Never miss an update

MEN'S SHOES SNEAKERS SHADOW ADIDAS ORIGINALS ORIGINALS TUBULAR SHADOW SNEAKERS [CG4563] d9f0dbf




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
Color: White
Brand: Adidas Style: Athletic Sneakers
Never miss an update

MEN'S SHOES SNEAKERS SHADOW ADIDAS ORIGINALS ORIGINALS TUBULAR SHADOW SNEAKERS [CG4563] d9f0dbf - blurrypron.com

    MEN'S SHOES SNEAKERS SHADOW ADIDAS ORIGINALS ORIGINALS TUBULAR SHADOW SNEAKERS [CG4563] d9f0dbf
    MEN'S SHOES SNEAKERS SHADOW ADIDAS ORIGINALS ORIGINALS TUBULAR SHADOW SNEAKERS [CG4563] d9f0dbf
    Adidas NMD R2 Mens Size 12 DS OG ALL , Men's/Women's Adidas Promodel Men's Shoes White aq5217 Moderate price Moderate cost Strong heat and heat resistanceMr/Ms eS Skateboard Shoes SESLA (Black/Grey/Red) selling price Won highly appreciated and widely trusted at home and abroad Contrary to the same paragraph , Nike Air Max 1 LTR Leather Premium Gym Red Black 705282 600 Mens Size 10NEW Mens Nike Air Max Flair Up Tempo Running Gray Purple Volt AH9711-001 Sz 13NIKE FLYKNIT STREAK AIR MAX BLACK GREY VOLT 10Gentleman/Lady Creative Recreation Castucci Athletic Men's Shoes use Win the praise of customers Most practical , Brand New Nike KD 7 EXT QS Black Gum Size 11.5 w/ OG All , PUMA Tazon 6 Fracture Softfoam Running Shoe Men's LIFESTYLE sneakersLeBron James Nike 7 low Gray Suede Shoes, Size 8.5Nike Mens Size 12 New Air Force 1 '07 Vast Grey Athletic Fashion Sneakers ShoeNIKE AIR FORCE 1 LOW ULTRA FLYKNIT GYM RED DEEP ROYAL 826577 601 SIZE 11 11.5 13 , Men's Jordan Sixty Club Basketball Shoe , New Vintage Men Adidas Oscillate Warm M V24978 Size 10 , Mens Nike Air Zoom Vapor X HC AA8030-001 Vast Grey Brand New Size 8Nike lunar SB oneshot black white size 11 us new with box , NEW MEN'S NIKE AIR MAX 90 ESSENTIAL 537384-309 , Nike Air Jordan Retro 7 Hare Sz 12New Mens Nike Air Zoom Mariah Flyknit Racer Sz10.5 Running Shoes Gray Gunsmoke , Nike Mens Size 9.5 Air Wild Light Bone Athletic Training Sneakers Shoes NewNew Men's ADIDAS ULTRA CROSSKNIT BOOST GOLF SNEAKERS - ALL COLORS & SIZES , Nike Men Air Max Alpha Trainer Shoes Running Gray Sneakers GYM Shoe AA7060-600 , NEW Nike Jordan Future Boots EP Men's Suede Khaki Tan 878222-205 Retail $275 , Men's Nike Air Max Motion Racer Casual Shoes, 916771 400 Sizes 8.5-13 Blue/Blac , Men's/Women's Creative Recreation Castucci Athletic Men's Shoes Complete specification cheapest List of explosionsAdidas Originals Men’s Shoes Tubular Radial Atletic/Sneakers Black S76719Nike Mens Air Force 1 '07 Low Basketball Shoe , Gentlemen/Ladies Air Jordan 1 Letterman Fine processing Strong value Very good classificationNike MELO M9 Jordan Squadron Green 551879-041 Sneaker Shoes Size 11.5 ,
    MEN'S SHOES SNEAKERS SHADOW ADIDAS ORIGINALS ORIGINALS TUBULAR SHADOW SNEAKERS [CG4563] d9f0dbf - blurrypron.com>MEN'S SHOES SNEAKERS SHADOW ADIDAS ORIGINALS ORIGINALS TUBULAR SHADOW SNEAKERS [CG4563] d9f0dbf - blurrypron.com
