Never miss an update

Summer Stylish Womens Leather Sandals Leather Med Kitten Womens Heels Ankle 29046 Strapy Shoes HOT Sz 1c1e504




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: Unbranded
Country/Region of Manufacture: China Style: Strappy
Material: Leather
Never miss an update

Summer Stylish Womens Leather Sandals Leather Med Kitten Womens Heels Ankle 29046 Strapy Shoes HOT Sz 1c1e504 - blurrypron.com

    Summer Stylish Womens Leather Sandals Leather Med Kitten Womens Heels Ankle 29046 Strapy Shoes HOT Sz 1c1e504
    Summer Stylish Womens Leather Sandals Leather Med Kitten Womens Heels Ankle 29046 Strapy Shoes HOT Sz 1c1e504
    New Anne Klein Ewan Wedge Sandals women's shoes size 9 , Gentleman/Lady Sandal Louise et Cie Adana Chestnut Long-term reputation New style Don't worry when shopping , Bridal Round Toe Rhinestone Luxury Block High Birdcage Heel Pleuche Womens Shoes , grace ladies open toe high block heel leather sandals slingbacks shoes OL ladies , New Charles David Women's Granite Wedge Sandal sandals shoes size 7 $135Gentleman/Lady Sandal Comfortiva Cayce Walnut Multi Selling International choice International big nameSandal ~ Fantasy ~ Womens ARILLAS ~ BLUE~ Twin Adjustable Buckle Casual ShoeSandal ~ Fantasy ~ Womens KRIOS ~ CORAL ~ Toe Post Casual Shoe , Elegant Womes Hollow Out Pointy Toe Buckle Strap Pumps High Heels Slingbacks , Women Leather Rhinestones Flat Mules Slippers Slip on Open Toe Sandals Shoes NewWomens rhinestone flip flops flat heel buckle roma gladiator sandals shoes Sz 50 , Women Super High Heel Platform Clear Sexy transparent ankle strap shoes sandals2017 gladiator womens rhinestone flip flops flat heel buckle sandals shoes usNew Women Diamond Rhinestone Peep Toe Paillette Crystal Heels Sandals SlippersSweet Buckles Womens Leather Curly Sheep Fur Pearls Sandals Shoes Chunky HeelsBlowfish Blume Brown Whiskey Womens Side Zip SandalsJ.Renee Adoracion Women's Sandal, Clear-black, Size 10.0 jSZD , Sweet Women' Beads Flat Sandals Peep Toe Sandals Slingback Flat Walk Summer ShoeMan/Woman Ellie Shoes Women's 609-Reverse Ankle Bootie Beautiful design Online export store AmoyRoman Womens Strappy Rivet Clip Toe Hollow Out Stylish Wedge Heels Sandals Shoes , Sexy Womens High Heel Stilettos Gold Strappy Party Clubwear Zip Roman Sandals , Womens Embroidery Faux Leather Platform Wedge Heel Sandals Open Toe Shoes Casual , NWT $165 Soludos Chevron Classic Espadrille Sandal, Size 6 & 9Blowfish Blume Birch Womens Side Zip Sandals Shoes , Sandal Comfortiva Evita Hot Red Otago Softy , Womens Sports Sandals Strappy Athletic Stick Casual Real Leather Matt Chic Shoes , women custom pompom block floral print heel roman sandals shoes bohemia open toe , Korea Style Womens Metallic Peep Toe Cross Buckle Strap Wedge Heels Sport SandalBritish Stylish Modern Fancywork Shoes Sexy Fashion Nightclub Stiletto High Heel ,
    Summer Stylish Womens Leather Sandals Leather Med Kitten Womens Heels Ankle 29046 Strapy Shoes HOT Sz 1c1e504 - blurrypron.com>Summer Stylish Womens Leather Sandals Leather Med Kitten Womens Heels Ankle 29046 Strapy Shoes HOT Sz 1c1e504 - blurrypron.com
    Ariat Men's Workhog Soft Toe Waterproof Western Work Boot 10008633-10Dbar II Dolly Knee High Riding Boots, Banana Bread, 6 US DisplayPuma Defy Mid Varsity Wns Selena Gomez White Gold Gum Women Shoes 191667-02Wmns Nike Air Rift BR Breeze Gamma Blue Womens Running Shoes 848386-400HUSH PUPPIES TORPEDO MENS TEAK/BROWN LEATHER SHOES (EXTRA WIDE) SIZE UK9Ancient Greek Sandals Medea Cutout Mirrored Rose Gold Leather Sandals, Sz 37Vince Camuto Ivanta Strappy Wedge Sandals 395, Black, 5.5 US / 35.5 EUNWOB $1495 Brunello Cucinelli Patent Leather Monili Beaded Platform Loafer A176 , Vtg Troentorp Wright Braided Cutout Clogs 39 US 9 Bastad Blue Leather WoodROBERT CLERGERIE Lizard Skin PUMPS Ladies size 5.5 B Brown Heel Shoes FranceWomens Gold Patent Leather High Wedge Platform Open Toe Sandals Buckle Shoes D48 , HALLUX ORTHOPEDICS ACUPRESSURE SLIMMING MASSAGE SHOES SLIPPERS CALCANEAL SPURSMen's/Women's New Balance Mens MRL247RT Grey/Green MRL247RT Excellent value Let our goods go to the world Excellent functionUnder Armour UA Curry 3 Low Mens Basketball Trainers 1286376 540 Sneakers ShoesNew 2001 Air OG Jordan 1 Retro Bred Sz 13 Banned Black Varsity Red RARE , Jodie Steve Madden Shoes Men Tan Size 8 , TECS boots hunting work camo leather waterproof 400 Grams men's 12 MMens Rivets Beaded Pointed Toe Slip On Loafers Casual Shoes Business Nightclub S , SAS Black Leather Loafer Oxford Moc Handsewn USA Men Size 12 SMark Nason Los Angeles Men's Venice Fashion Sneaker - Choose SZ/Color , Natazzi Mens Air Grant Driver Leather Shoes Tassel Driving Slip-On Loafer , Clarks Collection Mens Oxfords Sz 9 42 Black Cap Toe Brogue Soft Cushion , New! Principe Di Bologna Men's Suede Loafer , Asics Tiger HyperGEL-Lyte [1192A020-100] Women Casual Shoes White/Blue , Adidas Tubular Defiant W Core Black S75896 Women's , Salvatore Ferragamo Gancini Pumps Embossed Leather Black 5 1/2 Size 23 cmCole Haan Ferri Bootie - Women's Size 8B, BlackWomens Dan Post Brown Leather Western Boots Sz. 6.5Journee Collection Spokan Knee-High Boots - Women's Size 8.5 BrownAnne Klein Women's "Gauge" Boot Black Size 11, Knee High Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Summer Stylish Womens Leather Sandals Leather Med Kitten Womens Heels Ankle 29046 Strapy Shoes HOT Sz 1c1e504 - 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.

    Summer Stylish Womens Leather Sandals Leather Med Kitten Womens Heels Ankle 29046 Strapy Shoes HOT Sz 1c1e504 - 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
    Summer Stylish Womens Leather Sandals Leather Med Kitten Womens Heels Ankle 29046 Strapy Shoes HOT Sz 1c1e504
    Sandals
    >
    ;