Never miss an update

Mizuno Wave - Hitogami 4 Sneaker Women's - Women's Size 8.5 Wave Orange/Black e79e138




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Bottoms of the shoes are dirty. Outsides of the shoes have only light wear. Insoles of the shoes are in good condition.
US Shoe Size (Women's): 8.5 Color: Black
Width: 4" Brand: Mizuno
UPC: 0885259766736
Never miss an update

Mizuno Wave - Hitogami 4 Sneaker Women's - Women's Size 8.5 Wave Orange/Black e79e138 - blurrypron.com

    Mizuno Wave - Hitogami 4 Sneaker Women's - Women's Size 8.5 Wave Orange/Black e79e138
    Mizuno Wave - Hitogami 4 Sneaker Women's - Women's Size 8.5 Wave Orange/Black e79e138
    *** Nike Wmns Air Force 1 '07 Mid Prm Metallic Hematite Trainers Size:US9 ***Puma Basket Platform Patent Womens Black Patent Leather Sneakers Shoes 5PUMA Women's Basket Heart Patent Wn Sneaker, - Choose SZ/Color , Vans Chukka Moc DX Suede Blanc de Blanc Shoes Size Men 6.5 Women 8 , Ryka Women's Terrain Sneaker, Navy/Blue/Grey, 7.5 M US , Nike Flex Contact Women's Running Shoes Black White Anthracite 908995-001 Sz.6.5New! Womens New Balance 680 v4 Running Sneakers Shoes - Limited sizesReebok Women's Size 8 Easy Tone Smooth Fit White Athletic Running Shoes Sneakers , New Balance 574 Women's Silver Mink/Silver Mink 574SYA , Nike Zoom Fit Black/White/Volt Women's Training Shoes-Asst Sizes NWB 704658-002REEBOK CN1033 PRINT HER 2.0 Wmn's (M) Pink/Grey Textile Athletic ShoesNew Balance KV570PKY W Wide Pink White Purple Kid Junior Running Shoes KV570PKYW , Onemix Fashion Women's Running Shoes Athletic Sneakers Casual Walking Trainers , Hoka One One Womens Shoes Size 10.5 Hawaiian Ocean Bondi 4 Running Trail hike , Brooks Dyad 8 - Women Size 11 - (Blue, Gray, White)Reebok Club C 85 Diamond Black Gum Women Classic Shoes Sneakers Trainers BD4425Man's/Woman's Adidas Gazelle- Size 6- never worn Various styles real Known for its excellent quality , Ash Womens Size 35 Silver Wedge Sneaker White VelcroZumba Street Boss Z-Slide Shoes - PinkWomen's Colorful Running Shoes Ladies Casual Outdoor Sneakers Walking AthleticConverse Women's CT Shoreline SL - White 547239C Size us 8-M NWOB , DANSKO Phoebe Brown Leather Stapled Professional High Instep Clog Sz 42 /11.5-12Under Armour Micro G Assert 6 Women's Running Shoes Size 8New Balance 779 Walking Hiking Shoes Teal Brown Womens 10BNEW New Balance Women's 993 WR993NV Running Shoe USA Dk Navy Blue Green Sz 5.5 D , Women's Asics GT- 2000 5 Running Shoes Size 9.5Converse Chuck Taylor All Star Hi Easter Bunny Terrycloth Blue 70 Shoes 155446C , Under Armour Women's UA Micro G Pursuit Running Training Shoes SneakersBrooks Womens Ghost 10 Running Shoes Size 7.5 (28089)
    Mizuno Wave - Hitogami 4 Sneaker Women's - Women's Size 8.5 Wave Orange/Black e79e138 - blurrypron.com>Mizuno Wave - Hitogami 4 Sneaker Women's - Women's Size 8.5 Wave Orange/Black e79e138 - blurrypron.com
    MARTINO of CANADA SHORT WHISTLER FOREST GREEN SUEDE WTR PROOF ANKLE BOOT SZ 8 , Ash New Gaucho Black Womens Shoes Size 7 M Boots MSRP $498 , Reebok Furylite GW Blue Grey Men Casual Shoes Speckle Sneakers Trainers AQ9674 , Man's/Woman's KISS-293 PU Black Easy to clean surface stable quality Fashion versatile shoes , Nike Air Max 90 EZ [AO1745-003] Men Casual Shoes Cool Grey/Volt , New Balance WCOASCP2 B Black Purple Women Running Sheos Slip-On WCOASCP2B , Step on Air Salvador White Nappa SneakersNew Ara Tivoli 20 Womens Shoes Casual Shoes Flat , Men's/Women's Dansko Womens Louise Oxford- Pick SZ/Color. Every item described is available a variety of Don't worry when shopping , adidas Women's W Adipower Boost BOA Golf Shoe, - Choose SZ/color , NIB Josef Seibel Carree 02 Mary Jane Wedge Clog Loafer Black Patent Womens Sz 40Easy Street Women's Barbara Black/Tapestry Leather/Fabric SneakersMan/Woman Wild Pair Women's Amesti Dress Pump Packaging diversity high quality Complete specificationsLola Cruz Women's Santa Barbara D'Orsay Pump, Negro, 38 EU/8 M US , $995 WEITZMAN black Charo swarovski rhinestone holiday party heel pump shoe 38 8Under Armour Curry 3 (1269279-101) Basketball Shoe Mens Size 8.5 DS , STARBURY II HIGH TOP BASKETBALL SHOES MEN'S SIZE US 10.5 Orange, Black, Blue , Lacrosse Highwall Boots/Work/Gore-Tex 00552089 "New in Box" size 9 mensRED WING 606 SUPERSOLE BOOTS 100% AUTHENTIC CLEARANCE , Aquatalia Alec Boots - Men's Size 9 M, Tanadidas Originals Mens Pro Model Green Fashion Sneakers 12.5 Medium (D) BHFO 0956Sandro Men's Moscoloni Black Leather Cap Toe Comfort Oxford Shoes size 11.5 $145 , Bulova 96B217 Mens Dress Brown Leather Strap Watch , mens woven breathable slip on casual business leather shoes loafers Size B604 , Nike Zoom All Out Women's Size 9 Low Running Shoes Runfast Lightweight , Man's/Woman's Asics Gel Nimbus 20 (Women's) Blk/White/Carbon Modern and elegant fashion Attractive fashion Shopping promotion , Adidas Pure Boost X Womens Style : Bb4967 Black Womens Size 7.5 , Olivia Miller Lorimer Womens Bootie Cognac Size 9MSteve Madden Women's Laurie High-Top Fabric Boot , Fashion Womens High Heels Pointy Toe High TOp Ankle Boots Fashion Shoes Party
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mizuno Wave - Hitogami 4 Sneaker Women's - Women's Size 8.5 Wave Orange/Black e79e138 - 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.

    Mizuno Wave - Hitogami 4 Sneaker Women's - Women's Size 8.5 Wave Orange/Black e79e138 - 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
    Mizuno Wave - Hitogami 4 Sneaker Women's - Women's Size 8.5 Wave Orange/Black e79e138
    Athletic Shoes
    >
    ;