Never miss an update

Chung Shi DuFlex 14/15 Green Chung clog 29990/sandle Mens size 14/15 6ff7fd6




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
Style: Outdoor Sandals
Brand: Chung Shi Sole: Rubber
Material: Synthetic Product Number: Dux
UPC: Does not apply Color: Green
US Shoe Size (Men's): 14 Lining: Synthetic
Never miss an update

Chung Shi DuFlex 14/15 Green Chung clog 29990/sandle Mens size 14/15 6ff7fd6 - blurrypron.com

    Chung Shi DuFlex 14/15 Green Chung clog 29990/sandle Mens size 14/15 6ff7fd6
    Chung Shi DuFlex 14/15 Green Chung clog 29990/sandle Mens size 14/15 6ff7fd6
    Skechers Mens Classic Fit-Delson-Camden Sneaker,Gray sz 8.5 , Klogs Springfield Closed Back Unisex Clogs Navy Blue - 9 Wide , RealTree Size 10 M MASON Brown Leather Boat Shoes New Mens Shoes , FLORSHEIM Brown Crocodile Embossed Leather Slip On Loafers MENS 10.5C EUC Q18 , Cole Haan Grand OS Gray Suede Casual Comfort Dress Oxford Shoes Men's 9.5 MMerrell Rant Discovery Moc Canvas Slip On Shoes - Men's Size 10 - BelugaSkechers Delson-camben Men's Taupe Classic sz 11 , Cole Haan Men Lunarlon Shoes Size 8 M Gray Suede Wing Tip , Frye Aiden Tassel Mens Brown Leather Casual Dress Slip On Loafers Shoes 13Lacoste for Men's shoes, size 9(US mens size) , Merrell Moc Shoes - Slip-Ons (For Men) Size 10, BlackClarks Casual Shoes Mens Size 11 Cognac Brushed LeatherArmando Cabral Loafer Slip On Crepe Sole Men size 43/10 Navy Leather , Merrell Mens “Jungle Moc” Gunsmoke Leather Slip On Loafers/Shoes Size 10.5 $100Reebok Club MEMT Shoe - Men's Casual, SKU V67513 Size 11.5 , Cole Haan Country NikeAir Brown Leather Size13 M Men’s Dress ShoesMerrell Moc Shoes - Slip-Ons (For Men) Size 12Klogs Boca Closed Back Unisex Comfort Clogs Mahogany Buff - 14 Widelacoste men shoes size 12 Top Siders BateauKlogs Dusty Unisex Clogs Navy Blue - 6 MediumLevi 517903BRTN Penny Loafer-Men's Size 13 Brown , Converse Chuck Taylor All Star Signature II 2 White Lunarlon Mens Shoes 150148CConverse Jack Purcell Leather Low Top Smile Toe Cap Insole Men 8 Women 9.5Allen Edmonds Newcastle Loafer Men's Black Brown Leather 12D EUC Q17 , Propet Ramsey - Casual - Men's Rejuve Black - 11.5 Medium , Klogs Springfield Closed Back Unisex Clogs Black - 14 Medium , Men's Polo Ralph Lauren Men's Hanford II Perforated Suede 10 DPiloti Spyder SV Black Yellow Gray Racing Driving Shoes Sneakers, Men's US 8 , Polo Ralph Lauren Mens 16 D Gray Hanford Heather Rip Stop Low Sneaker Shoe
    Chung Shi DuFlex 14/15 Green Chung clog 29990/sandle Mens size 14/15 6ff7fd6 - blurrypron.com>Chung Shi DuFlex 14/15 Green Chung clog 29990/sandle Mens size 14/15 6ff7fd6 - blurrypron.com
    Etnies Metal Mulisha Fader Trainers in Black & Red & White & Blue 4107000233 , 'Mens Clarks' Casual Shoes - Trapell Paceadidas Neo Women's Raleigh Mid W Casual Sneaker , Giuseppe Zanotti Shoe Ballet Flat Red and White 38.5 / 8.5 , Mr/Ms SCALLOP-712 Various goods Orders are welcome Selling new products , Womens Pointed Toe Mesh Floral Embroidery Zippers Ankle Boots Kitten Heels ShoesLolita women's pointy toe ankle strap slingbacks rhinestone flat heel shoes chic , Under Armour 1273942-035 Speedform Fortis 2 Steel Gray Men's Running Shoes , Men's Nike Air Monarch IV Training Shoes Black 415445 001REEBOK Classic Retro BD3281 ROYAL CL JOGGER 2 Men's Shoes Red Blue Size 10.5NIKE AIR MAX 1 PREMIUM FLAX/SAIL-GUM MED BROWN SIZE MEN'S 14 [875844-203]Men's/Women's Avenger Steel Toe Waterproof Work Hiker Fine processing Cheaper than the price Brand feastIrish Setter Mens 6" Work Soft Toe Boots Ely Brown 83607COLE HAAN Grant Canoe Brown Leather Penny Loafer Driving Shoe Size 10DMen's/Women's DEWALT Men's boron The color is very eye-catching the most economical cheap priceFRYE Men's Allen Venetian Driving Style Slip On Loafer Dark Brown 7.5 NEW IN BOX , Caterpillar Men's INFRASTRUCTURE STEEL TOE Navy Suede Work Shoes P90467 , Under Armour Men's Post Canyon Low Waterproof , Club mens slip on luxury gold tassel prom dress loafers cow suede leather shoesNIB Bates Mens Black Leather Uniform Oxford Size 9.5 C 00968 Dress Shoes USA NewNew Balance Womens 696 Lifestyle Fashion Sneaker- Pick SZ/Color. , Women's Nike Zoom Resistance Preowned Tennis Shoe Size 7.5Nike Wmns Revolution 4 Black/Black Sports Breathable Running Shoes 908999-002 , Men's/Women's The FLEXX Women's Sneak About Sneaker Complete specification online shop Seasonal hot saleGentleman/Lady Nike Air High Tops Size 10.5 High grade First quality comfortablesaucony KINVARA 9 TEAL WOMENS US SIZES S10418-1PINKO WOMAN CASUAL SNEAKER SHOES FREE TIME LEATHER CODE GAME 1P20EQ.Y1EQ , Womens Suede Black Rivet Pointed Toe Block High Heels Ankle Boots Casual Shoes H , CAPEZIO L704 Brown Suede Leather Cowboy Western Boots Women's 7 MSporto® Korrie, for Curations Waterproof Suede Duck Boot, White/Bisque 11M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Chung Shi DuFlex 14/15 Green Chung clog 29990/sandle Mens size 14/15 6ff7fd6 - 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.

    Chung Shi DuFlex 14/15 Green Chung clog 29990/sandle Mens size 14/15 6ff7fd6 - 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
    Chung Shi DuFlex 14/15 Green Chung clog 29990/sandle Mens size 14/15 6ff7fd6
    Casual Shoes
    >
    ;