Never miss an update

Brooks Wide! Adrenaline 7 GTS-15 Running Shoes White Silver Silver Blue Sz 7 2E Extra Wide! 8e2f93b




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Fantastic Condition! See Detailed Photos!
Product Line: Adrenaline Activity: Running
Width: Extra Wide (E+) US Shoe Size (Women's): 7
Brand: Brooks Style: Low Top
UPC: Does not apply
Never miss an update

Brooks Wide! Adrenaline 7 GTS-15 Running Shoes White Silver Silver Blue Sz 7 2E Extra Wide! 8e2f93b - blurrypron.com

    Brooks Wide! Adrenaline 7 GTS-15 Running Shoes White Silver Silver Blue Sz 7 2E Extra Wide! 8e2f93b
    Brooks Wide! Adrenaline 7 GTS-15 Running Shoes White Silver Silver Blue Sz 7 2E Extra Wide! 8e2f93b
    Nike MD Runner 2 ENG Mesh Womens Running Shoes 916797 100 White/Red NIB , NIB - ALTA Women's SUPERIOR 2.0 Poppy red / Chocolata ATHLETIC SNEAKERS - W 9.5 , ASICS W's Gel-Cumulus 19 Running Shoe, Blue Purple/Black/Flash Coral, 12 MediumPUMA Clyde NYC Walter Frazier Basket Classic Suede Unisex Trainers Retro ShoesWOMENS NIKE FLYKNIT LUNAR1+ WHITE GREY GREEN GLOW BLACK SHOES 554888 130 SZ 6.5nike womens air max thea JRCRD running trainers 718646 300 sneakers CLEARANCE , Nike Revolution 3 GS Running Kids Youth Womens Shoes Blue Pink 819416-404New Nike Free Run 2017 Women's Running Training Shoes Sail 880840 104 , WOMENS REEBOK CLUB C 85 DIAMOND in colors WHITE / GUM SIZE 8Nike W Roshe Two Flyknit Black & Bright Mango Women SZ 6 - 10 , Adidas ClimaCool CC Fresh Bounce Womens Running Shoes Fitness Trainers PeachAdidas Superstar Originals Womens Sz 10 White Black Sneaker Shoes TL-23 , Brooks Addiction Walker Walking Shoes - Women's Size 7.5D, WhiteNEW REEBOK ZIG KICK ZIGKICK TAHOE ROAD Running WOMENS Grey Cherry Green NIB $120DC Rebound High SE Women's Size 10.5 US Gold BMX Skate Shoes SneakersNew Women's Asics Gel-Fit Sana 3 Cross Trainer / Running Shoes Sz 9Women's Nike Blazer Low Lux - SIZE 5 - AA2017-002 LX Horse Pony Hair White , CONVERSE CT CHUCK TAYLOR ALL STAR GEMMA HI Winter Knit WOMENS 553449C NEWNIKE Air Zoom Strong Womens Sz 8.5 Shoes Gray Black 843975 100 , Adidas Originals ZX TUBULAR RUNNER WHITE SHOES Superstar Womens B25087 US 11Women's Asics Gel Nimbus 20 size 8.5 , Oliver Women's Series 5" Mid Industrial Hikers (OL21112) 9US Work Steel Toe NIB , Asics Women's Fuzex Nyc Ankle-High Fashion Sneaker , New The North Face Women's Storm III Hiking Trail Cub Brown/Crockery Beige , New Adidas Originals W Womens Superstar Pink Rose Gold Classic size 9.5Salming Women's Xplore 2.0 Ankle-High Running ShoeNew Balance Women's Sonic V1, Alpha Pink/Black, 9.5 B USA455G Nike Womens Air Huarache Run 634835-014 Size 6 NEWASICS W's Gel-Cumulus 19 Running Shoe, Mid Grey/Carbon/Sfty Yllw, 7.5 B(M) US ,
