Never miss an update

Puma Evospeed Indoor 1.2 Men's Indoor Shoes Shoes Shoes Handball Volleyball Evospeed Badminton Shoes b997625




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
Style: Indoor Shoes
Brand: PUMA Product Number: 102850-03
Material: Synthetic Exact Color: See Photo
Use: Handball, Volleyball, Badminton MPN: 10285003
UPC: Does not apply Gender: Men
Color: Blue
Never miss an update

Puma Evospeed Indoor 1.2 Men's Indoor Shoes Shoes Shoes Handball Volleyball Evospeed Badminton Shoes b997625 - blurrypron.com

    Puma Evospeed Indoor 1.2 Men's Indoor Shoes Shoes Shoes Handball Volleyball Evospeed Badminton Shoes b997625
    Puma Evospeed Indoor 1.2 Men's Indoor Shoes Shoes Shoes Handball Volleyball Evospeed Badminton Shoes b997625
    New Balance Men MW847WT2 847 Walking Shoe White Size 10.5 - 4E , Converse Chuck Taylor All Star II HI Top Unisex Shoes US 7 / Womens US 9 , Men's Adidas Originals SWIFT RUN White/Core Black/Medium Grey Heather CQ2116New Men's Puma IGNITE Evoknit - Blk/Wht/Gry Training Shoes w/o Box Sz 8 , Hoka One One Blue Odyssey Running Shoes - Size 12.5NIKE VAPOR UNTOUCHABLE 2 FOOTBALL Cleats MENS 16 Team Orange 824470 818 $200 NEW , Adidas Centennial Mid Brand NEW STUNNING Genuine Leather SZ US 9.5 style 043953Men's Puma Basket Platform White Black Trainers Shoes sz 8 eu 40.5Nike Lebron IX 9 SUMMIT LAKE HORNETS SLH 469764 500 SZ 16 ExcellentNike SB Janoski Max Track Red White Sz 10 631303-611NWT Nike Tennis ZOOM CAGE 3 Men’s Tennis Shoes! SIZE 12.5! RAFA NADAL! $130!ADIDAS Pharrell Williams Tennis HU Casual Shoes sz 8.5 Tactile Rose Pink CreamNike air PYTHON NUDE WHITE size 9.5 , adidas Men's Mad Bounce Basketball Shoe, Grey, Size 18.0New Balance 574, MTL574CZ, Blue White, Synthetic / Mesh, Re-Engineered, Sz 11.5New Mens Clarks Originals 63689 Taupe NUBK Nubuck Jink Shoes Size 11.5 MNike FS Lite Cross Trainers Nike Dark Grey Hyper Orange Men Sz 8.5 5113Skechers Sport Mens Highland T Oxford- Select SZ/Color. , Puma Basket Classic Leather Trainers Shoes Men's Women's 351912-03 , Puma x HOH Men R698 EVO MG *House Of Hackney* Total Eclipse 358468 Men Sz 7M , Brand new Asics Gel Kayano 24 ladies running shoe size 8 , Brooks Neuro Running Sport Shoes Trainers Run Sneakers white US 9 , [bargain] Asics Lethal Speed RS Mens Football Boots (0190) , Nike Metcon 2 Men's Cross Training Shoe 819899 464 Size 11 , ASICS GEL LYTE MT SZ 9 CREAM LIGHT GREY SUNSET PINK TRAIL RUNNING HL7Z1 0000 , Nike Air Jordan 4 IV Retro Metal Baseball Cleats Oreo Black 807710-010 Size 10New Balance 515 Classic Suede Sneakers Grey Men Sz 10.5 D 5749 , Skechers Shoes – Flex Advantage 2.0 black/white , Nike Dualtone Racer Mens Running Trainers 918227 Sneakers Shoes 004
    Puma Evospeed Indoor 1.2 Men's Indoor Shoes Shoes Shoes Handball Volleyball Evospeed Badminton Shoes b997625 - blurrypron.com>Puma Evospeed Indoor 1.2 Men's Indoor Shoes Shoes Shoes Handball Volleyball Evospeed Badminton Shoes b997625 - blurrypron.com
    Men's/Women's Dolce Vita Womens Star Elegant and sturdy set meal Beautiful appearance Non-slip , Mr/Ms Croft Dustin - Cigar New Listing discount Elegant and stable packagingGB35 Rivey Peep Toe Wedge Pump Sandals 243, Vintage Jeans, 9 US , Gentlemen/Ladies ROBINHOOD-100 PU Brown Fine workmanship Upper material Quality and consumer firstSTEVEN BY STEVE MADDEN LEOPARD RHINESTONE FLATS SHOES SIZE 9 1/2 W - NEWCLARKS Women's Kinzie Light Loafer Flat, - Choose SZ/Color , J Crew Corsica Espadrille Wedge Size 7 In CamelMr/Ms SCALLOP-712 Various goods Orders are welcome Selling new products , JIMMY CHOO Black Suede Platform Heels with Ankle Straps SIZE 38.5 ITMiu Miu by Prada Patchwork Plaid Twill Wool Heels Pumps Size 37 1/2 , VIA SPIGA CYNNA Pink Man Made Designer Sandals Open Toe 6.0 M42040 auth JIL SANDER dark brown grosgrain fabric Platform Sandals Shoes 36 NEWNew Balance Sneaker-Men's Size 11 2E Grey/White/Black DAMAGED , Gentlemen/Ladies Nike KD 8 749375 013 Attractive and durable modern Recommended todayFLY LONDON MALA 254 FLY shoes size 12 brand new store display shoes , Nike Air Force 1 '07 Mens AA4083-103 White Black Leather Low Shoes Size 12 , MENS HANDMADE BLACK SIDE ZIPPER BOOT MEN BIKER GENUINE QUALITY LEATHER SHOES , Men Suede Leather High Top Zipper Chelsea Retro Mid Cuban Heels Ankle Boot Shoes , Anatomic & Co Leather Casual Slip On Shoes Size-7 (EUROPE-40) NEWmen's shoes +2 MADE IN ITALY 8 () slip on blue leather BZ452-B , AUTHENTIC VERSACE GREEK KEY MEDUSA MEN'S BLACK LEATHER SHOES 43 ITALIAN , MARK NASON Double Cup Sergeant White Black Sneaker Boots Shoes Mens 8 8.5 10.5 , Skechers Skech-Air Infinity Modern Chic Black Memory Sneakers ShoesNIB WOMEN'S NIKE AIR MAX 1 PREMIUM SHOES Armory Blue Ocean Fog SIZE 5 US 195$Converse Chuck Taylor All Star High Street Hi Black Unisex Suede Canvas Trainers , Authentic Christian Dior Fusion Leather White Amour Sneakers Shoes Size 39 EUCreations by Lama Women's Black Suede Western Boots 2406 Size US 4.5 NEW , Women Pointy Toe Fashion Suede Chunky heels Mid Calf Pull on Solid Boot 2018 C9Bogs Bobby Tall Women's Size 9 Green Brown Leather Suede Boot Winter RainKamik Women's Mcgrath Snow Boot, Navy, 7 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Puma Evospeed Indoor 1.2 Men's Indoor Shoes Shoes Shoes Handball Volleyball Evospeed Badminton Shoes b997625 - 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.

    Puma Evospeed Indoor 1.2 Men's Indoor Shoes Shoes Shoes Handball Volleyball Evospeed Badminton Shoes b997625 - 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
    Puma Evospeed Indoor 1.2 Men's Indoor Shoes Shoes Shoes Handball Volleyball Evospeed Badminton Shoes b997625
    Athletic Shoes
    >
    ;