Never miss an update

Skechers mogochinese-29993 Size 8 GOWALK GOWALK 3 Womens Black Gogo Mat Slip On Sneakers New Womens Shoes 00e3232




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Fastening: Slip On
Width: Medium (B, M) SKU: 503F
EUR Shoe Size (Women's): EUR 38 Style: Walking Shoes
Color: Black US Shoe Size (Women's): US 8
Brand: Skechers Product Line: Skechers GOwalk
UPC: 888222581299
Never miss an update

Skechers mogochinese-29993 Size 8 GOWALK GOWALK 3 Womens Black Gogo Mat Slip On Sneakers New Womens Shoes 00e3232 - blurrypron.com

    Skechers mogochinese-29993 Size 8 GOWALK GOWALK 3 Womens Black Gogo Mat Slip On Sneakers New Womens Shoes 00e3232
    Skechers mogochinese-29993 Size 8 GOWALK GOWALK 3 Womens Black Gogo Mat Slip On Sneakers New Womens Shoes 00e3232
    Womens NEW BALANCE W1400CHS Sz 5 MADE IN USA New Sea Salt , adidas Questar TF W Torsion Grey Purple Womens Running Trainers Sneakers AQ6635 , NEW adidas adizero tempo 6 W - Running, Cross Training (Women's Multiple Sizes)Nike Kawa Slide Womens Style : 834588 HYPER PUNCH/BLACK-WHITE Womens Size 11Nike Womens Lunarconverge Running Shoes Anthracite Grey Hot Punch Pink 852469002 , Mr/Ms Nike Shox Women Sneakers Strong heat and wear resistance Carefully selected materials Excellent functionWomen's Nike Air Courtballistec 2.3 White Gold Tennis Shoes 386175-171 sz 8New Women's ADIDAS NMD_R1 STLT PK Primeknit - Black/Pink/Purple [AC8326] Size 9Women’s Nike Shoes Athletic Running Shoes Size 7.5 US White Mix New WAS $114.95Asics Gel Extreme 33 T2H9N Women's Orange Silver Athletic Training Shoe Size 7 MNike Shox Allegria Glow Size 10 M (B) Women's Running Shoes 309480-001Brooks Ravenna 8 Running Shoes - Women's Size 6.5D, Peacoat/Purple/Fusion CoralEasy Spirit Traveltime Navy White Womens Clogs Size 8WNEW ECCO WOMENS SOFT 5 MARY JANE , P.W. Minor Women's Performance Walker Shoes Women's Size 7.5 White OrthopedicWomens Converse Black Velvet Chuck Taylor All Star High Top 557929F NEW , New Womens Nike Air Max Sequent 2 Shoes 852465-007 Sz 7.5 pure platinumMen's/Women's Vintage Nike Air Maxes service Preferred material Beautiful and charmingG by GUESS Women's Odean High-Top Sneakers Black Size 9.5 Madidas Questar Drive - White - WomensKorean Girl Wedge Heel Platform Shoes Women High-top with Fur Zip Sneakers BootsNEW WOMEN VANS AUTHENTIC LO PRO BLACK TRUE WHITE VN-0GYQ6BT SKATEBOARDING ORG , Vans Sk8-hi Reissue Womens Blush Pink Leather TrainersVANS SK8 Hi Slim Zip (Galaxy Floral) Black/Black Skate Shoes WOMEN'S SIZE 6.5Women's Nike RN Motion Flyknit Running Shoes NEW Blue/Purple/White, MSRP $150 , Women's NEW BALANCE Walking GREY / BLUE Nylon Shoes ww1765gp , Under Armour Charged Bandit 3 Shoes For WomenCobb Hill by New Balance Women's Gemma-Ch Mary Jane Flat~Merlot ~CBW13MLM , NIKE TANJUN PREM SHOES 917537 601 NO BX TOP
