Never miss an update

Onitsuka Tiger Womens Tiger Mexico 66 Slip-on Sneakers, Aluminum Size/Aluminum, Aluminum/Aluminum, Size 11.0 d076f80




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: Onitsuka Tiger
Pattern: Solid Width: Medium (B, M)
US Shoe Size (Women's): 11 Color: Grey
Style: Running, Cross Training UPC: 889436863782
Never miss an update

Onitsuka Tiger Womens Tiger Mexico 66 Slip-on Sneakers, Aluminum Size/Aluminum, Aluminum/Aluminum, Size 11.0 d076f80 - blurrypron.com

    Onitsuka Tiger Womens Tiger Mexico 66 Slip-on Sneakers, Aluminum Size/Aluminum, Aluminum/Aluminum, Size 11.0 d076f80
    Onitsuka Tiger Womens Tiger Mexico 66 Slip-on Sneakers, Aluminum Size/Aluminum, Aluminum/Aluminum, Size 11.0 d076f80
    Adidas Stella Mccartney Womens Shoes Sz 10 aSMC Barricade TennisW NIKE AIR HUARACHE RUN ULTRA BR SZ: WMNS 6 (833292 401) , $160 Merrell Womens All Out Blaze Ventilator Hiking Shoe boot vibram aqua 7.5 , Women's 6.5 Nike Zoom Rival S 7 Sprint Track Spikes Volt Black 615998 307NIB WOMENS SIZE 10 NIKE DUALTONE RACER RUNNING SNEAKERS GREY 917682-007 , PUMA Platform Elemental Women's Casual Sneaker Grey Size 7.5 *NEWECCO BIOM Performance Train Gray Athletic Shoes Sneakers US 10 - 10.5 , Man/Woman Adidas Women's CC Ride W D66818 Good world reputation Low price a lot of varietiesAdidas Originals STAN SMITH CH STRAP SHOES SIZE 8 BY2974 , Women's Nike Downshifter Running Shoes, Size 9.5 Brand NewBRAND NEW NIKE WOMENS TENNIS NIKE COURT AIR VAPOR ACE SHOE PINK 724870-610Brooks Addiction 13 Running Shoes, Women's Size 8, Silver/Ebony , Adidas Women's Cloudfoam Lite Racer Slip On ShoeNike Orive Women’s Running Shoe NEW Size 9.5Puma Match Low Stutter Stripe - Red - WomensWomens Nike Downshifter 6 Black Hyper Punch Anthracite SZ 11.5 (684765-002)Skechers Athletic Cushion Lite Ovation Goga Max White Shoes Women's Size 8.5 , Nike Air Force 1 AF1 JSW blue/whiteMerrell All Out Blaze 2 Mid WP Hiking Shoes - Women's Size 10, Dark OliveNew Balance 420 Grey Retro Running Sneakers Black Orange Women 9Madidas Originals Women's SL LOOP RACER - C77537Nike Air Max Muse - Blue - Womens , Reebok Women's Z Quick Electrify Black / Steel / White Running Shoes , Easy Spirit Lehni athletic shoes sneakers gold stretch GEL sz 11 Med NEWNike Presto Fly Women's Running Shoes, Size 10.5, 910569 003Womens Nike Air Max Running Shoes Black Magenta Purple Size 8Women's Nike Air Force 1 Sneakers, Size 7.0 Red White Pink - 315115-613 VF , Adidas Women's Adistar Solution 2 - White/Silver/Green (G41206)New Balance 501 WL501SRBWomen's Casual Sneakers 7 .5(New) ,
    Onitsuka Tiger Womens Tiger Mexico 66 Slip-on Sneakers, Aluminum Size/Aluminum, Aluminum/Aluminum, Size 11.0 d076f80 - blurrypron.com>Onitsuka Tiger Womens Tiger Mexico 66 Slip-on Sneakers, Aluminum Size/Aluminum, Aluminum/Aluminum, Size 11.0 d076f80 - blurrypron.com
    Bottes model 109381 Inello - Matter - Shoes , Nine West Women's Jatoba Knee High Boot Black/Pewter 7 M US , CONVERSE CHAUSSURE OX PLATFORM - BLK - 40 (888754883748) , NIB INTENTIONALLY BLANK LADIES ONI SHOES IN BLUSH PINK PATENT LEATHER SIZE 6 , NIB Tory Burch REVA Ballet Flats Cobra Print Black Natural S 5.5 StyleNEW OLUKAI Lino Women's Flat Slip On Shoe Brown Leather Shoes 6 Mary Jane , Alegria PG Lite Houndstooth Leather Slip on Clog - Size 40/ US 9.5-10 Comfort! , Elegant Womens shoes side zippers Sexy High Heels Stilettos Pointed Toe shoes sz , Brand New Oscar de la Renta Ivory Wedding Shoes , Jimmy Choo "Isabel" Beige Patent Leather Peep Toe Pump Wm Sz 39 1/2 M. Italy. , CHRISTIAN DIOR Black Leather Designer Evening Bow Pointed PumpGIANVITO ROSSI Escarpins talons 12.5 cm cuir velours noir 38 TRES BON ETAT BOITEL.A.M.B. Women's Reagon Black Strappy Gladiator Flat Sandal Size 6 M *Tory Burch Lexington 110MM Ivory Leather Platform Wedge Sandals Size 10Merrell Women's Azura Tan Hiking Shoes J65058 , New Balance Men's 430v1 Running Shoe - Choose SZ/Color , Nike Air Diamond Turf Deion Sanders 2017 Red Men SZ 7.5 - 13 ! , Nike Shox Gravity Luxe Running Shoes Blk Blk Blk Green Strike AR1470 003 Mens Sz , Under Armour UA Curry Lux 1296617-330 Basketball Green/Gold Shoes Size 16 , Nike Air Force 1 Low Retro ‘NYC’- New York Shoes 845053 002 size 11 , Adidas Superstar 80V UNDFTD x BAPE DS (9US - 42 2/3FR) neuf et 100% authentique , NWT USA THOROGOOD AMERICAN HERITAGE Men 13-W Leather Steel Toe Work Boot Shoe , Burgundy leather shoes sanitized comfort plus system, light & flexible 8 D , NEW IN BOX WOMENS NIKE BLAZER PREMIUM LOW BLACK SHOES SNEAKERS 9.5 #AA1557 001SUPER HAKKA Shoes 932745 BluexMulticolor SReebok Classic ExoFit LO CLN Garment Gum Women's Sneakers Trainers Leather Shoes , Man/Woman Xti - 47399 selling price a good reputation in the world Preferential priceMan's/Woman's NIKE AIR MAX THEA Not so expensive Online Shopping promotion , Trendy Women Block High Heel PU Leather Bowknot Pointed Toe Ankle Boots Sz4.5-11 , Women's Vogur Pointed Toe High Top Rhinestone Party Nightclub Boots Shoes Sbox14 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Onitsuka Tiger Womens Tiger Mexico 66 Slip-on Sneakers, Aluminum Size/Aluminum, Aluminum/Aluminum, Size 11.0 d076f80 - 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.

    Onitsuka Tiger Womens Tiger Mexico 66 Slip-on Sneakers, Aluminum Size/Aluminum, Aluminum/Aluminum, Size 11.0 d076f80 - 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
    Onitsuka Tiger Womens Tiger Mexico 66 Slip-on Sneakers, Aluminum Size/Aluminum, Aluminum/Aluminum, Size 11.0 d076f80
    Athletic Shoes
    >
    ;