Never miss an update

MENS MERRELL PHOENIX BLUFF GORE-TEX GORE-TEX WATERPROOF BLUFF OUTDOOR WALKING HIKING MENS SHOES cb3f2af




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Style: Hiking & Walking Shoes
Brand: Merrell Sole: SYNTHETIC
Material: LEATHER/TEXTILE Lining: TEXTILE
UPC: Does not apply
Never miss an update

MENS MERRELL PHOENIX BLUFF GORE-TEX GORE-TEX WATERPROOF BLUFF OUTDOOR WALKING HIKING MENS SHOES cb3f2af - blurrypron.com

    MENS MERRELL PHOENIX BLUFF GORE-TEX GORE-TEX WATERPROOF BLUFF OUTDOOR WALKING HIKING MENS SHOES cb3f2af
    MENS MERRELL PHOENIX BLUFF GORE-TEX GORE-TEX WATERPROOF BLUFF OUTDOOR WALKING HIKING MENS SHOES cb3f2af
    Men's Merrell Walking Shoes The Style Terramorph WTPF -W , Man/Woman Sneakers Munich Bicoloured Queensland Settlement Price Pick up at the boutiqueNike Dunk Low Canvas Mens Trainers AA1056 100 Sneakers Shoes CLEARANCE , Asics Gel-Lyte V Mens Running Trainers H6D2Y 9024 Sneakers Shoes CLEARANCEMens RIDGEPASS Black/Red Trainers by Merrell - Retail PriceSneakers Reeebok Club C 85 Popped PerfMen's/Women's Sneakers Converse leather Many varieties Has a long reputation Preferred boutique , Nike Tennis Classic Cs Mens Trainers 683613 107 Sneakers Shoes CLEARANCEGentlemen/Ladies Sneakers Lotto Suede Brown Clever and practical Ranked first in its class Different styles , Mr/Ms Sneakers Igi and Co Suede High quality and cheap the most economical Different styles , nike blazer mid vintage (GS) hi top trainers 539929 441 sneakers shoes , nike FC hypervenom 2 mid mens trainers 747140 500 sneakers shoes CLEARANCE , Mens MOUNTAIN DIGGS walking trainer By MERRELL RetailMen/Women Chaussure Saucony Jazz Original Packaging diversity real business , Shoes Submarine New Trafalgar Mid Leather Mesh sml710008 Mens White flag Sneaker , Nike Huarache Run GS Trainers 654280 104 Sneakers Shoes CLEARANCEMan's/Woman's High Sneakers Nike wholesale King of quantity Speed ​​refundGentlemen/Ladies Sneaker Vans Old Skool Complete specification range Latest styles Acknowledgement feedbackMan's/Woman's Adidas Sneakers Gazelle Fine processing special promotion Tide shoes listMens Merrell Annex GTX Gore-tex Leather Waterproof Trainer The Style - J32191 , Gentlemen/Ladies Sneakers Adidas Suede Reputation first Lush design Maintenance capability , Puma Ignite Flash evoKnit 190508 01 Mens Red Running Shoes Fitness TrainingGentlemen/Ladies Sneakers Reebok Classic Leather NBK Fashion pattern Medium cost Suitable for color , Shoes Colmar Renton AW 16 Drill Mid 011 Military Green Man Sneakers , Converse All Star Chuck Taylor White Golden 2017 ORIGINAL ITALIE 2018 ManADIDAS SUPERSTAR ORIGINALS men's shoes sports sneakers leather white walkingMen/Women Sneakers Adidas EQT Support ADV Fashion pattern discount business , Man/Woman Sneakers Adidas Deerupt Runner Bicoloured Quality queen Make full use of materials List of explosions , Converse All Star White Pink Glitter [Product Customized] Shoes Studded ,
    MENS MERRELL PHOENIX BLUFF GORE-TEX GORE-TEX WATERPROOF BLUFF OUTDOOR WALKING HIKING MENS SHOES cb3f2af - blurrypron.com>MENS MERRELL PHOENIX BLUFF GORE-TEX GORE-TEX WATERPROOF BLUFF OUTDOOR WALKING HIKING MENS SHOES cb3f2af - blurrypron.com
    Nine West Women's Jaen Leather Fashion Boot Black 8 M US , Demonia Women's Ran208/Bpu Boot, Black Vegan Leather, 7 M US , Steve Madden Women's Hansil Harness Boot Taupe Suede 8.5 M US , nike roshe LD-1000 QS mens trainers 802022 010 sneakers shoes , DOLCE & GABBANA Embellished Velvet Metallic Leather Heel , NWOB Schutz LIVINA Navy Blue Satin Slide Flat Mules Open Toe Size 10B , Clarks Men NADEL PEAK TAN LEATHER ANKLE BOOTS / 10Drew Women's Orchid Bone Soft Pebble Leather Comfort Shoes , Schutz Dubai Black Leather GLADIATOR Thick Heel Strappy Tassel Sandal , Badgley Mischka Kiara Brown Womens Shoes Size 7 M Heels MSRP $245 , Gentlemen/Ladies Brayer Brown Clarks Oxford Year-end special promotions Win the praise of customers Different styles , Steve Madden Shoes Slip On Espadrilles Denim Stars Blue White Talan Size 7 New , NWOB Gianvito Rossi Black Leather Pumps w/Ankle Strap/Shoes Sz 38.5Men's/Women's Haflinger Women's Andrea Bali Leather Slides Reasonable price Upper material Very good colorRALPH LAUREN Purple Label Women's Black Woven Platform Sandals $695 NEWNIKE Cleats Football Soccer Shoes Size 12.5 White & Black , Under Armour Rapid Mens Running Shoes Fitness Gym Workout Trainers NavyVANS Indian pattern Sneaker 26 from japan (1903 , Air Jordan Collezione 16 / 7 Size 13 COUNTDOWN DMP DEADSTOCK CHICAGO HARE BREDMezlan 6704 Mens Marcet Slip-on Loafer 13US- Choose SZ/Color. , NEW Florsheim Shoes Men's 8 1/2 C Brown Mocha Nevada Loafer Model 33223 NIBJACK ERWIN Sz 11 Mens Loafers Leather Dress Shoes , Madeline Women's Wishes Open Toe Shootie Butterscotch Synthetic ZipperRyka Women's klick Sneaker, Black/White, 12 M USNEW Women's Nike Air Force 1 SF AF1 Mid "The Force is Female" AJ1698-600 WineNike Cortez Basic SL GS Forrest Gump OG Varsity Red Women Kid Shoes 904764-103ASICS Running Shoes LADY GEL-KAYANO 24 Wide TJG759 Prune Pink Glow US10(26.5cm) , Gentleman/Lady Adidas Superstar White/Pastel Green/White (WS) (CG2885) Special price delicate high quality product , Sam Edelman Women's Hazel Pointed Toe Stiletto Heel Pump Black Patent , SPLENDID 205156 black w/ studs suede ankle booties sz. 5.5 M NEW!
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    MENS MERRELL PHOENIX BLUFF GORE-TEX GORE-TEX WATERPROOF BLUFF OUTDOOR WALKING HIKING MENS SHOES cb3f2af - 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.

    MENS MERRELL PHOENIX BLUFF GORE-TEX GORE-TEX WATERPROOF BLUFF OUTDOOR WALKING HIKING MENS SHOES cb3f2af - 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
    MENS MERRELL PHOENIX BLUFF GORE-TEX GORE-TEX WATERPROOF BLUFF OUTDOOR WALKING HIKING MENS SHOES cb3f2af
    Athletic Shoes
    >
    ;