    Skechers mogochinese-29993 Size 8 GOWALK GOWALK 3 Womens Black Gogo Mat Slip On Sneakers New Womens Shoes 00e3232 - blurrypron.com>Skechers mogochinese-29993 Size 8 GOWALK GOWALK 3 Womens Black Gogo Mat Slip On Sneakers New Womens Shoes 00e3232 - blurrypron.com
    New Stuart Weitzman Women's Scrunchy Riding Boot Size 9 MBCBGMAXAZRIA Bcbg Dree1 Embossed Peep-toe Light Stone / Snake PumpsBella Vita Women's Gala II Pump Champagne Embossed Velvet Size 7.5 N , $1299 Dsquared Shoes Multicolor Leather Size US 6 IT 36 Ebay 8386Sandale MAMZELLE talon compensé bride soiré plateform sport mule CUIR 35 NEUF , Merrell Capra Rapid Womens Mesh Toggle Hiking Walking Bright Red Trainers Shoes , BCBGeneration Cleo Strech Fashion Sneakers, Black/Black, 7 US / 37 EUNike Blazer Mid Premium Men's Shoes 429988 603Nike Zoom Winflo 5 V Black White Men Running Shoes Sneakers AA7406-001 , New FILA Volante Suede Shoes Athletic Running Men Navy FS1HTA3066X_WNV Size 4-10Men/Women Kd 5 Size 12 Beautiful color Online Fine wildCaterpillar Men's Brode Steel-Toe Work Shoe - Choose SZ/ColorSize 11 Men's Nike Air Jordan JumpMan Team II Athletic Basketball 819175 601BOGS Work Boots Forge Steel Toe Men Size 7 Black Waterproof Rubber Neoprene NewNEW SANTONI Dress Leather Shoes Monk Strap SIZE Eu 44.5 Us 11.5 (11R)Converse CTAS Pro Ox Black Black White Mens Canvas Skateboard ShoesCole Haan Men's GrandEvOlution Woven OX Oxford - Choose SZ/ColorKenneth Cole New York Men's Design 10791 Oxford Bordeaux Size 9.5Authentic Bruno Magli Dark Gray Crocodile/Calf Leather Loafers, Size 9 , Skechers Women's D'Lites-Retro Glam-Rhinestone River Style Sporty Comfort Spo...Nike Womens Zoom Rival S Track Shoes Blue Size 8 w/ Spikes and Tool 806558-401 , $495, MEZLAN QUINN Black All Leather Spain Made Oxford Sz 13 MNIB NIKE FREE TR 7 Women's Training Shoe 904651 002 Dark Grey/WhiteTeva Terra Fi Lite W's - comfy Women Slides Trekking Sandals hook&loop - NEW , Women's Size 7.5 Nike Air Jordan 1 Retro High SOH Sunset Tint OG AO1847-645 , Nike Air Footscape Woven Elemental Gold Sepia Stone 917698-700 Women's Sz: 11WMNS NIKE AIR MAX 90 HYPERFUSE ID LIME-LIME-GREY SZ 7.5 [822578-997] , Gentlemen/Ladies Bandolino Cambria Round Toe Suede Bootie superior a wide range of products retail priceLeather Furry Retro Womens Strap Pointed Toe Stilettos High Heels Ankle BootsSteve Madden Purse Leather Black Buckled Leather Motorcycle Boots Nwb Sz 6.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers mogochinese-29993 Size 8 GOWALK GOWALK 3 Womens Black Gogo Mat Slip On Sneakers New Womens Shoes 00e3232 - 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.

    Skechers mogochinese-29993 Size 8 GOWALK GOWALK 3 Womens Black Gogo Mat Slip On Sneakers New Womens Shoes 00e3232 - 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
    Skechers mogochinese-29993 Size 8 GOWALK GOWALK 3 Womens Black Gogo Mat Slip On Sneakers New Womens Shoes 00e3232
    Athletic Shoes
    >
    ;