/Lady LACOSTE Avenir 317 2 Blanc Gris Various styles Affordable Sales online storeGentleman/Lady VICTORIA Sneaker 1125174 Antracite Good design Has a long reputation Modern modeMr/Ms VICTORIA Sneaker 1126117 Noir feature real Fashion versatile shoesKenneth Cole New York Women's Kiera High Top Double Zip Patent Black Size 7.5 , Cole Haan Womens CH2172 Low Top Slip On Fashion Sneakers Cabernet Size 6.0Cole Haan Womens 15A4157 Suede Low Top Slip On Fashion Sneakers Red Size 6.0
    NEW ADIDAS WOMEN'S SHOES ORIGINALS TUBULAR ADIDAS SHADOW SHOES [AC8331] GREY WOMEN'S//GREY-WHITE 7624169 - blurrypron.com>NEW ADIDAS WOMEN'S SHOES ORIGINALS TUBULAR ADIDAS SHADOW SHOES [AC8331] GREY WOMEN'S//GREY-WHITE 7624169 - blurrypron.com
    Cole Haan Air Womens Dark Brown High Heel Leather Fashion Boots NEW Size 8.5FRYE Deborah Deco Tall Vintage White and Gold Studded Womens Cowboy Boots NEW 6 , GIANNI BARBATO WO’S STITCHED LEATHER HIGH BLOCK HEELS MID CALF BACK ZIP 37½ US 7adidas originals superstar AQ2721 womens trainers sneakers shoesWalking Cradles Women's Kinley Loafer - Choose SZ/Color , ALEGRIA | Tuscany Golden Girl Red Leather Slip On Mary Jane Mule | Size 39 / 8.5 , Rockport Beige Leather Pump Womens Slip On Shoes size 8.5 Mnew womens hollow out open toe slingbakc wedge high heel platform sandals shoesContemporary COLE HAAN Saddle Brown Calfskin Pumps w/High Heels 9B , Man's/Woman's woman shoes Excellent value Clearance Official websiteWomen's High Heel Italian Designer Grey Suede with Black flap 1018Escada Red Crocodile Heels with Gold Heel - Size 8.5 Gorgeous must haveEscarpins CELINE Tout Cuir Daim Velours Noir T 40 Comme NeufNEW MARC JACOBS LEATHER PUMPS SHOES SZ US 7.5 MADE IN ITALYClarks Women's Caslynn Shae Platform Wedge Sandals GG8 Black Size 12M , Nike KD Kevin Durant Basketball Shoes Orange White 856484-883 USA Men's Size 17Nike Air Presto X DB DOERNBECHER Sz 7.5 100% Authentic AJ8651 001Gentleman/Lady Vans Chukka Pro "B&S" - VN0A347GRZW We have won praise from our customers. Reliable performance Great choice , Adidas Yeezy 750 Boost OG 12 Brown White Authentic Kanye 350 950 Rare 110% GOAT , Brunello cucinelli goodyear sport , made in italy , leather shoes , NIB Merrell Jungle Moc Luxe - Men's Slip On Shoes Size 8 Castlerock , White Women High platform Wedge Heel Sport Boots Breathable Mesh Sneaker ShoeSaucony Ride 10 Size: US 9 M (B) Women's Running Shoes Purple S10373-1Women's Nike Lunarglide 8 OC *size 6* (844633 999) No BoxInov-8 Womens F-Lite 235 V2 Shoes 000600 Black/Grey Size 9Women's Nike Air Max 98 White Fossil Reflect Silver Black AH6799 102 Size 10.5Apex Women's Athletic White 7 M USWomens Platform Over Knee Boots Slim Pull On Stilettos High Shoes ZsellBZees Women's Glimmer Snow Boot, Black Snowflake, 7.5 M US , Sam Edelman Penny Leather Boot Brown Women Sz 10M 2484*
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW ADIDAS WOMEN'S SHOES ORIGINALS TUBULAR ADIDAS SHADOW SHOES [AC8331] GREY WOMEN'S//GREY-WHITE 7624169 - 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 ADIDAS WOMEN'S SHOES ORIGINALS TUBULAR ADIDAS SHADOW SHOES [AC8331] GREY WOMEN'S//GREY-WHITE 7624169 - 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 ADIDAS WOMEN'S SHOES ORIGINALS TUBULAR ADIDAS SHADOW SHOES [AC8331] GREY WOMEN'S//GREY-WHITE 7624169
    Athletic Shoes
    >
    ;