Never miss an update

Ladies Rieker Loop Everyday 29025 Hook & Loop Leather Ladies Shoes 41399 4cd73ed




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Rieker
Sole: Other Material Lining: Leather
Upper Material: Leather
Never miss an update

Ladies Rieker Loop Everyday 29025 Hook & Loop Leather Ladies Shoes 41399 4cd73ed - blurrypron.com

    Ladies Rieker Loop Everyday 29025 Hook & Loop Leather Ladies Shoes 41399 4cd73ed
    Ladies Rieker Loop Everyday 29025 Hook & Loop Leather Ladies Shoes 41399 4cd73ed
    Men/Women NEW Zazou Spirit Tan Leather Pump Easy to use Affordable leading the fashionAnkle Strap Espadrille Women Ballet Flats Leather Leopard ShoesDKNY Dara Pointed-Toe Loafer Flats, Gold/Black Leather, 7 US / 37.5 EUNine West Brand New Flats Shoes Sandals 8 8.5 39 39.5Cougar Ruby Slip On Loafers, Black, 7 USFrench Sole FS/NY Quiver Pointed Toe Ballet Flats, Black White, 6 US Display , Ladies Rieker Casual Slip On Shoes - 'M1356'Hush Puppies Irena Sloan Womens Slip On Leather Moccasins LoafersNew Womens FitFlop Brown Lizard Print Superballerina Leather Shoes Animal SlipFitFlop™ Women's Uberknit™ Ballerina Bow Metallic Weave Nylon Slip On Charcoal , Skechrs Go Step Sandy in Navy White , Rieker Ballet Flats Perforated Metallic Shoes L8357-31 Comfort Casual Pumps Pink , Gentleman/Lady Womens Leather Loafers -size 10 Quality products Elegant style Excellent function , Fashion Women's Round Toe Rhinestone Genuine Leather Sneaker Casual Flat Shoes , New Gamins Farrow Black Leather Black Black Womens Shoes Comfort Shoes Flat , STEVEN by Steve Madden Lanii Espadrille Flats 343, Blue Pony, 7 US , SOLUDOS Classic Stripe Smoking Slipper Black / Natural , LADIES SHOES/FOOTWEAR - Cushion Comfort Sandal Merna blackSperry Top-Sider Hayden Slip-On Flat Loafers, Platinum, 11 US / 42.5 EUnaturalizer Gilly Ballet Flats 591, Black Leather, 7 US / 37 EUNew Silent D Nosh Womens Shoes Casual Shoes FlatLADIES SHOES/FOOTWEAR - Cabello shoe 5535 white size 39/8Ladies Skechers Go Walk Lite Queenly Black Slip On PumpsWomens Beige Leather Mules Flats Slides Sandals Slip Ons Shoes Flip Flops Mule , ZARA FLAT VAMP SHOES WITH ANKLE STRAPS SIZE UK6/EUR39/US8 , Iron Fist New Tigre & Bunny Red Wedge Tigre Pumps Bootie Platform Shoes , Soludos Women's Velvet Smoking Slipper Loafer Flat, Wine, Size 7.5 US / 5.5 UK , LADIES SHOES/FOOTWEAR - Martini Marco Enjoy sandal tan , Gentleman/Lady Witchery Slides Size 40 Never Worn Crazy price new Complete specifications ,
    Ladies Rieker Loop Everyday 29025 Hook & Loop Leather Ladies Shoes 41399 4cd73ed - blurrypron.com>Ladies Rieker Loop Everyday 29025 Hook & Loop Leather Ladies Shoes 41399 4cd73ed - blurrypron.com
    Men/Women Dr. Martens Rigal Knit Fashion Boot Practical and economical Skilled manufacturing Simple , FRYE Chocolate Suede Western Riding Pull On Biker Ankle Dress Boots Women's 7 BGentlemen/Ladies ADORE-1020LG Silver Multi Glitter Aesthetic appearance High-quality materials Excellent functionClarks Rosa Belle Zip Up Ankle Boots 077, Black, 6.5 US , Royal RepubliQ Womens Wayfarer Base Nude Espadrilles, Beige Nude 89, 8 UKJason Wu Little Emperor brocade loafer New Size 11 , Jessica Simpson Women's Sorina Wedge Pump Black 6 M US , Nine West Chillice Pointed Toe Buckle Heels, Black , 10.5 US , Neon Green Ankle Cuff 7" High Heel Platform Shoe Hand Crafted USA Size 9 , Bling Bling Women's Sandals Rhinestone Shoes High Stiletto Heel Open Toe Zip Hot , Womens Real Leather Kitten Heel Flip Flops Backless Slippers Shoes Sandals ChicNaot Rosemary Metallic Leather Sandals, Women's Size 4, Burnt Copper NEW , Fendi Red Patent Leather Slingback Sandal Platform Pumps Heels Shoes Sz 37 MNIKE HYPERDUNK 2017 BASKETBALL SHOES SNEAKER 897808 601 SHIPS DOUBLE BOXED , Nike Air Max Invigor Prem Mens Shoes Size 11 Brand New 819797 440Nike Air Max Invigor Running Shoes Athletic Sneakers Black Size 7-11 , Nike Air Max 97 PRM Thunder Blue Dark Obsidian 312834 400 MenNIKE AIR VAPORMAX PLUS WOLF GREY 924453-102 WHITE PURE PLATINUM GREY SIZE: 10.5 , Nike Zoom Pegasus 35 Turbo White/Blue Hero-Vast Grey Expert Running AJ4114-140Men's Winter Outdoor Athletic Snow Boots Outdoor Fashion Sneaker Hiking ShoesLUCHESE Burgundy Maroon Leather Mens Western Cowboy Boots - 8.5 , Frye Harness 8R Leather Casual Pull-On Biker Ankle Mens Boots , Converse Women's Chuck Taylor All Star Iridescent Brea Cyan Space (552558C)Adidas Flb_runner W Womens CQ1969 TRASCA,White,TRASCA Womens Size 8.5Altra Womens Torin Knit 3.5 Running Shoes AFW1837K-3 Teal Size 9.5 , Charles by Charles David New Edie Black Womens Shoes Size 5 M Boots MSRP $199Bottines Mi Bottes MINELLI Cuir Marron T 39 TBE , New Fashion Genuine Leather Womens Ladies Pointed Block Heels Knee High BootsVan Eli Black Stretch Nylon Knee High Boots Heels Shoes Size US 9.5 m newWomen Autumn Ankle Pointed Toe Zip Crystal Wedges Kid Suede High Heels Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ladies Rieker Loop Everyday 29025 Hook & Loop Leather Ladies Shoes 41399 4cd73ed - 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.

    Ladies Rieker Loop Everyday 29025 Hook & Loop Leather Ladies Shoes 41399 4cd73ed - 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
    Ladies Rieker Loop Everyday 29025 Hook & Loop Leather Ladies Shoes 41399 4cd73ed
    Flats
    >
    ;