Never miss an update

Asics 17782 Gel-Kayano 24 Running/Training Shoes mogochinese-17784 T799N.9690---New in Gel-Kayano Box--- 428d3e5




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
Fastening: Lace Up
Material: Synthetic Color: Multi-Color
Width: Medium (B, M) Model: Gel-Kayano
Brand: Asics Style: Running, Cross Training
Never miss an update

Asics 17782 Gel-Kayano 24 Running/Training Shoes mogochinese-17784 T799N.9690---New in Gel-Kayano Box--- 428d3e5 - blurrypron.com

    Asics 17782 Gel-Kayano 24 Running/Training Shoes mogochinese-17784 T799N.9690---New in Gel-Kayano Box--- 428d3e5
    Asics 17782 Gel-Kayano 24 Running/Training Shoes mogochinese-17784 T799N.9690---New in Gel-Kayano Box--- 428d3e5
    Man/Woman Spring Step Women's Debutante Crazy price, Birmingham Used in durability value , Nike Air Max 2016 Wmns Running Shoes Dark Purple Nike 806772 502 Size 10.5 New , Womens Nike Metcon DSX Flyknit 2 Size 9 (924595 002) No Box , Nike Air Huarache Run Ultra Women's Running Shoes White/White-Black 819151-102Women's Nike Air Huarache City Shoes -Size 7.5 -AH6787 400 Nike Womens Air Presto Flyknit Ultra - Hyper Turquoise Size 9.5 New , (912928-600) WOMEN'S NIKE AIR PRESTO SE SILT RED/PARTICLE PINK/BLACKAdidas Ultraboost 2.0 Clear Green Womens 8US Men’s 6.5US , Women's Nike Air Max 85 Running Shoes Sz 9.5Nike Air Max Sequent 2 852465-009 Womens Knit Running Shoes Black Jade & White , Nike Zoom Pegasus 35 Turbo 'Barely Grey' (AJ4114-060) Size 10 Worn Once! , Women's Nike Zoom Fly - "Triple Black" black/black (897821 003) Size 8.5 , (AH6787-003) WOMEN'S NIKE HUARACHE CITY BLACK/DARK GREYNike Women's Air Max Thea DB Size 6 NEW 726490 610 Doernbecher Addie Peterson , HOKA ONE ONE Women's Arahi Stability Shoe 7 B(M) USWomen Athletic Sneakers Nike Shoes Air Max Jewell SE PRM Gold White 896197100Brand New ASICS Running Shoes Women's Size 9-Trail Running ShoesNIB Free People X M4D3 army Satin Slip On Sneakers Thick White Rubber Sole 9.5Jambu Women's Cherry Blossom Mary Jane , Nike Air Force 1 '07 SE Moto White Yellow AT2583-100 Women's Size 8.5 , NIKE AIR MAX 1 ULTRA MOIRE WOMEN NEW W/O BOX!!!! , 1709 ADIDAS ORIGINALS TUBULAR VIRAL 2.0 WOMEN'S SNEAKERS SPORTS SHOES BY9747 , New Balance 574 Women's Shoes Beige/Brown/White WS574-PMA , Hoka One One Vanquish 3 Womens Running Shoes Midnight Navy / Spring Bud TennisNIB W AIR FOAMPOSITE ONE "Dark Stucco" AA3963 001 Women's sz 7.5 , DS Nike Wmns Air Rift Plus + women's 6 8 9 white 308673-111 barefoot retro 2005 , Nike Classic Cortez ALC Premium Terra Bush White AH5206-200 Women's Sz 7.5 8 NEW , NIKE AIR MAX 90 ID TRIPLE RED "RED OCTOBER" WMNS.SZ 7.5 (931896-994)New Balance Women's Fresh Foam Hierro v2 Shoes Green with Green & Pink ,
    Asics 17782 Gel-Kayano 24 Running/Training Shoes mogochinese-17784 T799N.9690---New in Gel-Kayano Box--- 428d3e5 - blurrypron.com>Asics 17782 Gel-Kayano 24 Running/Training Shoes mogochinese-17784 T799N.9690---New in Gel-Kayano Box--- 428d3e5 - blurrypron.com
    NIB Tory Burch Leather Sofia Buckled Riding Boots Regular Calf BLACK GOLD 8 M , Ladies Rieker Fur Topped Ankle Boots '72020'Women's Shoes L'Autre Chose Bronze Cracklé Thong Sandal Spring Summer 2018Square Toe Blue And White Printed Womens Rhinestone Flat Heels Elegant Shoes , 10 Crosby Derek Lam Sz 8 Shirin Snake Skin Ankle Strap Sandal Leather Mid Heel , Bottega Veneta Womens Sandals Wedges Size 36.5 6.5 Brown Leather Ankle Strap , Cole Haan Womens Shoes Size 6.5 Black Color Block Leather Platform Wedge Sandals , HAFLINGER Flair Smily 36/L 5 New! Torf/Earth , Mephisto NATALA Beige Leather With Snake Print , Asics Gel Lyte V Miami Pack shoes mens new sneakers H607N 7790Occident Mens Metal Decor Slip On Causal Slippers Mules Stone Pattern OxfordsNEW BALANCE 574 SPORT SZ 8.5 FRESH FOAM URBAN GREY MOONBEAM KHAKI GUM MS574EMGNike Air Max BW Ultra Special Edition Size 8.0 Men Team Red New Comfort Style , Men's/Women's jordan 5 wings Reasonable price luxurious high quality productImperial Men's Western short Leather Boot Black M670 Size 12 EE can fit 13 D NEWNew Russian (Soviet) VALENKI (WALENKI) felt boots work winter footwearSperry® for J.Crew Leather Chukka Boots Shoe Brown Size 9 M , SPERRY PINNACLE SEAMATE STS17599 CORAL RED (US.8.5 - CORAL RED) , MEN'S RUST BROWN PATENT LEATHER SLIP ON DRIVING MOCCASINS SZ 40 VERY GOOD CONDNunn Bush Men's Macallister Oxford - Choose SZ/ColorSanuk Men's Vagabond Tripper Grain Slub Slip-On Grey Slub Textile Slip-on Shoes , Clarks 'Swift Turn' Mens Black Wide Fit ShoesOLUKAI MENS SHOES KULANA BLACK SIZE 11.5 , WOMEN'S AIR FLIGHT '13 MID NIKE BASKETBALL SHOES SNEAKERS ELECTRO PURPLE SIZE 6 , Earth Women's Juniper Slip-On Dark Blush Soft Buck , RAG & BONE RB1 LOW TOP OFF WHITE LEATHER DESIGNER SNEAKERS SZ 9 NEW $325Embroider Leather Women Ankle Boots Pointed Toe Zipper 6cm/ 8cm Thin Heels NewWomens stylish ankle short zip Boots patent Leather block Heels shoes shoes New , Frye Veronica Slouch Boots CURRENT STYLE Size 7 GUC $368LAUREN by Ralph Lauren Womens Mesa Closed Toe Knee High Fashion Black Size 6.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Asics 17782 Gel-Kayano 24 Running/Training Shoes mogochinese-17784 T799N.9690---New in Gel-Kayano Box--- 428d3e5 - 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.

    Asics 17782 Gel-Kayano 24 Running/Training Shoes mogochinese-17784 T799N.9690---New in Gel-Kayano Box--- 428d3e5 - 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
    Asics 17782 Gel-Kayano 24 Running/Training Shoes mogochinese-17784 T799N.9690---New in Gel-Kayano Box--- 428d3e5
    Athletic Shoes
    >
    ;