Never miss an update

New Dr. Leather Martens BNSH8309 3 Eye Women's Shoes Leather Block Heel Shoes BNSH8309 Size 3 Cheap 4c8f28a




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
Shoe Type: Oxfords
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Brand: Dr. Martens
Fastening: Lace Up Material: Leather
Width: Medium (B, M) Style: Duty Shoes
Heel Type: Block Colour: Black
Never miss an update

New Dr. Leather Martens BNSH8309 3 Eye Women's Shoes Leather Block Heel Shoes BNSH8309 Size 3 Cheap 4c8f28a - blurrypron.com

    New Dr. Leather Martens BNSH8309 3 Eye Women's Shoes Leather Block Heel Shoes BNSH8309 Size 3 Cheap 4c8f28a
    New Dr. Leather Martens BNSH8309 3 Eye Women's Shoes Leather Block Heel Shoes BNSH8309 Size 3 Cheap 4c8f28a
    Gentlemen/Ladies Reebok - Princess Wide - Black High grade Known for its good quality Excellent function55% OFF---Kathmandu Women's Terania Mid Waterproof Hiking Boots Roots/SangriaNEW Genuine Crocs Women Isabella Clog Dark GoldMen's/Women's Sabelt Women Shoes Genuine Many varieties stable quality A balance between toughness and hardness , WOMENS LADIES KLOUDS LEATHER UPPER/LINING SHOES SZ 35Gentlemen/Ladies Ladies Ziera Denver Rose Gold Cheap Cheaper than the price Lightweight shoesMan's/Woman's Ladies Ziera Doxie Greige Long-term reputation Online renewed on timeMan/Woman Reebok - Princess - Black wholesale Ranked first in its class Outstanding styleConverse Sz 41.5 Marimekko Fabric Sneakers Runners Buy It Now Free PostBeautifeel Women's Red Enimal Print Suede Size 40 (Approx AU 9,5) RRP$525 , Gentleman/Lady Ladies Ziera Dusty Cherry elegant luxurious fine , Women Supra Sky Top Sneakers Limited Edition Gold US6 - Brand New , BARGAIN WOMENS SIZE 8 XW DR COMFORT BLACK LEATHER/MESH SHOES BNWT (PH1-92)Men/Women Ladies Ziera Daffodil Black Croc Excellent value Primary quality Quality and consumer firstWOMENS LADIES KLOUDS LEATHER ORTHOTIC ADJUSTABLE STRAP SANDAL SZ 43 RRP:$169Dr Comfort COCO Patent Black Wide Fitting Heeled Shoes - W US8Arcopedico L25 Gab Pink Mary Jane Shoes , SUAVE Size 41 Leather Comfort Flat Mary Jane Style Shoes BRAND NEW IN BOX , Gentlemen/Ladies Ladies Ziera Dakota Black 7/38 fashion New products in 2018 Comfortable and naturalMen's/Women's Arcopedico L18 Bronze Mary Jane Shoes Exquisite (middle) workmanship buy Various latest designsBLUNDSTONE 742 Woman's safety shoes, FREE SHIPPING UK SIZINGMongrel Boots Black Derby Shoe with Steel Cap Safety As New Size 6 Woman’sWomen’s Reebok Classic Furylite Slip On Sneaker , Alegria Paloma Queenie Gold Sz 39 BNIB shoes By PG Lite rrp $169.95 , Man's/Woman's Planet Shoes Jemima Black Long-term reputation high quality Strong heat and heat resistanceVionic Orthotic Women's Pace Slip On Sneaker - GreyWOMENS LADIES ZIERA KUMPF LEATHER/SUEDE ORTHOTIC WEDGE SHOES SZ 37.5 RRP:$229 , Man's/Woman's Keen PTC Oxford Black Diverse new design Modern and stylish fashion Easy lifeNEW Skechers Womens Double Up Fairy Dusted
