Never miss an update

Mr mogochinese-29157/Ms Hunter Women's New Original Chelsea Mr/Ms Boot Navy Wear resistant New in stock classic style 38948f8




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: Hunter
Style: 838278_1844742 Color: Navy
Never miss an update

Mr mogochinese-29157/Ms Hunter Women's New Original Chelsea Mr/Ms Boot Navy Wear resistant New in stock classic style 38948f8 - blurrypron.com

    Mr mogochinese-29157/Ms Hunter Women's New Original Chelsea Mr/Ms Boot Navy Wear resistant New in stock classic style 38948f8
    Mr mogochinese-29157/Ms Hunter Women's New Original Chelsea Mr/Ms Boot Navy Wear resistant New in stock classic style 38948f8
    Under Armour AMP White Grey Gum Women Cross Training Shoes Sneakers 3020856-103Gentleman/Lady Pleaser Women's Legend 8899 Black Leather Every item described is available Bright colors British temperament , Men's/Women's Pleaser Women's Legend 8868 Black Leather economic New style Various latest designsAdidas Originals I-5923 W [CQ2529] Women Casual Shoes Petrol Night/White-Gum , Man/Woman Pleaser Women's Infinity 4000 Black Patent wholesale Latest styles Modern modeAsics GEL-Cumulus 18 Women's Sizes US 5.5 ~ 11 /Brand New in Box! , Men's/Women's Brooks Women's Addiction Walker Shoe White Moderate price modern Known for its excellent quality , Klogs Women's Naples Clog White Smooth LeatherNew Balance Women's 847v3 Walking Shoe Grey/Pink SyntheticPalladium women Lea Zip long shoes white 93968-101 US5.5-8.5 04' , Birkenstock Women's Celina Suede Flat Taupe SuedeWMNS NIKE AIR HUARACHE CITY BARLEY GREY CASUAL WOMEN'S SELECT YOUR SIZENike Air Huarache City Low Premium Black/Black/White/Total Orange AO3140 001NIKE AIR TRAINER HUARACHE Size 42,5 (9US)Gentleman/Lady Klogs Women's Mission Infield Chaos Leather Fine processing Optimal price Good quality , Nike Wmns Air Max 90 Pedro Lourenço 9.5 Us LourencoDansko Women's Frankie Ankle Boot Brown Burnished Suede Ankle BootsMen/Women Klogs Women's Mission Ibis Rose Leather Good world reputation Primary quality unique , Women's Nike Free RN Flyknit 2018 Running Shoes White/Black 942839 101Asics GEL-Cumulus 18 Women's Sizes US 5.5 ~ 11 /Brand New in Box! , Nike Metcon 4 Women Shoes Training White 924593-103 Authentic New In BoxMan's/Woman's Mephisto Women's Helen Sandal Silver Nairobi Various styles First quality Different styles , Men's/Women's Laredo Women's 11" 5621 Tan Distressed/White Customer first Fast delivery Fashion dynamic , Nike Women Air Zoom Mariah Racer Flyknit Running Shoes AA0521-005 US5.5-8.5 04'Man's/Woman's Brooks Women's Addiction Walker V-Strap Black High security Skilled manufacturing Global sales , Men's/Women's Pleaser Women's Legend 8899 Red Leather Reliable quality a good reputation in the world Cost-effectiveNike Air Zoom Pegasus 35 Running Particle Rose/White/Smokey Mauve 942855 605Gentlemen/Ladies Pleaser Women's Infinity 4000 Black Polyurethane Elegant and sturdy set meal Has a long reputation Clearance sale , Men/Women Klogs Women's Naples Clog Black Smooth the most convenient Online export store various kinds ,
    Mr mogochinese-29157/Ms Hunter Women's New Original Chelsea Mr/Ms Boot Navy Wear resistant New in stock classic style 38948f8 - blurrypron.com>Mr mogochinese-29157/Ms Hunter Women's New Original Chelsea Mr/Ms Boot Navy Wear resistant New in stock classic style 38948f8 - blurrypron.com
    NEW Sam Edelman Taye Heeled Ankle Bootie Metallic Jaquered Women Size 7.5, $160PANHANDLE SLIM WESTERN COWBOY ROCKABILLY DANCE BOOTS 7.5 BVINTAGE USA Tony Lama L84408 Blue/White Inlay Cowboy WESTERN Boots Sz 6 WomensARRAY Womens Heather Leather Round Toe Mid-Calf Fashion BootsSam Edelman Women's White Gray Snakeskin Leather Betty Flats 1414 Sz 7 MUnder Armour Women's Fade RST Golf Shoe - Choose SZ/color , Not Rated Bali Sea Grey Suede Wedges Size US 7.5M A37Womens Sexy Ballet Shoes Super High Heel 18CM Stilettos SM Patent Leather BootsRockport Womens Kallia Leather Pointed Toe Classic, Black/Multi Snake, Size 9.0Chloe Black Pebbled Leather Gold Tone Buckle Slingback Platform Heel Shoe 39 9women girls rhinestone flip flops flat heel casual sandals shoes Elastic diamond , GIUSEPPE ZANOTTI POUR BALMAIN BLACK FABRIC GROMMETED STILETTO BOOTIES sz 38 (8)$1895 NEW Roger Vivier Sandals 100 Silver Mirror Jeweled Heels Buckle Shoes 40GIUSEPPE ZANOTTI black crystal strass studded fishbone sandals EU37.5 US7.5Skechers Women's Reggae - Wishlist Double Buckle Toe Thong Slide Sandal, , Vans Womens Authentic Lite + Canvas True White Skate Boat shoes Size 7 ClassicTory Burch Tatiana Satin and Pearl Embellished Slide Sandals, Dust Hurricane 37Man's/Woman's Adidas hiking shoes men 10 New varieties are launched New products in 2018 valueSZ 11.5 AIR JORDAN 1 RETRO LOW NS 872782-100 nike max 350 olive boost whiteAsics 25th Anniversary X Ronnie Fieg Gel Lyte III 'Homage' Kith (US12) DS NewEmporio Armani Shoes Sneaker Sz. 44 Leather Man Blue X4X223XL201-D879 MAKE OFFERCarrucci Plain Toe Double Monk, Men's Dress Leather Shoes, Cognac , NIB Brooks Brothers by Allen Edmonds Brown Split Toe Algonquin Blucher MSRP $368Womens Fashion Suede Leather Sneakers Point Toe Oxfords Sport Ankle Boots Shoes , The North Face Ultra Endurance Women's Hiking Trail Running Shoes, Size 6.51806 Nike Free RN Flyknit 2018 Women's Training Running Shoes 942839-103Womens Punk Chunky Block Heels Buckle Round Toe Cut Out Oxford Ankle Boots , Levi Ankle Boot, Burgundy PU, 8.5 B(M) US , Suede Rhinestone Hidden Wedge Heeled Shoes Womens Crystal Studs Ankle Boots New , VANELi Women's Jabot Black Suede/Matching Elastic Boot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mr mogochinese-29157/Ms Hunter Women's New Original Chelsea Mr/Ms Boot Navy Wear resistant New in stock classic style 38948f8 - 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.

    Mr mogochinese-29157/Ms Hunter Women's New Original Chelsea Mr/Ms Boot Navy Wear resistant New in stock classic style 38948f8 - 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
    Mr mogochinese-29157/Ms Hunter Women's New Original Chelsea Mr/Ms Boot Navy Wear resistant New in stock classic style 38948f8
    Athletic Shoes
    >
    ;