Never miss an update

* MEN*STEELTOE** KEEN UTILITY SHOES SHOES MEN SIZE 12 12 BROWN LEATHER 0362650




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: SCRATCHES/SCUFFS ON SIDE OF BALANCE ONLY
Brand: Keen Style: safety
Material: Leather Color: Brown
US Shoe Size (Men's): 12 Width: Medium (D, M)
Euro Size: EUR 47
Never miss an update

* MEN*STEELTOE** KEEN UTILITY SHOES SHOES MEN SIZE 12 12 BROWN LEATHER 0362650 - blurrypron.com

    * MEN*STEELTOE** KEEN UTILITY SHOES SHOES MEN SIZE 12 12 BROWN LEATHER 0362650
    * MEN*STEELTOE** KEEN UTILITY SHOES SHOES MEN SIZE 12 12 BROWN LEATHER 0362650
    TUK GRAY BLACK ZEBRA STRIPE CREEPER SNEAKERS A7555 UNISEX 10 / 12 43 NOS PUNK , Wooden Watches Top Gift Auto Date Zebra Wrist Watch for Men and Women , SPERRY Top-Sider - STS14569 - Men's Boat Shoes - Black Canvas Fabric - Size 8.5 , NEW SPERRY HAMILTON VENETIAN BROWN LEATHER MOCCASIN SHOES MENS 7.5 LOAFERS , Redback Walkabout Black Leather Steel Toe Work Shoes Size 12U.S. Polo Assn. STUART PLAIN TOE . Mens Stuart Plain Toe OxfordNEW Converse Chuck Taylor PC Cross Hi Mens Size 10 Shoes Sneakers Red Black NIB , British Men Rivet Zip Woven Leisure High Top Oxfords Flat Leather Shoes Flat NewSkeleton Automatic Mechanical Steampunk Watches - ManChDa Men's Big Case...adidas Mens - ZX 8000 BOOST Casual Mens Trainers B26370Globe Pulse Size 7.5 US Black Charcoal Running Skateboard Shoes SneakersSanBHRN Mens Chiba TX Loafers 9- Choose SZ/Color. , Thorogood 6" Station Quick Release CT (804-6034) Safety Toe Boots Men 7W /Wmn 9W , Fred Perry Fletcher Suede (B3174) Authentic Shoes Men's Size 10 - 43 New , New NIKE Flex Size 13 M 2017 RN Hyper Orange Men’s Running Shoes RETAIL $85 , ROCKPORT Men's Burgundy Classic Moc Toe Kiltie Tasseled  Slip On Loafers SIZE 10 , CLARKS Men's Charton Mix Sneaker, - Choose SZ/ColorSperry Top-Sider Mens 7.5 M Leeward 2-Eye Navy Tan Leather Boat Shoe NEW , Tretorn Men's Camden3 Sneaker - Choose SZ/ColorMen/Women SNEEKER-250 Elegant and sturdy set meal a variety of Authentic guaranteeGUESS Mens Shoes, Trippi Hi-Top Sne 10.5Shoes U. S. Polo Assn. martin suede blue leather us , TUK BLACK LEATHER LEOPARD CREEPER SNEAKERS A8119 MENS 12 NOS PUNKCalvin Klein Mens Balthazar 2 White Sneakers Shoes Size US 13 F9318NEW Converse Star Player Pro Mens Size 9 Mid Shoes Sneakers Black White 147509C , Sam Edelman Mens Curtis Slip On Shoes Loafers Tassel Suede Leather Green US 9New Men's Levi's Mason 501 PG Low Top Sneakers Charcoal - Brown Size 10 New! , Man's/Woman's ASICS Men's GEL-Fortitude 7 Running Shoe High security stable quality Fashion versatile shoesHugo Boss Mens Spacit Sneakers 50247632 size 40 ,
    * MEN*STEELTOE** KEEN UTILITY SHOES SHOES MEN SIZE 12 12 BROWN LEATHER 0362650 - blurrypron.com>* MEN*STEELTOE** KEEN UTILITY SHOES SHOES MEN SIZE 12 12 BROWN LEATHER 0362650 - blurrypron.com
    Pleaser High Heels Size 9 Orange NeonBebe Black Suede Stilettos Size 6 NEVER WORNPhilippo Raphael Designer Pink Pom Pom Sandals Size 41/10Skechers Women's Cleo-Ray of Sunshine-Engineered Knit Skimmer Ballet FlatJCrew $138 Denim Ankle-Wrap Flats Sz 6.5 Crisp Azure G0917 Blue Black Shoes newGiorgio Armani Leather Slingback Pumps Low Heels Strappy Sandals Sz 38/US 7 1/2PLEASER ADORE-708HMG High Heel Platform Ankle Strap Sandal Lavender Mini Glitter , Ivanka Trump Women’s Galant 2 Beige Slingback Dress Pump Heels Size US 6.5MGianvito Rossi Gold Leather Round Toe Ankle Strap Pump IT37/US7~ RTL$795Eastland Women's Newport Slip On , Saucony Shadow Original Suede Blue/Gold Sneakers Men's US 9 (N3,3) , 26 New Nike Zoom Rotational 6 Track&Field throwing shoes Blue 685131-413 SZ 9.52012 NIKE DUNK LOW PRO PREMIUM SB LEVI'S DENIM BLACK RED BRED 573901-001 NEW 12 , Bogs Men's Stockman Seamless Waterproof Insulated Composite Toe Work Rain BootsTOTO V0903- 3 Inches Elevator Height Increase Slip-On Moc-Toe Loafers , Vans Unisex Old School Fashion Sneaker (13 B(M) US Women / 11.5 D(M) US Men) , US Shoe Size Premium Suede Leather Flexible Comfort Casual Dress Tan Oxford New , men's shoes D' ACQUASPARTA 10 () sneakers burgundy leather AB875-DMan's/Woman's Men's Clarks Formal Shoes Drexlar Time Complete specification a good reputation in the world Outstanding styleBlack Snakeskin Pointy toe Fashion Mens Pointy Toe Oxfords Leather Retro Shoes , ASICS GEL Upcourt 1 - White - WomensNike W Nike Free TR Focus Flyknit Cross Training Wmns Shoes Blue 844817-402 , NEW Nike Air Max 90 Premium 896497-001 Womens Shoes Trainers Sneakers SALE , Adidas Superstar Slip On W Womens S81338 White,White,CBLACK Womens Size 10.5 , Mizuno Wave Impetus 4 (W) Black/Silver/Light Red Sportstyle Running J1GD161303 , New Lugz Womens Black Snow Boots Size 7ASICS GEL-Nimbus 20 Womens Running sneakers T850N-400 MSRP:$160 , Vasque St Elias GTX Brown Hiking Women's Boot 8WVINTAGE ZODIAC 675 BULLETT 8 M ACCORN BROWN LEATHER SLOUCHY COWBOY BOOTS LADIESFrye Dorado slouch cuffed brown tan leather fold-over heeled boot size 8M 77580
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    * MEN*STEELTOE** KEEN UTILITY SHOES SHOES MEN SIZE 12 12 BROWN LEATHER 0362650 - 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*STEELTOE** KEEN UTILITY SHOES SHOES MEN SIZE 12 12 BROWN LEATHER 0362650 - 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*STEELTOE** KEEN UTILITY SHOES SHOES MEN SIZE 12 12 BROWN LEATHER 0362650
    Casual Shoes
    >
    ;