Never miss an update

Under Mid Armour Verge Mid GTX Boots 1268842-861 Michelin Orange Size Size 10.5 Michelin Fat Tire 1fd3533




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Style: Hiking, Trail
Color: Orange/Navy Width: Medium (D, M)
Brand: Under Armour US Shoe Size (Men's): 10.5
UPC: Does not apply
Never miss an update

Under Mid Armour Verge Mid GTX Boots 1268842-861 Michelin Orange Size Size 10.5 Michelin Fat Tire 1fd3533 - blurrypron.com

    Under Mid Armour Verge Mid GTX Boots 1268842-861 Michelin Orange Size Size 10.5 Michelin Fat Tire 1fd3533
    Under Mid Armour Verge Mid GTX Boots 1268842-861 Michelin Orange Size Size 10.5 Michelin Fat Tire 1fd3533
    NEW Eastland Shoe 'Loomis' Moc Toe Boot - Dark Brown Leather - Size 11.5 DClarks Mens Charton Mix Shoe- Select SZ/Color. , DR MARTENS "ALLEN" BROWN LEATHER / SUEDE RIGGER PULL ON CALF BOOTS SZ 12 , Gentleman/Lady IRISH SETTER Steel toe Work Boots Diverse new design Strong value Cost-effective , Mens Diesel Ankle Boots Brown Suede Size 7.5 New w/o BoxRed Wing Boots Men's Size 10.5 D Brown Leather Steel Toe Nice!Keen Utility Coburg 6" Waterproof Work Boot - Men's Size 13D, Cascade Brown , Propét Mens TYLER Leather Round Toe Ankle Safety Boots , Mens Caterpillar Holton Steel Toe Cap Safety Leather Work Boots CAT 6"Stylish Front Knee High Studded Panels Metal Spider Bow Boots Shoes Adult MenMens Dr Martens Vincent Robson Durable Casual Work Leather Ankle Boots US 7-13 , North Face Mens Chilkat III Boots A39V6 TNF Black/Dark Gull Grey Size 11.5 , Fulinken Size 5-13 Real Leather Ankle Boots Pointed Toe Casual Dress Mens Shoes , Johnston & Murphy Size 10 M LOFTIN Brown Leather Ankle Boots New Mens ShoesDr. Martens Newton Temperley Leather Mono Fashion Boot - Choose SZ/ColorCole Haan Men's Boothbay Slip ON Loafer - Choose SZ/color , Mcrae Industrial 11" Pull-On Mens Distressed Brown Western Cowboy BootUnder Armour UA Speedfit Mid Hiking Boots Maverick Brown 1257447-240 Sz 13Men's Combat Boots Tactical Russian Leather Garsing Leightweight Hiking OliveVINTAGE LUCCHESE COWBOY BOOTS MEN 10 E WESTERN GOOD COND , Mens Casual Biker Western Black Design Ostrich Leg Leather Cowboy Boots J Toe , Men Sport Shoes * ADIDAS TUBULAR DOOM * BY3562 * SAND * LIMITED QUANTITY !Bota Rodeo El General Piel De Res Cigar ID 27697Mr/Ms CAT Footwear Mens Stun Casual Boot Promotion fashionable Different stylesMEN'S RODEO COWBOY ALLIGATOR PRINT WESTERN SQUARE TOE BOOTS BLACK COLORCLARKS Men's Stinson Hi Chukka Boot - Choose SZ/Color , Salomon Snowtrip TS WP Black Mens Snow Shoes Size 11.5 EUCVintage Red Wing Steel Toe Shoe size 9 us.black. , Men's Ralph Lauren POLO Tavin Rollover Leather Lambswool Hiking Boots Size 9 D
    Under Mid Armour Verge Mid GTX Boots 1268842-861 Michelin Orange Size Size 10.5 Michelin Fat Tire 1fd3533 - blurrypron.com>Under Mid Armour Verge Mid GTX Boots 1268842-861 Michelin Orange Size Size 10.5 Michelin Fat Tire 1fd3533 - blurrypron.com
    Splendid Kassie Block-Heel Knee High Boots, Black , Womens Ankle Boot Buckle Leather Gladiator Motor Side Zip Shoes New Retro RomaSAM EDELMAN Olencia Grey Suede Leather Knee High Boots Sz 7.5 NEWKork-Ease Womens Taupe Leather Knee high boots 7.5M MSRP $295 , FRYE Women's Paige Short Riding Boot, Redwood Smooth Vintage Leather, 5.5 M US , Women's shoes boots leather model ALITA Us size 3.5 to 12 , NEW BALANCE CHAUSSURE 500 - GREY - 10 (191902159245)Man's/Woman's Ladies Easy B Sandals 'Snowflake' Complete specification range At a lower price Preferred boutique , New Women Stiletto High Heels Platform Sandals Slip On Mules Clear Strappy ShoesBorn Cork Wedge Sandals 10 Marjorie Strappy Platform Black Slip On LeatherNAOT Women's Brown Leather Jeweled Slides Sandals - (US 8) , CHRISTIAN LOUBOUTIN FLO SPIKES leopard lame silver stud heels size 38 WORN ONCE , Manolo Blahnik Silver Open Toe Heels, Size 35 1/2 US 5 1/2 Used With Box , Reebok Classic Leather MN Women's Trainers Sandstone | Express Trainers , NIKE Air Max Flair Men's Running Shoes 942236-005 Light Bone sz 9.5~11.5Nike Lebron X NSW Lifestyle Dark Loden/Brown/Orng Men's Basketball Shoe Size 9.5Reebok CL Classic Leather Ripple Low BP Black White Red Dust Ice BS5218 Ii , Nike Dunk Flyknit Mens Trainers 917746 Sneakers Shoes 101Men's Nike Air Max 270 Flyknit Casual Laser Orange/Black/Blue Orbit AO1023 800Nike Air More Uptempo Scottie Pippen White Black Varsity Red 2017 PE 414962-105Georgia Men's G8040 Mid Calf Boot - Choose SZ/ColorKenneth Cole Unlisted Men's Bulk up Oxford - Choose SZ/Color , Women New Balance Fresh Foam Cruz Running lifestyle Shoes Sneakers Lush WCRUZOLVia Spiga Womens 7 Genuine Shearling Sneaker Shoes Spice Brown NWOB msrp $275Man/Woman Skechers Women's Bikers-Commotion Sneaker We have won praise from our customers. Moderate cost Tide shoes listNIKE AIR MAX 1 ULTRA PLUSH.. MULTI-COLOR.. SIZE 7.. FAST SHIPPING.. RARE!Jeffrey Campbell Monsoon Over the Knee Platform Rain Black Neoprene Boot Size 6Nine West Winter Boots Womens Size 8 Black Leather Ankle Harness Buckle ZipCarlos Santana Brown Booties With Side Zipper , Clarks Women's Orla Dixie Boot Brown Style 04664
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Under Mid Armour Verge Mid GTX Boots 1268842-861 Michelin Orange Size Size 10.5 Michelin Fat Tire 1fd3533 - 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.

    Under Mid Armour Verge Mid GTX Boots 1268842-861 Michelin Orange Size Size 10.5 Michelin Fat Tire 1fd3533 - 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
    Under Mid Armour Verge Mid GTX Boots 1268842-861 Michelin Orange Size Size 10.5 Michelin Fat Tire 1fd3533
    Boots
    >
    ;