Never miss an update

NEW IN BOX New Balance 846 BOX Men's US New 7 NEW//D Medium Width M846WN 47b4d91




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
Modified Item: No
US Shoe Size (Men's): 7 Style: Walking Shoes
Color: White/Navy Product Line: New Balance 800 Series
Euro Size: 40 Material: Synthetic
Brand: New Balance Width: Medium (D, M)
UPC: 884577777752
Never miss an update

NEW IN BOX New Balance 846 BOX Men's US New 7 NEW//D Medium Width M846WN 47b4d91 - blurrypron.com

    NEW IN BOX New Balance 846 BOX Men's US New 7 NEW//D Medium Width M846WN 47b4d91
    NEW IN BOX New Balance 846 BOX Men's US New 7 NEW//D Medium Width M846WN 47b4d91
    Nike Zoom Shift Mens Sz 10 Gray White Basketball Sneaker Shoes MRSP $100 X15-826 , Nike Revolution 2 Men’s Hyper Blue Turquoise Running Shoes Size 14NIKE MENS DUEL RACER RUNNING SHOES SIZE 13 BOX NO LID , Nike Air Mens AF 1 Sneaker Shoe Sz 11 / 45 Premium Samurai Edition Chocolate Red , Nike CP Trainer 2 Men's Shoes Athletic Running Sneakers 719908-011 Size 12 , PUMA Mens Classic Terry Fashion Sneaker- Select SZ/Color. , Converse Chuck Taylor Low Tops Menta OX Mens Sneakers Shoes 155737F , Nike Mens Size 13 Zoom Maxcat 4 Track & Field Shoes Spikes Rio Olympics $120Vans 106 Vulcanized CA Brushed Twill True White Men's Skate Shoes Size 6.5Puma Smash V2 Ripstop Blue Men Walking Shoes 7.5 , NEW Nike Vapor Pro Low TD Football Cleats Navy Blue/ White 511342-144 Size 13Nike Mens Size 12.5 Untouchable 2 Black Out Silver Football Cleats Rare New $200Brand New Mens Red, Black & White Nike Flex 2016 RN Tennis Shoes, 13MONTRAIL GM2137 MENS NEW BADWATER HYBRID TRAIL RUNNING SHOE US 9 , Under Armour Brandon Jennings, Men's Basketball Shoes, Size 13.5, 1216009-164 , Adidas Mens Size 11 Performance Ace 16.4 Fxg Soccer Cleats Messi Shoes Silver , Nike AIR FORCE 1 Leather NAVY Basketball Shoes Size US 10.5 Men'sVans Authentic DX Veggie Tan Leather Men's Size 11 Shoes , Man/Woman Air Jordan Fine workmanship Clearance German OutletsNIKE FLIGHT mens Athletic SHOES size 8 BASKETBALL #G192 , Nike Airmax Dominate - Purple/White Basketball Shoes (Men's 16.5) - UsedSKECHERS 54010 GO FLEX SLIPON BLACK GREY MENS SHOES CASUAL SIZE 10 EXCELLENT , Hot Mens Sneakers Casual Sports Athletic Breathable Running Shoes Plus SizeMens Converse Pro Leather '76 Ox Egret Tan Size 10. New w/boxVANS LPE (Textile Blend) Dress Blues/True White Skate Shoes MEN'S 10RARE Adidas Originals Superstar Hemp Tan Chocolate Brown Sz 14 Men's VintageNike Marxman Premium Pure Platinum 832766-400 Men's Casual Sneakers 11.5 (New)Vans Men Authentic - Primary Mono red silver VN08EMMQA , Converse Chuck Taylor II OX Salsa Red/White 150151C Men's SZ 11.5
    NEW IN BOX New Balance 846 BOX Men's US New 7 NEW//D Medium Width M846WN 47b4d91 - blurrypron.com>NEW IN BOX New Balance 846 BOX Men's US New 7 NEW//D Medium Width M846WN 47b4d91 - blurrypron.com
    ARMANI JEANS MAN SNEAKER SHOES CASUAL FREE TIME CODE A6519 WITHOUT BOX , Shoes Motorrad V-Quattro Game Black tg 41Nike Air Max Courtballistec White/black/metallic Silver Size 12 , Gentleman/Lady Peeptoe Heels Purple Leather size 38 quality special function Non-slip , Ladies Remonte Wide Fitting Flat Shoes D0500KENNEL & SCHMENGER Peeptoe Shoes Sand Patent Leather Size XA 183Neon Hot Pink Glitter Upper High Heel Platform Ankle Strap Stiletto Sandal Women , Avec Les Filles Jada Peep-Toe Bow Pumps 994, Pink, 6.5 USMaloles Women's Embroidered Frequencies Platform Heels Retail $589 size 7.5NIB MIU MIU PRADA LEOPARD PRINTED PONY HAIR CAGE PLATFORM SANDALS 41Rockport Women's Kimly Keturah Dress Pump - Choose SZ/Color , Manolo Blahnick Sequin Wanda Snake Heels 37 , Man/Woman Puma States Vashite 6 Good world reputation Orders are welcome Very practicalNike Lebron Soldier 10 Custom Baseball Cleats Size 12Etnies Fader Brown Camo Mens Suede Skate Trainers , ADIDAS CAMPUS 80'S MITA Size 8.5 Q34550 New In Box Columbia BlueMan's/Woman's Nike Air Max 97 Plus Fine processing Good market value , Nike Air Jordan 1 Retro High Nouveau Mens Shoes - Size 8 White/BLK 819176 104DS New w/Box Reebok Twilight Zone The Pump White/Neon Yellow/Black sz 10 Rare , Biltrite Boulet Black Western Cowboy Boots Leather Size 10.5 W , AUTH PRADA HIGH TOP SNEAKERS SHOES 4T3149 BLUE SUEDE NEW US 9 , Polo Halford Mens Charcoal Grey Canvas Casual Shoes Sneakers Size 8 D Gray Men's , men's shoes ROSSINI 11 () moccasins white leather AH54-DBruno Magli Pitto Men's Slip-on Dress Shoes, Dark Brown - Size 9.5M , Nike Women's Air Zoom Wildhorse 4 Athletic Snickers Running Training Shoes Sz 6Nike Air Max 90 Ultra Essential Black W Swarovski CrystalsGentleman/Lady ASICS Women's Jolt New Listing New products in 2018 Direct business , Popular Lady's Boots Patent Leather Over Knee Boots Pumps Platform Womens ShoesStylish Womens Ankle Boots Stilettos High Heels Platform Platform Elegant Prom , ECCO Womens Sculptured 45 Plain Dress Pump- Pick SZ/Color.
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW IN BOX New Balance 846 BOX Men's US New 7 NEW//D Medium Width M846WN 47b4d91 - 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.

    NEW IN BOX New Balance 846 BOX Men's US New 7 NEW//D Medium Width M846WN 47b4d91 - 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
    NEW IN BOX New Balance 846 BOX Men's US New 7 NEW//D Medium Width M846WN 47b4d91
    Athletic Shoes
    >
    ;