Never miss an update

Camper Women's Flat Right Choose Nina K200618 Mary Jane Flat - 25786 Choose SZ/Color 4d237f3




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: Camper
Style: Flats Manufacturer: Camper
Size Type: Regular MPN: K200618-001
US Shoe Size (Women's): Multiple Variations Model: K200618-001
Never miss an update

Camper Women's Flat Right Choose Nina K200618 Mary Jane Flat - 25786 Choose SZ/Color 4d237f3 - blurrypron.com

    Camper Women's Flat Right Choose Nina K200618 Mary Jane Flat - 25786 Choose SZ/Color 4d237f3
    Camper Women's Flat Right Choose Nina K200618 Mary Jane Flat - 25786 Choose SZ/Color 4d237f3
    Corso Como Womens Somers Shoe- Choose SZ/Color. , CLARKS Women's Tarah Grace Penny Loafer - Choose SZ/Color , Nine West 25021525 Womens Akeelah Leather Pointed Toe Flat- Choose SZ/Color.Clarks un.loop Womens Un.Loop Slip-On- Choose SZ/Color.Belle by Sigerson Morrison Women's Veda Black Leather 7.5 M , ECCO FTwear Womens Women's Chase Ii Moc Tie Oxford - Choose SZ/ColorSperry Top-Sider Women's Coil Ivy Geo Perf Boat Shoe - Choose SZ/Color , Schutz S0209102570007 Womens Nicolly Mule- Choose SZ/Color.Sam Edelman Lola Womens Dress Pump- Choose SZ/Color.Bar III Tristan Women's Casual Black 8 B(M) USClarks Womens Ballet Flat- Pick SZ/Color.Nine West Women's Leonda Pointed Toe Flat - Choose SZ/Color , Gentlemen/Ladies Ariat Women's Steel Toe Safety Clog Fashion pattern luxurious Seasonal hot saleGeox D42E9A 02214 C4085 Womens D Xense Sneaker 35EU/5 US- Choose SZ/Color. , Rockport Cobb Hill Women's Paulette Flat Bark 8.5 N USHaflinger Gzl46 Womens GZL46 Mule- Choose SZ/Color.Sam Edelman Women's Felicia Ballet Flat Black Leather 8 N USArcopedico Vitoria Mary Jane Flats Slip On Shoe - Womens - Choose SZ/Color , Josef Seibel Womens Pippa 07 Ballet Flat, Camel, 38 EU/7-7.5 M US , 7961 960991-700 Sesto Meucci Womens Loafer 8(B)- Choose SZ/Color.Sam Edelman E8324L1 Womens Filly Penny Loafer- Choose SZ/Color. , Cole Haan Womens D42621 Callie Slip-On Waterproof Rain- Choose SZ/Color.BOBS from Skechers 31487 Womens Plush-Friday Night Flat- Choose SZ/Color.Eastland 2700-10 Womens Marcella Driving Style Loafer, Red, 8.5 M USD54T4A021KF Geox Womens WFLORALIE16 Wedge 35 (US 5) M- Choose SZ/Color. , STEVEN by Steve Madden Women's Avi Loafer Flat - Choose SZ/Color , Yosi Samra Women's Liv Ballet Flat Black 8 M USGeox Women's ARETHEA 3 Moccasin, - Choose SZ/Color , Calvin Klein Womens Finney Slip-On Loafer- Pick SZ/Color.
    Camper Women's Flat Right Choose Nina K200618 Mary Jane Flat - 25786 Choose SZ/Color 4d237f3 - blurrypron.com>Camper Women's Flat Right Choose Nina K200618 Mary Jane Flat - 25786 Choose SZ/Color 4d237f3 - blurrypron.com
    L1337-1 Old Gringo Sugar Skull Klak Multi Neon Zipper BootsGolden Goose NIB Black Leather "Crosby" Mirrored Heel Ankle Boots SZ 41Leather Retro Roman Womens Buckles Punk Shoes US Mid Calf Boots Plus Size BuckleCHIARA FERRAGNI Shoes Sz 36 Made in Italy Red Embroider White trim , Skechers Work for Womens Relaxed Fit Slip Resistant- Pick SZ/Color.Clarks Marion Coreen Slip On Leather Womens Clogs Mid Heel , ESCADA 6 M 80's Black Velvet Womens Heels Pumps Vintage Shoes , BORDELLO High Heels Rhinestone Covered Platform Shoes Pumps Teeze-06R Ruby Red , Gianni Milanesi Women'S Leather Crocodile Heels Size US 7Badgley Mischka Barby Beige Womens Shoes Size 6.5 M Heels MSRP $255Joie Women's Vista Ankle-Wrap Sandal - BLACK/GOLD SIZE 39.5 (sh)Puma Duplex Animal Whisper White/Natural Vachetta 363258 01 Women's SZ 8Wolky Womens BOMBI Black Caviar Leather Slingback Sandals 405600 Size 37 6 - 6.5 , DC Pure SE 301024-BK3 Black Leather Textile Pro Skate Shoes Medium (D, M) MenDeadstock VANGRACK Shoes Size 10.5 V4500 supreme OG 80s/90s hip-hop rap vintageNew Balance Men's 696v3 Tennis Shoe White/Petrol SneakersNew Balance Men's 574 Outdoor Boot Sneakers Linseed 8.5 D USNike Air Foamposite One PRM Weatherman 575420 100 Size 9 Jordan Penny I II ProNike Men's Air Jordan 12 Retro "Nubuck" Black/White-University Blue Sue Size 9.5 , 2011 NIKE BLAZER MID AB TZ SOPH OBSDIDIAN BLUE ORANGE WHITE 452604-400 dunk sbyeezy boost black 26.5cm from japan (5785 , Bape Halloween Sneakers Size 10.5 Black Orange Bapesta A Bathing Ape Shoes w/BOX , AJ217 LUMBERJACK shoes brown leather suede men sneakersNEW ADIDAS SUMBRAH Fitness Dance WOMENS 10 Silver NIB LTD NR , CONVERSE ALL STAR MULTI-COLOR SOFT SIDED KNIT SNEAKERS WOMENS SIZE 8 / MENS 7Authentic Zumba Street Boss Shoes BLACK ~ size 5.5 ~ New / NIBNIKE WMNS Air Force 1 Hi SE Womens - Size 6.5 (860544-301) VINTAGE GREENNEW RARE Mizuno Women's Wave Viper Running Shoes Size 8! FREE SHIP! , Jennifer Lopez BOOTS 10 Thigh High Boots Size 10 HIGH HEEL BOOTS 10 JL BOOTS 10URBAN RESEARCH DOORS Shoes 291739 Brown 36
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Camper Women's Flat Right Choose Nina K200618 Mary Jane Flat - 25786 Choose SZ/Color 4d237f3 - 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.

    Camper Women's Flat Right Choose Nina K200618 Mary Jane Flat - 25786 Choose SZ/Color 4d237f3 - 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
    Camper Women's Flat Right Choose Nina K200618 Mary Jane Flat - 25786 Choose SZ/Color 4d237f3
    Flats
    >
    ;