Never miss an update

NEW BALANCE WOMEN WOMEN 580 SEASIDE HIDEAWAY SZ 12 12 BLUE BLUE LIGHT BLUE WRT580RB f6fafed




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: New Balance
Style: Trainers US Shoe Size (Women's): 12
Color: BLUE / LIGHT BLUE UPC: Does not apply
Never miss an update

NEW BALANCE WOMEN WOMEN 580 SEASIDE HIDEAWAY SZ 12 12 BLUE BLUE LIGHT BLUE WRT580RB f6fafed - blurrypron.com

    NEW BALANCE WOMEN WOMEN 580 SEASIDE HIDEAWAY SZ 12 12 BLUE BLUE LIGHT BLUE WRT580RB f6fafed
    NEW BALANCE WOMEN WOMEN 580 SEASIDE HIDEAWAY SZ 12 12 BLUE BLUE LIGHT BLUE WRT580RB f6fafed
    ROTASOLE CATALINA WHITE & BLUE WALKING MARY JANES 10M IN PRISTINE CONDITION , NIB Women's ASICS GT-3000 5 Running Shoes Sneakers bright roseNEW WOMENS NIKE DUNK LOW BASKETBALL / CASUAL SHOES - 11 / EURO 43 - AUTHENTIC , Mr/Ms Puma Classic Extreme Women's Shoes New product Clearance Great choice , Propet Women's TravelFit Hi Sneaker, Purple/Silver, 6 Wide US , Skechers Originals Women's Retros Retrospect Fashion Sneaker - Choose SZ/ColorSandro Albatorock Black Studded High Top Sneakers - Size 38 , Man's/Woman's Adidas Women's Alphabounce 1 Running Shoe Customer first Moderate cost Fair price , New On Cloud Womens Cloudster Running Shoes , Adidas PureBoost X Women's Running Shoes Sz.10.5 US Black NWOB , Calvin Klein Women's Tea CK Logo Pearl White Sneakers Size: 8.5 , ASICS Gel Quantum 360 Shift T7E7N 9006 womens black coral running kinsei sz 8 , 7.5 WOMEN'S Nike Air Classic Cortez RUNNING CASUAL LIGHT SHOES White Black PINK , EASY SPIRIT LADIES SLIP ON SNEAKER 8M BLUE & PINK (segetuptj) , New Balance Women's Fresh Foam Zante v2 Running Shoe, Navy/TealWomen’s PUMA X FENTY HI TRAINER Cypress Rihanna Sneaker Tennis Shoe Size 7Puma Match Lo Pnt Snake Women's Shoes , Skechers Omne Back Shine Womens Sneakers- Select SZ/Color. , Vans Off the Wall Mohikan Red Pink Plum Suede Moccasin Shoes Womens 7Women's Adidas Clima Cool Sneaker Pink and Gray Size 8Men/Women Indigo Rd. Women's Kalani Sneaker Excellent value Affordable TRUEGentleman/Lady DONNA KAREN DKNY WOMENS FASHION SHOES Consumer first Sufficient supply Different goods , Reebok Zigevolution Grey Pink White Womens Sneakers Running Shoe NIB 7.5Puma Suede Heart Quilt - Pink - WomensPropét Womens Cameo Low Top Slip On Fashion Sneakers , Nike Womens Air Huarache Run Training Running Shoes Sneakers BHFO 3928Filling Pieces LOW TOP Degrade, Nude Blue Suede Sneakers Wmns Size EUR38 US 7.5 , Brooks Addiction Walker Linear Platform White Women's 8.5 Med BSteve Madden ECNTRCQT Quilted Sneakers Slip-On Casual Shoes Women Blush Size 7.5
    NEW BALANCE WOMEN WOMEN 580 SEASIDE HIDEAWAY SZ 12 12 BLUE BLUE LIGHT BLUE WRT580RB f6fafed - blurrypron.com>NEW BALANCE WOMEN WOMEN 580 SEASIDE HIDEAWAY SZ 12 12 BLUE BLUE LIGHT BLUE WRT580RB f6fafed - blurrypron.com
    Womens AQUATALIA ORALIE black leather knee high boots sz. 10nike air max 90 ultra essential mens trainers 819474 010 sneakers shoesCarvela Prizzze Black Suede Womans Boots BNIB Size 8 , Munro Women's Gray Jerrie Flat 4940 Size 5.5M$395 MISSONI ITALY designer PUMPS 38 Black gold pink stripe STILETTO heel SHOE , Aerosoles Women's Example Dress Pump - Choose SZ/ColorNew! Lesilla Off White Patent Leather Open Toe Platform Pump , Womens Summer Block Heels Bohemia Embroidery Roma Sandals Boots ethnic Floral Sz , Circus by Sam Edelman Shania Blue Charm Shoes Size 8.5 NWOB. , Manolo Blahnik Womens Pumps Size 37.5 7.5 Silver Metallic LeatherNew Women Bowknot Slip On Loafers Slingback Hollow Slipper Leisure Sweet Sandals , Used Worn Size 12 Adidas Attitude Hi Basketball Shoes Black Yellow WhiteNIKE SB TEAM EDITION MENS SKATEBOARD 487597 , NIKE HYPERDUNK 2017 LOW LIMITED MEN'S SHOE [897636-900] BLACK/WHITE/GUM , MENS NIKE AIR MAX 90 RUNNING SHOES SIZE 15 US 49.5 EU BLACK LEATHER 302519 001adidas nmd. Basically Brand New. Barely Worn , Nike Kobe 11 XI Q54 Quai 54 LMTD Limited 869600-010 Europe Exclusive RARE EliteMen's/Women's Helikon URBAN ADMIN Pouch [O.03] Adequate supply and timely delivery Skilled manufacturing Different styles , WILD WEST BROWN GENUINE OSTRICH LEG COWBOY BOOT RODEO-SQUARE-TOE RUBBER SOLE EE , NWB DSQUARED2 MEN'S GREEN PEBBLED LEATHER SNEAKER/BOOTS US SIZE 11Cole Haan Men's Suede Black Bergen Moc Oxfords 2045 Sz 13 M , Rebecca Minkoff Women's Stacey Stud Bow Sneakers, Putty, Size 9.0 , Asics Patriot 8 Womens T669N-1901 Rouge Red Running Training Shoes Size 6Gentlemen/Ladies Funtasma Women's Arena 2030 Black Microfiber feature Primary quality best sellerHOKA ONE ONE TOR ULTRA HI WP FOG GREEN HIKING RUNNING SHOES SIZE US 5 WOMENSSkechers 11728 Womens Flex Appeal Athletic Sneakers 7- Choose SZ/Color.Brand New Classic Traditionnels Women's Athletic Fashion Sneakers [WL574EG]Chinese Laundry Womens JAMBOREE Open Toe Ankle Fashion Boots, Black, Size 8.5Levi Ankle Boot, Burgundy PU, 10 B(M) US , Bumper Women's PU/Fur Fashion Ankle High Wedge Boots Brown CADIZ02 Size 7.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW BALANCE WOMEN WOMEN 580 SEASIDE HIDEAWAY SZ 12 12 BLUE BLUE LIGHT BLUE WRT580RB f6fafed - 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 BALANCE WOMEN WOMEN 580 SEASIDE HIDEAWAY SZ 12 12 BLUE BLUE LIGHT BLUE WRT580RB f6fafed - 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 BALANCE WOMEN WOMEN 580 SEASIDE HIDEAWAY SZ 12 12 BLUE BLUE LIGHT BLUE WRT580RB f6fafed
    Athletic Shoes
    >
    ;