Never miss an update

Vans SK8 Glaze/True Hi Autumn Glaze/True Autumn White SK8 Men's Classic Skate Shoes Size 11.5 0df77f9




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: Vans
Style: Skateboarding Color: Autumn Glaze
US Shoe Size (Men's): 11.5 UPC: 191479562561
Never miss an update

Vans SK8 Glaze/True Hi Autumn Glaze/True Autumn White SK8 Men's Classic Skate Shoes Size 11.5 0df77f9 - blurrypron.com

    Vans SK8 Glaze/True Hi Autumn Glaze/True Autumn White SK8 Men's Classic Skate Shoes Size 11.5 0df77f9
    Vans SK8 Glaze/True Hi Autumn Glaze/True Autumn White SK8 Men's Classic Skate Shoes Size 11.5 0df77f9
    Nike Air max Go Strong Essential mens shoes mens new sneakers 631718 700DVS Skateboard Shoes Pressure SC Black Suede ChicoVANS SK8-HI MEN DRY ROSE / TRUE WHITE VN0A38GEU64 , ASICS GEL LYTE V 5 SZ 6.5 JAPANESE TEXTILE INDIAN INK BLUE H612N 5050 , Nike Air Force 1 Mid Size 9.5 Lakers Purple Gold Pre-Owned 306352-571 , DVS Argon Size 8.5 Black Grey Nubuck Militia Havoc Transom BMX DC Skate Shoes , New Under Armour Mens Ua Crusher Rm Black/white Football Cleats Size 10.5Puma Size 10.5 M New Mens Bioweb Speed Shoes Sneakers Blue NWOBNIKE TANJUN 812654 011 BLACK/WHITE MENS US SZ 10Nike Free RN (GS) Running Trainers 833993 600 Sneakers Shoes , Nike Men's Duel Racer Shoe Bordeaux/Desert MossNIKE VERSITILE MEN BASKETBALL SHOE SIZE 12Nike Air Max Zero 903892 Retail $140Adidas XCS Spikeless Cross Country Running Shoes Men's Size 11.5 Green BA8387Olympian by Fayva Mens Vintage Sz 10 Sneakers Basketball Athletic Shoes , New Nike Men's CK Racer Running Shoes 916780 002 Size 9317295-011 Nike Men Air Force 1 07 Low Black /white / Pine Green size 10.5Saucony Men's Koa St Running Shoe Orange Citron 11.5 M US G522 , Men/Women Nike Roshe Run Great Britian Attractive and durable Trendy Very good colorNEW MENS 8 9.5 11.5 NIKE SB ZOOM STEFAN JANOSKI ELITE EMBOSSED BLACK SKATE SHOESDC PURE 300660 Black/White (BLW) NUBUCK LEATHER SKATE MEN'S US SZ 9 , Nike Flex Supreme TR 4 Running Shoe Women's Size 7 Gray/NeonGreenMEN'S VANS SK8-HI REISSUE (VEGGIE TAN)BLACK/TRUE W VNOA2XSBMN7 SHOES SIZE 8Puma Ignite XT Mens Running Sneakers / Shoes - Blue , Adidas STAN SMITH VULC Burgundy Black Brown Gum Skate C75190 (313) Men's Shoes , DVS ENDURO 125 BLACK/GUM DVF0000278 007 MEN US SZ 8.5Converse Mens Size 9.5 Chuck Taylor All Star X Missoni White Leather Pink $1502005 Nike Air Force 1 Low JAMAICA DRUMS WHITE RED size 13NEW BALANCE 247 MID SZ 12 BLACK WHITE RED KNIT TRAINERS REVLITE MRL247OF ,
    Vans SK8 Glaze/True Hi Autumn Glaze/True Autumn White SK8 Men's Classic Skate Shoes Size 11.5 0df77f9 - blurrypron.com>Vans SK8 Glaze/True Hi Autumn Glaze/True Autumn White SK8 Men's Classic Skate Shoes Size 11.5 0df77f9 - blurrypron.com
    A.S.98 SEBASTIAN BLOOD RED PURPLE BLACK LEATHER ANKLE BOOTSBrown Leather "Semper" Italian Hand-Made Shoes Size Euro 49 / Au 14 RRP 360.00 , Man/Woman Pleaser ADORE-1024RSF Fine workmanship Used in durability Diversified new designAsics GEL-Kenun Lyte [T880N-1702] Women Running Shoes Seashell Pink/Birch , Patricia Green Collection Suede Navy "Boston Ballet" Flats, Size 11 , Callaghan A18us women's shoes wedge loafers 14812 PEWTER-NEROCharles David Womens 'Tempo' Ankle Strap Ballet Flat Shoe, Black Leather, US 8 , J.CREW Roxie Ankle-Cuff Tassel Suede Pumps Sz 8.5 Red Cabernet e0806 $315 , LifeStride Women's Finesse Wedge Pump - Choose SZ/Color , ara Women's Oriana 45403 Brunello Suede Heels , Lanvin deep red leather women pumps heel shoes 37Revitalign Swell Grey Lizard, Black Suede Sole Ankle Strap Sandal. Size 7Men/Women Baskets Femme ETNIES Callicut White Pink Beautiful design high quality Suitable for color , Giani Bernini Womens Emalia Closed Toe Casual Slide Black/Grey Size 5.5Pekingese Dog Print Slip Ons For Women-Express ShippingConverse One Star Low Top Oxford SHOES SIZE MENS 11 $90 153707C JUTE , Nike Cortez Premium ID NikeID Classic Leather Black White AQ2708 994 Mens size 9 , Nike Air Jordan 1 Pinnacle Croc Size 14 Baroque Brown/Metallic Gold 705075-2052013 NIKE LEBRON X 10 EXT CORK QS Classic Brown/Classic Brown 580890-200 size 9 , Geox Mens Mbrayden2fitabx1 Rain Boot /- Pick SZ/Color. , Condor Law Enforcement Military Keaton Waterproof Black Leather Tactical BootsNEW L.L. Bean Men's Allagash Bison Leather Boat Deck Loafers Size 9.5 Brown , Men's COLE HAAN Camel Brown Leather Driving Shoes Loafers 8.5Men's SKECHERS RELAXED FIT: Braver- Nostic Casual Shoe, 64661 CHAR Sizes 8-12 , British Mens Suede Leather Slip On Loafers Formal Casual Shoes Oxfords Loafers , Nike court lite women's tennis shoes sz 7.5 white 845048-100 Tennis sneakersBaskets Femme OSIRIS Harlem White Pink Vice1809 adidas Originals Stan Smith Women's Sneakers Sports Shoes BB7583 , Frye MISMATCH CALF Width Womens 9 Melissa Button NEW Leather Riding Boots pk , Man's/Woman's MUK LUKS Women's Nora Boots Fashion Elegant and sturdy set meal First grade in its class Pick up at the boutique ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Vans SK8 Glaze/True Hi Autumn Glaze/True Autumn White SK8 Men's Classic Skate Shoes Size 11.5 0df77f9 - 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.

    Vans SK8 Glaze/True Hi Autumn Glaze/True Autumn White SK8 Men's Classic Skate Shoes Size 11.5 0df77f9 - 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
    Vans SK8 Glaze/True Hi Autumn Glaze/True Autumn White SK8 Men's Classic Skate Shoes Size 11.5 0df77f9
    Athletic Shoes
    >
    ;