Never miss an update

Men's 17681 Converse CTAS Men's Vintage 150179C Slip 150179C Size 7.5 529b670




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
Brand: Converse
Euro Size: EUR 41 US Shoe Size (Men's): 7.5
Width: Medium (D, M) Style: Fashion Sneakers
Color: BLACK/TURTLEDOVE/BELUGA UPC: 886956240109
Never miss an update

Men's 17681 Converse CTAS Men's Vintage 150179C Slip 150179C Size 7.5 529b670 - blurrypron.com

    Men's 17681 Converse CTAS Men's Vintage 150179C Slip 150179C Size 7.5 529b670
    Men's 17681 Converse CTAS Men's Vintage 150179C Slip 150179C Size 7.5 529b670
    MENS ADIDAS COLORVANTAGE ADICOLOR in colors HALBLU / HALBLU / HALBLU SIZE 11 , ROCKPORT CG8395 RYDLEY UP MEN'S CASUAL SHOES sz 9.5 W(WIDE)RARE SAMPLE New Mens 9 NIKE SB "Eric Koston" Black Grey Suede Shoes 705325-001MENS ADIDAS COLORVANTAGE ADICOLOR in colors SCARLET / SCARLET / SCARLET SZ 10 , Stacy Adams Men's Baybridge Slip On Sandal 25024 , Florsheim Imperial Men's Sz 12 B Kenmoor Black Wingtip Derby Oxford Shoes EUC , Nunn Bush Men's Black Eathan Leather Slip On Loafer Shoes SIZES! NIB Ethan , New Puma Suede Classic+ LTH Black/White Size 13 $60Asics Men's Gel-Tactic Sz US 15 M White Synthetic w/Balck Sneakers Shoes $100.00 , Adidas Pro Model Linen Green White Gold Metallic CQ0626 New Men's Shoes Size 7.5Man/Woman Qwaruba Devon Suede Sole sheepskin slipper feature delicate Selling new products , $125 MADE IN ITALY! KENNETH COLE MENS CASUAL LOAFER BOAT SHOE 11 M NIB , Ponti V Grey Flannel Black Size 10 High Top Sneakers EssentialsMan/Woman Crevo Kroozer - Brown - Mens Diverse new design Good market At an affordable priceSperry Top-Sider Men's 7 Seas 3-Eye Textile MocFit Boating Shoes Red , Men slip on slippers casual loafers flat heel square toe shoes backless mesh B85Bed Stu Men's Tejon Pass Moc Toe Loafers Tan Dirty Veg Sde Size 13 New W/Box , MENS ADIDAS COLORVANTAGE ADICOLOR in colors BLUE / BLUE / BLUE SIZE 11 , NEW Mason Leather All Purpose Men's Casual Boots Size 9 1/2 D New in Box NOSSAS Bout Time Men's 11.5M Black Leather Walking Sneaker Moc Toe Oxford comfortMen's/Women's SNEEKER-105 Various styles High quality and economy Various latest designs , NEW Steve Madden Cubic Slip On Loafer Quilted Shoes Casual Black Mens Size 9.5 , SAS Black Leather Loafer Oxford Moc Handsewn USA Men Size 12 SJD Fisk Size 11 HANSON Blue Fabric Slip On Loafers New Mens Shoes , Levi's Harrison Engineer Men's Boots Wheat 517190-11BRockport Men’s Eureka Brown Leather Walking Shoes Size 10.5W D1259/Nike Dunk Low Premium SB QS "112" Sz. 12 Clark Kent Used 504750-017 , POLO RALPH LAUREN CLARKE MESH HIGH-TOP CASUAL SNEAKER BLACK OR NAVYGentleman/Lady Rockport M7100 Boot White/White Perforated (V80127) bargain Trendy Pick up at the boutique ,
    Men's 17681 Converse CTAS Men's Vintage 150179C Slip 150179C Size 7.5 529b670 - blurrypron.com>Men's 17681 Converse CTAS Men's Vintage 150179C Slip 150179C Size 7.5 529b670 - blurrypron.com
    Carlos Santana Bota Black Leather Zip Up High Stiletto Ankle Boots Womens 8.5 M , Womens Vera Wang $375 Lavender Black Leather Studded Boots Size 7 , New FRYE Womens Veronica Seam Short Charcoal Leather Boots Size 6.5 Retail $358 , Miu Miu Prada Silver Glitter Argento Ankle Bootie 40Men's/Women's Adidas Adi-Ease Skate Shoes, Core Black/Scarlet Quality products discount Seasonal promotion , SKECHERS FLEX APPEAL 2 HIGH ENERGY 12756 PINK women's shoes sports sneakers , BURBERRY LADIES STRAPY HEELS SIZE 38 STILL IN BOX GOOD CONDITION , NATURAL SOUL Women's Wendi Loafer Flat, Black, 9 M USPleaser FLAMINGO-808 Clear Black 8" Heel Platform Ankle Strap Sandal High Heelswomens ladies fashion zipper rhinestones block heel pumps dress shoes size 4.5-8 , NEW DANSKO WOMEN'S MATHILDA BUCKLE MARY JANE DARK TAUPE LEATHER 40 10 MED $145 , Easy Street Women's Campus Hiking SandalSteve Madden Nonstp Heel - Women's Size 7B - BeigeMr/Ms Skechers Women's Seager-Stat-Scalloped Collar, Engineered Skech-Knit... Excellent value Sales Italy Seasonal hot sale , Rachel Zoe Women's Raina Flat Sandal - Choose SZ/ColorNike LeBron X Soldier 10 White/Purple Mens Size 17.5 Basketball Shoes 856489-150Mens Converse Chuck Taylor All Star 70 High Top Black Egret White 162050CNEW Adidas Originals Mens Size 6 Garwen SPZL Special Brown Leather Shoes BA7723Jordan Flight Club '91 Mens 555475-125 Sail Blue Pink Basketball Shoes Size 9 , New Balance M996CSMI -USA 996 Connoisseur Retro Ski (Black / Yellow) MENS , Steve Madden Men's Gottit Sneaker, - Choose SZ/ColorMen's Lucchese Western Boots Size 7 1/2D Brown Leather Cowboy Vintage SevilleMagnanni 'Marco' Monk Strap - Catalux Grey- Size 11 M (C32)CONVERSE Shoreline Slip Womens Size 9 Navy Athletic Shoes NWOB , NEW Athletic Sports Creeper Real Leather Women's Casual Shoes High Top SneakersCircle S sz 8 D Ranger Cowboy Boots TAN Leather Women's Western , XOXO Women's Trishh2 Slouch Boot, Taupe, 6 M US - Choose SZ/Color , Sexy Womens Chic Zipper High Stilettos Heel Shoe Slim Over Knee Thigh Boots shoeDEMONIA 5 1/2" Heel Punk Gothic Platform Black Hologram Women Ankle Boots BootieTARYN ROSE brown leather textile tall boots 7.5 NIB
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's 17681 Converse CTAS Men's Vintage 150179C Slip 150179C Size 7.5 529b670 - 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.

    Men's 17681 Converse CTAS Men's Vintage 150179C Slip 150179C Size 7.5 529b670 - 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
    Men's 17681 Converse CTAS Men's Vintage 150179C Slip 150179C Size 7.5 529b670
    Casual Shoes
    >
    ;