Never miss an update

Man's/Woman's Knee Aquatalia 28942 Suede Knee High discount Boots 6.5 The color is very eye-catching discount Fashion dynamic b20115d




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: Good
Brand: Aquatalia Material: Suede
Style: Knee High Boots Occasion: Casual
Width: Medium (B, M) Country/Region of Manufacture: Italy
US Shoe Size (Women's): 6.5 Fastening: Zip
Color: Brown Pattern: Solid
Heel Type: Wedge Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Never miss an update

Man's/Woman's Knee Aquatalia 28942 Suede Knee High discount Boots 6.5 The color is very eye-catching discount Fashion dynamic b20115d - blurrypron.com

    Man's/Woman's Knee Aquatalia 28942 Suede Knee High discount Boots 6.5 The color is very eye-catching discount Fashion dynamic b20115d
    Man's/Woman's Knee Aquatalia 28942 Suede Knee High discount Boots 6.5 The color is very eye-catching discount Fashion dynamic b20115d
    Stylish Womens Mules Real Sheep Fur Shoes Ankel Booys Winter Metal Decor Shoes , Ethnic Women Knee High Boots embroider Stilettos Elegant Boots Pointy toe ShoesWomens Pointed Toe Metal High Heel Show Clubwear Over Knee Thigh Boots , Leather Women's Summer Hollow Out Open Toe Fashion Slingbacks hot Roman Shoes_Miz Mooz Womens Thayer Leather Almond Toe Ankle Fashion Boots , Ferragamo Boots Vintage Beautiful Black Leather, medium heel 5 1/2 B gently worn , Montana Dressbarn Brown Blue Embroidery Beaded Flora Boots Size 10 , Teva Women's W DE LA Vina Dos Chelsea Boot Redwood Size 5.0Dan Post Cowgirl Western Saddle Brown Leather Detailed Stitching Boots size 6.5MAdore DCS Pewter Chrome Diamond Cut Rhinestone Platform Ankle Boot Size 5-10KLUB NICO Bertie Bootie Cognac Leather Woven Slim Cutouts Vamp Chic Ankle BootieJack Rogers Women's Marianne Suede Boot - Choose SZ/ColorMan/Woman clarks Shoes 093210 Brown 5 sell Environmentally friendly comfortable , Women's Ankle Boot Suede Heel Snake Pointed Toe Casual Stiletto Shoes Nightclub , Dingo LL Bean Cowboy Boots Womens 8 M Western Cowgirl Black Burgundy Boho UrbanNew Shiny Patent Leather Womens Over Knee Boots Stiletto Slim Heels Casual Shoes , Twisted Womens winter night Closed Toe Ankle Fashion Boots Black Size 6.0Ariat Womens Unbridled Shayla Black New West Bootie Size 8B , 2019 Vogue Women High Heel Stretch boots Suede Pointed Toe Stilettos Ankle BootsLAUREN RALPH LAUREN WOMEN'S BLACK GAIL LEATHER ANKLE BOOT SIZE 8B , Nine West Vengeance Womens Black Leather Heel Over The Knee BootsNEW Womens AdTec Cowboy Western Work Boot Riding Casual Dress Boot Brown 8608Stylish Womens Stiletto High Heels Ankle Boots Pointy Toes Shiny Clubwear Shoes , Dan Post Gray Tan Leather Cowgirl Cowboy Riding Boots Women’s 8.5 CWomens Stilettos Mid heel shoes Pointy toe Rivet zip Ankle boots Buckle studdedWomen Black Rivets Buckle Genunie Leather Gladiator Ankle Boots Flat Heels Shoes , A35 Calistah Wedge Ankle Boots 197, Black, 8 US , Via Spiga Size 7M Black Tall Suede Wedge Boot Side Zip $300+ , Womens Pointed Toe Stilettos High Heel suede Mid Calf Boots Party Shoes Us Sz
    Man's/Woman's Knee Aquatalia 28942 Suede Knee High discount Boots 6.5 The color is very eye-catching discount Fashion dynamic b20115d - blurrypron.com>Man's/Woman's Knee Aquatalia 28942 Suede Knee High discount Boots 6.5 The color is very eye-catching discount Fashion dynamic b20115d - blurrypron.com
    Demonia MUERTO-1026 Platform Black Vegan Leather Pewter Chrome Mid Calf BootsSergio Rossi Women's Peep Toe Ankle Bootie Suede Snakeskin Trim Brown 36 US , Womens Pointed Toe Floral Printing Flats Casual Mules Slip On Slippers Shoes New , Womens VINCE CAMUTO VC-Ashlynn Aqua Raffia Open Toe Pumps Shoes Sz. 7.5 MNEW Vince Camuto Dallan Suede Slip On Pumps in Stone Taupe, Sz 7.5 (may fit 7) , Flamingo 891 Red Glitter 8" High Heel Platform Shoe With Ankle Cuff 5-10 , Womens Strappy hidden heel Rhinestone high top suede leather Hot Sneakers shoes , STUART WEITZMAN Black Satin High Heel Classic Pumps Pointed Toe - WOMEN'S 7.5 , NIB Yves Saint Laurent YSL Tribute 105 Black Silver Leather Pump Heel 39.5 $995 , Giuseppe Zanotti Suede Colorblock Sandals Blue Size 37 7 , CROWN BORN Karalyn Black Leather Cross Strap High Heel Cork Sandal Shoe Women 11New Nike Womens Nk Free Xt Everyday Sport ShoesK. Swiss Rinzler SP White Black Neon Mens Leather Trainersadidas CrazyTrain Pro 3.0 TRF - Black - MensMen/Women ADIDAS GYM SHOES SIZE 10 PURPLE Diverse new design Bright colors Fine wildNike Zoom Fly SP Breaking 2 (2018) Men's Running Shoes White/ Crimson AJ9282-106 , Under Armour Men's Charged Ultimate 2.0 - Choose SZ/Color , BY3013 Adidas nmd_r1 PK Zebra Black size 13 US , Nike KD 9 Elite Men's Dark Grey/Sail/Hyper Jade 09139013Men's Brown Leather JUSTIN 5960 Cowboy Boots/ Sz 9.5D/ Fair Preowned ConditionThorogood Work American Heritage 804-4518 Mens 8" Steel Safety Toe Work BootsFootJoy Classic Men Oxfords Brown Two Tone Saddle Vibram Nubuck Leather 13 C USABX569 TRIVER FLIGHT shoes black leather men elegant EFashion Womens Wedge Heel Sport Shoes Athletic Cozy Ankle Boots Warm Casual Chic , Pleaser Women's Appeal 20 Pump Black Faux Leather Heels , NEW Womens 10.5 Adidas Ultra Boost ST Running Shoes Primeknit Navy Breeze BA7832Rockport Women's Cobb Hill Gabby Gladiator Bootie Khaki Full Grain Leather , NIKE AIR MAX 1 ESSENTIAL "DARK DUNE"2018 WMNS Nike Air Jordan 1 Retro High Premium SZ 6 White Gold Toe AH7389-107 , Kamik Women's Merlot Snow Boots Black Shoe Size 9 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man's/Woman's Knee Aquatalia 28942 Suede Knee High discount Boots 6.5 The color is very eye-catching discount Fashion dynamic b20115d - 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.

    Man's/Woman's Knee Aquatalia 28942 Suede Knee High discount Boots 6.5 The color is very eye-catching discount Fashion dynamic b20115d - 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
    Man's/Woman's Knee Aquatalia 28942 Suede Knee High discount Boots 6.5 The color is very eye-catching discount Fashion dynamic b20115d
    Boots
    >
    ;