Never miss an update

Reebok mogochinese-20921 Work RB1975 LeeLap Steel Safety Toe 20918 Navy Retro Suede Retro Jogger Oxfords 13 M 4d9eac9




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: Excellent condition. just a few times. Have some small cosmetic imperfections (scuffs, scratches etc). Please see the pictures.
Style: Work & Safety Features: Electric Hazard Safety Standard, Cushioned, Steel Toe
US Shoe Size (Men's): 13 Brand: Reebok
UPC: Does not apply
Never miss an update

Reebok mogochinese-20921 Work RB1975 LeeLap Steel Safety Toe 20918 Navy Retro Suede Retro Jogger Oxfords 13 M 4d9eac9 - blurrypron.com

    Reebok mogochinese-20921 Work RB1975 LeeLap Steel Safety Toe 20918 Navy Retro Suede Retro Jogger Oxfords 13 M 4d9eac9
    Reebok mogochinese-20921 Work RB1975 LeeLap Steel Safety Toe 20918 Navy Retro Suede Retro Jogger Oxfords 13 M 4d9eac9
    Globe Men's Motley Skate Shoe - Choose SZ/color , Kodiak Men's Vista Black Winter Boots 10MMens Size 9.5D Vintage CORCORAN Military Combat Cap Toe Boots. , Vintage DAN POST Mens Brown Exotic Lizard & Leather Cowboy Boots Size 7.5 USASTEWART USA 1977 Mens Cowboy Boots US size 7 D Medium Vintage Leather WesternTony Lama Men's Western Boots Shrunken Shoulder Leather Western EUC Sz 9D , Tony Lama 8 1/2 Smooth Ostrich Cordovan Burgundy Leather Cowboy Boots USA MadeLugz Huddle Chocolate Bark Work Boot Size 7 DNEW Genuine Leather Service / Work Boots, Brown, Size 16 M US, 49 M European , MEN'S NOCONA BUCK SKIN SHADE LEATHER WESTERN BOOTS SIZE 7.5 B EUC , Justin Boots Vtg 3113 Peanut Brittle Exotic Iguana Western Roper Boot Mens 11D , VTG MENS NOCONA COWBOY LIZARD PRINT LEATHER BROWN BOOTS SIZE 9.5DLugz Huddle Chocolate Bark Work Boot Size 9.5 D , Vtg Florsheim Imperial Men 9 D Black Leather Side Zip Hipster Beatle Ankle Boots , Russian Soviet Army Military Soldier Uniform Jack Boots WW2 TypeMens 10 43 Havana Joe Panama Jack 0201 Chukka Ankle Boots Waterproof Spain BrownDakota North Bay STSP Men's Black/Yellow Work Boots 13M , SKECHERS Waterproof Brown Leather Work Boots Men's Size 10.5Mens Laredo Hoxie 62009 Black Leather Zipper Mid Calf Boots Size 8EWLevi's Mens' Richmond Denim Black Fashion Boots Shoes Size 13 Save $50!! , Belleville Men's Boots Sabre C333 Tan Hot Weather Coyote Tactical Sz 5.5 WTony Lama Mens Vintage Lizard Skin Cowboy Boots Gray Leather Texas USA Size 9 DTony Lama Bull Hide Leather Tall Cowboy Western Boots Size 8.5 D , Steve Madden M-Dawson Mens Brown Suede Casual Dress Slip On Boots Shoes , Mens Brown Leather Angle Boots by Property Made in Italy Size 10 , Kodiak Men's Vista Black Winter Boot 8M , Converse Leather Black Unisex Ankle STEEL TOE Work Safety Boots Mens 7 W / W9W , Justin Men's Brown Distressed Vintage Leather Western Boots Size 7.5 DL.L Bean Mens Gore-Tex Boots Casual Shoes Work Hunt Hike Leather Black Sz 11 M
    Reebok mogochinese-20921 Work RB1975 LeeLap Steel Safety Toe 20918 Navy Retro Suede Retro Jogger Oxfords 13 M 4d9eac9 - blurrypron.com>Reebok mogochinese-20921 Work RB1975 LeeLap Steel Safety Toe 20918 Navy Retro Suede Retro Jogger Oxfords 13 M 4d9eac9 - blurrypron.com
    ALEXANDER McQUEEN black suede tall knee high platform spike heel boots 39 NEW , FRYE Women's Shirley Artisan Tall Riding Boot - Choose SZ/ColorAriat® Ladies Farrah Sassy Chocolate Ombre Over Knee Boots 10021610Fly London Yoxi 755 Women Grace Reef Leather Matt BootsNEW Sandler Quincy White Leather Sandals Women ShoesNew Everlane Leather Street Shoe Black Pointy Toe Size 6.5 Made in ItalyJ Crew Wing Tip Oxfords - size 9.5 - Oxford - Loafer , STEVE MADDEN THE BLONDE SALAD DUBLIN STUDDED SANDAL SZ 6Baldan Black Patent Platform Slingback With Non Matching Heel Size 40SJP by Sarah Jessica Parker Euphoric Glitter Green Womens Shoes 10 M HeelsBottega Veneta Black Leather Beaded & Studded Clogs SZ 38 , PRADA Gold Strappy Slides Sandals Small Heel 37.5 7.5NEW Nike Hyperquickness 2015 Tb Mens Basketball Red / White 749883-606 SZ 11Nike Air Jordan X 10 Retro 30th Bulls Over Broadway Men Size 11 *RIGHT SHOE ONLYAdidas Men's Deerupt Runner Originals Core Black/Easy Green/Cloud White RunningMizuno Wave Rider 21 [J1GC180310] Men Running Shoes Blue/Black-YellowNIKE ROSHE ONE PRINT TEAM ORANGE MEN SIZE 13.0 NEW STYLISH RARENIB Nike SB Dunk Low Unheardof X Anonymous "Nasty Boys" RED (304292 610)- Sz 8 , ADIDAS MICROPACER OG - ITEM NUMBER 597-22 STYLE-s77305 , Nike Air Max Uptempo 97 White Black College Navy Blue 399207-101 Size 8-13Men's Sperry Billfish - Tan/Beige - FREE SHIPPING!!! HOT ITEM!Johnston & Murphy 15-1096 Brown Sheepskin Leather Tassel Moc Loafer Men's US 9M , AP289 FRATELLI FERRANTE shoes black leather men elegant , Converse All Star Hi Top Velvet Spike Studded Women’s Size 8 Gray Chuck Taylorsadidas Neo CF Advantage CL Womens Casual Shoes Lifestyle Sneakers Pick 1 , Wmns Nike Free RN CMTR 2017 Fun Vintage Wine Red Women Running Shoes 880842-601The North Face Women's Bridgeton Leather Wedge Zip Boot/Bootie Size 8 8.5 10 NEWVersani 1458 Vitello Brown Italian Leather Mid Calf Boot sz 4.5 M 3" heel ItalyUS13.5 Womens pointy toe velvet block cage garden heel pearl ankle boots shoesBST-030 Montana West Studs Collection Boots Brown
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Reebok mogochinese-20921 Work RB1975 LeeLap Steel Safety Toe 20918 Navy Retro Suede Retro Jogger Oxfords 13 M 4d9eac9 - 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.

    Reebok mogochinese-20921 Work RB1975 LeeLap Steel Safety Toe 20918 Navy Retro Suede Retro Jogger Oxfords 13 M 4d9eac9 - 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
    Reebok mogochinese-20921 Work RB1975 LeeLap Steel Safety Toe 20918 Navy Retro Suede Retro Jogger Oxfords 13 M 4d9eac9
    Boots
    >
    ;