Never miss an update

CONVERSE CHUCK DOLPHIN TAYLOR ALL mogochinese-29942 STAR SZ 8 PLIMSOLL ASH ALL GREY EGRET DOLPHIN 153818C 7637217




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: Converse
US Shoe Size (Men's): 8 Style: Athletic Sneakers
UPC: Does not apply
Never miss an update

CONVERSE CHUCK DOLPHIN TAYLOR ALL mogochinese-29942 STAR SZ 8 PLIMSOLL ASH ALL GREY EGRET DOLPHIN 153818C 7637217 - blurrypron.com

    CONVERSE CHUCK DOLPHIN TAYLOR ALL mogochinese-29942 STAR SZ 8 PLIMSOLL ASH ALL GREY EGRET DOLPHIN 153818C 7637217
    CONVERSE CHUCK DOLPHIN TAYLOR ALL mogochinese-29942 STAR SZ 8 PLIMSOLL ASH ALL GREY EGRET DOLPHIN 153818C 7637217
    651549-505 Nike Men Magista Onda TF Turf Soccer purple whiteASICS GEL RESPECTOR SZ 7.5 4TH OF JULY INDEPENDENCE PACK RED WHITE H6U3L 2525 , VANS CLASSIC SLIP ON (GUM BUMPER) TRUE WHITE VN0A38F7Q8R MEN US SZ 8.5Mr/Ms New Balance Classic "Light Green/Orange" Durable service Known for its good quality Don't worry when shopping , Vans BUSHWICK (Tropix) Grey/White UltraCush Men's Skate Shoes SIZE 11.5 , VANS ISO 1.5 C&L CORNSTALK TRUE WHITE MEN'S RUNNING SHOES/S89153.179Vans 106 Vulcanized All Black / Black Men's Suede Skate Unisex Shoes VN-099ZBKANike Free Run 2 ID Shoes Mens Size 11.5NIKE DUAL RACER MENS ATHLETIC SHOES 918228-602 NEW SIZE 11.5Nike Alpha Menace Elite Size 12 Royal Blue Football Cleats 871519-414 New , adidas Cf Lite Racer Black - Mens - Size 8.5 D , New Balance Mens Running Shoes Size 10.5 (21471)Nike air Force 1 Hi Top Size 10 Magenta , ASICS GEL RESPECTOR SZ 6.5 4TH OF JULY INDEPENDENCE PACK INDIA INK H6U3L 5050 , Reebox | Sir Jam Mid | Size: 9.5NWB New Balance 900 Men's Team Sports Shoe Size 10.5 Yellow with Blue & BlackMens Skechers Work 77165 BRUSHTEN Slip Resistant Shoes BlackNike Air Jordan Future Low 11 Cool Grey Rare! VNDS lakers size 10.5 , Adidas Seeley Gray White Man's Size Canvas 100% Authentic New In Box AQ8528Nike Lebron XIV 14 Low Size 10 Dunkman Grey Green Volt Silver 878636-005 Mens$110 Nike Vapor Speed Turf Football Men’s Size 8.5 Shoes Black/White 833408-017NIB $120 Mens Nike Air Max MVP ELT II 3/4 MTL Cleats White 684687 100 sz13 US , Mens NIKE ZOOM rival SD 4 SD 2 TRACK SHOT PUT HAMMER DISCUS 685135 4 4.5 9 , VANS Black Ball SF White Dress Blues Surf Casual MEN'S 13VANS Chukka Low Black/Dark Grey/Burgundy UltraCush Men's Skate Shoes Size 11.5 , New Balance MRT580 D Mens Running Shoes Sneakers Lifestyle Pick 1 , adidas Franchise CTS - Black - Mens , Sanuk Rounder Shoe - Charcoal - New , Nike Blazer Mid Premium Claw Graphic Basketball Athletic Sneakers Shoes Mens 8.5 ,
    CONVERSE CHUCK DOLPHIN TAYLOR ALL mogochinese-29942 STAR SZ 8 PLIMSOLL ASH ALL GREY EGRET DOLPHIN 153818C 7637217 - blurrypron.com>CONVERSE CHUCK DOLPHIN TAYLOR ALL mogochinese-29942 STAR SZ 8 PLIMSOLL ASH ALL GREY EGRET DOLPHIN 153818C 7637217 - blurrypron.com
