Never miss an update

Vans Sk8 Hi Vans Reissue Lite bagisrecor-26371 Reissue (Sherpa) Black/White -Men's 9 ccec7b1




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: Black
US Shoe Size (Men's): 9 Material: Leather
UPC: 191479564428
Never miss an update

Vans Sk8 Hi Vans Reissue Lite bagisrecor-26371 Reissue (Sherpa) Black/White -Men's 9 ccec7b1 - blurrypron.com

    Vans Sk8 Hi Vans Reissue Lite bagisrecor-26371 Reissue (Sherpa) Black/White -Men's 9 ccec7b1
    Vans Sk8 Hi Vans Reissue Lite bagisrecor-26371 Reissue (Sherpa) Black/White -Men's 9 ccec7b1
    NIKE new BANNED  JORDAN WESTBROOK 0.2  BLACK/RED MENS size 9.5 (854563 001) , ADIDAS ADIZERO AMBITION 4 XC TRACK AND FIELD MENS SHOES BB3525 NEW SIZE 10NEW NIKE MercurialX Finale II TF Mens Soccer Shoes 831975-801 size 11.5 , Nike Vapor Speed Lax White blue 684837-140 Men's Football Lacrosse Cleats SZ 13ASICS GEL LYTE III 3 SZ 8 GUAVA CHAMELEON PACK GREY RED BLACK HN6J2 1273Mens Nike Air Force 1 Premium '07 Mr Baltimore Hay Green White Sneakers Sz 8.5 M , Nike Mens Size 14 Untouchable 2 White Out Platinum Football Cleats Rare $200 , Nike Mens Swoosh HNTR Hunter Black/White LeatherUNDER ARMOUR UA CORESPEED FORCE 2.0 FG Soccer Cleats MENS 1264201-006 $100 NEWBrand New Nike LeBron XIV Low Light Bone Ivory 878636-004Saucony Grid 8500 HT Original Running Shoes Men's Size 9 M Red S70390-1NEW BALANCE 247 MID SZ 9.5 GREY WHITE RED KNIT TRAINERS REVLITE MRL247OD , NIB MENS SIZE 9.5 NIKE KD TREY 5 BASKETBALL SNEAKERS BLUE 897638-400 , Men's Drew Aaron Oxford Shoes Size 13 4W - $155 Retail , NEW MEN'S 12 13 ADIDAS ADI-EASE PREMIERE ADV WHITE BLACK GUM SKATE SHOES BW0213Nike Mens Free RN Motion Flyknit 2017 Running Cross Training 880845 401 Size 10 , New Balance Tempus Black/White TEMPUSBB Men's SZ 8ASICS JB Elite V 2.0 Mens Wrestling Shoes J501N-0158 White/Dark Navy/True RedAir Jordan 7 VII Retro orion blue white 304775 105 Size 11 , NEW Mens 9 10 11.5 NIKE Alpha Pro 2 Low TD Orange Black Molded Football Cleats , NIKE TANJUN 812654 616 UNIVERSITY RED/WHITE MEN US SZ 8 , NEW Nike TJ Triple Elite Men's Size 12.5 Track Shoes & Spikes & Tool 705394-100 , adidas SAMBA ADV - White - Mens , NIB-Nike Incursion Mid Basketball/Casual Shoes Sz 9.5MENS PUMA BASKET RIPSTOP IC in colors MELLO YELLOW / WHITE SIZE 9.5 , NIKE MENS FREE RN RUNNING SHOESNIKE ROSHE LD - 1000 SZ 11 BLACK WHITE ROSHERUN 802022 001 , Nike Air Baseline Low Men's SZ 8.5 Basketball Shoes Black/Black 386240-001 , Nike Air Max Full Ride TR Running Shoes Mens Sneakers 819004-002 Size 7.5 ,
    Vans Sk8 Hi Vans Reissue Lite bagisrecor-26371 Reissue (Sherpa) Black/White -Men's 9 ccec7b1 - blurrypron.com>Vans Sk8 Hi Vans Reissue Lite bagisrecor-26371 Reissue (Sherpa) Black/White -Men's 9 ccec7b1 - blurrypron.com
    Altra Escalante 1.5 Mens Road Running Shoes - Black , NIKE WOMENS TANJUN GREY WHITE SHOES **FREE POST AUSTRALIALadies Clarks Glick Elmfield Casual Leather & Suede Pull On Mid Calf Boots , Ladies Clarks Gore-Tex High Leg Boots Mara SandAerosoles Women's Do Good Ballet Flat - Choose SZ/Color , Gentlemen/Ladies plantation Shoes 615909 Grey M Special purchase Online export store Very good classificationLONGCHAMP – BEIGE FLATS SIZE 38 (BRAND NEW) , Ladies platform ankle cross Buckle High Heels dating rhinestones shoes stilettoMAX KIBARDIN Black Silk Chiffon Ruffle Peeptoe High Heel Pump Shoe 8.5 38.5 NEW100% AUTH NEW WOMEN LOUBOUTIN DAFFODILE 160 LOUBI PRINT PUMP/HEEL US 7.5Tommy Hilfiger TWKANDESS Womens Kandess Dress Sandal- Choose SZ/Color.Size 11.5 Nike Air Jordan XIII 13 Retro White/Black-Red He Got Game CDP 2008 NDS , Mr/Ms Nike Sneakers Quality products Elegant and sturdy packaging Export , CALTO G3329 - 4 Inches Elevator Height Increase Mesh Sporty Glacier Blue Sneaker , Nike Zoom KD9 Elite TS Dark Grey 909139-013 Sz.10.5 , Nike Air Max Plus 852630-407 Men's Sizes US 6 ~ 15 / Brand New in Box! , 2016 NIKE MAYFLY WOVEN TERRA RED PINK BASE GREY SUMMIT WHITE 833132-600 NEW 11Men's Nike Free x Metcon Training Shoe - Black/Hyper Crimson/Light CarbonMens Cherry Crocodile Western Cowboy Boots Zipper Style Back Cut Pattern SquareJEFFERY WEST Lynott Licentious Zip Boots TOM FORD suede sneakers authentic - Size 7 US / 40 EU / 6 New in Box , Sarreti Men's Black Leather Slip On Dress Shoes Made in Brazil 359-18 , Nike Air Max Fury Pure Platinum/Metallic Red Bronze AA5740 005 Women's 9.5Men's/Women's 373 PUR BORDEAUX ECRU Strong heat and wear resistance comfortability Non-slip361 Women's Spire Running Mesh, Rubber Sneakers , NIKE Hyperdiamond 2 Keystone 856434-018 WOLF GREY Size 11Asics Gel-Kayano 25 Women's Shoes Black/Black 1012A026-003Womens Nike Zoom Fly Running Shoes Provence Purple/Black/Light Carbon 897821 101Candy Europe Lady Kitten Heel Womens Elasticity Leisure Mid Calf Boots PartyTeva Womens W Delavina Mule- Pick SZ/Color. ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Vans Sk8 Hi Vans Reissue Lite bagisrecor-26371 Reissue (Sherpa) Black/White -Men's 9 ccec7b1 - 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 Hi Vans Reissue Lite bagisrecor-26371 Reissue (Sherpa) Black/White -Men's 9 ccec7b1 - 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 Hi Vans Reissue Lite bagisrecor-26371 Reissue (Sherpa) Black/White -Men's 9 ccec7b1
    Athletic Shoes
    >
    ;