Never miss an update

Men's Brand New mogochinese-29999 Puma 29992 Clyde Away Athletic Brand Fashion Sneakers [363465 01] ab07fd8




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
Style: Athletic Sneakers
Idset_Mpn: 363465-1 Color: White/Black
Gender: Men's Brand: Puma
Never miss an update

Men's Brand New mogochinese-29999 Puma 29992 Clyde Away Athletic Brand Fashion Sneakers [363465 01] ab07fd8 - blurrypron.com

    Men's Brand New mogochinese-29999 Puma 29992 Clyde Away Athletic Brand Fashion Sneakers [363465 01] ab07fd8
    Men's Brand New mogochinese-29999 Puma 29992 Clyde Away Athletic Brand Fashion Sneakers [363465 01] ab07fd8
    Nike Classic Cortez Leather Forrest Gump White Red Blue 749571-154 Men's 7-12 , NIKE AIR HUARACHE RUN PREMIUM SZ 8.5 DARK GREY BLACK REFLECTIVE PRM 704830 007 , Converse One Star Wolf Grey Suede Adult Trainers , Adidas CF Racer MID WTR CG5695 Men's Sneakers , Nike Roshe One SE Running Mens Shoes White White 844687-100 , Nike Jordan Mens Jordan Velocity Basketball ShoesAdidas BB6917 Duramo 9 Running shoes black white SneakersMENS REEBOK RAIL "SAN ANTONIO SPURS" GREY / TEAL / PINK / WHITE / BLACK SZ 11.5MERRELL BARE ACCESS TRAIL US 10.5 Men's Trail Running Shoe , Nike Mens Free Trainer V7 Week Zero University Of Michigan Wolverines Shoe , Brand New Vandal High Supreme Men's Athletic Fashion Sneakers [318330 400] , Nike Roshe Two Flyknit 2 men lifestyle sneakers NEW black crimson 844833-006NIKE FLYKNIT RACER Mens sneakers 526628-304 MSRP:$150Nike HypervenomX Proximo II ACC IC Indoor Soccer Cleats Shoes TF Red Mens Size 9Nike NikeLab Blazer Studio Low 904804-100 Men's size 12.5 US , Nike Free Run 2 Men's Shoes Size 8Adidas B41550 Forest Grove Running shoes black white sneakersBrand New Saucony Men's Athletic Fashion Sneakers [S70351-1]Men's Brand New Classic Traditionnels Athletic Fashion Sneakers [M997DC2] , Adidas Men's Sneakers Baseline Low Shoes Sneakers Men's Shoes Casual ShoesAdidas AH2108 Men Adizero Club TW Tennis shoes silver black sneakersNike Men's Air Jordan WHY NOT ZER0.1 TRIPLE DOUBLE Shoes Black AA2510-015 cMens Nike Zoom Kobe Venomenon 5 JOKER sz 12 Black Elite 749884-005 6 7 8 9 10 11Supra Men Skytop Burgundy White 08002-650-M Men SHOES SIZE 8 TO 11.5 , NIKE AIR FORCE ONE HIGH TOP SNEAKERS / MEN'S SHOES DARK BROWN SIZE 9.5 , NIKE AIR FORCE 1 FOAMPOSITE CUP TRIPLE BLACK SZ 10 [AH6771 001] , Nike Air Max Tail Wind 6 Men's Shoes , Mizuno Thunder Blade [V1GA177009] Men Volleyball Badminton Shoes White/Black , Nike Lunarglide 8 Men’s Size 8.5 Blue Black Running Training Shoes 843725-403 ,
    Men's Brand New mogochinese-29999 Puma 29992 Clyde Away Athletic Brand Fashion Sneakers [363465 01] ab07fd8 - blurrypron.com>Men's Brand New mogochinese-29999 Puma 29992 Clyde Away Athletic Brand Fashion Sneakers [363465 01] ab07fd8 - blurrypron.com
    Diesel Shoes D-String Low Fashion Men Blue New , Adidas Men's Galaxy 3 Running Shoe - Blue/Navy/White US Sizes , MAISON MARTIN MARGIELA split toe white leather high heel shoes tabi boots 36 NEW , Diesel Active Mens Leather Shoes Sneakers Brown Size 11US 44.5EUR NewNIKE WOMENS FLEX RN BLACK WHITE BLACK SHOES 2018 **ALL SIZES BEST SELLER , snake skin 7.5 m cowboy cowgirl boots great condition see all pics great conditNEW Arche Women's Red Burgundy Maroon Suede Laius Leather Flat Size 35 - 5 , Rocky 4EurSole Womens 6-6.5 37 W Nursing Clogs Shoes Black Leather 3 In 1 RH001 , Katy Perry Women's The Suzanne Pump Mulberry Satin Size 6.0 tdZ2Clarks Heavenly Heart Pumps-Women's sz 7M BlackCOLE HAAN SNAKE EMBOSSED LEATHER PLATFORM PUMP Comfort Insole Size 6B ANB , NIB Christian Louboutin Signifiamma 100 Black Chain Mesh Bootie Heel 35.5 $1495Fabulicious Women's Amour 03 White Satin/Fur Sandals , Nike Free Inneva Woven Sport Grey/Total Crimson-Sail 579916-006 SZ 8.5Men's Nike SB Delta Force Vulc 942237 001 Cool Grey Skateboard Shoes Size 10 , PUMA Mens Tsugi Blaze Evoknit Sneaker- Pick SZ/Color.NIKE AIR ZOOM FLY 2 MEN'S MULTIPLE SIZES NEW/BOX BRIGHT CRIMSON 707606 607Mens Nike PG 1 878627-009 Wolf Grey/Wolf Grey Brand New Size 8.5Man's/Woman's Lebron 6 MVP Size 15 Not so expensive Modern and stylish fashion Complete specificationsAdidas Pharrell Williams Solar HU NMD Authentic Sz 10 Brand New Never WornKlogs Dusty Unisex Clogs Black - 7 Wide , Puma 35823802 PUMA Mens 50/50 PP High Risk Red/Limest SneakerD (M)MINTY 8.5 M SPERRY TOP SIDER KILTIE BROWN CLASSIC BOAT MENS SHOES 0673913Gentlemen/Ladies Chaco Elias Sandal - Choose SZ/Color Easy to clean surface First batch of customers Current shape , Converse Chuck Taylor All Star Lift Ox Women's Sneaker Shoes Gold/Black 560249CNIKE Women's Hermosa Mule *Vintage* White Canvas Shoes 143028-111 Sz 8 Rare 90'sNIKE CLASSIC CORTEZ LEATHER ARCTIC ORANGE/METALLIC GOLD WOMEN'S 8 [807471-800]1804 adidas PHARRELL WILLIAMS TENNIS HU Women's Tennis Shoes DB2558ADIDAS NMD R2 SHOES BY8691 US WOMENS SZ 5-11 kanye , Fashion Women Short Boots Solid Suede Real Rabbit Fur Shoes Hot Winter Snow Boot ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's Brand New mogochinese-29999 Puma 29992 Clyde Away Athletic Brand Fashion Sneakers [363465 01] ab07fd8 - 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.

    Men's Brand New mogochinese-29999 Puma 29992 Clyde Away Athletic Brand Fashion Sneakers [363465 01] ab07fd8 - 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
    Men's Brand New mogochinese-29999 Puma 29992 Clyde Away Athletic Brand Fashion Sneakers [363465 01] ab07fd8
    Athletic Shoes
    >
    ;