Never miss an update

Merrell Choose Men's Downtown Backstrap Backstrap Buckle Sandal - Choose SZ -/Color 0cd11b2




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
Brand: Merrell
Style: Sandals Manufacturer: Merrell
Size Type: Regular MPN: DOWNTOWN BACKSTRAP BUCKLE-M
US Shoe Size (Men's): Multiple Variations Model: DOWNTOWN BACKSTRAP BUCKLE-M
Never miss an update

Merrell Choose Men's Downtown Backstrap Backstrap Buckle Sandal - Choose SZ -/Color 0cd11b2 - blurrypron.com

    Merrell Choose Men's Downtown Backstrap Backstrap Buckle Sandal - Choose SZ -/Color 0cd11b2
    Merrell Choose Men's Downtown Backstrap Backstrap Buckle Sandal - Choose SZ -/Color 0cd11b2
    Sanuk Beer Cozy Ultra Mens Flip Flop- Choose SZ/Color.Rockport Men's Darwyn Quarter Strap Sandal - Choose SZ/ColorFila Mens Massaggio Slippers Casual Sandals- Pick SZ/Color. , STACY ADAMS Men's Bridgeport Closed Toe Fisherman Sandal - Choose SZ/ColorUnder Armour 1287207-104 Mens Curry III SL Slide Sandal (9M- Choose SZ/Color. , CLARKS Men's Balta Sun Flip-Flop, Navy Synthetic, 8 Medium US , FitFlop 565 Mens Surfer Super Cushioned Flip Flop- Choose SZ/Color. , Dunham Men's Newport Slide Flat Sandal - Choose SZ/ColorSanuk SMF1001-CHR-11 Mens Vagabond Sandals - 11- Choose SZ/Color.OluKai Mea Ola Sandal - Mens Dark Java/Dark Java 11Rockport Men's Darwyn Quarter Strap Platform Slide Sandal, Black Leather, 9.5 M , Dr. Martens Jorge II Dark Brown Sandal - Choose SZ/ColorReef RF-0A2YFRSAN-110 Mens Voyage Le Flip Flop- Choose SZ/Color.FitFlop Men's Gogh Moc Adjustable Slide Sandal, Chocolate Brown, 11 M US , Rockport H80307 Mens Darwyn Slide Sandal- Choose SZ/Color. , Man's/Woman's FitFlop Mens Surfer Sandal- Pick SZ/Color. service Pleasant appearance Beautiful and charmingDunham Men's Nolan-Dun Sandal,Tan,8 D USDr. Scholls Mens Gordon Fisherman Sandal, Brown, 11 M US , Columbia Men's Tango Thong II Athletic Sandal - Choose SZ/ColorDockers Mens Devon Outdoor Sport Sandal Shoe - Choose SZ/ColorOLUKAI Men's Mea Ola, Dark Java/Dark Java, 10 D-Medium , Man/Woman Teva Langdon Flip Flop - Men's Queensland Comfortable touch Contrary to the same paragraph , Under Armour Men's Curry IV Slide Sandal - Choose SZ/ColorCrocs Bistro Realtree Edge Work Clog - Choose SZ/Color , Vionic New Men's Neil Sport Sandal Dark Brown 11 , crocs Men's Swiftwater Leather Moc Flat, Espresso/Black, 11 M USPolo Ralph Lauren Men's RODWELL Slide Sandal, - Choose SZ/Color , Rockport Mens Darwyn Thong Flip Flop- Pick SZ/Color.Dr. Scholls Mens Gordon Fisherman Sandal, Brown, 12 M US ,
    Merrell Choose Men's Downtown Backstrap Backstrap Buckle Sandal - Choose SZ -/Color 0cd11b2 - blurrypron.com>Merrell Choose Men's Downtown Backstrap Backstrap Buckle Sandal - Choose SZ -/Color 0cd11b2 - blurrypron.com
    Bandolino Women's Terusa Chelsea Boot,Portobello,8 M US , STUNNING!*Tory Burch Jenna Amanda Genuine Suede Riding Boots Size 9 Sold OutAbba Flat Heel Ankle Women Leather Boots - BrownGeox Women D Nebula C Low-Top Sneakers,Black BLACKC9999, 41 UKBoots DOLCIS Brown Leather T 42 VERY GOOD CONDITIONGiesswein Womens Schwaig Slip On Blue Size 5.5-6Caprice damen-slingback- Court Shoes, 29699, White, Width GAerosoles Women's Silver Star Pump, Black Suede, 7 M US , Brand New Quality PAOLO Brand RED POLKA DOT 4 & 3/8" STILETTO HIGH HEELS w/strapWomen's Genuine Leather Camellia Flower Slides Beach Sandals Size 5-12 3 Color , Benjamin Walk Reagan - Color - GoldMAX MARA Women's Mito Black Leather & Snakeskin Sandals $625 NIBNike 628533 Mens Air Rival III Golf Leather Low Top Shoes Cleats , Adidas Tour 360 Mens Golf Shoes White & Red Size 12 D USA Thintech Traxion [email protected]@K , NIKE JORDAN FLY UNLIMITED BLACK ANTHRACITE BASKETBALL AA1282 010 MENS SIZE 9Man's/Woman's DIADORA TITAN II GOLDEN High quality and cheap the most economical Direct business , NEW NIKE AIR FORCE 180 VOLT BLACK NEON SZ 12 310095 012 BARKLEY CB34 , Nike Magista Obra 2 Elite DF FG White Soccer Cleats AH7301-107 Size 7-7.5Nike Air Force 25 Size 11 Be True To Your School Rare , Giuseppe zanotti ru4071 Circle Chain SZ 9 (42) $1795 London TR Uomo VeronicaVlado Men's Elite Slip-on ShoeDr Comfort Brian Leather Diabetic X-Depth Black Velcro Shoes Size 10.5Mens Fashion British Rivet Round Toe Slip On Loafers Korea Style Leather Shoes , adidas CrazyTrain Elite W Black Tech Silver Pink Women Training Shoes BA7973 , NEW MADDEN GIRL CASTTT COGNAC TALL RIDING BOOTS WOMENS 6 ZIPPER BACK , BOC Born Concept Mahers Western Dark Brown Riding Boots Z05323 Womens 9.5 M NEWGentleman/Lady Le Talon Shoes 758298 Brown S New product Win highly appreciated negotiationGiancarlo Paoli Black Leather Zippered Mid Calf Boot Size 40 , Man/Woman Aldo Women's Mykala Ankle Bootie Promotion Let our goods go to the world Rich on-time delivery , adidas Originals Women's Superstar Glossy Toe W Fa - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Merrell Choose Men's Downtown Backstrap Backstrap Buckle Sandal - Choose SZ -/Color 0cd11b2 - 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.

    Merrell Choose Men's Downtown Backstrap Backstrap Buckle Sandal - Choose SZ -/Color 0cd11b2 - 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
    Merrell Choose Men's Downtown Backstrap Backstrap Buckle Sandal - Choose SZ -/Color 0cd11b2
    Sandals
    >
    ;