Never miss an update

size x 13.0 Cruel BAIT x Saucony Cruel World 4 Saucony Shadow Original gray red 6068c20

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Brand: Saucony
US Shoe Size (Men's): 13.0 Style: Shoes
UPC: Does Not Apply
Never miss an update

size x 13.0 Cruel BAIT x Saucony Cruel World 4 Saucony Shadow Original gray red 6068c20 -

    size x 13.0 Cruel BAIT x Saucony Cruel World 4 Saucony Shadow Original gray red 6068c20
    size x 13.0 Cruel BAIT x Saucony Cruel World 4 Saucony Shadow Original gray red 6068c20
    [AP9865] Mens Adidas Dame 4 Basketball ShoeNike Romaleos 2 Power Lifting- Men's Weightlifting Shoes, Obsidian, 76927460Nike Zoom HyperRev 643301-801 Orange Silver Basketball Shoes Men's 17 NCAA new , NEW MENS HOKA ONE ONE VANQUISH 3 RUNNING SHOES - 9 / /3 - AUTHENTIC BLUENike Air Force Max PRM Barkley Wheat Men Size 9 New in Box 315065 200 , Adidas Superstar Shell Toe Shoes Size 17 WhiteASICS H801L.9090 GEL-LYTE V RB Mn´s (M) Black/Black Mesh Athletic Shoes , DS NIKE 2010 AIR MAX UPTEMPO PALE BLUE 7.5 - 12 VINTAGE ZOOM FLIGHT 95 97 GLOVEAsics Gel Mai Knit Patta Rose Cloud Black Sz 8 NIB HQ721-1790 , Nike Metcon DSX Flyknit 2 II Men CrossFit Training Gym WeightLifting Shoe Pick 1 , Jordan Flight Origin 599593-012 Black Fire Basketball Shoes Men's 10 NBA newREEBOK Lifter PR mens Weightlifting shoes BD2631 Size 8.5, 9 or 11 US , 2016 Nike Zoom KD 9 SZ 10 Black Anthracite 843392-001Nike Kyrie Flytrap Mens AA7071-011 Black Thunder Grey Basketball Shoes Size 10 , Under Armour Steph Curry 1296617-330 Olive Green Size 10 MensNIKE AIR LEBRON 2 SLIDE ELITE SANDALS FLIP FLOPS 578251-630 SIZE 12 RARE pe MAX , VANS CHUKKA LOW NINTENDO CHECK GRAY WHITE MEN'S SKATE SHOES/S89131.597Size 10 US Mizuno Men's Wave Enigma 6 Running Shoe Navy Blue Red Silver Prophecy , NIKE AIR TRAINER SC HIGH SZ 9.5 LECHE BLUE WHITE NEO TURQ 302346-402 , NIB Babolat SFX Men's White Tennis Shoes 30S1206 Size: 12.0 NEWNike Hyperdunk 2017 Low LMTD QS SZ 8.5 Black Nubuck White Gum 897636-900 , New Men's adidas Original Samba ADV Shoes Burgundy BB8688 Size 12NIKE AIR FORCE 1 GUM SOLE [820266 600] NO BRED TOE CHICAGO OFF WHITE JORDAN (15) , La Sportiva Akyra GTX Trail Running Shoes, 8.5New Reebok John Wall ZigEncore Basketball Shoes J89758 Size 9 , Vans Men's Fairhaven SF Pendleton Sneakers Blue / Tribal Size 8 , Nike Air Force 270 MEN Shoes Lifestyle Red White AH6772-600 New In Box , ASICS Tiger GEL-Lyte V Sanze TR Shoes H816L 2121 men's running shoes meerkatNike SB Zoom Dunk High GINO IANNUCCI BLACK GRAPHITE OBSIDIAN 881758-001 sz 11.5
    size x 13.0 Cruel BAIT x Saucony Cruel World 4 Saucony Shadow Original gray red 6068c20 ->size x 13.0 Cruel BAIT x Saucony Cruel World 4 Saucony Shadow Original gray red 6068c20 -
    Demonia By Pleaser Women's Cubby-311 Boot,Black Veg Suede,9 M USBandolino Chieri Knee High Boots, Black/Black, 6.5 US$259.95 Andre Assous Odalys Women's Brown Waterproof Leather Ankle Boots 39 M , Frye Womens Black Tabitha Harness Short Ankle Booties Boots Shoes $299 NewDolce Vita Women's Jaegar Boot, Teak, 7.5 M US , Candice Cooper Womens Allume Hi-Top Trainers, White Panna Wei, 7.5 UKAsics Gel Netburner 17 Womens Netball Shoes (D) (0137) , Gentlemen/Ladies Ankle Boot Breakfast Pinko elegant New design Explosive good goods , NWOT Stunning Soldout CHRISTIAN LOUBOUTIN SlingBack Pump Heels ShoesStuart Weitzman Women's Leather Loafers Slip On Shoes Size 8 M Brown , Cole Haan Grand Os Sneakers Womens 10.5 , Prada Jacquard Platform Espadrilles Loafer Womens orange floral size 40 NWB , Chic Elegant Women's Leather Rhinestones Chunky heels Buckle Sandals Plus SizeEnzo Angiolini Garrac Slingback Kitten Heels, Black/Black Leather, 7 US , IVANKA TRUMP - NECILA NECILALY LEATHER AND CALF HAIR PUMP SZ 6.5, RETAIL $155 , Gentlemen/Ladies Uterque Women Red nappa shoes 5022/351/020 Many varieties Optimal price Breathable shoes$1299 Dsquared Shoes Beige Size US 10 IT 40 Huge 8356Adidas Mens Adizero Accelerator Sz 11.5 S78629 Running Track Navy Blue RAREMENS ADIDAS EQT SUPPORT 93/17 BOOST GTX TERREX DB1444 - WHITE - SIZE 6.5 , NEWTON KISMET II 40-46 NEW nb gravity fate motion colorado distance V bocoNike Air Force 1 Supreme Patent Leather 313644-011 Black Size 13 Nearly NewAsics Gel Respector V Tandori Spice US SZ 10 Brand New UK Authentic , US Shoe Size Athletic Fashion Sneakers Comfort Casual Gray, Navy, Light Gray New , Florsheim Mens Corbetta Bike Toe Ox OxfordD US- Pick SZ/Color. , Baskets slip-on neuves collaboration rare Vans x Karl Lagerfeld T:37 , Ryka Women's Kailee Walking Shoe, Coral/Grey, 8 W USCall It Spring Womens MOILLAN Round Toe Ankle Fashion Boots, TAUPE, Size 7.0 mm1Womens Sweet Rabbit Ankle Boots Fru Trim Hidden Wedge Heels Snow Shoes Casual , BARNEYS NEW YORK COOP ankle pointy toe Western biker sexy harness boots 38 7.5 , Demonia Ranger-302 goth gothic punk matte black platform knee boots women 6-15
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    size x 13.0 Cruel BAIT x Saucony Cruel World 4 Saucony Shadow Original gray red 6068c20 -

    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.

    size x 13.0 Cruel BAIT x Saucony Cruel World 4 Saucony Shadow Original gray red 6068c20 -

    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.


    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
    size x 13.0 Cruel BAIT x Saucony Cruel World 4 Saucony Shadow Original gray red 6068c20
    Athletic Shoes