Never miss an update

Vans 9.5 Classic Slip-On Winter Size Moss Skate Shoes Men's Size Classic 8 Women's 9.5 $75 386ee1e




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
Modified Item: No
US Shoe Size (Men's): 8 Country/Region of Manufacture: Vietnam
Shoe Height: Low Top Sub Style: Minimalist
Upper Material: Canvas Style: Skate Shoes
Color: Green Product Line: VANS Classic Slip-On
Euro Size: EUR 40,5 Width: Medium (D, M)
Brand: VANS Features: Slip On, Retro, Slip Resistant
Manufacturer Color: Winter Moss UPC: Does not apply
Never miss an update

Vans 9.5 Classic Slip-On Winter Size Moss Skate Shoes Men's Size Classic 8 Women's 9.5 $75 386ee1e - blurrypron.com

    Vans 9.5 Classic Slip-On Winter Size Moss Skate Shoes Men's Size Classic 8 Women's 9.5 $75 386ee1e
    Vans 9.5 Classic Slip-On Winter Size Moss Skate Shoes Men's Size Classic 8 Women's 9.5 $75 386ee1e
    New Balance Men's Mtl111 Ankle-High Suede Fashion SneakerMens Nike Air Flight Huarache Ultra 880856-001 Black/Black Brand New Size 8.5 , New!! Mens Nike Air Epic Speed Tr II Black/.Silver Athletic Shoes!(11.5)”852456”Nike Jordan Instigator Black/Grey/Mist White Men's Basketball Shoes Size 12Vans Classic Slip-On (MLB) Los Angeles Dodgers Size US 11.5 Men's VN0A38F7PQ0 , Nike Air Max Flair SE Mens AA4084-600 University Team Red Running Shoes Sz 8.5 , Adidas Originals Promodel Trainers Hi top boots Version Of The Adidas Superstar , Es Skateboard Shoes Accel Slim Ever Stitch BlackNike Lunar 180 Trainer SC Men's Size 9 New in Box NO Top Lid 630922 100Nike SB Zoom Blazer Vapor Textile Grey NIB Size US 9 Men's 902663 003 , SAUCONY FREEDOM RUNNER SUEDE BLACK WHITE ICE SOLE MENS SIZE SNEAKERS S40001-2 , Saucony Men's Omni 16 Running Shoe, Grey Navy, 11.5 M USNew Balance Men's 247 Luxe Shoes Tan with Grey & GreySaucony Men's Omni 16 Running Shoe, Grey Navy, 9 W USVans (Style 238) Native Suede Black NIB Size US 11 Men's VN0A3JFIQXP , Mens Nike Flyknit Trainer AH8396-500 Night Purple Brand New Size 11.5ADIDAS Zone Dox Field Hockey Turf Trainer Shoe Blue Orange Men's Size AQ6520 , Men's Under Armour Micro G Pulse Running Shoe - 1241978Asics Onitsuka Tiger Mexico 66 Vintage Coffee Fashion Sneakers,Shoes D2J4L-2912ASICS GEL LYTE MT Carbon Gray Blue Trail Running HL7Z1-9797 Mens Size 10MENS ADIDAS PRO MODEL in colors GRANITE / FTW WHITE / FTW WHITE SIZE 8.5 , Fred Perry Men's Hopman Suede Leather Trainers Shoes B6283-608 - Navy , Converse Chuck Taylor All Star Hi Cordura Brown White Men Shoes Sneakers 161430C , NIKE AIR GRIFFEY MAX 1 STEALTH 24 SEATTLE SEAHAWKS Sz 11.5 Blue Green 354912-102 , VIONIC Midi Slip On Shoe - Women's Size 6 GrayNike Lunar Magista II FK FC Flyknit Mens Soccer Shoe White Black Size 10Adidas Originals Men's PRO MODEL Shoes White/Easy Green BY3728 b , Adidas Prototype Formel 1 Retro S79170 Core Marathon Running Shoes Men's 12Reebok Royal Nova SUPRM Supreme Black White Men Running Shoes Sneakers CN5291 ,
