Never miss an update

Asics Midgrey/Aqua Gel - Sonoma 3 Running Shoes - Women's Size Size 8, Midgrey/Aqua Splash/Carbon 3ab7043




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Shoes have been tried on in retail store.Bottom soles are clean.Insoles are clean.Shoes are and in excellent condition.
Product Line: ASICS GEL Style: Running Shoes
Color: Midgrey/Aqua Splash/Carbon Features: Lace-Up
US Shoe Size (Women's): 8 EUR Shoe Size (Women's): 39.5
Brand: Asics Width: 4"
UPC: 889436610188
Never miss an update

Asics Midgrey/Aqua Gel - Sonoma 3 Running Shoes - Women's Size Size 8, Midgrey/Aqua Splash/Carbon 3ab7043 - blurrypron.com

    Asics Midgrey/Aqua Gel - Sonoma 3 Running Shoes - Women's Size Size 8, Midgrey/Aqua Splash/Carbon 3ab7043
    Asics Midgrey/Aqua Gel - Sonoma 3 Running Shoes - Women's Size Size 8, Midgrey/Aqua Splash/Carbon 3ab7043
    PROPET VISTA STRAP W3915 WOMEN'S DIABETIC SHOES 9.5 M (B) TanAltra Womens Provision 3.0 Blue/Pink Running Shoes Size 9.5 (39592)Nike W BLAZER LOW SD WOMENS Sneakers AA3962-404Keds Women's Double Decker Suede Pink Sneaker WH59054Puma Fenty x Rihanna Bow Creeper Sandal Pink Blush Women - Size 6.5- , New Balance 411 All Terrain Womens Running Trail WT411GP2 Gray Pink - Size 8.5D , REEBOK M46479 VENTILATOR CG Wmn's (M) Grey/Pink Suede/Synthetic Athletic Shoes , New Balance Women's 816 Motion Control White And Purple Walking shoes Size 11Fila Turbo Fuel Energized Womens Size 6 Blue Mesh Running Shoes NEW , New Balance WL373 B 373 Women Running Shoes Sneakers Trainers Pick 1Salomon X-Mission 3 CS 391837 woman black/purple/orange shoes sz 5 Brand NewReebok Runtone Smooth Fit Women’s Size 10 Gravel BrazenExercise Running Shoes , Skechers Go Walk Joy Enchant Walking Women's Shoes Size 10Babolat Kompressor black pink running women's ladies tennis shoes Sz 5.5 , VEJA Bastille Black Suede Snake Reptile Tennis Shoes Size 39 US 8 / 8.5 , Men's/Women's Basket femme 39 Women Shoes 7.5 Quality products modern cheap priceWomens Nike Air Zoom RS+ Black Gray Metro Blue Sz 6.5 or 7 MSRP $100 Shoes , New Balance Women’s Fresh Foam Cruz Sneakers Light Blue sz 8.5 , Rocket Dog Women's Chowchow Summer Jersey Cotton Sneaker - Choose SZ/ColorEasy Spirit Women's Size 6, Travel Time Mules Sneakers, Red, White Soles, New! , Saucony Triumph Iso Everun Women's Athletic Shoes Black/Green Sz 8 Worn Once , CONVERSE Chuck Taylor All Star Coral Oxford Women's Sneakers Blue Size 6M NewASICS Kanmei Pink - Womens - Size 8 BMen's/Women's Skechers Rock Around Walking Women's Shoes use Primary quality Tide shoes list , New! Saucony Women's Mirage 4 IV in Black/Pink Size: 6 with box , New Balance Women's Vazee Agility v2 Trainer Shoes Size 9 Purple WXAGLPS2 , Womens Asics Gel Dedicate 4 Shoes 8.5 NWTRoxy Women's Rizzo Ii Mid Top Shoe Fashion Sneaker - Choose SZ/ColorSkechers Shape Ups Walking Fitness Shoes 12320 Women Size 10
