Never miss an update

Superga Linu Sand size 40.5 sunislandb-7252 size (US size Linu 10.5) 5d0f3a3




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
Brand: Superga
Style: Fashion Sneakers US Shoe Size (Women's): 10.5
Never miss an update

Superga Linu Sand size 40.5 sunislandb-7252 size (US size Linu 10.5) 5d0f3a3 - blurrypron.com

    Superga Linu Sand size 40.5 sunislandb-7252 size (US size Linu 10.5) 5d0f3a3
    Superga Linu Sand size 40.5 sunislandb-7252 size (US size Linu 10.5) 5d0f3a3
    7.5 women's Nike zoom pegasus 34 Black green aqua Multicolor running casual 33 , 2004 Womens Nike Shox Turbo ID "Hokie" Blue/Black/Pink Running Shoes! Size 8Spring Step Women's Hollywood Slip On SneakerSaucony Freedom Runner Women's Running Shoes Size US 8 M (B) Blue S30017-5 , ETNIES LO-CAT 2 LOW SKATE SNEAKERS WOMEN SHOES WHITE/GRAY 3294 SIZE 6.5 NEW , Skechers Performance Women's GO Walk 3 Fit Knit Walking Shoe , Earth Origins By Earth Carly Nubuck Leather/Mesh Slip-On Shoes Women Size 12 NEW , ADIDAS GALAXY ELITE FFW WOMEN'S FITFOAM COMFORT RUNNING SHOES, #AF4590adidas Gymbreaker Bounce - Purple - WomensJosef Seibel Taupe Leather Fashion Sneakers size 39 gray , New Anne Klein Sport Grey Sneakers AK Qualified 10M , Nike Dunk LUX Sequoia 718790 330 Men's SZ10 NEW LEATHER PREMIUM QZ PRO AH1 , Nike Air Zoom Fit Agility Orange, Black Women's US 6.5 (G,0)Altra Provision 2 Aqua Blue Coral Women's Athletic Running Shoes Sz 5.5 12 NEW , Puma Suede Heart Quilt - Burgundy - Womens , New Fenty Puma By Rihanna Women's Bow Creeper Sandal Pink Size 7 1/2 $139NIKE W TENNIS CLASSIC ULTRA FLYKNIT 833860-301 OLIVE FLAK ROYAL BLUE SIZE: 7.5Nike Zoom Condition TR Training Shoe, Pure Platinum/White-Anthracite, 9 , Womens Nike Roshe Two Hi Flyknit 2 Hi Top Black Women Boots 861708-002 S 7 NEWWmns Nike Free TR Flyknit 2 II Grey White Black Women Training Shoes 904658-007 , Nike Dart 10 X Running Cross Training Workout Blue Mesh Sneakers Shoes Womens 8Brooks Women's Running Shoes Addiction 7 White/Silver/Blue Size 12 2E - NIB , Nike Flex Supreme Tr 5 Metallic Shimmer Training Shoes Size 8.5 , Asics Women's Size 9.5 Gel Fit Vida S568N 9690 Training Shoes Gray Blue , **Joie Slip On Mesh Sneakers - Women's Size 6, Pink , Nike Blazer Women's 10 ( Men's 8.5 ) Metallic Gold Spikeless Golf Shoes C23 , Men's/Women's OTBT Women's Uleta New product real International big nameNike Air Max 90 2007 Women Size 7.5 Sanddrift Cognac Sienna 312052-121 Coral , Women’s Nike Zoom Agility Flyknit Aqua/Pink Size 10.5 Turquiose Training ,
    Superga Linu Sand size 40.5 sunislandb-7252 size (US size Linu 10.5) 5d0f3a3 - blurrypron.com>Superga Linu Sand size 40.5 sunislandb-7252 size (US size Linu 10.5) 5d0f3a3 - blurrypron.com
    NIB Frye 'Melissa Knotted' Tall Boot 6.5 $398Donald Pliner Couture Peace Gator Boot Shoe New French Leopard Tapestry $495 NIB , SAINT LAURENT crystal-embellished FESTIVAL rain boots wellies 39/9 Army GreenAdidas Jeans Mens Shoes Size US 11.5 Black BlueCarvela Kurt Geiger Women's Polly High Leg Boot's Black Size BT03 73Man/Woman Beacon Terri Women's Slip On Charming design the most economical Official websiteEasy Street Women's Cozy Clog , Man/Woman Heel Nine West Lelon Silver Metallic wholesale Affordable International big name , US11 Women Leather Open Toe Satin Bowknot Ankle Strap Stiletto Slim Sandal ShoeClarks Artisan White Leather Sandal Pump Slingback * 9 * Rubber Heel WomensVans Ludlow Shoes Men's 11.5 Canvas Dress Blue White Skateboarding BMX NewUnder Armour Men's Spotlight DL Firm Ground Soccer Shoe, - Choose SZ/Color , Man's/Woman's Nike TR1 Lunar, Mens 13, Black/Green wholesale Environmentally friendly Authentic guarantee , Nike Kobe A.D. Men's Basketball Shoes (Size 18) White / Gold 852425 107 , Clarks Men's Explore Part Walking Sandal Navy Nubuck LeatherNike Men Air Jordan 1 High Strap Sneakers Black 342132-004 US7-11 04' , MILITARY ARMY JUMP BOOTS MADE BY CORCHAN SIZE 9E , Dr Martens Pascal Hogarth Renaissance Artist Leather Boots Men's US 12 NEW $150Lucchese Bootmaker Men's Nathan R Toe Cowboy Boot Barnwood Burnished Ostrich , ECCO MEN'S COLLIN DARK SHADOW SIZE 12 - 12.5 SHOES - BRAND NEW - NWT , Vans Unisex Sk8-Hi Slim Cutout Sneakers Perf Suede Tarmac True White Size 9.5 NeSaucony Jazz Original 1044-1 Canvas Black Casual Shoes Medium (B, M) Womens , PUMA Women's Muse Elevated Wn Sneaker Aquifer-Aquifer 11 M US , Man's/Woman's KEEN VERSAVENT WOMEN Complete specification range buy Recommended todayBrooks Revel Women's Size 9B Black/White Running Athletic Shoes X14-1657Saucony Women's Kinvara 5 Viziglo Running Shoe,Silver/Vizi Coral/Citron,7.5 M US , Indigo Rd. Womens sattie Leather Almond Toe Ankle Fashion Boots Black Size 6.0Steve Madden Women's Gaze Ankle Bootie - Choose SZ/Color , SC35 Venesa Riding Boots 072, Black, 9.5 USBandolino Jess Slouchy Knee High Boot 6 M Black Suede New w/ Box
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Superga Linu Sand size 40.5 sunislandb-7252 size (US size Linu 10.5) 5d0f3a3 - 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.

    Superga Linu Sand size 40.5 sunislandb-7252 size (US size Linu 10.5) 5d0f3a3 - 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
    Superga Linu Sand size 40.5 sunislandb-7252 size (US size Linu 10.5) 5d0f3a3
    Athletic Shoes
    >
    ;