    New Dr. Leather Martens BNSH8309 3 Eye Women's Shoes Leather Block Heel Shoes BNSH8309 Size 3 Cheap 4c8f28a - blurrypron.com>New Dr. Leather Martens BNSH8309 3 Eye Women's Shoes Leather Block Heel Shoes BNSH8309 Size 3 Cheap 4c8f28a - blurrypron.com
    Aerosoles Women's Real Fact Knee High Boot , Asics Onitsuka Tiger Mexico 66 Paraty White Camo Canvas Men Women Shoe D7C1N0101 , Footprints Loano Birkenstock Colour 42 Leather Boots Brown Narrow New , Witchery Black Biker Boots In Hayden Size 40 BNWOB RRP$249 FREE POST , Clarks Navy BLue Perforated Suede Azella Theoni Slip-on Espadrilles New , Betsey Johnson Women's Jossy Flat Sandal, Black, 7.5 M US , $595.00 Max Mara Italy Yellow Nappa Leather & Patent Leather Kitten Heels 41PLEASER Dice-708 7" Heel Sexy Exotic Platform SlideNike Womens Flex Supreme TR4 Training Shoe - Black / White - 9.5 US (X33)Shoes Sandals Hogan % MADE IN ITALY Women's Gold HXW1330K980-I7T22HI , Women's Reebok Freestyle Hi - Blue - Width: med - Fashion Sneakers , NIKE FS LITE TRAINER II MEN'S BLACK/HOT LAVA/GREY SHOES SZ 11 ,Nike Men's SB Hyperfeel Koston 3 XT Black White SB Shoes 860627 010 Sz 11.5Nike 652980-012 Mens Air Max 90 LTR Leather Training Running Shoes SneakersNIKE FLYKNIT STREAK <835994-804> UNISEX Running-Sneaker Shoes,New with Box , NIKE AIR MAX FLAIR MEN'S BLACK/WHITE LIFESTYLE RUNNING SHOES, $160. , New Original Lacoste Sneakers L.ANDSAILING TRF SPM 7-29SPM0004 Men Shoes NIBGentleman/Lady LaCrosse Tallgrass Boots Men's Shoes for you to choose Let our products go to the world Contrary to the same paragraph , Men's/Women's NIKE MAYFLY WOVEN TUMBLED GREY 833132-002 wholesale Optimal price retail priceShoes Fila Venom Low Black Men 1010255-25Y , Nike Air Jordan 4 IV Thunder 408452 008 Air Max BG GS sz 6 , ZARA MAN Black High Top Sneakers sz 9 US 42 EU Ref: 5512/102 RARE! NWTs TrainersCamper Runner Trainers Mens Black Brown Leather Shoes Size 8-11 , Nike SB Zoom Stefan Janoski Sz 10 SEQUOIA FILBERT GOLD WHITE Olive 333824 320 , NIKE AIR MAX 90 ULTRA SE GS WOMEN SIZE 7.5(6Y) NEW With BOX!!!!STEVEN by Steve Madden Women's Vipar Fashion Sneaker - Choose SZ/Color , Air Jordan XI 11 Retro Low Women’s Rose Gold AH7860-105 Sz9 eur 40.5 , Tara M.® Babs Womens Lightweight Black Flexible Leather Boot Size US 9.5MWomens BP. taupe / brown leather knee high boots sz. 9 NEW! $130 , Pajar of CanadaWaterproof ICEBERG Boot - COGNAC Women's US SZ 8.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Dr. Leather Martens BNSH8309 3 Eye Women's Shoes Leather Block Heel Shoes BNSH8309 Size 3 Cheap 4c8f28a - 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.

    New Dr. Leather Martens BNSH8309 3 Eye Women's Shoes Leather Block Heel Shoes BNSH8309 Size 3 Cheap 4c8f28a - 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
    New Dr. Leather Martens BNSH8309 3 Eye Women's Shoes Leather Block Heel Shoes BNSH8309 Size 3 Cheap 4c8f28a
    Heels
    >
    ;