Never miss an update

VANS CHIMA CHIMA FERGUSON PRO MUSHROOMS GREY WHITE MUSHROOMS MEN'S PRO SKATE SHOES/S89137.151 02da71a




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
Material: Canvas
Color: Multi-Color Style: Athletic Sneakers
Brand: VANS Width: Medium (D, M)
Never miss an update

VANS CHIMA CHIMA FERGUSON PRO MUSHROOMS GREY WHITE MUSHROOMS MEN'S PRO SKATE SHOES/S89137.151 02da71a - blurrypron.com

    VANS CHIMA CHIMA FERGUSON PRO MUSHROOMS GREY WHITE MUSHROOMS MEN'S PRO SKATE SHOES/S89137.151 02da71a
    VANS CHIMA CHIMA FERGUSON PRO MUSHROOMS GREY WHITE MUSHROOMS MEN'S PRO SKATE SHOES/S89137.151 02da71a
    2014 Nike Chuck Posite Charles Barkley Silver Metallic Men Size 11.5 , Adidas Blue Men ZXZ 930 (navy / legink / chalk2) D67652*Preowned* Nike ACG Rongbuk Hiking/Trail Mens Size 10*Great Condition*Nike Air TR. V. Cruz Size 9.5 , NEW MEN'S JORDAN HYDRO 6 881473-004 , VANS Chukka Midtop Black/Red/White High Top Casual Shoes MEN'S 6.5 WOMEN'S 8Mens Fila Memory Foam Workshift STEEL TOE Slip Resistant Work Shoes BlackNew Mens Nike Zoom Streak LT 3 Run Running Shoes 819038-301 sz 6 , Vans Men's Shoe's "Atwood Deluxe" (Tweed) Black/MBrooks Launch 4 Mens size 12 1/2 Red/Orange Athletic Running Tennis Shoes , Men's Skechers Relaxed Fit Oak Canyon Sneaker 51893 GYWMen's Skechers Elite Flex Attard - Black - Width: med - WalkingMen's/Women's Men's Nike shoes running latest Year-end special promotions Primary quality Caramel, gentle , Adidas Ace Tango 17.1 Boost Grey/Mid Grey Indoor Soccer Shoes Size 8.5 , new mens 10 or 10.5 vans old skool vn0a38g1ots vansbuck light gum/monoNEW Nike Vapor Pro Low TD Molded Football Cleats Silver/Black 11 12 13 , Nike Air Huarache 318429-052 Men's Snakeskin Black Gum Running Shoes Sz 11 M , Nike Zoom Maxcat Rio Olympic Track and Field Spikes 549150-999 Size 8NEW Nike Taupo Slide Sandals MENS Sz 7 Rough Green/White 849756 310 $100 , Adidas Damian Dame Lillard 3 Men’s Size 14 MiAdidas SpaceJam Good , Nike Oceania Black-White Men's Casual Sneakers 11 (New)Mens Nike KOMYUTER Lifestyle Shoes -Black -Reg $150 -AA2211 001 -Sz 10.5 -New , Adidas Brown White Leather Golf Shoes Men's Size 12 , New Balance ML574EGN (blue / grey) Men's running Shoes Sizes 7 thru 10 2-E , Vans Old Skool Snake Black White Men's 10 Skate Shoes New ClassicAdidas Men's Speed Trainer 3.0 Training Shoe , Men's Nike Flight Bonafide Shoes -Jason Kid '95- StyleSz 9.5 -NEW , NIB Vans Era GREY GUM Rare VN00018FIOP Men's SIZE 7 12New Balance Men's Vazee Rush MRUSHRO Running Shoe Grey/Flame Sz 7.5 Wide 2E EE
    VANS CHIMA CHIMA FERGUSON PRO MUSHROOMS GREY WHITE MUSHROOMS MEN'S PRO SKATE SHOES/S89137.151 02da71a - blurrypron.com>VANS CHIMA CHIMA FERGUSON PRO MUSHROOMS GREY WHITE MUSHROOMS MEN'S PRO SKATE SHOES/S89137.151 02da71a - blurrypron.com
    New STUART WEITZMAN Notazzie Suede Bootie Shoes, Black, US 8M, retail $575Gentlemen/Ladies Cotswold Womens/Ladies Aggshill Mid Boots (FS3167) We have won praise from our customers. Optimal price classic styleConverse BO-157718C_WHITE_DOLPHIN_WHITE sneaker Women's - colour White AU , New I Love Billy Quincey Navy Womens Shoes Casual Shoes Flat , Women’s Brand New Heels By Siren Size 7 , DONALD J PLINER ESTEE A05 Black Fabric Designer Flats Comfort 7.5 MMarc Fisher Danger 3 Gold Brocade Cross Strap Sexy Pumps 8 NEW , Chic Women's Chunky Block heel Shoes Square Toe Meatl Decor Fashion Pumps Shoes , NEW WOMENS HIGH STILETTO HEEL PARTY PLATFORM PUMP SHOES PU GLITTER LEATHER , Men's/Women's Stuart Weitzman Black Pumps Exquisite (middle) workmanship Good market Amoy , Badgley Mischka 7.5 Champagne pump New In Box BHLDN , ANDREW STEVENS COUTURE ITALY TAN BEIGE SUEDE BROWN LEATHER SLIDES HEELS MULES 39Wolverine 1000 Mile Nellie Mary Janes W00840 Burgundy Leather Shoes Women 5.5Loeffler Randall Women's Cami Dress Pump, Bronzer, 7 M US , Fashion Womens New Pearl Casual Studs Back Strap Open Toe Sandals Rivets Shoes , Earthies Kelderra Wedge Rock Sandals Women's Brown Suede Leather Sz. 10 B $149~NEW Men's UNDER ARMOUR Thrill Sneakers! Size 10 Nice FS:)~ , Adidas Men's Rg III Energy Boost ShoesASICS Men's Gel Venture 5 Running Shoe (12 D(M) US, Castle Rock/Black/Green) , Dan Post Boots Men's Sky Walker Waterproof Steel Toe Boot DP69303 BrownLowa Mens Tibet GTX Boots 210680 5599 Sepia/Black Size 12.5Los Altos Men's 3X Toe Genuine Caiman Belly w/ Deer Leather Cowboy Western BootsTo Boot New York Tan Leather Double Monkstrap Oxfords Size 11HOT New Mens Business Vintage Crack Buckle Slip on Dress Formal Pointy Toe Shoes , Skechers Geggae Fest Vector Boots Women's Shoes Size 9 , Women's Asics Gel-Challenger 11 Preowned Tennis Shoe Size 7New Balance W490V4 Running Shoe-W Womens 490v4 Shoe- Choose SZ/Color.Nike Tanjun Se women's running shoe size 10 NIB , Womens Pointy Toe Stiletto High Heels Stretchy Pull On Over Knee Knight BootsWomen's Snake Skin Long Over Knee High Boots Nightclub Stiletto Thigh Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    VANS CHIMA CHIMA FERGUSON PRO MUSHROOMS GREY WHITE MUSHROOMS MEN'S PRO SKATE SHOES/S89137.151 02da71a - 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 CHIMA CHIMA FERGUSON PRO MUSHROOMS GREY WHITE MUSHROOMS MEN'S PRO SKATE SHOES/S89137.151 02da71a - 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 CHIMA CHIMA FERGUSON PRO MUSHROOMS GREY WHITE MUSHROOMS MEN'S PRO SKATE SHOES/S89137.151 02da71a
    Athletic Shoes
    >
    ;