Never miss an update

ORIGINALS SHOES FLB W ORIGINALS BLACK FLASHBACK WHITE BLACK WOMEN SHOES BA7760 04561c4




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
Country/Region of Manufacture: China
MPN: BA7760 Style: Running Shoes
Brand: adidas Color: White
Never miss an update

ORIGINALS SHOES FLB W ORIGINALS BLACK FLASHBACK WHITE BLACK WOMEN SHOES BA7760 04561c4 - blurrypron.com

    ORIGINALS SHOES FLB W ORIGINALS BLACK FLASHBACK WHITE BLACK WOMEN SHOES BA7760 04561c4
    ORIGINALS SHOES FLB W ORIGINALS BLACK FLASHBACK WHITE BLACK WOMEN SHOES BA7760 04561c4
    Asics Gel-Kayano 25 White Pink Women Running Shoes B Width 1012A026-100* NEW * Brooks Neuro 2 Womens Cushioned Running Shoe (B) (099) , Adidas Women's PureBOOST X TR 3.0 Training Shoes Size 9.5 us CG3529 , Women Sports Zip Dector Wedge Heels Sequin Creeper Shoes Real Leather Breathable , Adidas Originals Women's Stan Smith Shoes Size 7.5 us S32256 LAST PAIR , Adidas Women's PureBOOST X TR 3.0 Training Shoes Size 8 us CG3527 , Brand New | Brooks Adrenaline GTS 17 Womens Running Runner (B) (464)NIKE AIR MAX 270 RACER BLUE {AH8050-401} GS GIRLS BOYS KIDS WOMEN'S SZ 4Y - 8.5W , WOMENS ADIDAS SUPERNOVA ST BOOST LADIES RUNNING/SNEAKERS/FITNESS/RUNNERS SHOESAsics Gel-Kayano 24 Purple Pink White Women Running Shoes B Width T799N-33201805 adidas STAN SMITH Women's Sneakers Sports Shoes CQ2823 , 1709 adidas Originals Tubular Viral 2.0 Women's Sneakers Sports Shoes BY9742 , New Balance WR1226 Womens Runner (D) (White/Blue) RRP $259 | SAVE AUD $70!* NEW * Asics Gel Trabuco 5 Womens Running Shoe (B) (5878)Authentic Asics GT 2000 5 Womens Running Runner Shoes (D) (9087)Asics Gel Cumulus 18 Womens Running Shoe (D) (6701) + FREE AUS DELIVERY , BRAND NEW FREE PEOPLE BAINBRIDGE FRINGE BOOT 9 , Under Armour UA Speedform Gemini 3 Flint Purple/Grey/Orange Running 1285481-0331709 adidas Originals Tubular Viral 2.0 Women's Sneakers Sports Shoes BY9743 , New Balance WW880GS2 D Wide Gore-Tex Black Women Working Shoes WW880GS2DAdidas Stellasport Women's Yvori Shoes Size 5 us B40908 , New Balance W1050 Womens Runner (B) (White/Blue) RRP $239.95 | SAVE AUD $60! , Adidas Women's PureBOOST X TR 3.0 Training Shoes Size 8.5 us CG3529Nike Wmns Free RN Flyknit 2017 Atmosphere Grey Running Trainers 880844-007 , Adidas Originals Tubular Defiant S75247 Black White Pick Your Size 4 to 10 , Mizuno Wave Inspire 14 Women's Running Shoes J1GD184463 A 17DAdidas Women's PureBOOST X TR 3.0 Training Shoes Size 8.5 us CG3528Asics Gel Netburner Professional 11 Womens Netball Shoes (B) (6038)Adidas Women's PureBOOST X TR 3.0 Training Shoes Size 6.5 us CG3527
    ORIGINALS SHOES FLB W ORIGINALS BLACK FLASHBACK WHITE BLACK WOMEN SHOES BA7760 04561c4 - blurrypron.com>ORIGINALS SHOES FLB W ORIGINALS BLACK FLASHBACK WHITE BLACK WOMEN SHOES BA7760 04561c4 - blurrypron.com
    Women Real Leather Lamb Lined Hidden Wedge Heel Ankle Boot Casual Shoes Outdoor , THE NORTH FACE WOMEN'S SIZE 8.5 ULTRA GTX SURROUND MID HIKING BOOTS GREY / GREEN , Men's/Women's Durango Women's Drd0099 Western Boot Big clearance sale New design Official website , Chinese Laundry Florentine Ankle Boots, Smoke VelvetCalvin Klein Ramona T-Strap Wedge Sandals 702, New Caramel, 8.5 US / 38.5 EU , Lanvin silver Metallic Ballet Flats Size 38 , Womens Faux Fur Casual Block Low Heels Balck Casual Shoes Slip On Lofers Fashion , Jack Rogers Womens Arden Open Toe Casual Platform SandalsVANS ISO 1.5 SUEDE IRON BROWN WHITE MEN'S SKATE SHOES/S89123.165 , Nike Air Jordan Fire Red 5s Fives five Red Black Retro Card Og All Size 13Nike Lupinek Flyknit Low Sail/Black-Anthracite 882685-100 Men's SZ 10.5 , Nike Air Force 1 High Mixed Grey Blue White , Nike | Air Jordan XVIII Low | Black Chrome Silver | Mens 10.5Nike Air Max 90 NS GPX Black-Laser Blue Men's Running Sneakers 8 (New) , Mens Nike AIR FORCE 1 HIGH '07 QS Shoes "Harlem" -RARE -573967 500 -Sz 11 -NewOfficial NIKE AIR MAX 90 ESSENTIAL FOR EVERYDAY Activities, Indoor and OutdoorADIDAS YEEZY BOOST 350 V2 KANYE WEST CREAM WHITE TRIPLE WHITE NMD R1 CP9366 8.5 , Men Dress Formal shoes Pointy toe XM Leather Ankle high boots British Style CHI , Caterpillar RECOURSE Oxford Mens Work Casual Black Leather Shoes Sneakers , Madden Men's M-Alk Oxford - Choose SZ/Color , Florsheim Mens Loafers Brown Leather Slip On Shoes Size 9 D , Flexus by Spring Step Women's Cubby Trimmed Slide Black Patent/Pewter , Runway Luxury Women's Genuine Leather Sequins Soprts Trainers Running Shoes 9.5 , Gentleman/Lady Mephisto Women's Paldi Pewter Print Shoe Diverse new design real Easy lifeNEW Icebug Tina Bugsole Black Womens Winter Ice Snow Boots Shoes Msrp$175Womens Winter Warm Boots Animal Prints Fashion Buckle Easy Wear Snow ShoesWomen's Fashion Platform Wedge High Heel Punk Buckle Mid calf Riding Boots Shoes , Fergalicious Women's Liza Boot, Black, 8.5 US/8.5 M USWomen Althetic Winter Ankle Boots Sheep Fur Pull On Creeper SHoes Warm Suede , Women's Genuine Suede Leather Large Fur Decor Knee High Winter Shoes Snow Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ORIGINALS SHOES FLB W ORIGINALS BLACK FLASHBACK WHITE BLACK WOMEN SHOES BA7760 04561c4 - 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.

    ORIGINALS SHOES FLB W ORIGINALS BLACK FLASHBACK WHITE BLACK WOMEN SHOES BA7760 04561c4 - 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
    ORIGINALS SHOES FLB W ORIGINALS BLACK FLASHBACK WHITE BLACK WOMEN SHOES BA7760 04561c4
    Athletic Shoes
    >
    ;