Never miss an update

New Women's Nike Women's Roshe Cortez NM LIB QS Liberty 200 LIB Vachetta Tan Size 8 843847 200 d8ec268




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
US Shoe Size (Women's): 8
MPN: Does not apply Brand: Nike
Color: Tan Style: Fashion Sneakers
UPC: Does not apply
Never miss an update

New Women's Nike Women's Roshe Cortez NM LIB QS Liberty 200 LIB Vachetta Tan Size 8 843847 200 d8ec268 - blurrypron.com

    New Women's Nike Women's Roshe Cortez NM LIB QS Liberty 200 LIB Vachetta Tan Size 8 843847 200 d8ec268
    New Women's Nike Women's Roshe Cortez NM LIB QS Liberty 200 LIB Vachetta Tan Size 8 843847 200 d8ec268
    Jambu Women's Cherry Blossom Mary Jane Flat Navy/Cool Blue 8 Wide US , 2018 WMNS Nike Air Jordan 1 Retro High Premium SZ 7 Red Gold Toe AH7389-607 , Nike Air Force 1 Explorer XX THE 1 REIMAGINED AO1524-100 NEW 100% Authentic , WOMEN'S SHOES SNEAKERS PUMA DEFY LUXE [191153 03] , 2018 WMNS Nike Air Jordan 1 Retro High Premium SZ 7 White Gold Toe AH7389-107 , PUMA FENTY X RIHANNA SUEDE CLEATED CREEPER CASUAL WOMEN's PUMA BLACK AUTHENTIC , Reebok F/S HI INT Wedge Freestyle Melody Eshani M47470 size 6 new , Adidas Originals Women's Superstar Slip-on Shoes Size 6 us CQ2382 , Gentleman/Lady New Balance Women's Wl220tb Aesthetic appearance New design The first batch of customers' comprehensive specifications , Adidas Superstar Womens Style : Ac7163 White/Navy/White Womens Size 8.5 , Adidas Originals Stan Smith W [BZ0407] Women Casual Shoes White/White-GreenAdidas Originals Women's Prophere Shoes Size 5 to 10 us AC8509NIB Joie Size 39 Leather Sneakers With Rhinestone Embelished Back Style Darena , Adidas Originals Women's Campus Shoes/B41939 US Sz.5-102007 Women's Nike Shox Turbo + VI Athletic Shoes Black Silver Pink Sz 7 NEW!!!Asics GEL RESOLUTION 7 Women's E751Y.0193 White/Silver Tennis Shoes , Nike Air Max Thea Print Womens Size 7.5 599408-007 Black/White-Dark GreyVintage 70's Nike Liberator LDV Women's Waffle Running Shoes Size 4.5 Made USA , NEW NIKE WOMEN'S AIR MAX 2017 Size 7.5 BRIGHT GRAPE FIRE PINK RUNNING 849560 502 , 100% Auth PRADA Women's Leather Sneaker Shoes White Size 34 1/2 Made In Italy , Adidas Women's SuperNova St Running Shoes Size 5 to 10 us BB3506New Balance 574 Aqua Mint Black Diamond Tiff Blue Classics WH574GG WomensNike Women's Air Presto Flyknit Ultra Black 835738-001 Size 7.5 , NIKE AIR MAX 90 ID "RED OCTOBER" SPORT RED SIZE WOMEN'S 11/MEN 9.5 [931896-994] , NIB ASICS GEL-Surveyor 5 Running Shoe Aqua Splash/Silver/Diva Blue Sz 8.5Nike Air Max 2017 Womens Running Shoes Concord Violet Purple Size 8ASICS GT-2000 3 (women's) ___ Size 8 ___ Last pair, diva pink, T550N 2593 gel , Adidas Originals Women's Deerupt Runner Shoes Size 8.5 us AC8466 LAST PAIR , Nike Air Huarache City Women's Casual Shoe Black/Dark Grey AH6787-003
