Never miss an update

ASICS bagisrecor-16204 GEL KAYANO 24 16173 WOMENS BLACK PHANTOM BEST RUNNING SHOES**ALL SIZES BEST SELLER 60c556c




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Shoe Type: Sneakers
Style: Running, Cross Training Colour: BLACK PHANTOM WHITE
Brand: ASICS Modified Item: No
Never miss an update

ASICS bagisrecor-16204 GEL KAYANO 24 16173 WOMENS BLACK PHANTOM BEST RUNNING SHOES**ALL SIZES BEST SELLER 60c556c - blurrypron.com

    ASICS bagisrecor-16204 GEL KAYANO 24 16173 WOMENS BLACK PHANTOM BEST RUNNING SHOES**ALL SIZES BEST SELLER 60c556c
    ASICS bagisrecor-16204 GEL KAYANO 24 16173 WOMENS BLACK PHANTOM BEST RUNNING SHOES**ALL SIZES BEST SELLER 60c556c
    Adidas Originals Trainers Nmd_R1 W B37646 Red , NIKE WOMENS AIR MAX 270 RUST PINK RED BRONZE CASUAL SHOES 2018 **FREE POST AUSTNike Wmns Zoom Fly FK Flyknit Black Orange Peel Women Running Shoes AR4562-068BROOKS ADDICTION WALKER WOMENS WALKING SHOES (B) (001) *COMFORT AND SUPPORT* , NIKE WOMENS AIR MAX MOTION LW SNEAKER GREY WHITE SHOES **FREE POST AUSTNike Wmns Air Max 270 Total Orange White Women Running Shoes Sneakers AH6789-800ACNE STUDIOS 'manhattan leather low top trainers' white navy blue sneakers 37WOMENS ASICS NIMBUS 20 SP LIMITED EDITION RUNNING / TRAINING SHOES - ALL SIZESNike Wmns Air Max 270 SE Black White Women Running Shoes Sneakers AR0499-001Asics GEL-Kayano 23 [T788N-0100] Women Running Shoes White/Snow-SilverHOGAN women shoes H222 pink suede and tech fabric sneaker ultralight outsoleBrooks Glycerin 15 Desiree Linden Neutral Cushion Pink Women Running 120247 1BAsics Hyper Gel-Sai White Blue Black Women Running Shoes Sneakers 1022A013-100 , Nike W Air Max 97 [921733-801] Women Casual Shoes Guava Ice/Crimson Tint , Adidas Originals NMD_R1 STLT PK W [B37655] Women Casual Shoes White/Clear OrangeAsics Gel-Kayano 24 Lite-Show White Apricot Ice Women Running Shoes T8A9N-0101 , Nike Wmns Epic React Flyknit Black White Women Running Shoes Sneakers AQ0070-011 , adidas Originals ARKYN / PK W BOOST Womens Running Shoes Sneakers Pick 1NIKE WOMENS DOWNSHIFTER 8 LIGHT CARBON CRIMSON BLUE SHOES 2018 **FREE POST AUSTadidas PureBOOST DPR W BOOST Women Running Shoes Sneakers Pick 1 , adidas UltraBOOST W Ash Peach Pearl Clear Orange Women Running Shoes BB6497 , Asics Gel-Kayano 25 Orange Fuchsia Womens Running Shoes Runner 1012A02-6800Asics Gel-Nimbus 20 Blue Fuchsia Pink Womens Running Shoes T850N-400 , Asics Gel-Nimbus 20 Pink Mesh Women Road Running Shoes Sneakers T850N-2121 , Brooks Levitate White Silver Neutral Women Running Shoes Sneakers 120258 1BAsics GEL-Kayano 25 [1012A026-001] Women Running Shoes Black/Asics BlueAsics Gel-Kayano 24 Black White Women Running Shoes Sneakers Trainers T799N-9016Wmns Nike Air Vapormax Flyknit Wolf Grey Red Crimson Women Running 849557-026 , Asics Gel-Kayano 25 White Pink Blue Womens Running Shoes Trainers 1012A02-6100
