Never miss an update

Saucony Men's Kinvara 8 8 29987 Shoe Ankle-High Running Shoe d628f53

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Catalog: 1682101043
MPN: SK89221804 Brand: Saucony
Style: Running Shoe Gender: Men's
Model: Kinvara 8
Never miss an update

Saucony Men's Kinvara 8 8 29987 Shoe Ankle-High Running Shoe d628f53 -

    Saucony Men's Kinvara 8 8 29987 Shoe Ankle-High Running Shoe d628f53
    Saucony Men's Kinvara 8 8 29987 Shoe Ankle-High Running Shoe d628f53
    NIB MENS NIKE JORDAN XXXI 31 LOW BLACK WHITE BASKETBALL ATHLETIC SNEAKER SHOESNike Air Max 270 "Black Pack/Photo Blue" AH8050 009 Men's Size 11.5 (NO BOX)NIKE AIR MAX INVIGOR MID RUNNING MEN SHOES BLACK 858654-004 SIZE 9.5 NEWNew adidas Originals Mens Stan Smith Shoes Running White/Red M20326 TennisNike Men's Size 10.5 Free RN Motion Flyknit 2017 Running Shoes White 880845 100New Men's NIKE Vandal High Supreme QS - AH8652 001 Silver Red SneakerNike Air Jordan Express Mens Trainers 897988 Sneakers Shoes 010 , Reebok Cl Nylon M Shoes Green Men CN3266 , Converse One Star Mid Black Camo Mens Casual Shoes Street Sneakers 159747Cadidas Originals EQT Support RF men lifestyle shoes NEW black BY9623 , Nike Men's Air Jordan SPIZIKE Shoes Black/Varsity Red 315371-026 b , Nike Air Max Bw Ultra Men Style : 819475 size 12(315121-115) MEN'S NIKE AIR FORCE 1 HIGH 07 WHITE/WHITE , ASICS Gel Surveyor 2 Grey Black Green Running Shoes Sneakers NEW Mens Youth Sz 7 , adidas D Rose 7 Primeknit Mens Basketball Sneakers / High Top Shoes - Gray , Nike Air Jordan Spizike Size 11 Black Varsity Red Mens Baksetball Shoes , NEW NIKE AIR HUARACHE LOW - BLACK/BLACKAsics AGGRESSOR 4 Men's 1081A001.001 Black Wrestling ShoesAdidas EQT Support Ultra PK Men's Retro Running Fitness Gym Trainers WhiteNike Mayfly Woven Mens Running Trainers 833132 Sneakers Shoes 004 , Adidas Vengeful Mens Running Trainers Sneakers AQ6083 , Nike Jordan 1 Mid 554724-049 Black Leather Basketball Shoes Men , ASICS Lift Master Lite - Black - MensNIKE AIR MAX SPEED TURF = SIZE 9.5 = BLACK VOLT GREEN TRAINING SHOES 525225-003 , New Nike Men's Air Trainer SC Winter Shoes (AA1120-300) Khaki/Black-Gum YellowAdidas Originals La Trainer Og Mens Running Trainers Sneakers BY9323 , Nike Zoom All Out Flyknit OC womens 845717 999 running trainers CLEARANCE , Camper Runner Four Grey Mens Suede Casual Low-Top Sneakers Trainers New , ASICS Men's Aggressor 4 Wrestling Shoe
    Saucony Men's Kinvara 8 8 29987 Shoe Ankle-High Running Shoe d628f53 ->Saucony Men's Kinvara 8 8 29987 Shoe Ankle-High Running Shoe d628f53 -
    NIB $458 Frye Melissa Scrunch Tall Riding Knee High Boot Dark Brown Size 5.5ო free people ϕ black after dark studded boots sz 7 ꊛ sold out , Golce & Gabbana Leopard Ankle Boots Booties 39 8.5Asics x Bait Gel Lyte V Splash City US 9.5Man/Woman Ezekiel Tan Guarantee quality and quantity Pleasant appearance Outstanding function , Thierry Rabotin "Lena" Black Sahara suede Leather shoes 38 EU/ 7.5 USRockport Women's Emalyn Mary Jane Flat - Choose SZ/Color , Womens Bow tie High Heels Sexy Peep Toe Summer Slippers Dress Party Sandals Size , Ralph Lauren Collection Dark Brown Leather Strappy Platform Shoes Size 8 , Gentlemen/Ladies T strap pumps / heels 7 Complete specification Brand wonderful , Fab! COLE HAAN Moroccan Red Calfskin Heeled Mules w/White Stitching/Wood Heel 7BManolo Blahnik Hangisi Jewel Embellished Pointy Toe Pump- Plum Purple Velvet- 9 , Authentic Loriblu Leather Italian Designer Sandals New Sizes 6,11 Gold , Puma Mens Enzo Strap Nautical Gray Fashion Running Shoes 11 Medium (D) BHFO 2395 , Gentleman/Lady Adidas NMD_R2 - CQ2400 The color is very eye-catching Strong value Sales online store , ADIDAS ORIGINALS TUBULAR RISE SZ 8.5 CORE BLACK CHALK WHITE OFF WHITE BY3554Nike Air Max Excellerate 4 Men's Cool Grey/Wolf Grey/Dark Grey/Black 06770022 , NIKE AIR JORDAN 10 X RETRO RIO SIZE 8.5 USA 310805-019 NEW DS , DIADORA N9000 X FEATURE ICE CREAM US 4.5 LAKE GREEN TITOLO LEATHERAd Tec Women's 10" Harness Biker Boot - 8546Sperry Striper Top-Sider Alpine Brown Canvas Sneaker Boots Men's Size 8.5Ariat Men's Double Down Pecan Caiman Belly Cowboy Boot - Square Toe - 10025088 , ECCO JACK TIE Men's Slip On Coffee Loafer Size ( ) , Skechers Performance Womens Go 4-Brisk Walking Shoe- Pick SZ/Color.Aetrex Womens Berries Fashion Sneaker- Pick SZ/Color. , Salewa Womens Ultra Train GTX-W Trail Running Shoe 9- Pick SZ/Color. , US Shoe Size Women Cowboy Boots Comfort Casual Block Heel Side Zip Ankle Booties , NWT The North Face Women's Shellista 2 Mid Luxe Snow Boots Black Sz 11Gentleman/Lady colin stuart boots 11 High quality and low overhead Reliable performance professional designTrotters SNOWFLAKES III Womens Grey Suede Faur Fur Slip Resistant Boots Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Saucony Men's Kinvara 8 8 29987 Shoe Ankle-High Running Shoe d628f53 -

    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.

    Saucony Men's Kinvara 8 8 29987 Shoe Ankle-High Running Shoe d628f53 -

    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.


    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
    Saucony Men's Kinvara 8 8 29987 Shoe Ankle-High Running Shoe d628f53
    Athletic Shoes