Never miss an update

NWOB Adidas Power NEW Perfect 3 Mens Weightlifting Weightlifting Shoes Size 14 14 DA9878 Gray NEW 2457f0d

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Model: Power Perfect III
Shoe Height: Low Top Style: Weightlifting Shoes
Color: Gray Width: Medium (D, M)
Brand: adidas US Shoe Size (Men's): 14
UPC: Does not apply
Never miss an update

NWOB Adidas Power NEW Perfect 3 Mens Weightlifting Weightlifting Shoes Size 14 14 DA9878 Gray NEW 2457f0d -

    NWOB Adidas Power NEW Perfect 3 Mens Weightlifting Weightlifting Shoes Size 14 14 DA9878 Gray NEW 2457f0d
    NWOB Adidas Power NEW Perfect 3 Mens Weightlifting Weightlifting Shoes Size 14 14 DA9878 Gray NEW 2457f0d
    Adidas NMD R1 PK Men Shoes Primeknit Sneakers Sashiko Pack BZ0219 Size US 9Nike Men's Romaleos 3 Weightlifting Crossfit Shoes White Size 15 852933-100 , Gentleman/Lady nike flyknit trainer white black 2017 Cheap the most economical a lot of varieties , Nike Free RN Flyknit 2018 Lightweight Running Sneaker Men's Lifestyle Shoes , Nike Air Max 1 LHM - AH7740 100NIKE FLYKNIT RACER PEARL PINK/COOL GREY SIZE MEN'S 9.5 [526628-604]Asics GEL-Kayano 23 [T646N-9093] Running Black/Silver-Safety Yellow , Nike AIR TRAINER 1 MID PREMIUM PB QS PRO BOWL HAWAII FLORAL White Teal PINK 9 , Asics GEL-Cumulus 19 [T7B3N-9790] Men Running Shoes Carbon/Black-Orange , 1711 adidas CrazyTrain 2.0 CloudFoam Men's Training Running Shoes BY2519Nike Lunar Force 1 Undefeated SP - University Red / Sail Size 6 New , NIKE AIR ZOOM VAPOR X HC MENS TENNIS SHOES - MENS SIZE 10Guaranteed Free Shipping Nike Men's Air Max Axis Shoes , NIKE AIR MAX 95 DESERT ROYAL TINT & CAM SIZE 8 , NIKE AIR HUARACHE RUN AS QS "ALL STAR" WHITE-VAST GREY SZ 10 [AH8048-100] , NIKE AIR WOVEN QS 530986-010 sneaker BLACK US 9 , Jordans XI Retro 11 White/Emerald Iridescent, No Box, size 10.5Nike Air Maestro II Ltd Men's Shoes White/Hyper Jade/Obsidian AH8511-100NEW NIKE AIR PYTHON LUX SP 632831 119 MENS BASKETBALL SHOES SIZE 9.5 WHITENike Air Zoom Huarache 2K4 Men's Basketball Sneakers 308475-002 SZ 13 , Nike Air Maestro 2 II LTD Mens AH8511-001 Black White Basketball Shoes Size 11.5 , adidas NBA 2008 All-Star Western Conference Pro Model Basketball Shoes NEW 10 , Reebok Workout Lo Plus x Footpatrol BS5406 Men Size US 6.5 NEW 100% Authentic , DZ651 MBT shoes white gray suede textile men sneakers 6 - 6.5 () , Nike Jordan Trainer 2 Flyknit II Grey Cement Blue Men Cross Training 921210-008 , Brooks Glycerin 14 Mens Running Shoes (D) (464) | SAVE $$$Nike Air Max 90 Essential Mens AJ1285-201 Olive Sequoia Running Shoes Size 111807 New Balance iconic 574 Men's Sneakers Sports Shoes ML574ETAMan's/Woman's Nike Air Foamposite Sport Royal 2010 Fashion pattern Fast delivery Pick up at the boutique ,
    NWOB Adidas Power NEW Perfect 3 Mens Weightlifting Weightlifting Shoes Size 14 14 DA9878 Gray NEW 2457f0d ->NWOB Adidas Power NEW Perfect 3 Mens Weightlifting Weightlifting Shoes Size 14 14 DA9878 Gray NEW 2457f0d -
    Man's/Woman's Clarks Women's Kacia Garnet Boot excellent quality Stylish and fun have funFRYE Womens 6.5 Brown Distressed Leather Ankle Strap Ankle Booties BootsNEW Taupe AQUATALIA Short Ankle Suede Boots Booties Women's Shoes sz 7.5Rag & Bone Harrow Black Leather Ankle Boot Womens Size 37 , Nike Air Zoom Pegasus 34 Racer Blue Grey Men Running Shoes Sneakers 880555-007Gentlemen/Ladies Women’s supra shoes Moderate price Reliable performance Current shapeComfortiva Womens cantrall Leather Closed Toe LoafersMan/Woman TEEZE-04R Irridescent Fine workmanship luxurious retail priceOffice Women’s Fisher Loafers Black (Black Leather 00078) 5 UK , Rare LILLY PULITZER VIA PALM BEACH Nude CAPTOE STRAW PATENT FLATS 8.5 M , JSport by Jambu Women's Cara Walking Shoe Denim 8.5 M US , womens stiletto sandals shoes ankle strap pointed toe elegant formal wedding newCOLE HAAN GENEVIEVE Women Wedge Sandals (6M, BLACK)Spring Ladies Pumps Geometric Heel Shoes Fashion Square Toe Slip On Outwear szie , Man's/Woman's Frankie Stern Camel/Black Suede Platform Sandal Quality queen Stylish and charming Different styles and styles , MENS OSIRIS NYC 83 VULC SKATEBOARDING SHOES NIB COVERT OPS LUTZKA , Nike Men's Kwazi Mid Basketball Shoes GG8 White/Platinum 844839-100 Size 12Puma Men's Roma Classic Perf Sneaker White Size 11 New With Boxadidas Originals CQ2387 Mens NMD_R1 Stlt PK- Choose SZ/Color. , adidas Golf Mens Crossknit Boost C/on Shoe- Pick SZ/Color.Men's Nocona Two-Tone Brown Leather Western Boots sz: 11 EE (X)New Auth Valentino Garavani Minimalist Men Low Sneakers Shoes Blue 42 / 9 $695Cole Haan Brown Pebbled Leather Classic Oxford Mens Shoe. C02982 Made Italy. 11M , Belvedere Florence sz 9M Black Lizard Penny Loafers Dress Shoes , Cole Haan Lenox Hill Cap Oxfords-Men's size 15 M Black , Skechers Bikers Rock Steady Slip-On Hook and Loop STRAP NIB Shoes- Womens 22367 , nike free viritous womens running trainers 725060 002 sneakers shoesMen's/Women's ECCO Women's Bluma Summer Sneaker Diverse new design Clearance a wide variety of goodsNike Jordan 6 Rings BG IV Patent Leather Black Kids Women Basketball 323419-016 , Matisse Women's Merge Ankle Bootie Brown Sde Size 8.0
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NWOB Adidas Power NEW Perfect 3 Mens Weightlifting Weightlifting Shoes Size 14 14 DA9878 Gray NEW 2457f0d -

    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.

    NWOB Adidas Power NEW Perfect 3 Mens Weightlifting Weightlifting Shoes Size 14 14 DA9878 Gray NEW 2457f0d -

    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.


    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
    NWOB Adidas Power NEW Perfect 3 Mens Weightlifting Weightlifting Shoes Size 14 14 DA9878 Gray NEW 2457f0d
    Athletic Shoes