Never miss an update

New Sneaker Balance 11 Women's New Nubuck 247 Purple WRL247WM Shoe Sneaker Fashion Size 9 10 11 2459557




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
Model: WRL247WM
Width: Medium (B, M) Country/Region of Manufacture: Indonesia
UK Shoe Size (Women's): 7, 8, 9 Sub Style: Lifestyle Fashion / Walking
Features: Lace-Up Style: Fashion Sneakers
EUR Shoe Size (Women's): 40.5, 41.5, 43 Product Line: 247 Nubuck
Color: Purple US Shoe Size (Women's): 9, 10, 11
Brand: New Balance
Never miss an update

New Sneaker Balance 11 Women's New Nubuck 247 Purple WRL247WM Shoe Sneaker Fashion Size 9 10 11 2459557 - blurrypron.com

    New Sneaker Balance 11 Women's New Nubuck 247 Purple WRL247WM Shoe Sneaker Fashion Size 9 10 11 2459557
    New Sneaker Balance 11 Women's New Nubuck 247 Purple WRL247WM Shoe Sneaker Fashion Size 9 10 11 2459557
    New Puma Womens Suede Classic Low Top Holiday Green White Sneaker Shoe Sz 7Women's Keen Black Presidio Leather Suede Shoes Sneaker Walking size 8.5Under Armour Womens 1266252-100 White/Metallic Silver/Steel Running Shoes 8.5New Balance WC806W Athletic Shoes White/Purple/Gray Women's Shoes Size 8.5 2E , NEW Reebok Royal Ultra Womens Sz 7 M Pink Suede CM9349 Athletic SneakersVans Womens Sk8 Hi Slim Cutout Mesh Port True White Sz 7 NIBNew Puma Womens Suede Classic Low Top Veiled Rose Pink Shoes Size 7NIKE AIR FORCE 1 BLUE WOMEN'S SNEAKERS SIZE 6Prince Womens Warrior Lite Running Sneaker Shoes, Blue/Yellow, US 7NEW WOMENS CONVERSE SZ 7 SHOES CTAS CHELSEA BOOT LEATHER FUR 553392C , NWB Lacoste Straightset Women's Fashion Leather Sneakers size 6.5 , Circus by Sam Edelman Shaina Grey Charm Shoes 9.5 New! , NEW $85 KEEN Hush Knit Women Sneakers Grape Wine/Lavender Herb 8.5 , Asics Gel-Kayano 22 Blue Pink Running Shoes #T597N Size US 10PUMA Platform Prism Pink Suede Women's Sneakers Size 9 , Asics Gel-Frequency 3 Women's Sneakers Shoes Q553N Size 9.5 BlueNIKE TANJUN shoes for women, Style 812655, NEW, US size 11 , Mizuno Wave Creation 14 White Pink Running Shoes Women Size 9 SH5Vera Bradley Canvas Slip-On Shoes In POP ART Size 6.5Vans Womens Sk8 Hi Moc Suede Monks Robe Blanc Sz 5.5 NIB Brown , Womens Skechers Go Step Memory Foam Gym Running Walking Yoga Trainers , NEW ASICS Women's GEL-Fit Sana Pink/Purple Training Shoe 8.5 Light S465N.3501Vans Womens Sk8 Hi Slim Perf Stars White Sz 7 NIBNew W/O Box New Balance 574 Wool Lined Sneakers WH574WC US Women's 10 DSalomon Sonic Running Shoes Women's Various SizesFitFlop Women's F Pop Canvas Oxford, Mazarine Blue, 8.5 M US , Vans Womens Sk8 Hi Slim Cutout Mesh White Black Sz 6 NIB , Nike Boys Shoes Roshe One Flight Weight University Red Sneakers Size 6.5 NEWEasy Spirit eslexana Women's Sneakers silve/White US 7.5M
    New Sneaker Balance 11 Women's New Nubuck 247 Purple WRL247WM Shoe Sneaker Fashion Size 9 10 11 2459557 - blurrypron.com>New Sneaker Balance 11 Women's New Nubuck 247 Purple WRL247WM Shoe Sneaker Fashion Size 9 10 11 2459557 - blurrypron.com
    Women's Beautifeel Black Leather Round Toe Ankle Boots Size 39 , LAREDO MYRA 11" WOMEN'S SQUARE TOE WESTERN BOOTS 51091 * ALL SIZES - NEWTory Burch Blossom 90 mm Boot Ros Calf Leather ~ Black 001 ~ Size 7.5 BNIBDr Martens Mens Haste Service Boots (FS4495) , SC35 Lindie Wide Calf Knee-High Boots 206, Black, 7 US , Reebok Skyscape Bliss Ash Skull Grey Women Casual Shoes Slip-On Sneakers BS6252Steve Madden Emotions Over The Knee Boots 060, Black, 10 US , Man/Woman Z6784-35 LADIES RIEKER ANKLE BOOTS Practical and economical product quality renewed on time , BOBS from Skechers 31418 Womens Bobs Phresh Glory Oxford- Choose SZ/Color.Bella Vita Women's Ozark Ballet Flat Burgundy Leather 7 M USGentleman/Lady Tod's ladies ballerina XXW0HI04070DB7452B High grade Good market The first batch of customers' comprehensive specificationsGIVENCHY DIANA SANDALS SHOES BLACK LEATHER METAL BUCKLE NIB AMAZING! SZ 41 , Puma ShattenBoxen Leather White Red Boxing Boots GYM Sneakers Vintage MMA EU-44Men’s Nike TiempoX Lunar Legend VII 7 Pro IC Soccer (AH7246-080) Sz 12.5Men's Nike KD VII Size 17 "EYBL" (745957 474)BRAND NEW DS Nike Air Vapormax R Midnight Fog Grey Reflective Mens Shoes size 15 , Nike Air Max 97 Black/white/Amarillo Size 12 , NEW Nike Air Flightposite Dark Neon Royal Blue Penny AO9378-500 RARE Size 12 , LOS ALTOS BROWN 3X-TOE GENUINE OSTRICH LEG WESTERN COWBOY BOOT (EE) 95EV0516Versace 19.69 V6002 CAMOSCIO NAVY Loafers Men's Dark Blue USNike Air Max Fury Womens Size 9 Running Shoes AA5740 100 White Gray PlatinumPUMA 36704401 Womens Tsugi Jun WNs Sneaker- Choose SZ/Color.Kenneth Cole New York Women's Kingcro Triple Hook and Loop SneakerNew Under Armour Women's Horizon KTV Trail Running Shoes - Size 7.5 - Neon Coral , New Arc'teryx Womens Acrux FL GTX Waterproof Hiking Approach Trail Shoes Sz 9New Mojo Moxy Womens Ess4583d-238 Cognac Ankle Boots Size 7.5NWOB Aerosoles Green Destiny faux leather cowboy bootie 8w $89Rocket Dog Women's Akron Eagle Pu Ankle Bootie - Choose SZ/colorSkechers Women's Work Synergy Algonac Alloy Toe Sneaker , Women GOthic Platform Buckle Strap High Heels Knee High Boots Nightclub Y455
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Sneaker Balance 11 Women's New Nubuck 247 Purple WRL247WM Shoe Sneaker Fashion Size 9 10 11 2459557 - 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 Sneaker Balance 11 Women's New Nubuck 247 Purple WRL247WM Shoe Sneaker Fashion Size 9 10 11 2459557 - 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 Sneaker Balance 11 Women's New Nubuck 247 Purple WRL247WM Shoe Sneaker Fashion Size 9 10 11 2459557
    Athletic Shoes
    >
    ;