Never miss an update

Versace mogochinese-29407 High High 29400 Top Black Gold Fashion Sneakers 81e849a




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Material: Leather
Color: Black Style: High Top
Euro Size: EUR 43 Width: Medium (D, M)
Brand: Versace US Shoe Size (Men's): 10
Never miss an update

Versace mogochinese-29407 High High 29400 Top Black Gold Fashion Sneakers 81e849a - blurrypron.com

    Versace mogochinese-29407 High High 29400 Top Black Gold Fashion Sneakers 81e849a
    Versace mogochinese-29407 High High 29400 Top Black Gold Fashion Sneakers 81e849a
    COMMON PROJECTS CHELSEA BOOT WAXED SUEDE (Mens 44IT/11US) , $1200 CHRISTIAN LOUBOUTIN White Leather Spike Roller Boat Flat Mens 44 eu/ 11 us , New VERSACE COLLECTION Black and White Sneakers Shoes 42 - 9 , FENDI SHOES WHITE LOGO ZUCCA LEATHER LOGO ORNAMENTED SPORTIVE TRAINERS 8 41 NEW , VTG-New Pro Keds Basketball high top Sneakers Shoes converse Mens Size 7 sku8Emporio Armani Shoes Sneaker Sz. 44 Leather Man Blue X4X223XL201-D879 MAKE OFFER , botticelli Men's Shoes Black Fashion Limited! Made In Italy 95524 Size 39 EUROA Bathing Ape 1st Camo Skullsta Mid green white - mens 9.5New Dolce and Gabbana Porfotino Sneakers Size 39100% Authentic Mens Maison Martin Margiela Tan Pony Hair Size 42 (US9) , John Varvatos Men's Black & Red Leather Reed Trainers , S-2239969 New Saint Laurent Camouflage Slip-on Skater Sneakers Shoe Size 42 US 9$575 Mens Jimmy Choo "Colt" Star Studs Leather High Top Sneakers Chai 42 US 9Man/Woman Visvim Huron Leather and Suede Sneakers Modern and elegant fashion online shop Seasonal promotionJ-3193396 New Tom Ford Red Velvet Leather Hi Top Sneaker Shoes US 11.5 Mark 10.5 , Emporio Armani Ea7 Shoes Sneaker Sz. 7 Man Black 2480428P299-53720 MAKE OFFERHOGAN MEN'S SHOES LEATHER TRAINERS SNEAKERS NEW R261 BEIGE 174 , Hamilton Men's H32715551 Jazzmaster Viewmatic Silver Dial Watch , P-410244 New Versace Alligator Skin Black Sneaker Shoes Size US 11 Marked 44AIR JORDAN 3 RETRO "2011 RELEASE" Size 12MTom Ford Men’s Black Anu-Ner Boots New Size 10Valentino Sneaker Sz. 41,5 ROCKRUNNER LEATHER Man NY0S0723TCC-R30 MAKE OFFER , New Saint Laurent Court Classic SL/06 Suede Rose Pink Logo Sneakers US 8 , 700$ Bally Ascar Red Leather and Suede Sneakers size US 9 Made In ItalyK-YS39224 New Yves Saint Laurent Sliver Metallic Skaters Sneakers Size 44 11New Emporio Armani Brown Leather Classic Suit Fashion Work Shoes Size 11 $625Brand NIB Giuseppe Zanotti Zola Camoscio Sneakers Sz 10.5/43.5TOM FORD suede sneakers authentic - Size 11.5 US / 44.5 EU / 10.5 UK New in Box , New Salvatore Ferragamo Parigi Black Leather Men Driver Mocassin Shoes 7.5 $695 ,
    Versace mogochinese-29407 High High 29400 Top Black Gold Fashion Sneakers 81e849a - blurrypron.com>Versace mogochinese-29407 High High 29400 Top Black Gold Fashion Sneakers 81e849a - blurrypron.com
    Frye Veronica Slouch Boots White Cream Distressed Women Size 6 , Zara Pink Nude Methacrylate Heel Boots 37Women's pointed toe ankle boots synthetic Leather chunky heel riding shoes 4Y-22NEW ASICS GT1000-2 WOMENS CUSHIONED RUNNING SPORT SHOES , Ladies Fly London Lok Fashion Biker Shoes Leather Flat Ankle Boots All Sizes , Tory Burch Womens Size 9 Espadrille Shoes Slip On Gold Brown Cap Toe , Clarks Artisan Womens 9.5M Black Leather Wedge Heel Mary Jane Ankle Strap Shoes , BORN 2 Tone Brown Leather/Textured Floral Flats - 9.5M/W - GR8!NIB LOUBOUTIN CRAPADONNA CROCO PRINT LEATHER STUDDED WINGTIP BROGUE OXFORDS 38.5 , Free People Women's Dazzle Dazzle Suede Slingback Heels Retail $128 size 4 , Jessica Simpson Womens Barlett Leather Open Toe Wedge PumpsDiane Von Furstenberg Stretch Leather High-Heel Ankle Boots Black 10;10.5Naot Gesture Women Shoes High Heels Sandals Platform Wedge T-Strap Gladiator New , Tory Burch Black and Burgundy Patent Leather Lolita Heels , LORO PIANA Italy DIVISE 40 / 10 Brown Suede Dress Heel Loafers Moccasin Shoes , Brand New BCBGeneration Wendal Women Shoes US 7.5 Multi Color 1980 Sandals , CHARLES JOURDAN - SANDALES TALONS 10 CM TOUT CUIR VELOURS NOIR 37 -TRES BON ETAT , Jack Rogers 1216WW0009 Womens Jacks Mid Wedge Stacked Sandal, Platinum, 7Luca Grossi 963a Black Leather Strappy Platform Sandals 38 / US 8 , adidas Men's Running Ultra Energy Shorts - Choose SZ/ColorAdidas Busenitz Vulc RX Shoes White Leather White Suede , 854294-600 Jordan Men Jordan CP3.X Basketball Infrared 23NIKE ROMALEOS 3 MEN'S SIZE 11 WEIGHTLIFTING SHOES VOLT / BLACK 852933 700 NEWHogan Mens Brown Suede H168 Derby Mid Cut Sneakers Sz9.5/10.5~RTL$595 , Sanuk Mens Chiba Chill Slip Ons Black Corduroy Size 9 New , NIB $1895 KITON Navy Blue Calf Suede Chukka Ankle Boots US 10.5 Shoes , Catahoula Leopard Dog Running Shoes For Women-3D Print-Free ShippingGOLDEN GOOSE WOMEN'S SHOES LEATHER TRAINERS SNEAKERS, WHITE/PURPLE, NEW! , Latigo Wos Booties Eddie Buckle Wedge Anthroplogie US 9 Tan leather ankle 1084 , Italian handmade pink suede & nylon mesh Ask Alice ASKA "Tart" Booties
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Versace mogochinese-29407 High High 29400 Top Black Gold Fashion Sneakers 81e849a - 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.

    Versace mogochinese-29407 High High 29400 Top Black Gold Fashion Sneakers 81e849a - 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
    Versace mogochinese-29407 High High 29400 Top Black Gold Fashion Sneakers 81e849a
    Casual Shoes
    >
    ;