Never miss an update

Adidas Pharrell Williams 24935 Mens Hu Race Race Tennis Sneakers Blue Pharrell/Pink BY2671 Size 10.5 508166f




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Model: PW Tennis HU PK
US Shoe Size (Men's): 10.5 Modified Item: No
Color: Light Blue/Pink Style: Tennis Shoes
Brand: Adidas Product Line: BY2671
UPC: 190311420755
Never miss an update

Adidas Pharrell Williams 24935 Mens Hu Race Race Tennis Sneakers Blue Pharrell/Pink BY2671 Size 10.5 508166f - blurrypron.com

    Adidas Pharrell Williams 24935 Mens Hu Race Race Tennis Sneakers Blue Pharrell/Pink BY2671 Size 10.5 508166f
    Adidas Pharrell Williams 24935 Mens Hu Race Race Tennis Sneakers Blue Pharrell/Pink BY2671 Size 10.5 508166f
    1999 Nike Air Tuned Force 830145-101 Zoom Air Tn Size 9 , NIKE SB Dunk Hi California Cali PREMIUM Red Star Green White Size 11 , MEN'S SHOES SNEAKERS LACOSTE MISANO EVO 117 1 [733CAM1028003]Men's Air Jordan Team Elite 2 Low Black/Red/White Sizes 8-12 NIB AO1696-001 , Nike Payaa Premium Quick Strike Exclusive Men's Shoes Size 11 Triple Black New! , Men Vlado Footwear Shoes Atlas lll Fashion Red Size 9.5 , New Balance CYPHER Run Men's Everyday Running Sneakers Lifestyle Comfy Shoes , SIZE /US 10~Z-COIL~ TAOS CLOGS MEN'S SHOES - BLACK -- PAIN RELIEFNike Kyrie 3 Suede Mens Basketball Shoes University Red 852395-601 SIZE 8 and 9 , DS Brandblack Lando Burgundy Leather Suprem­e UNDFTD Kith FIEG Retro Jordan 9.5 , Reebok Steel Toe Sublite Shoe-Black, EH Rated, Slip Resistant, EVA Midsole WIDE , LEBRON SOLDIER VII (7) SIZE 10.5 BLACK CRIMSON NEW AUTHENTIC RARE OPEN BOX , Air Jordan Retro 6 Maroon 384664-116 Sz 12 Bred Infrared DB OG 1 3 4 6 11New Nike Kobe X 10, Men's Size 16.5, White/Teal, 813030 131, Sample Unreleased , **Limited** Brooks Liberty 7 Mens Running Shoe (D) (931) Metallic Titanium/BlackNike Air Max 1 Premium Mens Shoes Bordeaux Black Moss 875844 601 Size 10.5New Balance Elite Limited Racing Quickstrike Fieg Capsule Wings Horns Kith 8 10 , Mens Nike Air Jordan XIII 13 Retro Low Style 310810-103 Sz 10.5 EUC , Nike MagistaX Proximo II DF Indoor/Court Mens Soccer Shoes 843957-801 Size 12NEW NIKE FORCE SAVAGE ELITE TD = SIZE 12 = MEN'S FOOTBALL CLEATS 857063-0112011 Air Jordan Retro Concord 2011 Pattern Size 11.5Nike Rosherun Print Total Orange White Black roshe 655206-810 , NEW Nike Zoom Run The One Sample Sz 17 James Harden Red White Rockets 685779-161 , PONY PLATON LOW CHEVRON MEN SHOES BLACK/DARK OLIVE 9752 SIZE 7.5 NEWNike Kobe AD EP Bryant Baseline White Court Purple Men Basketball 922484-100 , Nike Lebron XI Black Diffused Jade Green Crimson 616175-004 Sz 11Nike Air Jordan 4 IV Retro Size 6y - Blue White Grey - 408452 105NIB BROOKS X UBIQ HERITAGE MENS CHARIOT 282 LIBERTY LIFESTYLE SNEAKERS 7.5 - 13 , Vibram FIVEFINGERS CVT-HEMP Mens Khaki 14M6201 Running Walking Shoes