    Brooks Wide! Adrenaline 7 GTS-15 Running Shoes White Silver Silver Blue Sz 7 2E Extra Wide! 8e2f93b - blurrypron.com>Brooks Wide! Adrenaline 7 GTS-15 Running Shoes White Silver Silver Blue Sz 7 2E Extra Wide! 8e2f93b - blurrypron.com
    Olukai Ka'iulani - Women's Heeled Boot Seal Brown/mustang - 8.5 , Via Spiga brown leather knee boots upper rim suede,strap & buckle,low heel wedge , Nike Flex Trainer 7 Womens Crosstrainer Shoe (B) (001) | BUY NOW! , NIB Christian Louboutin Iris Patent Lady Peep 150 Pumps-39.5: $1641 #eBayMarket , INC International Concepts Womens Ilta2 Fabric Peep Toe Espadrille Flats , Man's/Woman's Orthofeet Women's Wichita Black Walking Shoes quality new Reliable reputation , Badgley Mischka Women's Bianca Ballet Flat - Choose SZ/Color , Sam Edelman Womens Carrin Leather Closed Toe Espadrille FlatsAndre Assous Women's Chloe D'Orsay Pump, Burgundy, 38 EU/8 M USGentleman/Lady Donald Pliner Esther Espadrille, 8 New market Comfortable touch Suitable for color , Womens Sequins Med Cuban Heels Flounced Frilly Slingbacks Buckle Strap ShoesNike Ultra Comfort Thong Womens Style : 882697 Black Womens Size 1041802 auth NINA RICCHI pink patent leather FLOWER Flat Sandals Shoes 38Salomon XA Pro 3D Chassis Black Running Shoes Sz 14 Ortholite Trail Contragrip , UNDER ARMOUR JET MID basketball shoes for Men, NEW, US Size 10.5Man's/Woman's Jordan Retro 5 Laney Size 13 wholesale Good market Various latest designs , LSU TIGERS Nike Free Trainer V7 Week Zero Mens Running Shoes AA0881 500 Size 8 , Rockport Men's City Play Two Slip On Black LeatherVans Custom 'Shaolin Warrior' Dragon Flame Old Schools , NIKE AIR JORDAN 1 RETRO HIGH OG "BRED BANNED" BLACK-RED-WHT SZ 18 [555088-001] , Man/Woman Blundstone Men's Super 550 Series The color is very eye-catching Used in durability TRUE , ECCO Mens Edinburgh Buckle Slip-On Oxford- Pick SZ/Color. , PRADA moccasin men drive shoes, NEW,9.5M, SPECTACULAR,AWESOME,ON SALE NOW, ITALYNike AJ1 Lover XX SZ 8.5 Off White AJ1 AO1523-100 , Converse KA-II Women's Skateboarding Shoes - Tan/Black size 8.5 & 10 New in box , Asics Womens GT-2000 3 Running Shoe Lightning/Hot Pink/Navy , New Nike Shoes Air Max 2017 Persian Concord Womens US Size 7 , NEW ADIDAS ORIGINALS STAN SMITH WOMENS WHITE SHOES SNEAKERS CQ2810 SIZE 7 , NEW Lavorazione Artigiana Italy Hand Crafted Boots, Fleece Lined, Black 40$189 BCBG BCBGeneration Womens BG-Bekki Short Western Cuff Boot Shoe,Black,US 10 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Brooks Wide! Adrenaline 7 GTS-15 Running Shoes White Silver Silver Blue Sz 7 2E Extra Wide! 8e2f93b - 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.

    Brooks Wide! Adrenaline 7 GTS-15 Running Shoes White Silver Silver Blue Sz 7 2E Extra Wide! 8e2f93b - 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
    Brooks Wide! Adrenaline 7 GTS-15 Running Shoes White Silver Silver Blue Sz 7 2E Extra Wide! 8e2f93b
    Athletic Shoes
    >
    ;