Never miss an update

NEW Womens Sz Sz 7 ADIDAS Supernova Riot Sneakers B39864 6 B39864 Purple Lime Sneakers Shoes 68f8c3f




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Sneakers are in perfect, unworn condition. Shoes are marked SALESMAN SAMPLE on the inside of the shoe.
Brand: Adidas Heel Height: Low (3/4 in. to 1 1/2 in.)
US Shoe Size (Women's): 7 Color: Purple
Style: Outdoor Country/Region of Manufacture: China
Width: Medium (B, M) Fastening: Lace Up
Material: Synthetic UPC: Does not apply
Never miss an update

NEW Womens Sz Sz 7 ADIDAS Supernova Riot Sneakers B39864 6 B39864 Purple Lime Sneakers Shoes 68f8c3f - blurrypron.com

    NEW Womens Sz Sz 7 ADIDAS Supernova Riot Sneakers B39864 6 B39864 Purple Lime Sneakers Shoes 68f8c3f
    NEW Womens Sz Sz 7 ADIDAS Supernova Riot Sneakers B39864 6 B39864 Purple Lime Sneakers Shoes 68f8c3f
    Nike Air Huarache Run Triple Black Women 634835-012 Black out OG Authentic!NEW BALANCE CM1500AN GREY RED ELITE RIDERS CLUM SUEDE LIFESTYLE Sneakers 9.5 , WMNS NIKE AIR HUARACHE RUN PRM PREMIUM CROC PRINT BLACK SZ 7.5 [683818-011]Adidas UltraBOOST ST W Ultra Boost 1711 Women's Training S80620 Mystery Ruby RedHOKA ONE ONE TOR SUMMIT WP WOMEN SPORT STEEL GREY US 10 / / /3NIKE DUNK SKY HI LIBERTY QS WOMEN BLUE RECALL WHITE LINEN SIZE 5 [529040-401]$170 NWT Womens Brooks Transcend 3 Sz 7 Trail Running Shoe ARUBA BLUE Purple , Reebok Instapump Fury JB Disney Jungle Book Kaa Gray Sneakers Shoes Womens 8 , Nike Wmns Air Max 90 LX Deluxe Particle Rose Pink Women Running Shoes 898512-600 , Nike Air Jordan 5 Retro Toronto Raptors GS Black Purple Girls Boys 440892 017 , Nike Wmns Air Max 1 Premium Women New Guava Ice Lifestyle Sneakers 454746-800Scarpa Hiking Walking Trail Boots NEW Womens 7 Brown SuedeNike Women's Roshe Two Flyknit 365 Sneaker Shoes-Wolf Grey/Wolf Grey-Black , New Nike Shoes Air Max 2017 Persian Concord Womens US Size 7 , Gentleman/Lady K-Swiss Women's Defier DS Tennis Shoe High security The highest quality material cheap price , NIKE AIR JORDAN SPIZIKE (GS) BLACK-GOLD-GREY WMNS SZ 8 - SZ 6.5Y [317321-030] , Hoka One One Arahi 2 Size US 8 D WIDE Women's Running Shoes Blue Aqua , V-Italia Kiki Smoke 1041 Sz 41 (9.5-10M) Casual Leather Trainers Hi-Top Sneakers , Nike Air Max 90 SE Floral Garden Team Red Maroon Multicolor 881105-600 Women’s 7 , Nike Air Max 2016 Turquoise Grade School Youth Size 7 Y Womens 8.5 (807237-300) , Mizuno Wave Rider 21 D Wide Grey Silver Blue Women Running Shoes J1GD18-0603Adidas NMD R1 PK W Salmon Pink sun glow Glitch Camo BB2361 Women's Primeknit 11 , Hunter WFT1000RGL-RVI: Women's Original Violet Tall Gloss Rain BootNEW Women's Nike Air Max 90 Pedro Lourenco Sz 6.5 Obsidian 867116 400 BlueAsics Ladies Gel Cumulus 19 D WidthNike Women's Dunk Sky High BHM QS Sz 11 NEW 586581 200 Linen Wedge BHM , 24 New Women's Nike Air Max 90 Plum Safari Purple Shoes 443817-500 Size 8 9.5 , Brooks Adrenaline GTS 17 D Wide Women's Running Shoes Silver Purple BlueAdidas Originals Stan Smith Boost ROSE GOLD Women's 10 Shoes Sneakers Trainers
