Never miss an update

White Leather Golf Shoes Guess by Golf Marciano Guess Mens Rare Size 11.5 M Ultra Rare GMSUPER G b313cde




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: These awesome golf shoes are , but look brand new and come with the box.
Style: Golf Shoes US Shoe Size (Men's): 11.5
Material: Leather Color: White
Width: M) Brand: GUESS
Pattern: Solid UPC: Does not apply
Never miss an update

White Leather Golf Shoes Guess by Golf Marciano Guess Mens Rare Size 11.5 M Ultra Rare GMSUPER G b313cde - blurrypron.com

    White Leather Golf Shoes Guess by Golf Marciano Guess Mens Rare Size 11.5 M Ultra Rare GMSUPER G b313cde
    White Leather Golf Shoes Guess by Golf Marciano Guess Mens Rare Size 11.5 M Ultra Rare GMSUPER G b313cde
    Under Armour Micro G Assert 6 Running Men Shoes SizeNike SF AF1 Mid Men's Shoes Size 11 Style 917753-201New Balance Vazee Rush Navy/White MLRUSHVH Men's , Harden vol 2 ls Black Size 13 , Brand New US mens size 10 VANS SK8-HI MIX CHECKER BLACK/WHITE - VN0A38GEQ9BRare Vans X Pendleton Vault Slip On Low Flannel Sneaker Men Size 9 Women 10.5Asics GEL Dynamic Duomax Surveyor 5 Black Onyx Running Shoes Sz 13 NEW T6B4N , Reebok Cl Leather Metallic Casual Men's Shoes Size 13 , 2007 Jordan Retro IX 9 CDP Playoffs White Black Red 302370-161 Sz 11New Converse Chuck Taylor All Star Counter Climate Black Mens Size 11 153681CNike Kobe IX 9 Low EM TB Game Royal Basketball Shoes sz 16 men's blue , PUMA Men's Tsugi Jun Sneaker | Red Dahlia Black White | 11.5 M US , NEW DS MENS SZ 8 ASICS GEL-LYTE V 5 H737L-9090 BLACK MINT RUNNING , 2016 Nike Dunk High Retro QS SZ 11 Ohio State Buckeyes Grey Red 850477-001 , Air Jordan 3 Retro Pure Money Sz 7 OG DB 1 4 6 11 12 13 Bred PE DB Cement FL JT , Asolo Men Sneakers Wink Shoes Suede Gray 8.5 , Converse Chuck Taylor All Star 70 Hi Men 10 Red Wolf Grey White Premium LeatherMen's Heely's Roller Shoes Size 12 NEW! , Saucony Men's Kinvara 8 Running Shoe, Slime/Black, 9 D US , ADIDAS STAN SMITH SHOES COLOR WHITE/GREEN STYLE M20324 SIZE 9.5 , BROOKS PURE GRIT 5 DNA Deep Blue Running Shoes Kicks 13 Mens RARENike Hyperdunk Lux Men's Sz: 9.5 Black Basketball Sneaker 81837-001 , NEW (555475-105) MEN'S AIR JORDAN FLIGHT CLUB 91 WHITE/BLUE LAGOON/GRAND PURPLE , NIKE LUNARCHARGE PREMIUM LE 923284-999 MULTICOLOR SIZE: 8Skechers Shape Ups Mens Toning Walking Shoes Beige Green 52000 Pebble Suede 13 , Nike Flyknit Racer 2.0 Oreo size 10.5 , Nintendo Mario Vans Men’s Size 7.5/ Women’s 9Mens Nike Blazer Mid PRM VNTG QS SZ 10 Pastel Pack Pink Suede 638322-601 , New Balance 996 USA made M996BSN 100% AUTHENTIC US men12D ,
    White Leather Golf Shoes Guess by Golf Marciano Guess Mens Rare Size 11.5 M Ultra Rare GMSUPER G b313cde - blurrypron.com>White Leather Golf Shoes Guess by Golf Marciano Guess Mens Rare Size 11.5 M Ultra Rare GMSUPER G b313cde - blurrypron.com
    Steve Madden Rockiie Women's Black Leather Boot Sz 7.5 B 4479 *See By Chloe SB29152 Womens Daria Mid-Calf Shearling Fashion Boot 38EU , Star Boots Western W9211 Lad Peanut Karunnga Snake Size 9,5 B NEWYSL Yves Saint Laurent Nero/Porcellana Leather Pointed-Toe Ankle Boots Size 39 , CONVERSE CHUCK TAYLOR ALL STAR SEQUINS - ALLBLK - 37 (888754900261) , Nike Wmns Air Max 90 Barely Grey Light Pumice Green Women Running 325213-053 , Designer Nike x A.P.C Brown Suede Size 7 US Sneaker Women's ShoesNew Skechers 49406 Bikers Peyote Womens Shoes Active Shoes Flat , $485 PRADA ARGENTO GOLD SCRUNCHY BALLET FLATS SZ 39~HARD TO FIND~LOVELY~ , Fabulicious Women's Cocktail 501L Black Leather/Black Party ShoesBrand New Zara Olive Green Satin Bow Court Pump Heels Size 35 5 US Ref 6202/201Vince Camuto Seena1 Cutout Booties Women Sizes 6-10 Black Nappa VC-SEENA1Sanita Sandals Size 41 Only Worn Once! , La Plume Brooke Double Strap Black Leather wedge heel slide Euro 35Nike Mens Sz 11.5 Metcon 3 Shoes Black/Hyper Crimson/Hot Punch/Volt 852928-012Nike Air Max 90 ESSENTIAL Anthracite-Granite-Black SZ 13 [537384-035] , Salomon Quest 4D 2 Gore-Tex Black Grey Mens mountain climbing shoes , Adidas NMD R1 Runner Boost S31503 Solid Grey White Mens Trainers Mesh , Thorogood 6'' Moc Toe Wedge 814-4200 Tobacco Mens Leather Work Ankle BootsDurango men's Zip 11" Black Oiled Leather Motorcycle Boots DB730 Size 7.5 D NEW , BROWN BOSTONIAN SATURDAY DRIVING PENNY LOAFER SLIP ON SHOES 8WGeox Men's Winfred 1 Oxford - Choose SZ/ColorBALLY SWITZERLAND CALIAN BRPWN BURNISH CALF LEATHER DARK TOE OXFORDS 10D $425RYKA GRAFIK-W Womens Grafik Cross-Trainer Shoe- Choose SZ/Color. , Man/Woman Puma Suede Platform Gold Women's Shoes Year-end special promotions online shop best sellerHOKA ONE ONE BONDI 6 BOYSENBERRY/BLUE DEPTH RUNNING WOMENS SHOES SIZE US 9 NEWMiz Mooz Leather Sandals w/ Stud Details - Tibby Rose 37 (6.5-7)Elegant Leather High Block Heel Pointy Toe Side Zipper Womens Winter Ankle boots , WOMENS KORKS KNEE HIGH ZIPPER BUCKLE BOOTS SIZE 7 GREAT SHAPE HEEL , NEW WOMENS GUESS TAUPE OLETA FAUX FUR TRIMMED ANKLE BOOT SIZE 9.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    White Leather Golf Shoes Guess by Golf Marciano Guess Mens Rare Size 11.5 M Ultra Rare GMSUPER G b313cde - 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.

    White Leather Golf Shoes Guess by Golf Marciano Guess Mens Rare Size 11.5 M Ultra Rare GMSUPER G b313cde - 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
    White Leather Golf Shoes Guess by Golf Marciano Guess Mens Rare Size 11.5 M Ultra Rare GMSUPER G b313cde
    Athletic Shoes
    >
    ;