    Asics Midgrey/Aqua Gel - Sonoma 3 Running Shoes - Women's Size Size 8, Midgrey/Aqua Splash/Carbon 3ab7043 - blurrypron.com>Asics Midgrey/Aqua Gel - Sonoma 3 Running Shoes - Women's Size Size 8, Midgrey/Aqua Splash/Carbon 3ab7043 - blurrypron.com
    new $1850 Dior C'Est Dior real PYTHON snakeskin CD logo ankle BOOTS 34 4 -unique , Asics Gel Lethal Tigreor 10 IT Mens Lightweight Football Boots (0145) , Propét Womens Cameo Leather Closed Toe Ballet FlatsWOMEN SHOES POLE DANCE THIGH OVER KNEE BOOTS 8" HEEL PLATFORM STRAP BUCKLE WHITE , Gentleman/Lady Hogan Loafers Route H355 Diverse new design Elegant and sturdy packaging retail price , Womens Warm Cow Leather Round Toe Slip On Fur Trim Low Heels Flat Ankle Shoes SzWomen Pointed Toe Bow Knot Med Heels Slip On Mules Slippers Sandals StilettosWomens Pointy toe High Heel Stiletto Slingback Formal Party Shoes Dress Sandals , Man's/Woman's Teva Women's Universal Slide Comfortable feeling Bright colors businessNike Presto Fly Black White Men's Sportswear Running Shoes Size 11 $100 , NEW BALANCE 247 MID SZ 9 BLACK WHITE RED KNIT TRAINERS REVLITE MRL247OF , Nike Flex RN 2017 Mens Running Shoe (Size 9) Black Red Grey 898457-012Air Jordan 1 Retro High Deep Royal Blue Rare Patent 332550 420 Men's Size 10.5 , Air Jordan I 1 Mid WB Hare Retro 2015 sz 10.5 , NIKE METCON 1 SQUADRON BLUE-WHITE-OBSIDIAN-LASER ORANGE SZ 12.5 [704688-410]NWT Eastland Alpine Hiking Boots American Eagle Brown Leather Mens 13 , Allen Edmonds Kingfield Men's Chestnut Brown Moccasin Loafers, Size 11.5D , Dan Post Boots Men's Teju Lizard R Toe Black Cherry Cowboy Boots , Merrell Men's Karfa Thong Flip Flop Dark Earth Size 10 US J41305Red Wing King Toe Oxford Shoe Size 9 Eur 42 Black Oil Resistant Utility Work men , New Original Lacoste Sneakers MISANO 23 SRM 7-26SRM3042098 Leather Men Shoes NIB , Mens JOHNSTON AND MURPHY burgundy cap toe shoes sz 10.5Dexter Men's Black Men's Burt Plain-Toe Oxford 7.5 RegularGiorgio Brutini Mens Black Croc Leather Square Toe Oxfords Sz 11.5 WideG.H. Bass & Co. Weejun Larson Palm Springs Navy Mens Shoes , Skechers Sport Women's Flex Appeal 2.0 New Recruit Fashion SneakerGrey/Mint9 ...Gola Women's Coaster Sneaker Denim/Off White Denim Platform Shoes , NEW NIKE AIR MAX 270 CASUAL WOMENS SHOES WHITE BLACK ORANGE sizes 6 - 10Womens Wrinkled Shiny Over Knee Boots Shoes Plus Sz Pointed Toe Nighclub boots , Taryn Rose Women's Louise Block-Heel Booties Flint Suede Ankle Boots Size 7.5 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Asics Midgrey/Aqua Gel - Sonoma 3 Running Shoes - Women's Size Size 8, Midgrey/Aqua Splash/Carbon 3ab7043 - 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 Midgrey/Aqua Gel - Sonoma 3 Running Shoes - Women's Size Size 8, Midgrey/Aqua Splash/Carbon 3ab7043 - 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 Midgrey/Aqua Gel - Sonoma 3 Running Shoes - Women's Size Size 8, Midgrey/Aqua Splash/Carbon 3ab7043
    Athletic Shoes
    >
    ;