Never miss an update

Mustang Womens 1146-508-259 Hi-Top 1146-508-259 Graphit, Trainers, Grey 25330 259 Graphit, 5 UK 6a5428f




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Mustang
MPN: 1146-508_259 UPC: 4053974591711
EAN: 4053974591711
Never miss an update

Mustang Womens 1146-508-259 Hi-Top 1146-508-259 Graphit, Trainers, Grey 25330 259 Graphit, 5 UK 6a5428f - blurrypron.com

    Mustang Womens 1146-508-259 Hi-Top 1146-508-259 Graphit, Trainers, Grey 25330 259 Graphit, 5 UK 6a5428f
    Mustang Womens 1146-508-259 Hi-Top 1146-508-259 Graphit, Trainers, Grey 25330 259 Graphit, 5 UK 6a5428f
    Padders Carnaby, Women s Chukka Boots, Black 10 Black , 4 EUTamaris 25295, Womens Hi-Top Sneakers, Brown Pepper 324, 7 EU , Laura Vita Womens Burton 14 Trainers, Schwarz Noir, 6 UK , Fred de la Bretoniere Womens KEILSANDALE Espadrilles, Pink Soft Rose 5004, 8Fly London Women s COBY087FLY Closed-Toe Heels, Black Black , 3 EU , Laura Vita Womens Burton 14 Trainers, Blau Bleu, 5 UKRieker 48356-14, Women s Ankle Strap Ballet Flat, Blue Navy , 5 EU , Fred de la Bretoniere Womens Sandale Espadrilles, Red Red 5035, 5 UK , Remonte R2286 Womens black Leather Booties, 38 EUGeox Women s D NEW CLUB A High-top trainers, Grey off white , 36 EURieker 74798, Women s Ankle Boots, Beige Kiesel 64 , 6.5 EU , Men/Women Giesswein Gaschurn Womens Slipper Brown232 Outstanding features the most economical German Outlets , Funtasma Vic120BPu, Women Warm Lining Ankle Boots, White, 5 UKSioux Womens Oxiria-702-XL Trainers, Black SchwarzSlate 000, 7.5 UK , Man/Woman French Connection Womens Vanessa Desert Boots online sale Orders are welcome Very good classification , Aigle Miss Juliette Bottillon Women Work Wellington Boots, Multicolour, 3.5 UK , Trespass DLX Messal, Brindle, 38, Waterproof Hiking Boots for Women, UK Size 5, , Elle Womens Calypso Trainers Black Noir Noir Rose 6.5 , Rocket Dog Women s Topeka Chelsea Boots, Brown Coast Gore Tribal Brown , 8 , Les Tropziennes par M. Belarbi Carmen, Womens Biker Boots, Brown Camel, 3 UKRieker Women s L2130 Ankle Boots, Blue Atlantis 14 , 6.5 UKBlowfish Womens alms Boots, Brown cof TexasWhsky Pisa, 5 EUMuck Boots Womens Muckster II Ankle Wellington Boots, Black BlackBlack, 6 UKDockers by Gerli Women 35NE221-207220 Hi-Top Trainers Grey Size 5 UKRieker Simona R7872, Women s Chelsea Boots, Grey Gris granit graphit 45 , 7.5Richter Kinderschuhe Boys Davos Warm-Lined Short-Shaft Boots and Bootees blue S , Rieker Women s 98570 Ankle Boots, Black Schwarz 00 , 8 UKRieker 54240, Women s Ankle Boots, Brown Brandy 24 , 4 EU , Rieker Women s 93010 Ankle Boots, Grey Stromboli Cenere 45 , 6 UK
    Mustang Womens 1146-508-259 Hi-Top 1146-508-259 Graphit, Trainers, Grey 25330 259 Graphit, 5 UK 6a5428f - blurrypron.com>Mustang Womens 1146-508-259 Hi-Top 1146-508-259 Graphit, Trainers, Grey 25330 259 Graphit, 5 UK 6a5428f - blurrypron.com
    Sam Edelman Kent Womens Dark Grey Over The Knee Boots Sz 9.5M 1066 * , Tony Lama Womens Shoes Size 9 Brown Ivory Leather Cowboy Western BootsCorral Cognac and Olive Inlay Cowgirl Boot - Square Toe - A1040Gentlemen/Ladies NIKE AIR SOLSTICE MEDIUMOLIVE/BLACK-CRG KHK-SL, US9.5 Promotion excellent Maintenance capability , Nike Air Jordan 1 Ret Hi PREM [AH7389-014] Women Casual Shoes Black/Phantom , women pointy toes slip on slippers floral embroider wedge heels shoes new hot 18Occident Women's Pointed Toe Bow Tie Block Low Heel Patent Leather Stylish Shoes , Gentleman/Lady BIRKENSTOCK WOMEN GIZEH RFSO8E083BK REGULAR for you to choose low cost buy onlineStuart Weitzman Hirise Misty Satin Women's Evening Platform High Heel Sandal 9MALBANESE ROMA VINTAGE HEELS WOMENS SHOES SIZE 6 / 37Vince Camuto Women's SAVILLA Pump - Choose SZ/Color , RALPH LAUREN COLLECTION Gray Suede Pointed Toe Heels Pumps 41 NEWJeffrey Campbell Exempt Platform. Size US 9, Eur 40 , Rainbow Sandal Madison Narrow Strap With Braid and Rolled Strap,Black, X-Large , Sandale MAMZELLE talon compensé bride soiré plateform sport mule CUIR 37 NEUF , Superga 2790 Patent Womens Ecru Patent leather Trainers , Nike Air Versitile NBK White/Silver/Black Men's Basketball Shoes-Asst Sizes NWB , ADIDAS Originals brand new Sneaker CAMPUS light red size 8.5 us 42 eur , NEW adidas Originals HANDBALL TOP SHOES AQ0905 Cloud White Black Solar Red a1NEW BALANCE M1260GB7 Running Shoes, Men Sizes 11-12 (4E), Green/Black NEW!Men's * Eastland * Daily Double Jodhp Classic Pull On Chelsea Boot Black LeatherPuma - Men's Clyde Core Foil Sneakers , Tassel Mens Casual Oxfords air permeable Korean Loafer Leather Shoes Pumps 2019 , NEW Nike Mayfly Woven Sail Stardust Orchid Casual Shoes Sneakers WOMEN'S SIZE 10 , ASICS Women's Gt-2000 4 Running Shoe, Pink Glow/Soothing Sea/Indigo Blue, 6 M US , New Mizuno 410941 9N00 Wave Shadow Griffin / White Women's Running Shoes 7.5 USNew Balance WMNS 701 NB women lifestyle sneakers NEW black white cream WL701-PKQ , Merrell Women's Encore Peak Coffee Bean winter boots - size 10 , New Ladies Ariat 10012829 Unbridled Pro Crepe Brown dist Leather Cowboy Boot , Christin Michaels Miranda tall boots ruching zipper NEW Ruching cuff Side Zipper ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mustang Womens 1146-508-259 Hi-Top 1146-508-259 Graphit, Trainers, Grey 25330 259 Graphit, 5 UK 6a5428f - 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.

    Mustang Womens 1146-508-259 Hi-Top 1146-508-259 Graphit, Trainers, Grey 25330 259 Graphit, 5 UK 6a5428f - 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
    Mustang Womens 1146-508-259 Hi-Top 1146-508-259 Graphit, Trainers, Grey 25330 259 Graphit, 5 UK 6a5428f
    Boots
    >
    ;