Never miss an update

Cole Marine Haan W08153 Cole Womens Grandpro Tennis, Marine US Blue, 8.5 B US 1a376d9




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
UPC: 0190595563674
Size: 8.5 B(M) US Brand: Cole Haan
Style: Elegant Model: W08153
US Shoe Size (Women's): 8.5 MPN: W08153
Size Type: Regular Color: Marine Blue
Material Type: leather EAN: 0190595563674
Never miss an update

Cole Marine Haan W08153 Cole Womens Grandpro Tennis, Marine US Blue, 8.5 B US 1a376d9 - blurrypron.com

    Cole Marine Haan W08153 Cole Womens Grandpro Tennis, Marine US Blue, 8.5 B US 1a376d9
    Cole Marine Haan W08153 Cole Womens Grandpro Tennis, Marine US Blue, 8.5 B US 1a376d9
    New Balance Women's 1865v1 Trail Walking Shoe Purple 9 B USadidas Performance Women's X 17.2 FG W Soccer Shoe - Choose SZ/ColorASICS Men's Gel-Tactic 2 Volleyball Shoe - Choose SZ/ColorNew Balance Women's 600v2 Natural Running Shoe - Choose SZ/Color , PUMA 36704001 Womens Tsugi Netfit WNs Sneaker- Choose SZ/Color.ASICS Women's Gt-2000 5 Lite-Show Running Shoe - Choose SZ/Color , Salomon Men's Sense Marin Trail Runner - Choose SZ/Color , NIKE W Nike Zoom All Out Low 2 AJ0036-400 ARMORY NAVY Size 9.5 , Skechers Performance Men's Go Run Forza Boston 2016 Running Shoe , Ash IDOL BIS Womens Idol Bis Fashion SneakerEU/- Choose SZ/Color.adidas S81259 Tubular Runner W Ladies in by Adidas- Choose SZ/Color. , Salewa 64415 8670 7 Womens Multi Track Trail Runner M- Choose SZ/Color. , Columbia 1718621 Womens Fire Venture Mid Textile Hiking Boot- Choose SZ/Color. , Merrell Men's All Out Blaze Aero Sport Hiking Water Shoe - Choose SZ/Color , Adidas adidas Outdoor Womens Terrex Agravic GTX- Pick SZ/Color.New Balance Women's Fresh Foam Zante V3 Performance Running ShoeNike Shox Gravity Womens AQ8554-606 Red Crush Wild Cherry Running Shoes Size 6 , Balance Women's W990 Running Shoe,Grey/Pink,5 B USPUMA Women's Fierce Bright Cross-Trainer Sneaker - Choose SZ/ColorNike Metcon 4 Womens 924593-004 Atmosphere Grey Cross Training Shoes Size 7.5ASH FTwear Virgin Ash Womens Fashion Sneaker, Black, 36 EU/6 M USSuperga Women's 2790 Suecotlinw Sneaker - Choose SZ/ColorNew Balance Women's WW1865v1 Walking Shoe - Choose SZ/ColorAetrex MODPOD KNIT Womens Modpod Knit Fashion Sneaker- Choose SZ/Color.ECCO Women's Sneak Retro Tie Fashion SneakerUnder Armour 1266239 Womens UA SpeedForm Slingshot Running ShoesLIME LIGHT , adidas Originals Women's Crazyflight X W Volleyball Shoe - Choose SZ/Color , PUMA Women's Phenom Suede Wn Sneaker - Choose SZ/Color , K-SWISS SI-18 International-W Womens International Athletic- Choose SZ/Color. ,
    Cole Marine Haan W08153 Cole Womens Grandpro Tennis, Marine US Blue, 8.5 B US 1a376d9 - blurrypron.com>Cole Marine Haan W08153 Cole Womens Grandpro Tennis, Marine US Blue, 8.5 B US 1a376d9 - blurrypron.com
    FRYE women's CARMEN 2-strap harness BLACK riding boots size 10BGiuseppe Zanotti Design Women's High Heels Ankle Boots Shoes US 8.5 IT 39.5Brand New Adidas Swift Run Casual Shoes Sneakers Running Gym US 13 NMDConverse All Star Chicago [Product Customized] Shoes Studded ORIGINAL 100Mustang 1146-303, Womens Low-Top, Brown Natur 33, 7.5 EU , Womens Suede Leather Buckle Decor High Block Heel Fashion Slippers Shoes Mules , Sigerson Morrison Women's Melody Dress Sandal New Blue Suede Size 8 M , 7.5M Gianni Bini RALLY Black Leathr Platform Slip On Slide Mule Heel Career PumpAlexander McQueen RARE Black Gold Jeweled Koi Fish Heel Shoes Resort 2011 SZ 39Mens CONVERSE CTAS MULTI PANEL HI White Leather Trainers 153085CAir Jordan 5 Retro Low Top Size 5y Youth Black Red , NEW NEW SUPRA VAIDER MIDNIGHT WHITE SURF BMX SNOW SKATEBOARD SPORTS SHOES 9NIKE AIR MAX 95 SZ 10 PREMIUM BLACK DARK GREY WHITE 538416 016New Balance Men's 85v1 Neutral Cushioning Walking Shoe - Choose SZ/Color , Nike Tanjun Trainers Mens White Athletic Sneakers ShoesNew Men's Ariat 10011948 Workhog Trek 5" Waterproof Work Boot , Georgia Boot Low Heel Logger Waterproof Composite Toe Work Boot GB00164 , Klogs Springfield Closed Back Unisex Clogs Navy Blue - 13 WideGentleman/Lady Mezlan Men's Horazio Moccasin sell Won highly appreciated and widely trusted at home and abroad Seasonal promotion , Mens Base London Smart Pull On Boots ArthurJohnston & Murphy Men's Black Leather Wingtips Derby Style Oxfords US Size 9.5 , Mens Crocodile Pattern Real Leather Dress Shoes Wedding Pointy Toe Business newJambu Women's JSport Mermaid Too Water Ready Flat Light Grey/Peach Neoprene , ED Ellen DeGeneres Women's Langston Heart Ballet Flat Black/Milk Leather FlatsAdidas Alphabounce 1 Women's Running Shoes B39430 , NEW ASICS LADIES WOMENS NIMBUS GEL 14 RUNNING LIMITED EDITION TRAINING GYM SHOES , ADIDAS ADAQ8230-12.0 Adidas Women ZX Flux ( lush ink white)- Choose SZ/Color.Progetto Lavorazione Artigianale Mid-Calf Italian Boots Suede Brown Size 7 37Via Spiga 'Starie' Knee High Boot, Black Leather, Women Size 6 M, $395Sexy Womens Over The Knee High Boots Thigh Shiny Leather Platform Heels Shoes # ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Cole Marine Haan W08153 Cole Womens Grandpro Tennis, Marine US Blue, 8.5 B US 1a376d9 - 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.

    Cole Marine Haan W08153 Cole Womens Grandpro Tennis, Marine US Blue, 8.5 B US 1a376d9 - 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
    Cole Marine Haan W08153 Cole Womens Grandpro Tennis, Marine US Blue, 8.5 B US 1a376d9
    Athletic Shoes
    >
    ;