Never miss an update

Saucony (C1,11) Omni 16 Grey/Blue Grey/Blue Running Shoes 6.5 Women's US 6.5 (C1,11) 2624465




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Some wear on soles Slight , Good condition
Brand: Saucony Product Line: Saucony Omni
Width: Medium (B, M) US Shoe Size (Women's): US 6.5
Color: Blue Style: Running Shoes
UPC: Does not apply
Never miss an update

Saucony (C1,11) Omni 16 Grey/Blue Grey/Blue Running Shoes 6.5 Women's US 6.5 (C1,11) 2624465 - blurrypron.com

    Saucony (C1,11) Omni 16 Grey/Blue Grey/Blue Running Shoes 6.5 Women's US 6.5 (C1,11) 2624465
    Saucony (C1,11) Omni 16 Grey/Blue Grey/Blue Running Shoes 6.5 Women's US 6.5 (C1,11) 2624465
    Fila Size 6.5 MEMORY PILOTA Grey Mint Leather Slip On Sneakers New Womens ShoesNWOB Women's Nike Tennis Classic Ultra' Flyknit Sneakers 833860 400 SZ 7NIB PUMA Women's PUMA X DAILY PAPER WHITE COURT PLATFORM K SIZE US 6 119$Skechers Go Walk 4 Achiever Gray White Women's Sneaker Shoe NewWomen's Nike Roshe Two Flyknit Shoes NEW Black/Blue/Volt/White, MSRP $130 , Women's Nike x Serena Williams Blazer Mid Prm QS Shoes -Sz 10.5 -700869 100 -New , NIKE WOMEN'S LUNARTEMPO 2 SHOES SIZE 12 aluminum black blue 818098 408 , VANS ISO 1.5 (Moroccan Geo) Classic White UltraCush Trainer MEN'S 7 WOMEN'S 8.5 , NEW BALANCE TRAIL RUNNING COURSE EN SENTIER WT510BB SIZES: 6 - 7.5WOMENS SKECHERS GO WALK 3 WALKING SHOES SN14038 BLACK -SEE SIZES (222)Gentleman/Lady Crocs Women's Eve Slingback Black Flats Louis, elaborate online shop Caramel, gentle , VANS SK8 Hi (Geo Weave) Eclipse Blue Classic Skate WOMEN'S 8.5VANS Runner Lilac Snow Pink UltraCush Trainer WOMEN'S 8Dr. Scholl's Shoes Women's Madison Fashion Sneaker, White Luna Knit, , Nike ROSHE NM FLYKNIT QS Running Shoes 846200-400 Women's USA Edition Limited 8 , Reebok Furylite New Woven Alloy/Green-Opal V68869 Women's SZ 7.5 , NIKE WOMENS FLEX TRAINER 7 TRAINING SHOES , NEW NIKE FLEX EXPERIENCE 4 Running Womens 6.5 (5Y) 749818 007 Black Volt PinkWomen's Nike LunarGlide 8 Shield Running Shoes NEW Green/Hasta/Bronze, MSRP $135Nike Women's 725060 Ankle-High Fabric Fashion Sneaker , New Balance womens shoes W990KM3 Koman sneakers pink 990 Made in the U.S.A. WIDENike Womens Free Run Track Running Sneakers Size 9.5 Orange Black EUC , NIB PUMA Women's Fierce QUILTED PEACOAT NAVY / WHITE SIZE US 6 129$ , Vans Classic Slip On Suede Fleece Black Women's 9 Men's 7.5 Skate Shoes NewADIDAS ORIGINALS STAN SMITH WOMENS TRAINERS SHOES BB3713 NEW SIZE 8ASICS Gel-Resolution 7 Clay Court Athletic Shoes - Women's Size 9.5 - WhiteNEW - SKECHERS Side Street Rocksteady Women's Gray Suede Snake Rise Fit SneakerDiesel Kianna 102100006355 Blch/Scllop Casual Women Shoes , under armour Escape Reflect Athletic Shoes US 10 ,
