Never miss an update

Mr/Ms Reebok Print 2.0 29959 Running/Training 2.0 Women's Running/Training/Mesh/Gray(BD4548)Size:US 7.5 Good design modern Fine wild 0e13b53




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Shoe New, unused, and unwornthat is not in the original container orYou may be missing original packaging materials(such as the original box or bag).The original tags may not be attached.
Activity: Running Width: Medium (B, M)
Style: Running, Cross Training Pattern: Signature
Heel Height: Flat (0 to 1/2 in.) EUR Shoe Size (Women's): EUR 38
US Shoe Size (Women's): US 7.5 Color: Gray
Material: Mesh Brand: Reebok
UPC: Does not apply
Never miss an update

Mr/Ms Reebok Print 2.0 29959 Running/Training 2.0 Women's Running/Training/Mesh/Gray(BD4548)Size:US 7.5 Good design modern Fine wild 0e13b53 - blurrypron.com

    Mr/Ms Reebok Print 2.0 29959 Running/Training 2.0 Women's Running/Training/Mesh/Gray(BD4548)Size:US 7.5 Good design modern Fine wild 0e13b53
    Mr/Ms Reebok Print 2.0 29959 Running/Training 2.0 Women's Running/Training/Mesh/Gray(BD4548)Size:US 7.5 Good design modern Fine wild 0e13b53
    Wmns New Balance Size 9 Grey Purple Retro 574 Womens Running Shoe WS574THISkechers Womens White Shape Ups Training Shoes Size 9 , Brooks Ghost 8th Edition Womens Size 7.5 Gray Pink Running Shoes Sneakers F5 , Merrell Sirah Lattice Black Leather Wedge Sandals Sz 8M , Skechers Black Grey Knit Dual Lite Ankle Shoe Memory Foam Comfort Women SZ 6.5 , Brooks Glycerin 15 Running Shoes Women's Size 11 B Gray/Purple SilverSkechers Shape Ups Women's Model 11809 Suede Black White Athletic Shoes Size 8.5Women's MERRELL Jungle Ventilator Moc II Herring Mesh Shoes Size 7 (37.5) BrownASICS GEL-Exalt 4 Running Shoes, Women's Size 10.5, Charcoal/MintSkechers Go Walk 4 - Pursuit Walking Women's ShoesAVIA Women's Avi-Rove Sneaker Grotto Navy/Powder Blue/White 7 M USNine West Women's Blueberry, Natural Silver/Metallic, 6.5 M USU.S. Polo Assn.(Women's) Women's Maude-Hj Mule Grey/Fuchsia/Mint 8.5 M US , Women's Lido Slip On Sneaker Shoe Black/Armor 9 M US , Dr. Scholl's Women's Madi Mule Fashion Sneaker Black Perforated 6.5 M US , Modern Vintage Giada Black Leather Embossed Sneakers Sz 5 , Puma Women's Fierce evoKNIT Size 8 Green Metallic Fashion Sneakers Shoes Slip OnONEMIX Women Leisure Shoes Breathable Lightweight Flats Walking Hiking ShoesReebok Women's Z Fury Tempo Running Shoe,Soft Black/Flat Grey/Magenta Pop/Solar , Women's Asics T696N Gel Kayano 23 Mint Green/Gray Running Shoes Size 9 M , Saucony Guide 9 Womens Running Athletic Tennis Shoes Sz 7.5 Green Salmon Orange , Saucony Kinvara 4 Flex Film Womens Running Shoes Purple Neon Hydramax Sz.8 $110 , SKECHERS WOMEN’S STREET AIR COOLED MEMORY FOAM BLACK LEATHER HIGH TOP SHOES 8PROPET Women's Ortholite Walking Shoe Slip Resistant Size 10 White NWOB , Womens Saucony Grid Marauder 2 Running Shoes Size 6.5 7 Navy Blue Grey S15328Gentleman/Lady nike size 8 womens Outstanding features high quality Clearance sale , New Merrell applaud slide black shoes. sz8.5 RT$90.NorthFace Ultra Cardiac Trail Running Size 6 Purple Women's Pink NEW Floor ModelSAUCONY Cohesion 5 Running Sneakers Womens 6.5 Silver Gray Teal Worn 1x on track
