Never miss an update

VANS mogochinese-29999 Sk8 Hi MTE Tornado Atlantic Tornado Deep Water Resistant VANS Suede Boots WOMEN'S 8 4a6cba8




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
Activity: Skateboarding
Width: Medium (B, M) Style: High Top
Features: Zip US Shoe Size (Women's): 8
Color: Gray Material: Suede
Brand: VANS UPC: Does not apply
Never miss an update

VANS mogochinese-29999 Sk8 Hi MTE Tornado Atlantic Tornado Deep Water Resistant VANS Suede Boots WOMEN'S 8 4a6cba8 - blurrypron.com

    VANS mogochinese-29999 Sk8 Hi MTE Tornado Atlantic Tornado Deep Water Resistant VANS Suede Boots WOMEN'S 8 4a6cba8
    VANS mogochinese-29999 Sk8 Hi MTE Tornado Atlantic Tornado Deep Water Resistant VANS Suede Boots WOMEN'S 8 4a6cba8
    Nike Convention Lowtop spark/orange peel colors clasic 417418 600New Balance 580 Tomboy Medium Women's Shoes Size 5.5Womens Adidas Originals Stan Smith Weave Pink White Casual Trainers B23487 , Converse x Missoni Women's Chuck Taylor All Star Hi in Egret Size 6-10 BNIB , Kenneth Cole Reaction Kam-Era 2 Fashion Sneaker - Women's Size 8.5M - Gray , NEW Asics Gel Tactic B554N-0190 White/Black/Silver volleyball women shoe Size 14 , 7 WOMEN'S NIKE AIR MAX SAIL SWEET PINK RUNNING CASUAL WHITE MULTICOLOR 90 95 97 , Skechers You Burgundy Womens Casual Slip-on Low-top Sneakers Trainers , BNIB GENUINE NIKE AIR RIFT PREMIUM QS TRAINERS SIZE US 8nike womens free 5.0 running trainers 642199 603 sneakers shoes CLEARANCE , NEW NIKE FREE BALANZA Running WOMENS 7.5 Slate LTD NIB NRNew Balance Womens Size 7 WX811SS Shoes 811 new sneakers , ADIDAS ORIGINALS CLIMA COOL 1 Women's Shoes Climacool Kids Sneakers Trainers , Gentlemen/Ladies WOMEN'S/JUNIOR SHOES SNEAKERS CLOUDFOAM ULTIMATE [AQ1687] Ideal gift for all occasions High-quality materials Cheap order , Vans UA Old Skool Navy Textile Adult Trainers , NIB PUMA WOMEN'S BASKET PLATFORM CORE WHITE / GOLD LEATHER SHOES SIZE US 10 135$ , Pearl Izumi EM Road M 2 v2 Running Shoes, Women's Size 7.5, Black/Citron/TealNike Air Zoom Ultra White/Tart-Pure Platinum 845046-102 Women's SZ 5.5Merrell Women's Siren Edge WP J37194 Monument , Converse Chuck Taylor All Star Light Aqua Womens Lo TrainersSkechers Sport Womens Breathe Easy Golden Fashion Sneaker- Select SZ/Color. , Skechers Studio Comfort Mix and Match Womens Slip On Sneakers Black/ , Under Armour Speedform Europa Athletic Shoes - Women's Size 12 - Grey/Coral , New Balance Women Vazee Rush WLRUSHVC white silver mink WLRUSHVCNew Balance Womens 300 Indigo Pack Lifestyle Fashion Sneaker- Pick SZ/Color. , New Saucony Ride 7 Neutral Running Cross Training Shoes Blue Coral Womens 6.5 , Fashion Women Girls White High platform Wedge Hidden Heel Athletic Sneaker ShoeSkechers Street Womens Double up-Glitzy Gal Sneaker- Select SZ/Color. , Ladies Skechers Flex Appeal-Pretty City Womens Street Walking Shoes
    VANS mogochinese-29999 Sk8 Hi MTE Tornado Atlantic Tornado Deep Water Resistant VANS Suede Boots WOMEN'S 8 4a6cba8 - blurrypron.com>VANS mogochinese-29999 Sk8 Hi MTE Tornado Atlantic Tornado Deep Water Resistant VANS Suede Boots WOMEN'S 8 4a6cba8 - blurrypron.com
    KD KELSI DAGGER Womens Black Leather Knee High Boots Sz 7 , Freebird Women's Detroit Boot Stone 9 M USMens Nike Air Force 1 AF1 '07 - AA40830013 - Grey White Trainers , Senso Jensen Boot 36 rrp $285 great condition worn once , New Womens Heavenly Soles High Leg Boots , Kurt Geiger New Black Leather & Suede Ankle Boots Size 36 RrpPLEASER SKY-330 BLACK MATTE STRAPPY STRIPPER POLE DANCE PLATFORM SANDALBirkenstock Duma Loafers size 38 7 7.5 Shoe Oiled Leather Brown Collapsible HeelKelsi Dagger Brooklyn Gwen Tassel Loafer, Women's Size 7.5, Rose Gold , China New Folk Style Embroider Hook Mid Block Heel Real Leather Mom Pump ShoesPleaser FLAMINGO-808T Womens Clear Light Blue Tinted Platform Sandals High Heel , Men/Women Paul Andrew Leather Slingback Pump elegant discount buy onlineTaryn Rose 'Krissy' Nude Leather & Raffia Strappy Wedge Sandals, Wm's Sz 7.5Women's Mephisto Helen Slide Sandals Lot Of 2 Size 9/39 , The Row Black Satin "Ellen" Slide Sandals SZ 36Nike Reax Men's Size 15 TR lll Style 333765 White Leather Basketball Running 15 , Adidas Originals Crazy 8 Primeknit Beige Sesame BY3603 Msrp $150 size 13.5 , Man/Woman reebok classic navy blue Suede High grade Trendy Very good colorNew Balance Mens 574 in Castle Rock, Magnet ML574GPB size 18 , Nike Zoom All Out Low 2 Men's Running Sneakers 12 (New)Nike Men's Free Train Force Flyknit Shoes Size 14 , NIKE FREE RN COMMUTER 2017 RUNNING SNEAKER MEN SHOES WHITE 880841-007 SZ 9.5 NEU , Mizuno Wave Connect 3 Mens Running Shoe (D) (04) , Nike Air Foamposite Pro Metallic Gold Black White 624041-701 Copper Penny One , Authentic TOD'S Men sz 7.5 Brown Suede Leather Penny Loafers Slip On ShoesMens Adidas Daily 2.0 Navy Athletic Sport Sneaker Lifestyle Shoes DB0285 8-10.5 , Allen Edmonds "LEXINGTON" Oxfords 10.5 D Walnut (516)Lacoste Women's Gazon Leather Slip-On Black/White Leather SneakersAdidas Originals Women's Stan Smith CF Sneakers Size 6 us BY2974 LAST PAIRDjango & Juliette PANEI Slip-on Ankle Boot - Black ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    VANS mogochinese-29999 Sk8 Hi MTE Tornado Atlantic Tornado Deep Water Resistant VANS Suede Boots WOMEN'S 8 4a6cba8 - 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.

    VANS mogochinese-29999 Sk8 Hi MTE Tornado Atlantic Tornado Deep Water Resistant VANS Suede Boots WOMEN'S 8 4a6cba8 - 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
    VANS mogochinese-29999 Sk8 Hi MTE Tornado Atlantic Tornado Deep Water Resistant VANS Suede Boots WOMEN'S 8 4a6cba8
    Athletic Shoes
    >
    ;