Never miss an update

Brand New Men New New 10.5 Balance ML498 GB Gold Leather Gold Running Walking Shoes Size 10.5 a3f298c




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
Style: Athletic Sneakers
Brand: New Balance Material: Leather/Mesh
US Shoe Size (Men's): 10.5 Color: Gold
UPC: Does not apply
Never miss an update

Brand New Men New New 10.5 Balance ML498 GB Gold Leather Gold Running Walking Shoes Size 10.5 a3f298c - blurrypron.com

    Brand New Men New New 10.5 Balance ML498 GB Gold Leather Gold Running Walking Shoes Size 10.5 a3f298c
    Brand New Men New New 10.5 Balance ML498 GB Gold Leather Gold Running Walking Shoes Size 10.5 a3f298c
    ADIDAS SUPERSTAR II ORIGINALS MEN'S LEATHER SHOES SIZE 19 NWOB , Asics Courtrushing White Red Men Volleyball Badminton Shoes TOB517-0123Infinity Footwear Men's Step In Oil & Slip Resistant Athletic Footwear. MRUSH , RARE Nike Zoom CJ Trainer 3 Red Photo Blue Sz 10 725231-600 Bowling Megatron , adidas Originals Kid's Superstar J Shoe, White/White/Metallic Silver, 5.5 M GSAdidas Men’s Originals Swift Run Black / Green CG4110 size 12 US , Propet Men's Stewart Walking ShoeNEW Men's adidas Stan Smith White/Navy M20325 Size 13 DS , Nike Zoom Streak Men's Training Tennis Shoes Racing Pink Black 831413-600Used Worn Size 12 Nike Max LeBron XI 11 Low Shoes Magnet Gray & Bright Mango , Nike SB Zoom Stefan Janoski Hyperfeel 844443-002 Black Anthracite PRM Lunarlon 1Vlado Footwear Shoes Ares Fashion Men White New , MERRELL Performance Roust Fume Sneakers Castle Rock Grey Mens Size 8.5 USA $120 , NEW Nike Free Train Virtue Training Mens Shoes Red Orange 898052-600 Size 10.5Nike Air Max Global Court White/Obsidian-Treasure Blue 6 US 38.5 EURMr/Ms MEN’S SHOES DIADORA CAMARO 501.159886 excellent quality Affordable Popular tide shoes , Mens 12 NIKE Air Prestige 3 SI Premium Black White Leather Shoes $80 451685-001Adidas Men's Tubular Invader Strap High-Top Leather Basketball Shoe 12 MNike Blazer Mid Silt Red Summit White 371761-607 Men's size 10.5Reebok Zoku Runner UL TK IT IS Men's Classic Shoes Power Techy Red BD4179 Sz 9New Balance/JCrew Collab $100 520 Sneakers in Hairy Suede Sz 12 Khaki H6048 AVLSaucony Jazz Original Vintage S70368-15 White Black Mens Sneakers Trainers , ASICS Men's Gel-Craze TR 4 Black/Black/White 8.5 D US , New Balance Mens Size 12.5 Low Molded Baseball Cleats Red White , Mens Nike Magista Onda II FG Soccer Cleats Size 10.5 Black Blue White 3D TextureADIDAS ORIGINALS TUBULAR MENS SIZE 11 SNEAKER CG5071 INVADER STRAP EASY BLUEAdidas CF Lite Racer Men's Running Shoes B42167 Dark Blue Size 9.5Vans Iso 1.5 Men's Trainer Running Shoes Shoes Summer Shoes Canvas Shoes NEW , NIKE LUNARCONVERGE MEN'S SHOES REG. $75 SIZE 11.5
    Brand New Men New New 10.5 Balance ML498 GB Gold Leather Gold Running Walking Shoes Size 10.5 a3f298c - blurrypron.com>Brand New Men New New 10.5 Balance ML498 GB Gold Leather Gold Running Walking Shoes Size 10.5 a3f298c - blurrypron.com
    Chinese Laundry Women's Song Bird Boot, Black Suede, 6.5 M US , FRYE Women's Addie Double Zip Boot Black 7.5 M US , The North Face Cedar Mesa Women Hiking Shoe US 6 Color Grey/Purple NWTWomens New ADIDAS MIDIRU COURT MID W White Trainers U41574 , Therafit Gigi Women Silver Mesh Leather Classic Loafer Slip On Casual Shoe 7.5MLadies Clarks Slip On Casual Walking Shoes Wave River , FRANCO SARTO Womens TRACE Olive Leather Oxfords Size 7M (D00534L1300)ECCO Women's Soft 9 Tie Fashion Sneaker, - Choose SZ/ColorBCBGirls Brown Leather Woven Details Western Ankle Booties Shoes Size 7M , Pleaser - AMU22/NU Womens Amu22/Nu dress Pump- Choose SZ/Color.Stuart Weitzman ‘Hottip’ Navy & White Colorblock Mesh Studded Wedges US Size 8 , SAS Tripad Comfort Roamer Leather Shoes women's 7 M tan diabetic Made in USABLACK ISSEY MIYAKE STAGGERED STACKED FLOATING WEDGE SANDALS SIZE 39 , Women Genuine Leather Sandals Platform Wedge High Heel Buckle Creepers Oxfords Y , PUMA Womens Burst Tech WNS Cross-Trainer Shoe- Pick SZ/Color.New Adidas Women's Womens Matchcourt High Rx2 Shoe Rubber Canvas Blue , Mens NIKE JORDAN SUPER FLY 2017 Hi Top Blue Basketball Trainers 921203 446KD WHAT THE KD 7 SIZE 14 , Nike Mens x Concepts Dunk Hi Pro SB "Stained Glass" Mulitcolor 313171-606 , Genuine Yeezy Boost 700 Wave Runner - Size 8 Purchased from Yeezy Supply , men's genuine roper crocodile hornback alligator western cowboy boot rodeo , Los Altos RUSTIC BROWN Genuine PYTHON SNAKE Western Cowboy Boot Square Toe EE , Lacoste Men's Bayliss Vulc 317 2 SneakerMen’s Lacoste Size12.5 Sport Ampthill LCR3 Leather Chukka Mid ankle Sneakers , Adidas Superstar Slipon W Womens CQ2381 White,White,CBLACK Womens Size 8-1/2Brooks Women's Ravenna 8 120238 1B 454 BNIBSAUCONY GUIDE 10 RUNNING SHOE WOMEN'S GREY/ TEAL S10350-5 MEDIUM NEW $120Cole Haan Women's Grand Crosscourt Knit II Marine Blue Knit/Optic White 6.5 B US , Etienne Aigner 'Tomai' Suede Ankle Boot Sz 6 , Aerosoles Women's Password Mid Calf Boot - Choose SZ/Color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Brand New Men New New 10.5 Balance ML498 GB Gold Leather Gold Running Walking Shoes Size 10.5 a3f298c - 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.

    Brand New Men New New 10.5 Balance ML498 GB Gold Leather Gold Running Walking Shoes Size 10.5 a3f298c - 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
    Brand New Men New New 10.5 Balance ML498 GB Gold Leather Gold Running Walking Shoes Size 10.5 a3f298c
    Athletic Shoes
    >
    ;