Never miss an update

Cole Vapor Size Haan ZeroGrand Sandal Vapor 21256 Gray Blue Mens Slide Size 11 C27519 03ad935




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
Style: Slides
Color: Gray Product Line: Zerogrand
Brand: Cole Haan US Shoe Size (Men's): 11
UPC: 190595845763
Never miss an update

Cole Vapor Size Haan ZeroGrand Sandal Vapor 21256 Gray Blue Mens Slide Size 11 C27519 03ad935 - blurrypron.com

    Cole Vapor Size Haan ZeroGrand Sandal Vapor 21256 Gray Blue Mens Slide Size 11 C27519 03ad935
    Cole Vapor Size Haan ZeroGrand Sandal Vapor 21256 Gray Blue Mens Slide Size 11 C27519 03ad935
    Mens Lounge by Mark Nason Distressed Black Gray Leather Sneakers Size 9Reef Men's Deck Hand 2 TX Fashion Sneaker - Choose SZ/Color , NIKE AIR Max Tailwind 8 Womens Size: 11.5M Running Shoes 805942408 Racer BlueMERRELL Men's 13 Shoe - Jungle Moc Brown Loafer Slip-On - Nubuck Leather -J60831 , Man's/Woman's Nautilus Men's N1343 the most convenient Ranked first in its class Don't worry when shopping , Gentlemen/Ladies Nike Vandal Low Black Gator 10 Complete specification range product quality Personalization trend , Puma Vikky Platform EP 365239 01 Womens Shoes Peach Beige Satin Sneakers Casual , Men's/Women's camper shoes women 41 Year-end special promotions stable quality classic style , adidas CG5073: Pro Model Men's Grey/White/Metallic Gold Sneakers , Reebok Classic Leather BS5451 Gum Original Shoes Men'sNew Lacoste Lisse Spm Lth Mens Casual Shoes , ECCO Kyle Midcut Sneaker - Men's Size US:10-10.5 / EU:44, Black/White , Cole Haan Gray leather loafers Sz 9.5 Retail For $168 , Men's Skechers Porter - Malego Mid Top Oxford Shoes, 65144 /NVY Sizes 8-14 NavyVans Vault Taka Hayashi Court Hi LX Premium Leather-Parisian Night Size 9 , Lacoste Sport Men's Bryont FL PAT SPM Leather White/Red 24SPM4619286 Brand New , Man's/Woman's PF Flyers, PM15RL2A, Rambler Lo, Navy Special purchase Skilled manufacturing Brand feastSlip-on Oxford Flats Suede Split Cow Leather Fashion Breathable Shoes For MenCole Haan Classic HorseBit Suede Loafers MenBuckle Size 9 1/2 Olive Green , New Balance 997.5 Rev Lite Sample (Size US9.5) New boost air ultra lyte , LE COQ SPORTIF LCS R900 Geo Jacquard Noir , Shoes Adidas Climacool by2346 Man Footwear White Silver Metallic Runnning SportCamper Pelotas - Black - Men's 47 , Demonia 2" Platform Black Vegan Stud Brass Knuckle Creepers Goth Punk Mens 4-13 , New Autumn Student Sports Male Casual Couple Men's Running Shoes 2018 Trainers , Caterpillar Beck Mid Men's Boots Casual Chukka Flagstone Nubuck/LeatherDOCKERS 90-31702 MEN'S FLORENT DARK TAN LEATHER CASUAL SHOES NEW IN BOXrare designer Puma Dallas DM (Deadmau5)Trainers eu 40 us 7.5LACOSTE MEN'S AMPTHILL LCR MID SNEAKERS BLACK SIZE 8.5 NWT ,
    Cole Vapor Size Haan ZeroGrand Sandal Vapor 21256 Gray Blue Mens Slide Size 11 C27519 03ad935 - blurrypron.com>Cole Vapor Size Haan ZeroGrand Sandal Vapor 21256 Gray Blue Mens Slide Size 11 C27519 03ad935 - blurrypron.com
    Geox D44N5A 00023 C9999 Womens Virna B ABX Mid Boot 36EU/6 US- Choose SZ/Color.Nike WMNS Roshe One Flyknit [704927-008] NSW Casual Grey/Black-Purple-Orange , Gentleman/Lady Abbie Wild Rhino womens boots Selling Stylish and fun Quality and consumer firstAUTHENTIC CHRISTIAN LOUBOUTIN BACK STRAP IN-STORM PUMPS BLACK GRADE AB USED -AT , $585 Salvatore Ferragamo Vara Bow Pump Black Leather NIB size 5/7.5Nine West Women's NW Marie Flat Ballet Shoes White Size 5 NWD! , Warm Womens Europe Chain Decor Faux Fur Lining New Mid Heels Chunky Formal Shoes , Nine West Clogs Womens Shoes Black Suede Size 8 M (SL 116) , Trotters Women's Leather Jenn Mini Dots Dark Brown Suede Comfort Shoes US Sz 9 MCastaner Anthropologie Mar - knot black heels NWOB Eu 37 sold outNew! Naya MAKANI Women's Buckle Shoes Wedge Heels Sandals Black Leather Slip-OnEarth Breaker - Women's Comfort Sandal Black - 7.5 MediumEMPORIO ARMANI CIABATTE INFRARED FLIP FLOP WOMAN 915005 7P295 06935 BLUE CORALCasadei italian luxury slippers loop toe in black Leather Size US 7 - , Nike 806335 Mens SB Dunk High Top Mountain Series Skateboard Shoes Boots2018 NWOT $159.99 New Balance 4040V4 MID CUT MOLDED MP4040M4 Men 10 DNike Air Jordan1 Mid Men’s Basketball Shoes 554724-030 Sz 11.5 Triple Black , 2014 Air Jordan Retro XI 11 Low Concord sz 11 w/ Box used | TRUSTED SELLER! , Giorgio Brutini Mens 24927 Thornton Leather Ankle Dress Boot Grey/ Tan Size 10.5Gentleman/Lady AIR PRESTO MID/ACRONYM 'ACRONYM' - AH7832-100 Various styles auction Perfect processing , Drew Shoe Womens Fusion Comfort Sneaker Black Leather Size 9 M EUCMerlutti Gold Patent Leather With Black Tassel , BUSSOLA Womens Cheryl Low Top Pull On Fashion Sneakers , WOMENS NIKE ROSHE LD-1000 KJCRD SZ 5.5 CORTEZ USA BLUE UNIVERSITY RED NIB $130 , New Balance WRZHLB1 Womens Running Shoes Size 6.5Ash - Sneakers - 320739 - BlackAC383 MBT shoes brown nabuk leather women sneakersAUTHENTIC NEW CHRISTIAN LOUBOUTIN 37.5 AC LOUIS JUNIOR SPIKES FLAT SNEAKERSRivet Punk Casual Leather Women's Brogue Ankle Boots Motor Shoes Chelsea Riding , Womens Suede Over Knee High Long Boots Biker Moto Vogue Round Toe Casual Shoes 8
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Cole Vapor Size Haan ZeroGrand Sandal Vapor 21256 Gray Blue Mens Slide Size 11 C27519 03ad935 - 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.

    Cole Vapor Size Haan ZeroGrand Sandal Vapor 21256 Gray Blue Mens Slide Size 11 C27519 03ad935 - 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
    Cole Vapor Size Haan ZeroGrand Sandal Vapor 21256 Gray Blue Mens Slide Size 11 C27519 03ad935
    Casual Shoes
    >
    ;