    Freebird by Steven Charlie Ombre Orange Dip Womens Leather Combat Boot MSRP $220Fashion Womens Floral Leather CHunky Mid Heels Zipper Knee High Boots ShoesGentleman/Lady ALAIA Laser-cut suede ankle boots 36 Elegant shape New design Modern and elegantNike Womens Court Borough Mid Prem Trainers 844907 Sneakers Shoes 005New Orizonte Dora Womens European Leather Comfortable Wedge Slide SandalsSkechers BOBS Women's Plush-Cartoons Forever Ballet Flat - Choose SZ/Color , Mephisto Air-Jet Womens Mules Shoes Clogs Red Slipons Leather $180 Size US 10 , Ecco Boullion Mary Jane US Sz 5 - 5.5 / 36 Hidden Wedge ShoeJessica Simpson Siennah 8.5 Black Micro Suede Round-toe Slip-on Wedge DressMan/Woman Nike Men's Lunarsolo Ankle-High Running Shoe Best-selling worldwide Orders are welcome Elegant and robust menuNew Nike 898459-001 : Men's Control Cross Trainer Shoes Triple Free Flex BlackNew Balance Minimus MX007MR Men's Running Shoes Size 15 Black RedNike Flex Experience RN 6 [881802-403] Men Running Shoes Obsidian/WhiteNike Air Force 180 men lifestyle sneakers NEW black white 310095-003Adidas Harden B/E [AC7820] Men Basketball Shoes James Black/White-Red , Nike Air Jordan Jumpman Tean II Men’s Basketball Sneakers 819175-010 SZ 10.5 , Air Jordan 8 Retro "Aqua" - 305381 025 - 2015 , Ralph Lauren Purple Label Crockett & Jones Ruddington Suede Leather Ankle BootsReebok BD2116 Mens Fury Adapt W Fashion Sneaker- Choose SZ/Color.Merrell Men's Encore Chill Smooth Casual Moccasin - Choose SZ/Color , NWOB $575 TOD'S *Italy* Navy Blue Suede Low Top Sneakers Shoes US 10 , Cole Haan Connolly Black Leather Brogue Wingtip Formal Oxford Men's US 8D $158 , Puma Size 8 White Leather Sneakers New Womens Shoes , $90.00 Asics Womens 33-DFA Running Sneaker Shoes, Onyx/Hot Pink/Black, US 7 , Rockport Women's Derby Trainer Stone Multi Leather SneakersFenty By Rihanna Gray Velvet Puma Creepers Size 9 Wmns SHIPPED QuickFranco Sarto Womens Knoll Suede Closed Toe Knee High Fashion, Black, Size 11.0 , Zara Women Printed slingback kitten heels 5204/201 US7.5, EU38Patricia Green Womens Booties Sz 10 Spain Black Suede Faux Alligator Block Heel , Laredo Women's Keyes Western Boot, Tan/Multi, 7.5 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    CONVERSE CHUCK DOLPHIN TAYLOR ALL mogochinese-29942 STAR SZ 8 PLIMSOLL ASH ALL GREY EGRET DOLPHIN 153818C 7637217 - 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.

    CONVERSE CHUCK DOLPHIN TAYLOR ALL mogochinese-29942 STAR SZ 8 PLIMSOLL ASH ALL GREY EGRET DOLPHIN 153818C 7637217 - 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
    CONVERSE CHUCK DOLPHIN TAYLOR ALL mogochinese-29942 STAR SZ 8 PLIMSOLL ASH ALL GREY EGRET DOLPHIN 153818C 7637217
    Athletic Shoes
    >
    ;