Never miss an update

Womens Vegan Leather KNEE Zippers HIGH Riding Boots KNEE Size Faux 10 w Faux Fur Lining 2 Zippers 8ed126d




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
Style: Knee High Boots
MPN: Does not apply Width: Medium (B, M)
Model: Does not apply Color: Gray
UPC: Does not apply US Shoe Size (Women's): US 10/UK 8/EU 40.5
EAN: Does not apply Brand: Unbranded
Never miss an update

Womens Vegan Leather KNEE Zippers HIGH Riding Boots KNEE Size Faux 10 w Faux Fur Lining 2 Zippers 8ed126d - blurrypron.com

    Womens Vegan Leather KNEE Zippers HIGH Riding Boots KNEE Size Faux 10 w Faux Fur Lining 2 Zippers 8ed126d
    Womens Vegan Leather KNEE Zippers HIGH Riding Boots KNEE Size Faux 10 w Faux Fur Lining 2 Zippers 8ed126d
    DailyShoes Fashion Hi Over the Knee Thigh High Flat Slouchy BROWN Low Heel BootSoda Women's Closed Toe Criss Cross Buckle Cutout Low Stack Heel Ankle BootFashion Women's Knee High Boots Military Round Toe Block Heel Party Sexy ShoesCharles by Charles David Women's Gunter Fashion Boot Black B Size 7.0 bXQNWomen's Over The Knee Thigh Riding Boots High Heel Stilettos Sexy Party ShoesGuilty Heart Womens Strappy Buckle Bootie - Chunky Block Heel Ankle Boots , 01 Womens Over The Knee Boots Cross Strappy Stiletto Heels Vintage Sexy Shoes , Sz35-45 Womens Black Slim Stretch Sexy Over Knee Boots High Heel Shoes StilettosWomens Mid Heel Round Toe Ankle Boots Wedge Zipper Bowknot Flowor Rhinstone NewsNew Womens Scribe Round Toe Ankle Booties Stacked Kitten High Heel SODA SCRIBE-SWomens Over Knee Thigh Boots Sexy Dancing Nightclub High Slim Heel Leather ShoesFergalicious Women's Lexy Western Boot,Grey, 10 M USNEW MATISSE FOOTWEAR WOMENS LANEY | CHARCOAL , Soda Women's Albert Faux Suede Cowboy Pull-Tab Stacked Heels Ankle Booties,... , J. Adams Cut Out Buckle Ankle Bootie - Low Stacked Wood Heel Western Round...Womens Pointy Toe denim Ankle Boots Sexy Stilettos High Heels Zip Shoes Plus SZ , Women's lady Ankle Boots Platform Block High Heels Zipper Black Chunky ShoesMORNISN Women's Buckle Strap Chunky Block Stacked Heel Ankle Booties , Soda Women's Slouchy Boot Round Toe Foldable Faux Suede Black 8.5 , Women's Sexy Ankle Boots Block Chunky Heel Suede Pointed Toe Casual Party ShoesWomen's Faux Suede Sexy High Stilettos Heel Over The Knee Thigh High Boots LF11Women's Brogue Block Med Heel Knit Slouchy Knee High Pull On Ankle Boots Shoes 9Brinley Co. Women's Slouchy Wide Calf BootsFashion Womens Buckle Strap Mary Janes Pumps Chunky High Heels Ankle Boots ShoesWomens High Heel stilettos Sexy Platform Over Knee Suede Boots Shoes Plus SizeWomen's High Heels Over The Knee Fashion Party High Sexy Black Boots Shoes size , J. Adams High Heel Suede Ankle Boot - Slip on Stacked Bootie - Comfortable... , Refresh Jolin-02 Women's Fringe Moccasin Flat Heel Zipper Under Knee High Boo...Madden Girl Womens Wendiee Closed Toe Knee High Fashion, Black Paris, Size 7.5 K