    Saucony (C1,11) Omni 16 Grey/Blue Grey/Blue Running Shoes 6.5 Women's US 6.5 (C1,11) 2624465 - blurrypron.com>Saucony (C1,11) Omni 16 Grey/Blue Grey/Blue Running Shoes 6.5 Women's US 6.5 (C1,11) 2624465 - blurrypron.com
    Mr/Ms Womens Snip Toe EEL Boots Red Comfortable feeling special function Breathable shoes , Asics Onitsuka Tiger Mexico 66 Triple Black Retro Men Women Sneakers D7C3L-9090Alexander Wang RUNWAY Kolfinna leather Over-the-knee Boots High BNIB , CHAMPION CHAUSSURE CHELSEA LOW - BS501NVY - 43 (8052785821181) , ASICS gel-zaraca 4 in black/white/silver size US6 RRP$129 , Nike Wmns Superflyte Hot Punch Red Women Running Shoes Sneakers 916784-600 , Duca di Morrone Shoes Men Ankle boots Brown 83692 BDT ORIGINAL , AUTHENTIC CHRISTIAN LOUBOUTIN MISS ZORRA PUMPS 3120859 BLACK GRADE AB USED -AT , Womens Poetic Licence Schools Out Black Red Mid Heel Shoes Shu SizeNew Dansko DENI Studded Fringe Clog Mule Womens 40 Leather Nubuck Olive NIB $160 , Men's/Women's clarks wedge sandals 8 High quality and cheap Has a long reputation Complete specifications , Not Rated Trafalgar Square Women US 10 Black SandalsASICS GEL VENTURE 6 T7G6N 9790 CARBON BLACK PINK WOMEN SHOES SIZE 5.5 TO 8 , VN08G1R0T Vans Men Old Skool - Neoprene white yellow , Nike Men's Roshe Run Running Shoes (511881 023)Adidas Tubular invader trainers sneakers shoes S80244 eu 42 us 8.5 NEW+BOXCONVERSE ONE STAR OX CT ALL STAR SUEDE LOW MEN SHOES PURPLE 158475C SIZE 10 NEWNike Max ultra essential 2 mens sneakers Size 13NIKE ROMALEOS 3 WEIGHTLIFTING SHOES BLACK-WHITE SZ 14 [852933-002]Mens ASICS HYPERGEL KENZEN Black Textile Running Trainers T8F0N 9023Men’s NIKEiD AIR PRESTO Running Shoes Sz 10 Wolf Grey/White-Mega Blue 846438-996Adidas NMD_XR1 PK Primeknit Core Black/Grey/White Men's Running Shoes BY1910 , NEW ADIDAS NMD R1 RUNNING SHOES CORE BLACK RED WHITE BB1969 MENS SIZE 9Air Jordan 13 XIII Retro Low Brave Blue Mens 310810-407 Basketball Shoes Size 8 , ETNIES Skate Shoes MARANA X HOOK UPS BURGUNDY'Excellent Condition" Adidas x StarWars 2011 Darth Vader ZX800 US 11 Sneakers , Womens Nike Lunar Control Vapor Golf Shoes White SZ ( 849979-100 )( 866107-100 )Alden Brown Men's Shoe Size 10.5 B/D , Urban Outfitters Ecote Brown Suede MidCalf Boots Sz 7M Compare at $79City Classified Women's Slouchy Western Ankle Bootie ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Saucony (C1,11) Omni 16 Grey/Blue Grey/Blue Running Shoes 6.5 Women's US 6.5 (C1,11) 2624465 - 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.

    Saucony (C1,11) Omni 16 Grey/Blue Grey/Blue Running Shoes 6.5 Women's US 6.5 (C1,11) 2624465 - 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
    Saucony (C1,11) Omni 16 Grey/Blue Grey/Blue Running Shoes 6.5 Women's US 6.5 (C1,11) 2624465
    Athletic Shoes
    >
    ;