Never miss an update

VANS Monkeys Authentic Monkeys mogochinese-22427 US8 new from from japan (687 a36cc4d




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Vans
Style: Walking,Running, Cross Training MPN: Does not apply
US Shoe Size (Men's): Does not apply Type: sneakers
UPC: Does not apply
Never miss an update

VANS Monkeys Authentic Monkeys mogochinese-22427 US8 new from from japan (687 a36cc4d - blurrypron.com

    VANS Monkeys Authentic Monkeys mogochinese-22427 US8 new from from japan (687 a36cc4d
    VANS Monkeys Authentic Monkeys mogochinese-22427 US8 new from from japan (687 a36cc4d
    NIKE SB DUNK LOW PRO BLACK PIGEON from japan (5515NIKE Air Jordan 18 2018 Retro Sneaker Shoes US 8,5 white AA2494 106Nike Air Jordan 8 Retro C&C Champagne VIII ( 41 / 8 us / 7 uk) 832821 030 OG , AUTH FANCY PRADA SNEAKERS SHOES 4E2352 WHITE + GREEN NEW US 102013 NIKE LEBRON 10 X EXT CHAMPAGNE CORK QS US 10 CHAMPIONSHIP MVPAdidas Yeezy Boost 350 V2 Cream White 2017 Boost Low Kanye West CP9366 sz 10 , LUXURY PRADA SNEAKERS SHOES 4E2854 CAMOUFLAGE ASFALTO NEW US 8.5AIR JORDAN 10 Sneakers Black × Purple Size US 7 JP 25 Men's Genuine Shoes Y51 , NIKE AIR MORE UPTEMPO All Black Men's Sports Shoes Sneakers size US 10 Y51 , LUXURY PRADA HIGH TOP SNEAKERS SHOES 4T2842 BLACK NEW US 7.5 , US 9.5 nike air jordan5 retro t23 yeliow with box very rare from japan 2ODomestic regular NIKE AIR MAX 90 MOON LANDING 28.5 from japan (4623PARABOOTS AVORIAZ Trekking boots Brown Suede Size 6 Men's Made in France Y34 , PORTER adidas CAMPUS 26cm Porter adidas from japan (4325AUTHENTIC LUXURY PRADA SNEAKERS SHOES 4E2735 DARK GREY NEW US 7.5AUTHENTIC LUXURY PRADA SNEAKERS SHOES 4T2936 GREY NEW US 10KADOYA Engineer boots REABALA Genuine leather boots Black Men's New Y13Rhea Old School ken yokoyama Limited from japan (1581Nike Off-White x Blazer Mid “All Hallows Eve” Pre Order Size 11Adidas ATHEN Men's Vintage Sneakers 1970s Blue Retro Training Shoes size JP 27.5Nike Air Jordan Retro 3 NRG Tinker Hatfield White Cement AQ3835-160 JAPAN US 7.5NIKE AIR MAX 95 ESSENTIAL JPN Atmos Limited Model Very Rare US 7.5 JP 25.5 F/S , 424 / Alden cord van chucker boots Color Burgundy size 8E Japan Used rare mas2NIKE AIR MAX 95 DLX ATMOS ANIMAL PACK Sneakers Size US 8.5 JP 26.5 Men's Y51 , SIZE US 7.5,/3 PHARREL WILLIAMS HUMAN RACE HU NMD TRAIL HOLI BLANK CANVASNike Air Vapor Max DEEP RUBY 28cm from japan (5400OG CLASSIX WING CHIP SHOES 27.5cm from japan (4726 , US10.5 2004 NIKE AIR JORDAN 7 RETRO Olympic Barcelona Dead stock from japan 3W , AUTHENTIC LUXURY PRADA HIGH TOP SNEAKERS SHOES 4T2924 BLUE US 9 ,
    VANS Monkeys Authentic Monkeys mogochinese-22427 US8 new from from japan (687 a36cc4d - blurrypron.com>VANS Monkeys Authentic Monkeys mogochinese-22427 US8 new from from japan (687 a36cc4d - blurrypron.com
    Gentleman/Lady Dingo Women's Jess Cowboy Boot DI6771 Guarantee quality and quantity Online export store renewed on time , SUPER BEAUTIFUL!! VIC MATE HI HEEL BLACK SUEDE OVER THE KNEE BOOTS US 9 , Gentlemen/Ladies VOILE BLANCHE JULIA LAMINATED SNEAKER Moderate price Low price Characteristics , Asics Gel-Contend 4 Grey Orchid White Women Running Shoes Sneakers T765-N021 , NEW Vionic Minna Spark Womens 8.5 Ballet Flats Gray Snake Cap Toe Orthoheel , Nike Men's Tennis Classic Ultra Casual ShoeJeffrey Campbell Daniel White Patent Silver Studded Loafer Pointed Slide MuleISAAC-MIZRAHI Leather Mocassins Womens Flat Shoes Size US.7 EU.37.5 UK.5 , MODERN FICTION LEATHER HEELS SHOES SIZE IT 38 US 8 MADE IN ITALYKenneth Cole New York Women's Rima Ankle Boot$385 STUART WEITZMAN METRO Black Leather Designer Platform Slingbacks 9.5 , SERGIO ROSSI Boots Black Leather With Buckle Detail Size 39 / LM 157Free Shipping Women's High Chunky Heel Bow Tie Ankle Strap Fashion Shoes Plus Sz , Men's Nike Lunarlon GRAY/BLUE/NAVY Athletic Running Shoes SZ 12 , NIKE Shoes KNIT Athletic Running ORANGE Sneakers Men's US 11 $110 RARE , (047) 100% Authentic Nike Air Foamposite Size 8.5 314996-401Mr/Ms Hogan HXM1680D21077VJC407 sneaker Men's Brown US Crazy price Selected materials Various , COWBOY WESTERN BOOTS HORNBACK ALLIGATOR El Paisano Sz 8.5M , Corral Men's Cowboy Snip Toe Toe Leather Western Boots A3477 , Servus 16" nominal safety toe knee boot ASTM F2413-11 M C/75 I/75 EH PR , Dr Martens Elsfield Dark Brown Grizzly 3 Eye Grained Finish Air Cushioned Sole 7Reebok Men's Furylite II MA Fashion Sneaker - Choose SZ/Color , NIKE SB KOSTON HYPERVULC BLACK / BLACK - ANTHRACITE SKATEBOARD AUST SELLER , New Mezlan Dempster 5.5 M black (1102) , FootJoy Brown Leather Monk Strap Buckle Pebble Grain Mens Shoe SIZE 7.5 E/EEE , Kenneth Cole New York Men's Coat Armour OxfordNIB NEW Salvatore Ferragamo Dash mens Black pool slide sandals Gancio 8 9 10 12$280 ASH ILONA Booties in Black Embossed Sz 7 MAerosoles Size 7 BARRICADE Grey Combo 061 Memory Foam Boots New Womens ShoesOTBT Women's Rocker Wedge Bootie Stone Size 7.0 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    VANS Monkeys Authentic Monkeys mogochinese-22427 US8 new from from japan (687 a36cc4d - 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.

    VANS Monkeys Authentic Monkeys mogochinese-22427 US8 new from from japan (687 a36cc4d - 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
    VANS Monkeys Authentic Monkeys mogochinese-22427 US8 new from from japan (687 a36cc4d
    Athletic Shoes
    >
    ;