    Womens Vegan Leather KNEE Zippers HIGH Riding Boots KNEE Size Faux 10 w Faux Fur Lining 2 Zippers 8ed126d - blurrypron.com>Womens Vegan Leather KNEE Zippers HIGH Riding Boots KNEE Size Faux 10 w Faux Fur Lining 2 Zippers 8ed126d - blurrypron.com
    Women's Pajar Canada Grip Boot Women's Black US SZ 11 1678 , WOMENS AQUATALIA BOOTS Farin Black Suede Buckle Detail Zip Ankle Booties 7.5 , NEW $695+ Stuart Weitzman TASS Black Suede Hidden Wedge Knee High Boot Sz 9.5 MNIB$1200 RALPH LAUREN COLLECTION SADIE BOOTS SZ 8B, MADE IN ITALY , Birkenstock Papillio SALE - Ellen - Graceful Licorice - Black - Size 38 , DANSKO 40 BLACK PATENT LEATHER REPTILE MARY JANE HEELS WOMEN USA SIZE 10 M , Soludos Pommed Raffia Slides size 8 new , Ecco Womens Sense Closed Toe Slide Flats - Choose SZ/Color , Missoni Rashel Snake T-Strap Heels sz 40/9 Violet zigzag crochet shoes NEW $725Gentleman/Lady NEOUS Pholidota Leather Pumps 41 Size economic Settlement Price Exquisite workmanship , Man/Woman Manolo Blahnik Womens Sandals durability special function Cost-effectiveSpenco Yumi Plus - Women's Memory Foam Sandal Onyx - 6 WideAsics Gel Noosa Tri 10 Pike- Running Training Athletic Shoes Womens 8 MulticolorNicholas Kirkwood NWT Blue Leather Glittered Faux Pearl Sandals SZ 35.5PUMA Women's Monolite Cat Spikeless Golf Shoe - Choose SZ/Color , Adidas Tour 360 Leather Golf Shoes Men’s Size 13 3D Fit Foam Pre ownedVans Old Skool Mens Frost Grey White Suede Shoes New In Box , Asics Gel Lyte III Men's H511L 1717 Shoes sneakers new orange , ADIDAS PUREBOOST CLIMA SZ 10.5 CHALK PEARL WHITE TINT ULTRABOOST BY8895Nike Air Force 1 2001 "Linen" Co.JP BRAND NEW - Size 9 , NIKE LeBron 9 Basketball Shoes sz 9 Swingman Edition Green Abyss Griffey , Air Jordan CP3.VII Marquette PE Promo Sample Player Exclusive CP3 VII 7 Size 12DS NEW BALANCE 998 997 CONCEPTS CITY RIVALRY BOSTON CNCPTS NYC BASEBALL SETGeorgia Boot Men's GB00176 Small Batch Chukka Boot Saddle Tan Full GrainRockport Men's Storm Surge Water Proof Plain Toe Boot Black 10.5 M D-10.5 MConverse All Star Size 8 CORAL OX Vapor Pink Fashion Sneakers New Womens ShoesAUTH Yves Saint Laurent Women Black Sneaker 35.5 , ALDO 38 GOOD CONDITION BOOTS 140$ , Womens Ankle Boots Rhinestones Stilettos Gladiator Genuine Leather Shoes FashionChic Women Low Cuban heel Round Toe Pull On Knee High Boots Sandals Shoe Casual ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Vegan Leather KNEE Zippers HIGH Riding Boots KNEE Size Faux 10 w Faux Fur Lining 2 Zippers 8ed126d - 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.

    Womens Vegan Leather KNEE Zippers HIGH Riding Boots KNEE Size Faux 10 w Faux Fur Lining 2 Zippers 8ed126d - 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
    Womens Vegan Leather KNEE Zippers HIGH Riding Boots KNEE Size Faux 10 w Faux Fur Lining 2 Zippers 8ed126d
    Boots
    >
    ;