    NEW Womens Sz Sz 7 ADIDAS Supernova Riot Sneakers B39864 6 B39864 Purple Lime Sneakers Shoes 68f8c3f - blurrypron.com>NEW Womens Sz Sz 7 ADIDAS Supernova Riot Sneakers B39864 6 B39864 Purple Lime Sneakers Shoes 68f8c3f - blurrypron.com
    39 / 9 - ACNE STUDIOS Pistol White Speckled Leather Zip Up Ankle Boots 0721DK , MENS ADIDAS GALAXY 4 MEN'S RUNNERS/SNEAKERS/FITNESS/TRAINING/RUNNING SHOES , EL VAQUERO Women’s Black/Metallic Feather Toe Design Flats Size 38$660 Bottega Veneta Women Intrecciato Fuchsia Leather Woven Flats 41 338297 5500 , Adele Triple Buckle Strappy Sandals Twelfth St by Cynthia Vincent BROWN SIZE 9Steve Madden Womens Glory Platform Dress Sandal- Pick SZ/Color. , Vince Women's Westcoast Slide Sandal Casual Black $95Under Armour Mens Size 11 Deception Hybrid Metal Baseball Cleats White $110Adidas Response LT Running Sneakers Size 9.5 NIBSkechers Sport Men's Afterburn M. Fit Mid-High Sneaker - Choose SZ/Color , Under Armour Kick Sprint Men's Black/White/Black 73939004New Balance 498 Men's Running Walking Shoes Silver White Grey ML498SL Abzorb 6.5 , MEN'S/UNISEX SHOES SNEAKERS VANS AUTHENTIC LITE [VA2Z5J186] , NIKE AIR FOOTSCAPE MAGISTA FLYKNIT 816560-003 BLACK DARK GREY VOLT SIZE: 11Nike Huarache Run Ultra SE Mens Running Shoes 875841-600 Size 12 , NIKE AIR JORDAN WHY NOT ZER0.1 RUSSELL WESTBROOK [AA2510 104] MIRROR IMAGE 8.5Gentleman/Lady Rockport Men's Marshall Chukka Chukka Boot superior Sales Italy unique , Carolina CA2535 8" Brown Leather Waterproof Steel Toe Insulated Work Boots , Mens Pointed Toe Formal Business Wedding Suede Casual Slip On Loafers Flats , Skechers USA Men's Braver Alfano Oxford - Choose SZ/Color , Chippewa for LL Bean Vintage USPS Work Oxford Shoe. Cush n Crepe Sole. Size 10DHoka One One Tracer 2 Road Running Shoe - Women's Size 8 TealBROOKS BROTHER SUEDE LEATHER OXFORDS / SHOES / NWOB / MEN SZ 11 D , Skechers Sport Womens Dreamstep-Enliven Fashion Sneaker- Pick SZ/Color. , Saucony Womens Spitfire Spike Shoe- Pick SZ/Color. , Saucony Women's Excursion Tr11 Running-Shoes Sneakers Walking Comfort , Asics Gel-Quantum 180 2 Womens T6G7N-9601 Grey Silver Running Shoes Size 6 , Man's/Woman's Saucony Guide ISO Women's White/Blue 104154 Packaging diversity Make full use of materials Exquisite processingWomen's Unisex Pajar Grip Low Faux Fur Lined Waterproof Boots sz. 10 41 , Gameday Boot Women's University of Arkansas Lambskin Boot - ARK-RL1002-2 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW Womens Sz Sz 7 ADIDAS Supernova Riot Sneakers B39864 6 B39864 Purple Lime Sneakers Shoes 68f8c3f - 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.

    NEW Womens Sz Sz 7 ADIDAS Supernova Riot Sneakers B39864 6 B39864 Purple Lime Sneakers Shoes 68f8c3f - 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
    NEW Womens Sz Sz 7 ADIDAS Supernova Riot Sneakers B39864 6 B39864 Purple Lime Sneakers Shoes 68f8c3f
    Athletic Shoes
    >
    ;