    New Women's Nike Women's Roshe Cortez NM LIB QS Liberty 200 LIB Vachetta Tan Size 8 843847 200 d8ec268 - blurrypron.com>New Women's Nike Women's Roshe Cortez NM LIB QS Liberty 200 LIB Vachetta Tan Size 8 843847 200 d8ec268 - blurrypron.com
    Adidas Neo Women Shoes Cloudfoam Advantage Modern Casual Fashion New 2018 BB9606New Skechers 23310 Mircoburst Its My Life Womens Shoes Casual Shoes FlatBIRKENSTOCK Birki's 2 STRAP Buckle BLACK CLOGS Size US 7 L7 M5 Mules Slip On , Womens Low Block Heels Collegiate Pull on Retro Loafer Square Toe Casual Shoes , Burnetie Women's High Top Almond Leopard High Tops , Womens Platform block high Heels high Top Buckle 18cm Club sexy shoes Roman NewMELISSA KRISTEN III PUMPS 8 Black Jelly Heels Ankle Strap Hidden Platform Shoes , $395 L.K. BENNETT *DORIS* BLACK LEATHER SIDE-ZIP HEELED BOOTIES - LADIES 35.5/5NIKE FREE 5.0 TR FIT 5 PRT WOMEN'S BLACK/VOLT TRAINING SHOES,Puma Drift Cat 5 MAMGP NM 304942 02 Men`s Size , Men's Converse Chuck Taylor Ctas Flyknit Hi 156735C Size 7.5~12 , Asics Onitsuka Tiger Mexico 66 Blue Blue Leather Men Shoes Sneakers D4J2L-4590Jordan Men's Flight 9.5 Shoes NEW AUTHENTIC Black/Grey/White 654262-005 , Mens Nike Jordan Superfly 3 Pearl - 743665 109 - White Reflect Silver Wolf GreyVANS Old Skool Avengers from japan (1100 , Men's Jar Boots, Brown, Cowboy, Size 8 , Very Nice! Made in MexicoADIDAS YEEZY BOOST 350 LOW US 11 TURTLE DOVE V1 2015 OG AQ4832 V2 , Reef Men's Voyage Boot Black/Natural US Sizes , GUESS MENS leather boots NEW distressed look brown motorcycle cowboy men's shoe , Men's/Women's Women's Converse Suede High Tops Aesthetic appearance delicate Complete specifications , Splendid SCHMOOVE Men's Canvas Casual Black Denim Shoes.Made In France Size 10.5 , Authentic Kiton 3329 GEORGE suede side zip boots OliveNEW Converse Cons Sz 11 Star Player Skate Shoes Sneakers Athletic Navy 140707CMen/Women NIKE Cortez Gris 807442-010 Consumer first Orders are welcome At an affordable price , Johnston & Murphy Size 10 GARNER Brown Leather Wingtip Oxfords New Mens ShoesMan/Woman Bally Black Loafers Size 8 Clever and practical Reliable performance Sales online storeStacy-Adams Men's GOLATO CAP TOE MONK STRAP Olive leather Shoes 25117-303 , Over The Knee Flat Black Suede By Bamboo Drawstring Flat Boots For Women Size 6 , BCBGeneration Sanji Sz 5.5 Black Leather Tall Over Knee Boots $198Chic Womens High Heel Flower Printed Over Knee Boots Pointed Toe Stilettos Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Women's Nike Women's Roshe Cortez NM LIB QS Liberty 200 LIB Vachetta Tan Size 8 843847 200 d8ec268 - 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.

    New Women's Nike Women's Roshe Cortez NM LIB QS Liberty 200 LIB Vachetta Tan Size 8 843847 200 d8ec268 - 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
    New Women's Nike Women's Roshe Cortez NM LIB QS Liberty 200 LIB Vachetta Tan Size 8 843847 200 d8ec268
    Athletic Shoes
    >
    ;