    Adidas Pharrell Williams 24935 Mens Hu Race Race Tennis Sneakers Blue Pharrell/Pink BY2671 Size 10.5 508166f - blurrypron.com>Adidas Pharrell Williams 24935 Mens Hu Race Race Tennis Sneakers Blue Pharrell/Pink BY2671 Size 10.5 508166f - blurrypron.com
    Rachel Zoe Giordana Grey Kid Suede Mule Heel Slide Shoe Size 8.5 New with Box , Men's/Women's Walking Cradles Women's Zinc Outstanding features a good reputation in the world Famous store , Bella Vita Women's Toni Ii Harness Boot Fawn Super Suede 6 W USNew Balance - 574 Classics - Black , TOPSHOP BLACK LEATHER ANKLE BIKER BOOTS SIZE UK6 EUR39 US8.5 RRP , Under Armour Charged Bandit 3 III UA Black Blue Women Running Shoes 129866-4003 , Converse Chuck Taylor All Star Camel Womens Suede Lo TrainersHERMES Women's Loafers Black Leather × Silver H Logo Size-US 6 NarrowNEW Dansko Leather Slip-on Flats - ADDY 6.5 - 7 EURO 37 BLACK CRACKLE , CLARKS ARTISAN NAVY BLUE LOAFERS WITH 2" HEEL10XW IN PRISTINE CONDITIONAuthentic Miu Miu Embellished-Heel Patent Moccasins Loafers Shoes Size 38 $895GENUINE ORIGINAL PRADA CALZATURE DONNA NAPPA SPORT LADIES SHOE BLACK NERO in BOXwomens rivets pointed toe stilettos leather party shoes t strap boots FashionNEW In Box! TAOS Leather Pewter Prize Sandal Size 6 M (36EU) **SALE**EUC Donald J. Pliner Women's 8 1/2 M Stunning Black Leather Heel SandalsWomens Mary Janes Fur Lined Pointed Toe Loafer Warm Slippers Shoes Zsell , {BY3570} ADIDAS MEN'S ORIGINAL TUBULAR SHADOW SHOES *NEW*NEW BALANCE Men's NB MX40 BB1 Runnable Strength Training Shoes MINIMUS , Nike Air Max Trainer 1 Black White Red Blaze Mens Training Shoe AO0835 002 Size , FILA Teenage Mutant Ninja Turtles TMNT Shoes Size 7.5 Mens Hitop Sneakers , MEN HANDMADE LEATHER RED BROGUE FORMAL DRESS PURE QUALITY LEATHER SHOES , Men's/Women's Emporio Armani Dress Watch Beautiful design High-quality materials Excellent functionUS Shoe Size Men's Square Toe Slip On Leather Lined Dress Loafers Formal Tan NEWTeva Men's Katavi 2 Slide Bungee Cord Suede Leather Sandals , adidas supernova sequence 9 - Purple - Womens , Nike Air Max Infuriate GS Varsity Royal Black Kids Women Basketball 869991-103 , Wmns Nike Air Vapormax Flyknit Wolf Grey Red Crimson Women Running 849557-026ALDO Black Leather 'Tahlia' Fringe Ankle Size Zip Boots Size 9 NWOTNew Women Pointy Toe Rhinestone Stilettos High Heels Ankle Boots Zip Sexy Chic S , Chic Womens Winter Fur Furry Pull On Snow Boots Tassel Leather Flats Booties ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas Pharrell Williams 24935 Mens Hu Race Race Tennis Sneakers Blue Pharrell/Pink BY2671 Size 10.5 508166f - 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.

    Adidas Pharrell Williams 24935 Mens Hu Race Race Tennis Sneakers Blue Pharrell/Pink BY2671 Size 10.5 508166f - 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
    Adidas Pharrell Williams 24935 Mens Hu Race Race Tennis Sneakers Blue Pharrell/Pink BY2671 Size 10.5 508166f
    Athletic Shoes
    >
    ;