    Mr/Ms Reebok Print 2.0 29959 Running/Training 2.0 Women's Running/Training/Mesh/Gray(BD4548)Size:US 7.5 Good design modern Fine wild 0e13b53 - blurrypron.com>Mr/Ms Reebok Print 2.0 29959 Running/Training 2.0 Women's Running/Training/Mesh/Gray(BD4548)Size:US 7.5 Good design modern Fine wild 0e13b53 - blurrypron.com
    Lanvin Black Leather Hidden Wedge Boots Size 37 , 100% AUTHENTIC NEW WOMEN BURBERRY BURGUNDY RIDING LEATHER BOOTS US 7.5Nike Air Jordan 2 Retro AJ2 Elephant Purple White/Dark Concord-Black 385475-153Nike Air Max 270 KJCRD GS Persian Violet Black Kid Youth Women Shoes AR0301-500Report Signature Onabel Ankle Boots 955, Dark Tan, 7 US , Rockport Total Motion Driver Moc Womens casin Black (B)- Choose SZ/Color.NIB Christian Louboutin Pink Spanish Cheetah Suede Espadrilles Flat 41 New , Lolita Dancing Shoes Lovely Princess Shoes Cospaly Bowtie Single ShoesSam Edelman Women's Shoes Block Heel Size 7.5 M Nude Beige Open Toe Slip On RARE , Women's Jessica Simpson AUDRIANA Platform Ankle Boots Heels Charcoal AmarettoSUPER GORGEOUS!!! ALZUARR STORM CRYSTAL JEWELED GLADIATOR SANDALS US 9 , Skechers Performance Womens Go Step Lite 14725 , Manolo Blahnik Womens Sandals Size 38 Yellow Leather Strappy High Slim Heel , Alfani Womens Iddris Leather Open Toe Casual Slingback Sandals , Adidas Samba ADV Skate Shoes Mens Sz 10 , Nike SB Zoom Janoski Prem CPSL Mens 877066-111 White Black Skate Shoes Size 10 , NEW~Adidas ADIZERO CRAZY LIGHT 2 CHI CITY Basketball Shoe ghost Rose~Men sz 12.5 , New Mens Military Combat Pull on Chelsea Leather Brogues WingTip Ankle Boot ShoeBogs Men's Urban Walker Rain Boot - Choose SZ/Color , VANGELO/ TUX-1 Dress Tuxedo For Wedding Prom Wrinkle Free White Patent Size 9.5WPOLO RALPH LAUREN MENS BLUE LEATHER MOC TOE LOAFERS WOODLEY MODEL SIZE 11.5 M , Custom Comfortable Women Boots Skull And Women Martin Boots For Girl , Pleaser Women's Delight 3028 Black Stretch Patent/Black , Fila Women's Disruption II Premium Sneakers White / White / White 10 , Brooks Neuro Womens Running Shoe (B) (460) SAVE $60!!!Chinese Laundry First Love Faux Leather Cuff Boots, Women's Size 9, BlackLondon Trash Carina Black Leather Gladiator Sexy Stiletto Boots Size 8 Brand NewNine West Women's Lightsout Fabric Loafer - Choose SZ/color , Sheepskin Pump Office Lady 2017 New Fashion Women Ankle-strap Boots Plus Big SizTopShop HARRY Jacquard Multi Ankle Boots 32H05KMUL Size US 5.5 NEW $125
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mr/Ms Reebok Print 2.0 29959 Running/Training 2.0 Women's Running/Training/Mesh/Gray(BD4548)Size:US 7.5 Good design modern Fine wild 0e13b53 - 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.

    Mr/Ms Reebok Print 2.0 29959 Running/Training 2.0 Women's Running/Training/Mesh/Gray(BD4548)Size:US 7.5 Good design modern Fine wild 0e13b53 - 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
    Mr/Ms Reebok Print 2.0 29959 Running/Training 2.0 Women's Running/Training/Mesh/Gray(BD4548)Size:US 7.5 Good design modern Fine wild 0e13b53
    Athletic Shoes
    >
    ;