Never miss an update

Vans Classic Slip Classic On 8.5 (Velvet) mogochinese-29509 Oxblood/Black Women's 8.5 896d48e




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: Skate Shoes Color: Red
US Shoe Size (Women's): 8.5 Material: Velvet
UPC: 190284889856
Never miss an update

Vans Classic Slip Classic On 8.5 (Velvet) mogochinese-29509 Oxblood/Black Women's 8.5 896d48e - blurrypron.com

    Vans Classic Slip Classic On 8.5 (Velvet) mogochinese-29509 Oxblood/Black Women's 8.5 896d48e
    Vans Classic Slip Classic On 8.5 (Velvet) mogochinese-29509 Oxblood/Black Women's 8.5 896d48e
    Nike Women’s Sky Force Sneaker Wedge Black Metallic Sz 6.5 629746-001 , Reebok Hexaffect Fire Women's Running Shoes Fitness Trainers BlackWOMEN'S SHOES SNEAKERS ADIDAS CONEO QT [B44682]running shoes Adidas SpringBlade 6 US , Asolo Ember low hiking women shoe size 7Reebok Women's Teyana Taylor Freestyle Hi Spirit M43399 Excellent Red/WhiteWomen's Nike Free 5.0 Tr Fit 5 Print Training Shoes NEW Black/Crimson/Pink 11Women Under Armour Fuse FST Running & Training Shoes Sneakers Black 3019879-00190s Converse Low Top Red Riding Hood Blue Turquoise Canvas Platform SneakersBrand new nike lunaracer+ 3 womens size 7.5 running shoe , Adidas Fluidcloud Neutral Running Shoes (CG3858) Women Training Sneakers Trainer , Mustang 1146-516 Womens Red Grey Hi Top Trainer Chukka Boots Shoes Size 4-8Brooks Ravenna 6 Running Shoes Women’s Size 7.5 B US Excellent Plus ConditionEasy Spirit Women's Cave Zip Up Sneaker , ADIDAS GAZELLE B41517 WOMEN'S PINK ORIGINAL OUTDOOR SHOES SNEAKERS 2018 NEW! , Zumba Air Classic Shoes - Black A1F00077Adidas Women Shoes Duramo 8 Running Training Fitness Traniners Gym New BA8091 , Zumba Air Classic Shoes - Purple A1F00078WOMEN'S/JUNIOR SHOES SNEAKERS ADIDAS LITE RACER [BB7045]NIKE FREE RN 2017 RUNNING WOMEN SHOES CHLORINE BLUE SIZE 9Nike Roshe One Flyknit Womens Blue Size US 7 , New Balance Women's Wx880 Ankle-High Running Shoe , Asics - Gel Tour Lyte - Women's size 9 - P163Y-0186Nike WMNS Roshe One women lifestyle sneakers rosherun NEW white black , Saucony Triumph ISO running shoes for women - size 8.5 available , WMNS Nike Air Max Fury Athletic Training Running Shoes Black AA5740-002Men/Women Adidas Gazelle J BB2503 Junior/Women's Sneakers wholesale New design Very good color , Nike Air Huarache Run Black/Black-White 634835-006 Women's SZ 7Nike Women's Flex Experience RN 7 Running Shoes 908996 001 Black White ,
    Vans Classic Slip Classic On 8.5 (Velvet) mogochinese-29509 Oxblood/Black Women's 8.5 896d48e - blurrypron.com>Vans Classic Slip Classic On 8.5 (Velvet) mogochinese-29509 Oxblood/Black Women's 8.5 896d48e - blurrypron.com
    FIORENTINI+BAKER Netta Cocoa Brown Leather Knee High Zip Women's Boot 37 US 7Jeffrey Campbell black/white strappy zipper ankle boots sz 8 $225Converse Chuck Taylor all Star Vintage Leather Men's Trainer Sneakers Shoes , 100% Authentic Isabel Marant Tan Dicker Boots Size 39 , Salvatore Ferragamo Boutique Gray Suede/Patton Leather Shoes Size 7.5 2AWomens Real Fur Mules Winter Shoes Flats Round Toe Loafer Warm Shoes SZClarks Women's Brown Leather Slip On Slide Casual Clogs Mules Size 8.5 M Shoes , Pearl Golden White Diamond Wedding Ball Club Shoe High Heels Party L , Giani Bernini New Baari Black Womens Shoes Size 8.5 M Boots MSRP $129.99New women's shoes evening stilettos blink rhinestones prom wedding fuchsiaPedro Garcia Womens Classic Leather Pumps Heels EU38 U.S.8 Brown Perforated $575BY203 SUSIMODA shoes silver leather glitter women sandals , New. GIUSEPPE ZANOTTI Roll Jeti Black Leather Sandals Shoes 7 US 37 EU $1300Vintage USA-Made CONVERSE Blue Hi-Top Chuck Taylor Sneakers -Men’s 5 , VANS OLD SKOOL SKATE SHOES MEN'S SIZE 7.5 Women's 9 Tiger's EyeADIDAS EQT SUPPORT ADV 2 SZ 11.5 CORE BLACK PINK 91/16 BB1300NIB Men's Puma FERRARI SF DRIFT CAT 5 ULTRA SHOES Shoes Black , Karhu Strong Ride Mens Running Shoes Sneakers Green US 10.5 EUC $180Nike PG 2 II Mamba Mentality Day Cannon Volt Purple Venom Paul George AO2986-001 , NIKE Men's Air Zoom Elite 9, Concord/Metallic Silver-Black, SIZE 11 , Danner Men's Pronghorn 8" Brown Hunting Shoes - Choose SZ/Color , Harley-Davidson Motorcycle Boots Gary Engineer Black Riing Biker Shoes D93281Converse Mens Camoflauge Star Rare Canvas Tennis Shoes Size 9.5 Worn Once 1 HourMEZLAN Men's Penny Loafer Size 11.5 Gray Black Suede Leather Slip On ShoesSkechers Rise Fit Side Street Galactic Groove 73580 Women's shoes New Size 11Women's adidas Edge Bounce Running Clear Orange/White/Copper Metallic AC7104 ORGDansko Women's Vivian Strappy Sandal Graphite Vintage Pull Up LeatherGolden Goose Deluxe Brand Women's Shoes Sneakers - G32WS591- | BlueWomen's Pointed Toe High Block Heel Ankel Boots Zip Buckle Platform Sz 4.5-10.5A35 Biliee Wide Calf Harness Boots, Dark Roast, 5 US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Vans Classic Slip Classic On 8.5 (Velvet) mogochinese-29509 Oxblood/Black Women's 8.5 896d48e - 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 Classic Slip Classic On 8.5 (Velvet) mogochinese-29509 Oxblood/Black Women's 8.5 896d48e - 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 Classic Slip Classic On 8.5 (Velvet) mogochinese-29509 Oxblood/Black Women's 8.5 896d48e
    Athletic Shoes
    >
    ;