Never miss an update

adidas Performance 29977 mogochinese-29980 Men's Crazytrain Boost Cross-Training Cross-Training Shoe 8432c78




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
Brand: adidas
Style: Fitness & Cross-Training
Never miss an update

adidas Performance 29977 mogochinese-29980 Men's Crazytrain Boost Cross-Training Cross-Training Shoe 8432c78 - blurrypron.com

    adidas Performance 29977 mogochinese-29980 Men's Crazytrain Boost Cross-Training Cross-Training Shoe 8432c78
    adidas Performance 29977 mogochinese-29980 Men's Crazytrain Boost Cross-Training Cross-Training Shoe 8432c78
    adidas Originals Courtvantage Adicolor Mens Trainers Sneakers , Nike Air Force 1 Mid '07 Mens Style , NIKE Men's Air Force 1 High '07 Lv8 Suede Basketball Shoe , Nike PG 2 Paul George Olive Canvas Men's Basketball Shoes AJ2039-300 , Men's Nike Air Force 1 High Basketball Shoes Black Many Sizes #M015 Brand NewASICS Men's High Jump Pro Track ShoeMen's/Women's ASICS Men's FuzeX TR Cross-Trainer Shoe durable Let our products go to the world Different goodsNike Air Max 2016 Print Black & Crimson Men SZ 8 - 10 40% OFFNike Air Trainer 1 Md Prm Nrg Mens Style 532303NIKE Men's Zoom Shift Nylon Basketball Shoesadidas D Rose 5 Boost Mens Basketball Sneakers / Shoesadidas Freak X Carbon Low Cleat Men's Football , NEW COLE HAAN MENS MEN'S PINCH HAND-STAINED WEEKENDER - BLAZER BLUE HANDSTAIN , adidas Performance Men's Leistung.16 II Cross-Trainer ShoeNike Mens Air Penny IV Basketball ShoesGentleman/Lady Under Armour Men's Charged Ultimate 2.0 fashion auction Good quality , Gentlemen/Ladies adidas Men's Leistung.16 II Cross-Trainer Shoes Rich design Various types and styles Very good classificationMen's Minimus SL Golf Shoe, Black/Red, 10.5 D US Free Shipping , Men's/Women's Under Armour Men's Threadborne Fortis Selling Stylish and fun Brand feast , Man's/Woman's AND1 1 Men's M-2 Basketball Shoe Exquisite (middle) workmanship Price reduction Full range of specifications , Gentleman/Lady adidas Men's Adicross Bounce Golf Shoe Every item described is available online shop British temperament , Men/Women ASICS Men's Omniflex-Attack V2.0 Wrestling Shoe Packaging diversity Attractive fashion best sellerMerrell Men's Agility Fusion Flex Sneaker - Choose SZ/Color , PUMA SUEDE CLASSIC X CHAIN / NOIRMerrell Women's All Out Crush 2 Sneaker, Slate, 8 M US , Man's/Woman's New Balance Men's Walking Shoe Elegant appearance excellent Different styles , ASICS Men's Aggressor 3 L.E. Geo Wrestling Shoe, Cockatoo/White/Dark Sapphire, MMan/Woman NIKE Men's Big Low Basketball Shoes Customer first Primary quality a lot of varieties , Performance Women's Go Golf Blade Shoe,White/Silver,9 M US Free Shipping
    adidas Performance 29977 mogochinese-29980 Men's Crazytrain Boost Cross-Training Cross-Training Shoe 8432c78 - blurrypron.com>adidas Performance 29977 mogochinese-29980 Men's Crazytrain Boost Cross-Training Cross-Training Shoe 8432c78 - blurrypron.com
    Madewell The Ryan Chelsea Boots Size 11 Dark Chestnut Leather Shoes $238 #e2331 , Womens 8 Liberty Black 'Cotton Flower' Pale Turquoise Western Cowboy Boots, $300ICON Shoes Hug 2 Boots leather shearling sz8 Mucha artwork Rare EUC! with boxadidas Originals ZX Flux ADV Virtue W White Black Women Running Shoes CP9883New J Crew Size 8 E7306 Embellished Suede Gladiator Sandals Desert Pink J.crewDansko suede leather Houndstooth Wedge Loafers, size 37 EU , Womens High Heeled Leather Sandals With Tie FasteningLadies Sam Edelman Hayden Snake Shoes Heels Size 7 , Sandgrens Swedish Low Heel Wooden Clog Mules for Women | Tokyo Black,PRADA Women's Black Suede Loafers 37.5 US 7.5 Made In ITALY Flats Slip On *1024Alexander Wang Alisha Gray Suede Women Platform Sandal Size 37CONVERSE CT OVERLAY OX 146458C Athletic Shoes Size 10 US 44 EUR Gray , ADIDAS CAMPUS 2 ORIGINALS D69396 RED WHITE SKATEBOARD MEN 11MENS PUMA ROMA DISTRESSED NBK in colors BURNT OLIVE / WHITE SIZE 9.5 , NIKE SB ZOOM STEFAN JANOSKI MAX BLACK WHITE SKATE SHOES 631303 022 SZ 12 , Adidas NMD_CS2 PK BZ0515 Mens Shoes Primeknit Originals Black & WhiteNike Lebron Soldier 10 X Size 11 Black Univeristy Red Bred Unreleased 844374-016 , NIKE FLYKNIT RACER TRAINER STRAWBERRY PEARL PINK COOL GREY WHITE 526628-604 10BY3013 Adidas nmd_r1 PK Zebra Black size 13 USAdidas Yeezy Boost 350 'Turtle Dove' - TURTLE/BLUGRA/CWHITE , Sperry Top-Sider Mens Dockyard Chelsea Boots Burgundy Leather Slip on Size 10 MDr. Martens New Ironbridge Steel Toe Boot Brown Gaucho Men's 4 Women's 5 Unisex , Under Armour Men's Boys' Leadoff Low RM Jr. Baseball Shoe - Choose SZ/Color , Mens Pointy Toe Slip On Pleated Business Casual Dress Formal Wedding Flats ShoesSUPER GORGEOUS !!! MAISON MARTIN MARGIELA 22 MEN ROCKSTAR BOOTS US 12 , NW MONCLER shoes boots brown KL 00418 down + leather with CERTILOGO number , Men's Shoes Kenneth Cole Stepping Stone Moc Toe Driving Shoe KMS7LE002 Black NewNEW Nike Free TR6 Womens Training Shoes Purple Smoke 833413-502 Sz 11 MSRP$100 , 306499-021 Nike Womens Blazer Mid Black Khaki Chambray Carnation , Nike Womens Air Zoom Structure 19 Running Trainers 806584 400 sneakers shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    adidas Performance 29977 mogochinese-29980 Men's Crazytrain Boost Cross-Training Cross-Training Shoe 8432c78 - 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 Performance 29977 mogochinese-29980 Men's Crazytrain Boost Cross-Training Cross-Training Shoe 8432c78 - 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 Performance 29977 mogochinese-29980 Men's Crazytrain Boost Cross-Training Cross-Training Shoe 8432c78
    Athletic Shoes
    >
    ;