    ASICS bagisrecor-16204 GEL KAYANO 24 16173 WOMENS BLACK PHANTOM BEST RUNNING SHOES**ALL SIZES BEST SELLER 60c556c - blurrypron.com>ASICS bagisrecor-16204 GEL KAYANO 24 16173 WOMENS BLACK PHANTOM BEST RUNNING SHOES**ALL SIZES BEST SELLER 60c556c - blurrypron.com
    STRIKE FIRENZE women shoes Brown leather brogue wingtip style ankle boot , Gentleman/Lady RMW's chestnut Craftsman boots Special purchase auction Cost-effective , Air jordan 10 "NYC" size 9 USNew Mollini Freddy Silver Womens Shoes Dress Sandals Heeled , Man/Woman KERA-14 Black Elegant appearance Wholesale trade CharacteristicsHERZEL ROMA ITALIAN FLATS WHITE MOCASSINS MIU PRADA LOAFERS BALLERINAS 7 37 TOPGentleman/Lady Aerosoles Womens Betunia Loafer- Pick SZ/Color. for you to choose Preferred material Vintage tide shoesWomens Block High Heel Slippers Leather Shoes Pointy Toe Bowtie Slingbacks PumpsBCBGeneration Womens Hayes Pointed Toe Ankle Wrap Classic PumpsTed Baker London Sayu Suede Pump Fuchsia Size 9 US/7 UK/40 EU NEW IN BOX , Stuart Weitzman Sz 9M Ash Black Ribbon Textured Decorative Toe Pumps Heels ShoesCalvin Klein Collection Sz US 11 M Thandie Leather Wedges New Womens Shoes , TE CASAN by Gaetano Perrone satin sandals with Swarovski crystals spider size 38 , Nine West 25025387 Womens Ronnie Suede Dress Sandal- Choose SZ/Color.Men's/Women's Nike Men's Lunarconverge 2 Running Shoe Excellent craft Orders are welcome Reliable reputation , Men's/Women's Air Jordan 3 sport blue 6.5y We have won praise from our customers. New design Shopping promotion , New Nike LunarEpic Low Flyknit 2 Blue Fox/Cerulean 863779 404 Rare, MSRP $140! , Gentlemen/Ladies JSlides Men's Danny Sneaker Practical and economical In short supply At an affordable price , NEW Dockers Scramble Brown Men's 9 Medium ~ Sturdy Work Shoes , Moschino New Logo Charm Leather Sneaker Slip on Sz 45EU/12USLaredo Men's Work 12" Distressed , AG15 GIULIO MONTANO shoes black leather men elegant , New Balance Womens 696 Winter Seaside Pack Fashion Sneaker- Pick SZ/Color. , Bella Vita Women's Mel-Italy Slide Sandal Camel Italian Leather Sandals , Nike Air Zoom Pegasus 34 Shield Black Orange 3M Obsidian 907328-001 Size 11.5 , ECCO Womens Gillian High Top Fashion Sneaker / 8-- Pick SZ/Color.MINNA PARIKKA BUNNY HIGH TOP PLAYBOY WHT LEATHER SNEAKER SHOES 40 MADE IN SPAIN , Oboz Women's Phoenix BDry Hiking Shoe Driftwood Walking ShoesShoe Republic LA Leopard Suede Pointy Toe Stiletto BootiesNew Womens patent Leather over the knee long high Boots zip cuban heel hot shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ASICS bagisrecor-16204 GEL KAYANO 24 16173 WOMENS BLACK PHANTOM BEST RUNNING SHOES**ALL SIZES BEST SELLER 60c556c - 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.

    ASICS bagisrecor-16204 GEL KAYANO 24 16173 WOMENS BLACK PHANTOM BEST RUNNING SHOES**ALL SIZES BEST SELLER 60c556c - 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
    ASICS bagisrecor-16204 GEL KAYANO 24 16173 WOMENS BLACK PHANTOM BEST RUNNING SHOES**ALL SIZES BEST SELLER 60c556c
    Athletic Shoes
    >
    ;