Never miss an update

ASICS Womens GEL-Venture 6 Black - Black - ASICS Womens c094519




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
Brand: ASICS
Sport: Running MPN: T7G6Q-9041
Feature: Gel Width: Medium (B, M)
Closure: Laces Material: Synthetic
Shaft Height: Low-Top Color: Black
Insole: Removable Features: Gel
Athletic Style: Trail Style: Performance
Occasion: Athletic
Never miss an update

ASICS Womens GEL-Venture 6 Black - Black - ASICS Womens c094519 - blurrypron.com

    ASICS Womens GEL-Venture 6 Black - Black - ASICS Womens c094519
    ASICS Womens GEL-Venture 6 Black - Black - ASICS Womens c094519
    Saucony Omni 13 Power Grid Running Shoes Women's US Size 10.5 S10247-2 , Adidas Women's Athletics 24/7 Training Shoe Black/White CG2711 sz 9 10.5 , NEW BALANCE WX711DD WOMEN'S BLACK 711 CROSS-TRAINING SHOES sz 7New Adidas Women's Vigor 6 Trail Running Shoe / Size 11 Medium / PINK , New Women’s Nike Free 5.0 Training Fit 5 Metallic Black Shoes 9 Retail $110New Adidas Women's Gymbreaker Bounce W Training Shoes Layered Mesh - black , NIB Adidas CrazyMove Studio Yoga Shoes Dance Barre Pilates BB1591 Womens Sz 7 , Nike Flex Trainer 7 Fade Training Shoes Blue White Black 898480-400 Womens 9.5 , NIB!❤️ JOIE Devon Sneaker Peridot Green Perrforated Suede Leather MSRP $275Asics GEL-KAYANO 21 Womens Road Running Shoes Sz 7 Silver Pink , New Balance Women's Fresh Foam Cruz Retro Hoodie WCRUZHM Dragon Fruit-Sea Salt , Nike Air Jordan Flight 45 Basketball Shoes Size 7Y Womens 8.5 Blue Pink Black , Nike Primo Court BR Lifestyle Shoes Womens 10 Gamma Blue 833678 441 NEW Cute!adidas TUBULAR SHADOW - Black - WomensHoka One One Clifton 4 Womens Size 10.5 Athletic Running Shoes Blue White , NWT BZEES Balance Women Sport Shoes White/Silver Model:E3052G2100 SELECT SIZE , Adidas Outdoor Terrex Agravic Trail Running Shoe - Women's Size 7, Black/SlateConverse Chuck Taylor All Star Brea High Top Women's Shoes White 555829c , Women's Skechers Sport Synergy Scene Stealer Shoe Black Size 9 #TJ962-1011NEW Womens Columbia Grand Canyon Outdry Running Hiking Trail Shoes Mud Cornstalk , Women's New Balance Zante V3 Running Shoes - White/Silver/Gray - NIB! , Converse Breakpoint OX C Light Gold Casual Sneaker Women SZ 6 - 11 , NIKE FREE RN CMTR Women's Running shoes NEW MSRP $110. 831511 400 , VANS OLD SKOOL CHESTNUT BROWN WOMEN'S 8.5 SKATE SHOES/ S89105.183**Nike Studio Wrap 4 Training Shoe - Women's Size 12 BlackAwesome Rare Color Combo Brooks Pure Grit Athletic Hiking Trail Shoes Womens 8Man/Woman Nike Women's 695168 Ankle-High Running Shoe Beautiful color High quality and economy leading the fashionNEW BALANCE WOMEN'S SNEAKER SHOES WL501BPB SIZE 7 US NEWWomen's size 11.5 Nike Lunar Forever 3 Blue Sneakers Running Shoes
    ASICS Womens GEL-Venture 6 Black - Black - ASICS Womens c094519 - blurrypron.com>ASICS Womens GEL-Venture 6 Black - Black - ASICS Womens c094519 - blurrypron.com
    Froggers Slip On Waterproof Insulated Women's Shoes , DR. SCHOLL WOMEN'S NABUK'S FLIP FLOPS BOA VISTA HOP RED SUEDE LEATHER , Naturalizer Saturday in Black, Navy Taupe, Taupe Brown , Via Spiga Women's Gianna Perforated Slip-On Sneakers Size 9 Light Gold Leather , Bare Traps Women's Mariah Ballet Flat Black Polyurethane FlatsIcon Rare Women's Danae Titian Vintage Style Shoe Leather Wearable Art Size 5.5Via Spiga made in Italy black womens shoes high heels strap 46 8 M worn once , Chic Paillette Open Toe Stiletto High Heels Women Sandal Wedding Shoes Plus Size , Skull Iron Fist Women Shoe Platform Pump Misfits by Draven Black White Skulls 9 , Tory Burch shoes flip flops latte quilt stitch studded thong leather 8.5 , Christian Dior Sweet- D Leopard Calf Hair Bow Slingbacks size 36.5Christian Dior Shoes 859439 Black 34 1/2 , Luca Grossi 037 Gray Silver Suede Leather Strappy Platform Sandals 41 / US 11 , Puma Trinomic XT 2 Plus Bluebird/Spectrum Blue 355868 08 Men's SZ 10 , Adidas Tubular Instinct Athletic Men's Shoes Size , Nike Air Max 90 Essential men lifestyle sneakers NEW obsidian black 537384-426New Balance 572 Elite Green/Grey Halloween Pack MRT572GG Men's SZ 10 , adidas Originals Tubular Shadow Men's Tech Ink/Tech Ink/Crystal White BY3572Adidas NMD CS1 GTX PK Gore-tex Primeknit Size 12 WHITE (BY9404)BASS HAMTON S14 MEN'S BLUE LEATHER BOAT SHOES SZ 10, 11.5,Womens Nike Orive NM Running Shoes Black White 677136 010 SZ 8.5 NEW!!!Mizuno Wave Catalyst 2 Women's Running Shoes , Womens Nike Air Max 1 319986-032 Vast Grey/Particle Rose Brand New Size 6 , Clarks Women's Leisa Grace Strappy Slide Red Full Grain Leather , NIKE W Air Huarache Run Ultra 819151-013 WOLF GREY Size 5 , Man's/Woman's Adidas NMD_R1 Womens - BY3033 New Listing luxurious Comfortable and natural , GEOX Shahira B Suede+Shi Mesh Black sneakers sale d62n1b , NWOB Sperry Top-Sider Stella Prow Women's Size 6 M Suede Wedge Ankle BootsFRYE BOOTS Women's BLACK Tumbled LEATHER Knee-High BOOTS Frye Size 7.5 Pre-Owned , KORK EASE Dark Brown Leather Wegde Boots Sz 9.5 New
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ASICS Womens GEL-Venture 6 Black - Black - ASICS Womens c094519 - 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 Womens GEL-Venture 6 Black - Black - ASICS Womens c094519 - 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 Womens GEL-Venture 6 Black - Black - ASICS Womens c094519
    Athletic Shoes
    >
    ;