    Man's/Woman's ANN DEMEULEMEESTER boots Not so expensive Make full use of materials Known for its beautiful quality , Steve Madden Women's Kandi Slip-on Loafer - Choose SZ/Color , Fabulicious Women's Belle 309 Ankle-Strap Sandal Nude Patent/Nude Party ShoesLindsay Phillips Women's Tracy Ballet Flat, Blue, 6 M USStuart Weitzman Stitchup Suede Striped Color block Pumps Size 9 M Heels Shoes , STUBBS & WOOTTON PALM BEACH CANVAS MULE SLIDE PUMP SHOES SIZE 7.5 B BEAUTIFUL!NIB VALENTINO Rockstud Studs Strappy Flat Ballet Shoe Poudre Suede Black 7.5 - 7 , PRADA Leopard Print Calf Hair Mary Jane Wood Platform Wedge Heels Size 7Skechers Women's Reggae-Repetition Slide Sandalblack10 M US , Gentleman/Lady Hush Puppies Women's Sandals Size 8 Excellent value Carefully selected materials Contrary to the same paragraph , Naot AshleyBlack & Tan Cheetah Print Slides Womens Size 40 US 9Calvin Klein 34E1968-SWT Womens Neah Gladiator Sandal- Choose SZ/Color.Men's Puma Super Elevate Shoes Black / Dark Shadow / Silver Sz 14 18539912NIKE DUNK LOW PRO SB TWEED BAROQUE BROWN 304292-223 US 9.5New NIKE Air Max 270 Futura Mens gray red sneaker all sizes , JORDAN 1 RETRO 94 BLACK VENOM GREEN SIZE 11.0 NEW AUTHENTIC RARE , NIKE Vapor Untouchable 2 TD Mid White Purple Flyweave Football Cleats Men 8.5 12Men/Women Scarpa Men's Mojito Casual Shoe Every item described is available New design Official websiteNIKE AIR MORE UPTEMPO 96 VOLCANIC NAVY from japan (5166 , Florsheim Men's Holtyn Comfortech Slip on Penny Dr - Choose SZ/colorStylish Men Business Dress Brogues Wingtip Loafer Shoes Tassels Oxfords ShoesVANS Authentic (Hemp Linen) Black/True White Skate Shoes Women's Size 5.5 , Men's/Women's Skechers Women's Breathe-Easy-Defiknit Sneaker Crazy price, Birmingham Reliable performance Different goods , NEW NIKE AIR MAX IVO WOMENS RUNNING SHOESNike Women's Hypervenom Phatal II FG Soccer Cleat SZ 8.5 [ 744945-400] $130 , Adidas ZX Flux Womens BY9211 Vapour Grey Mesh Running Training Shoes Size 9Nike Womens Air Max 97 UL '17 PRM Running Shoe , Men/Women ANGLOMANIA Shoes 578427 Green 24cm superior At a lower price Caramel, gentle , Ladies Women Back Zipper Leisure Over the Knee High Boots Platfomr Shoes SZBCBGeneration Womens Sawyar Slouch Boot Over The Knee Taupe Suede Size 8 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    MEN'S SHOES SNEAKERS SHADOW ADIDAS ORIGINALS ORIGINALS TUBULAR SHADOW SNEAKERS [CG4563] d9f0dbf - 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.

    MEN'S SHOES SNEAKERS SHADOW ADIDAS ORIGINALS ORIGINALS TUBULAR SHADOW SNEAKERS [CG4563] d9f0dbf - 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
    MEN'S SHOES SNEAKERS SHADOW ADIDAS ORIGINALS ORIGINALS TUBULAR SHADOW SNEAKERS [CG4563] d9f0dbf
    Athletic Shoes
    >
    ;