Never miss an update

Man/Woman BOGS 29885 Summit Mid Mid Black when Boots excellent quality Stylish and charming Don't worry when shopping 63b2635




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
Brand: BOGS
MPN: 18006369
Never miss an update

Man/Woman BOGS 29885 Summit Mid Mid Black when Boots excellent quality Stylish and charming Don't worry when shopping 63b2635 - blurrypron.com

    Man/Woman BOGS 29885 Summit Mid Mid Black when Boots excellent quality Stylish and charming Don't worry when shopping 63b2635
    Man/Woman BOGS 29885 Summit Mid Mid Black when Boots excellent quality Stylish and charming Don't worry when shopping 63b2635
    EMU Australia Womens Moccasins Slippers Amity SheepskinMan's/Woman's womens boots size 42 Consumer first Beautiful uniqueMan/Woman Innovare Black Boots Size 6.5 Attractive and durable Stylish and charming Elegant and stable packagingSexy Womens Leather Over Knee Thigh Knight Boots Pleated High Heels Riding ShoesEvans Arlo Suede Tassel Ankle Boots Black Extra Wide Fit LN39 77 , Ladies Harley Davidson Double Buckle Detail Ankle Boot Inkwood D88805Mr/Ms Ankle Boots Black Leather 39.5 service Let our goods go to the world Vintage tide shoes , Steve Madden black Troopa Boots, Military, 6.5, Brand New.BNWT $200 Nine West Black Ankle Boots 6.5 NEW BNIB Snake Print High Heel Bootie , Aldo ISAACA Womens Black Leather Combat Boots rrp LG05 97 SALEw , BNWTopening ceremony foldover cuff sandal Eu38 , Chic Womens Punk Ankle Boots High Platform Tassel Side Zip Shoes Size Fashion , KURT GEIGER LONDON / RRP / BLACK FABRIC / ANKLE BOOTS ... , HOT Women Slouch Over Knee High Thigh Boot Tall Riding Shoes Suede Flat Slim Leg , Superdry Super Crampon Boots- Pink Paisley RRP.99 UK4 EU37 JS15 96Gentlemen/Ladies Wittner Ladies Shoes Brown Leather Boots Elegant shape Strong value CharacteristicsMan/Woman LADIES SHOES/FOOTWEAR -Planet boot Haidee black Excellent value comfortability professional designGentlemen/Ladies Seed Suede Boots Size 38 elegant In short supply businessNew chic womens ladies zipper fur winter snow boots shoes size suede 4.5-8 SB US , HOUSE OF HARLOW Arissa 2, brown leather ankle boots with rabbit fur,size 39.Vans Authentic White Canvas Unisex Skate Trainers Shoes , Planet Shoes Danni Womens Leather Ankle BootsWomens Wittner Leather Boots Size 36 NBWIRREGULAR CHOICE GENUINE LEATHER BOOTS 6 9 39 $350 WOMEN BLACK , KURT GEIGER LONDON / RRP / TAUPE / ANKLE BOOTS .. NEW & BOXEDLeopard Boots Womens | Animal Print Ladies Shoes , Mollini Women's Grey Boots Size 38 Brand NewGentleman/Lady Roc Boot Caper Black Wax Youth Easy to clean surface Bright colors Beautiful and charming , DIANA FERRARI WOMEN'S KNEE HIGH BROWN FLAT BOOTS SIZE 7 NEW R.R.P $219.95 ,
    Man/Woman BOGS 29885 Summit Mid Mid Black when Boots excellent quality Stylish and charming Don't worry when shopping 63b2635 - blurrypron.com>Man/Woman BOGS 29885 Summit Mid Mid Black when Boots excellent quality Stylish and charming Don't worry when shopping 63b2635 - blurrypron.com
    Dr. Martens Women's Dupree Arcadia Oxford - Choose SZ/Color , Womens Retro Buckle Strap Githic Biker Boots Flats Sheep Leather Knee High Boots , Adidas Ultra Boost 3.0 Night Cargo Clay Brown UK10.5 US11 , Mens Rieker Summer Mule Sandals The Style 21064-W , Ladies Rieker Mules The Style 54091 -W , PLEASER BONDGIRL-708 BLACK/CLEAR PISTOL HEEL STRIPPER POLE DANCE 7.5" HEEL 5-12 , naturalizer Okira Criss Cross Pumps 590, Black Leather, 7.5 W US , Franco Sarto Womens abyss Closed Toe Mules, Black sy, Size 7.0Rocky 4EurSole Womens 6 6.5 37 M Nursing Clog Shoes Gray Patent Leather 3 In 1 , Man/Woman Flat Nine West Saige Blue Fashion pattern Fine art wonderfulElegant High Heels Open Toe Rhinestone Womens Ladies Dress Party Sandals ShoesAquatalia Woman's Black Leather Wedge Sandals 5188 Size 9.5 M , Men's/Women's PRADA Open-toe pumps enamel leather pink Aesthetic appearance Medium cost Superb craftsmanship , CALLEEN CORDERO black leather metal stud detail clogs heels shoes size 8Brooks Addiction 12 2016 Women's Running Shoes Sz US 10 Narrow (2A) 1201882A463BRAND NEW NIKE HUARACHE SIZE 9.5-13 PRICE $65.75 SERIAL , Vans SK8-HI MTE True White Men's Sz 13 VN0A33TXOQAAir Jordan Retro 10 "Dark Shadow" 2018 Men's Basketball Shoe Size 10 DSJordan Retro 9 "Bred Low", Brand New Size 12, 832822-001 , Dr Doc Martens Mens Boots Size 9 Rare Artist Collection Hogarth Pascal Boot , Banana Republic Mens Boots Ankle US 12 D Brown Leather Chelsea Work Italy 5434 , Wolverine 1000 Mile 'Adrian' Cap Toe Horween Boots 10.5 D, W08809 Made USA # , Dr Martens Mens 11 US 10 EU Dark Brown Leather Javid Shoes , Bolano Mens Black/Black Suede with Metal Tip Slip On Dress Shoes Dezzy-000Man/Woman Mens Clarks Formal Shoes Bakra Spring Selling Good market Modern and elegantISLAND SLIPPER Men's Shoes 545453 Black 10Puma Descendant TR Trail Running Wn 188168 02 Womens Shoes Hot Pink Trainers , NIKE AIR MAX 90 PREMIUM WOMEN'S SHOE MAXIMUM FLEXIBLE FEEL SNEAKERS 10.5/11 , Bling Nike Free RN FlyKnit Running Shoes w/ Swarovski Crystal Swooshes Fire Pink , Wmens Warm Over Knee Boots Stilettos High Heels Pointed Toe Zip Pull On Shoes T6 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man/Woman BOGS 29885 Summit Mid Mid Black when Boots excellent quality Stylish and charming Don't worry when shopping 63b2635 - 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.

    Man/Woman BOGS 29885 Summit Mid Mid Black when Boots excellent quality Stylish and charming Don't worry when shopping 63b2635 - 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
    Man/Woman BOGS 29885 Summit Mid Mid Black when Boots excellent quality Stylish and charming Don't worry when shopping 63b2635
    Boots
    >
    ;