Never miss an update

Converse All Star Pro Leather White LP Women Sneakers Sneakers Shoes Pro White 555930C Size US 9 ca00ed2




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
Size: 9
US Shoe Size (Women's): US 9 Fastening: Lace Up
Product Line: Chuck Taylor All Star Modified Item: No
Material: Leather Colour: White
Brand: Converse UPC: Does not apply
Never miss an update

Converse All Star Pro Leather White LP Women Sneakers Sneakers Shoes Pro White 555930C Size US 9 ca00ed2 - blurrypron.com

    Converse All Star Pro Leather White LP Women Sneakers Sneakers Shoes Pro White 555930C Size US 9 ca00ed2
    Converse All Star Pro Leather White LP Women Sneakers Sneakers Shoes Pro White 555930C Size US 9 ca00ed2
    Nike Women's SZ 9.5 Roshe 2 Two Running Shoe Atomic Pink Sail Turf Orange 844931 , New Under Armour Women's Street Encounter Sportstyle Shoes - Size 11 - Baja , W NIKE AIR MAX THEA ULTRA PREMIUM BLACK size US 5.5 848279-001Nike Flex Contact 2 AA7409-005 Pure Platinum Cool Grey Women's Training Shoes , CONVERSE All Star High Tops Grey/Blue Suede Leather Women’s 9.5 roll down. , Merrell Women's Zoe Sojourn E-Mesh Q2 Sneaker, High Rise, 8 Medium USHoka W Speedgoat Sneakers Trail Running Shoes Womens US 9 Pink Orange AquaNike Free Run Particle Rose Women Running Shoes Slip-On RN CMTR 2017 880842-602NIKE Women's Flex Trainer 7 Cross - Choose SZ/Color , Man/Woman Lacoste Lancelle Baller Slip-On Women's Shoes Special price The highest quality material The first batch of customers' comprehensive specifications , Reebok Women's White Leather DMX Max Walking Shoes Sneakers Size 6.5 NEW , Saucony Women's Miles Sneaker,Teal Citron,10.5 Medium US , New Balance WPRSMHT D Wide Yellow Purple Women Running Shoes Sneakers WPRSMHTDTaos Footwear Plim Soul Sneakers - Women's Size 9.5 - White , Vans Authentic Brite Neon Pink Black Size Men 9.5 Women 11ASICS GEL COURT BELLA Womens Berry Plum Cotton Candy E655Y NEW Size 7NIKE AIR ZOOM PEGASUS 32 WOMENS SHOES ASST SIZES BRAND NEW 749344 001Asics Gel-Cumulus 19, T7B8N, Womens Running Shoes Blue Balck Sz 8.5 40 EUR , Rockport Women’s World Tour Cl Chocolate Nubuck Walking Shoes Size 7M D1291/8 WOMEN'S NIKE HTA RUNNING TRAINNING CASUAL BLACK WHITE COMFORTABLE LIGHT 6.5YNew Balance Womens 910V3 Trail Hiking Trail Running Shoes Sneakers BHFO 2483 , AQUA BOSS Brown Leather Designer Pumps Heels 9.0 MENZO ANGIOLINI CASIANO Pink Man Made Designer Pumps Heels 6.0 MNIB Kenneth Cole New York Kingcro Hook-And-Loop Sneaker SOFT GOLD Sz 9Womens Size 8.5 Hoka One One Arahi Running Walking Black/Pink Sneakers ShoesConverse CTAS OX Daybreak Pink, Black Cherry, White Floral Print Woman’s 5.5 , WMNS Nike Free Transform Flyknit Women's Running Shoes, 833410 010 Size 8 NEWMen's/Women's ADIDAS SAMOA WOMEN Good world reputation Orders are welcome Authentic guarantee , WOMEN'S PUMA SUEDE CLASSIC POM 355462-77 Iron Gate / Winsome Orchid
    Converse All Star Pro Leather White LP Women Sneakers Sneakers Shoes Pro White 555930C Size US 9 ca00ed2 - blurrypron.com>Converse All Star Pro Leather White LP Women Sneakers Sneakers Shoes Pro White 555930C Size US 9 ca00ed2 - blurrypron.com
    Gentlemen/Ladies Hades Women's Blade Black Ankle Boots Beautiful design Excellent performance Clearance saleVera Wang Lavender Evan Riding Boot Size 9.5 41Converse One Star Canvas OX [153710C] Casual Black/WhiteMen/Women Sneaker Music Patchwork Converse Special purchase Year-end sale Different goodsJ.CREW LOTTIE TASSEL FLATS IN SUEDE SIZE 9,5M ICY ROSE G7818Man's/Woman's CLARKS Women's Flores Rose Ankle Bootie Crazy price, Birmingham Quality and quantity guaranteed Known for its excellent quality , LEWIT Carita Ankle Wrap Pump sz 38 , 7" Silver Glitter Platform Pole Dancer Stripper Heels Pleaser Shoes Adore 7 8 9 , BN Beautiful Designer ALDO Catarina Coral Pink Strappy Tassel Heeled Sandal 10 , Ladies Sandals Flat Heel Gladiator Hollow Out Summer Roman Peep Toe Shoes ZipperSaucony Womens Kilkenny XC5 Shoe Cross Country Spike Shoe- Select SZ/Color. , Nike Air Comfort Golf Shoes Size 11.5 Brown Black Waverly LastNEW NIKE AIR MAX FURY GREY AA5739 100 MENS RUNNING SHOES TrainersGentlemen/Ladies Jordan Retro 4 Complete specification range low cost TRUEVans Classic Slip-On Rainbow Pride LGBTQ Special Size US Men's 9 VN0A38F79NK , Men/Women MEN’S NEW BALANCE LIFESTYLE SHOES ML574EPB Elegant shape Brand International big name , 29 NEW Nike Hypervenom Phantom 2 SG-Pro 799592-109 Soccer Cleats ACC Men’s 7, 9 , Nike Air Jordan Retro XI Low Cherry White Red Chicago Size 10.5 528895 101 , Lucchese San Antonio Mens Brown Cowboy Boots Full Quill Ostrich 11.5D - USA - , Cole Haan Men's NEW Pinch Road Trip Penny Loafers Leather Slip On ShoesMens patent Leather Moccasins Driving Loafers Dress party Shoes soft comfy slideMens Printed Floral Glitter Shoes Wingtip Real Leather Business Dress Formal US , Men patent Leather snake Skin Pointed toe oxford cuban heel Formal Shiny Shoes+_ , men's shoes DOCKSTEPS 9 () elegant gray suede BT467-42 , Adidas Originals Tubular Shadow Women's Shoes Black/White CG4552NIB WOMENS SIZE 6.5 NIKE FLEX 2017 SNEAKERS ANTHRACITE 898476-006adidas Court Vantage Mid - White - Womens , NIKE AIR FORCE 1 LOW "WHITE AND PINK" IN SIZE 4 5 6 7 8 BRAND NEW FOR GIRLS , BCBGENERATION HOLLAND GRAY NUBUCK SUEDE SLOUCH COWBOY WESTERN BOOTS WOMEN'S 7 BHunter Original Tall Gloss Black Rainboots Womens Size 8 - Blemish ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Converse All Star Pro Leather White LP Women Sneakers Sneakers Shoes Pro White 555930C Size US 9 ca00ed2 - 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.

    Converse All Star Pro Leather White LP Women Sneakers Sneakers Shoes Pro White 555930C Size US 9 ca00ed2 - 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
    Converse All Star Pro Leather White LP Women Sneakers Sneakers Shoes Pro White 555930C Size US 9 ca00ed2
    Athletic Shoes
    >
    ;