    Vans 9.5 Classic Slip-On Winter Size Moss Skate Shoes Men's Size Classic 8 Women's 9.5 $75 386ee1e - blurrypron.com>Vans 9.5 Classic Slip-On Winter Size Moss Skate Shoes Men's Size Classic 8 Women's 9.5 $75 386ee1e - blurrypron.com
    Steve Madden "RAY" Women's Black 15" High Boot Size 10 New in Box!!! WOW!!!Aquatalia Women's Valeriee Suede - Choose SZ/Color , Ladies Rieker 45555 White Combination Casual Synthetic Slip On ShoesBarbour B.intl Monza Black Womens Wellington Boots - LRF0074BK11 , "Lola" - Size 40 Leather Ladies Shoes w/ 10cm Heel RRP $349.99 - BNIB! Bargain! , Skechers BOBS Women's Chill Luxe - Fancy Me Boat Shoe, - Choose SZ/ColorKlogs Bambi Women's Display Model Shoes Black Wigwam 6 M , Gentlemen/Ladies Imagine Vince Camuto Women's Casele Slipper Complete specification Moderate cost Don't worry when shopping$245 FOR ALL 7 MANKIND MARTY Camel Grey Suede Designer Heels Pumps 10Imagine Vince Camuto Women's Zahira Heeled Sandal - Choose SZ/ColorWomen's Waterproof Motorcycle Boot Monza by altimate , 2011 Nike Air Max LEBRON VIII 8 V/2 ALL-STAR TREASURE BLUE WHITE BLACK SZ 13 , NIKE MENS ZOOM TRAIN TORANADA AMP (RETAIL$150.00) , Under Armour Men's Threadborne Slingflex US 11 M Grey Textile Sneakers $100.00 , Man's/Woman's air fore 1 lunar force New varieties are launched Win highly appreciated fine , Nike Air Max Command Leather Men's Sneakers Shoes Sneakers Skyline 90 NewNike Air Jordan Retro IV Royalty Black Suede Gold Size 13 308497 032 , MENS N.Y.LUGZ GYPSUM COLOR: BLACK WHITE CHARCOALSUPER GORGEOUS!!! JOHN VARVATOS .MADE ITALY HARNESS BIKER RIDING MEN BOOTS 9.5US Shoe Size Premium Suede Leather Flexible Comfort Casual Dress Tan Oxford NewMens Tassel Leather Party Dress Casual Pointed Toe Slip On Oxford Loafers ShoesNIB Mens Mezlan Lund Leather Slip On Dress Shoes in Cognac and BonePleaser Pink Label Women's Anna 03 Ankle-Strap Flat Red Satin Flats , Sneakers Femme ETNIES Czar 2 Mid Purple WhitePropet Women's TravelActiv Mary Jane Black/White Heather Nylon Mesh/PolyurethaneADIDAS ORIGINALS WOMENS NMD CS2 PRIMEKNIT SZ 6.5 LINEN GREY CLOUD WHITE CQ2039 , PATRIZIA PEPE WOMAN SNEAKER SHOES FLORAL FANTASY LEATHER CODE 2V5679/AP12-X1EEPRADA women shoes Pink orchid stitched napa leather sneaker 1E344I 77F F0615Ellie Shoes Women's 609-Edgy Boot Black 8 M USDomenico Vacca White Patent Leather Elasticized Detail Heeled Boots Size 37 7 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Vans 9.5 Classic Slip-On Winter Size Moss Skate Shoes Men's Size Classic 8 Women's 9.5 $75 386ee1e - 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 9.5 Classic Slip-On Winter Size Moss Skate Shoes Men's Size Classic 8 Women's 9.5 $75 386ee1e - 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 9.5 Classic Slip-On Winter Size Moss Skate Shoes Men's Size Classic 8 Women's 9.5 $75 386ee1e
    Athletic Shoes
    >
    ;