Never miss an update

Polo Polo Ralph Lauren Men's Tan US Sneakers, US 29270 10.5 32ad4aa




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: Polo Ralph Lauren
Width: Medium (D, M) Style: casual
US Shoe Size (Men's): 10.5 Material: textile
Color: tan UPC: 190760415678
Never miss an update

Polo Polo Ralph Lauren Men's Tan US Sneakers, US 29270 10.5 32ad4aa - blurrypron.com

    Polo Polo Ralph Lauren Men's Tan US Sneakers, US 29270 10.5 32ad4aa
    Polo Polo Ralph Lauren Men's Tan US Sneakers, US 29270 10.5 32ad4aa
    Rockport Eureka Plus Mens Size 10 Black Leather Casual Oxfords Shoes F5-220Lacoste Men's Lerond BL 1-1 Fashion Sneaker, Black, size 8.5 , Sanuk Men's Vice Fashion Canvas Slip On Sidewalk Surfer Loafers ShoesLacoste Men’s Avantor Sneakers - Choose SZ/ColorAllen Edmonds Traveler Oxford Shoes Bicycle Toe Mens US 9.5 EU42 BrownHush Puppies Men's Henning Workday Oxford, Tan Wp Leather, 9.5 W USNEW $95 Adidas Originals Stan Smith Croc Black Gold Metallic AQ2726 US Mens 10Norman Walsh Men's Blue Gold Leather Bolton England Trainers Hand Made$135 Rockport Men Weather Adventure Blucher Oxford Waterproof Shoe, Grey, US 12 , Tod's brown suede bucks in mint condition , NEW KENNETH COLE REACTION MEN'S INTEGER LOAFERS NAVY SUEDE 11 MEDIUM $98 NIB MEl Naturalista Mens N652 Iroko Oxford Sneaker Shoes, Prado, 44 EU / US 10.5NEW KENNETH COLE REACTION MEN'S SMYTH DRIVER LOAFERS NAVY SUEDE 9.5 MED $110 M , Merrell Moab Adventure Stretch Sneaker - Men's Size 10.5 BrownDEMONIA SNEEKER-105 Men's Platform Black Black Canvas Sneaker Creeper Shoes , Cole Haan Mens Driving Loafers Size 12M Black Leather Bicycle Toe Air Sole ShoesMinnetonka Moccasin Men’s Double Bottom Softsole Moccasin , Diesel- Korbin Sneaker, Men's Size 9, BrownSAS Time out Brown Leather Diabetic Walking Shoes Men Size 8.5 EEMens Converse Jack Purcell II Slip JP II Slip Size 11.5 153036CANDREW MARC Men's 11 M Remsen Tobacco/Cream Suede High-top SneakersCrocs Men's Santa Cruz Convertible Slip-On Khaki/Cobblestone Loafers Shoes , Frye Loafers Mens sz 12D Leather crepe sole Made in Mexico 80558 , Supra Skytop III (Navy/White) Men's Size 14, Eu 48.5, Jpn 32Knapp Black Leather All Purpose Men's Casual Chukka Boots New Without Box SZ 7EEConverse Jack Purcell Signature CVO Ox Grey White Mens Shoes 153593CNWOT - Dr. Scholl's Silvery/Grey comfort diabetic shoes - Size 10 MROCKPORT Men's Size 9 Brown Leather Penny Loafers Shoes X14-1623 , Men's Cole Haan Pinch Black Leather Penny Loafer size 10.5 ,
    Polo Polo Ralph Lauren Men's Tan US Sneakers, US 29270 10.5 32ad4aa - blurrypron.com>Polo Polo Ralph Lauren Men's Tan US Sneakers, US 29270 10.5 32ad4aa - blurrypron.com
    Fly London Stay Leather Boot Brown Women Sz 36Roger Vivier Boot Polly Suede Buckle Knee High Black Size 36.5Gentlemen/Ladies rene caovilla durability Modern and stylish fashion Vintage tide shoes , Sandler Camilla Black Leather Court Heel 8.5 , MANOLO BLAHNIK Women's Shoes 38 7.5 Metallic Gold Leather Bow Pointed Toe FlatsSacks Fifth Ave gold flat women shoesGentlemen/Ladies DOMINA-423 Special purchase The highest quality material business , KATIA LOMBARDO GRAY SUEDE PEEP TOE STUDDED STILETTO PLATFORM SIZE 39.5 ITALY , Men's/Women's giuseppe zanotti sandals 38 Beautiful color Fast delivery Lightweight shoesMan/Woman Black Ancient Greek Sandals superior Various types and styles Amoy , Nike Train Speed 4 AMP NFL New York Giants Mens Shoes 848587 610 mens 7 blueMan/Woman Reebok Junior's Workout Plus Trainers Elegant appearance Known for its good quality The first batch of customers' comprehensive specificationsNEW NIKE VAPOR SPEED TURF FOOTBALL SHOES, BLACK/WHITE SIZE 9.5 , Reebok Sublite Authentic 4.0 Mens Running Shoes Fitness Gym Trainers Navy , New Balance Mens Minimus Vibram Trainer Running Shoes Red Yellow Sz 11 MR10RY2 , New Balance 696 Deconstructed Black Suede MRL696DK 9-12 decon 1 997 , Nike Air Huarache Black Dark Grey 318429 010 QSNew Balance 547 Clasico & Lifestyle Shoes Blue Men ML574-ETB , Nike Air Jordan 1 Rebel XX AR5599 300 , AIR JORDAN RETRO 10 "STEALTH" 310805-003 black/white-stealth Size 8Y's for men Glass Leather Half Boots Size 7.5(K-58166) , Justin USA 9178 Leather Cognac Wiskey Western Riding Cowboy Boots Men's Sz. 11 DAriat Men's Workhog Wide Square Toe Tall II Compositie Distressed BootNIKE WOMENS AIR FORCE 1 LOW SUMMIT PEARL WHITE BURGUNDY WMNS SZ 9-12 318769-161WOMENS ADIDAS EQT ADV RACING PRIMEKNIT SZ 6.5 BLUE TINT GREY CORE BLACK CQ2240New Nike Wmns Air Max 90 PREM Black Croc Patent Women shoes 443817-003 , Gentlemen/Ladies Brooks Womens Levitate- Pick SZ/Color. New varieties are launched High-quality materials Exquisite processingNike Air Jordan 10 Retro 30TH, Lady Liberty, Size 12Nike W Air Max Plus Tuned SE JDI Just Do It White Black Running Women 862201-103Boutique 9 Womens NWB Frank Black Ankle Boots Shoes 5.5 MED NEW
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Polo Polo Ralph Lauren Men's Tan US Sneakers, US 29270 10.5 32ad4aa - 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.

    Polo Polo Ralph Lauren Men's Tan US Sneakers, US 29270 10.5 32ad4aa - 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
    Polo Polo Ralph Lauren Men's Tan US Sneakers, US 29270 10.5 32ad4aa
    Casual Shoes
    >
    ;