Never miss an update

☼ELEN☼ Sandales 22417 -CHC SHOES- SHOES- Ref: Sandales 0828 dda33c1




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
Marque: CHC SHOES
Couleur: Noir & doré Hauteur du talon: 2 à 7 cm
Code EAN: 4212345098567 Matière: Synthetique
Never miss an update

☼ELEN☼ Sandales 22417 -CHC SHOES- SHOES- Ref: Sandales 0828 dda33c1 - blurrypron.com

    ☼ELEN☼ Sandales 22417 -CHC SHOES- SHOES- Ref: Sandales 0828 dda33c1
    ☼ELEN☼ Sandales 22417 -CHC SHOES- SHOES- Ref: Sandales 0828 dda33c1
    Roman Sexy High Heel Peep Toe Zipper Hollow Plus Size Casual Party Nightclub HotNew Women's Ankle Buckle Strappy Mary Janes Leather Casual Sandals Fashion ShoesBY408 TRES JOLIE shoes bronze leather women sandals EUGentlemen/Ladies BC Footwear Women's Myth Slide Sandal Selling Quality and quantity guaranteed Contrary to the same paragraph , Faux Fur Sandals Summer High Heels Sandals Women Sexy Party Platform Shoes , Fashion Leopard Open Toed High Heels Women Transparent Heel Sandals SlippersElegant WOmenS cHIC lADY Platfrom Ankle Strap Sandals SHoes New Court pLUS Size , Vans Classic Slip-on Unisex Black Black Canvas Slip OnAC795 SUKY BRAND shoes white leather women sandals , Womens Leather High Heels Colors Ankle Strap Sandals Stilettos Shoes Plus Size , Women New Fashion White Color Patchwork Ankle-wrap Open Side Heel Sandal , BY418 TRES JOLIE shoes black patent leather textile women sandals EOccident Women Summer Leather Peep-toe Multi Buckle Stiletto Pump Sandals Size , New Summer Womens Sandals Casual Wedges Ankle Buckle Strappy Leather Vogue Shoes , BY326 OLGA RUBINI shoes blue suede women sandalsBY406 TRES JOLIE shoes gray patent leather suede women sandals , Roman Women Peep-toe Pull On Flat Leather Buckle Casual Sandals SizeWomens Wedding Bridal Low Heel Glitter Rhinestone Dress Casual New Sandal Shoes , Womens Leather Ankle Strap Low Wedge Heel Floral Sandals Flat Beach Shoes Size , Men's/Women's Very Volatile Women's Carry Wedge Sandal Crazy price, Birmingham a variety of Full range of specificationsWomen Black Red Color Round Toe Ankle Strap Slip On High Heel SandalRoman Women Gladitor Summer Shoes Hollow Out Stiletto High Zip Heel Sandals New , Vintage Women's Peep toe Hollow out Pearls Block Kitten Heels Sandals shoes Size , Birkenstock Florida Cork Birko-Flor Brown Sandals Shoes , Man's/Woman's Yellow Box Women's Kyrie Wedge Sandal Consumer first New products in 2018 fineSexy Womens Roman Stilettos High Heels Shoes Back Zip Rhinestone Sandal Pumps S , Ladies Personal Bowtie Bowknot Roma Sandals Dating Party Shoes Peep Toe Pump HotSexy Womens High Thick Heels Sandals Ankle Strappy Office Shoes Plus SizeWomen's Studs Block Chunky Slipper Heels Dating Party Fashion Shoe Pumps Size4 ,
    ☼ELEN☼ Sandales 22417 -CHC SHOES- SHOES- Ref: Sandales 0828 dda33c1 - blurrypron.com>☼ELEN☼ Sandales 22417 -CHC SHOES- SHOES- Ref: Sandales 0828 dda33c1 - blurrypron.com
    British Womens High Heel Zipper Over Knee High Boots Floral Embroidery Shoes Hot , Donna Piu 9578 Black Leather Hidden Wedge Ankle Gold Buckle Zip Boots 40 / US 10 , NEW BALANCE CHAUSSURE 574 - ALLBLK - 13 (798248907860)NEW Genuine Crocs Mens LiteRide Pacer M Black/WhiteGentleman/Lady REFEREE-125 Black White Not so expensive high quality classic style , nike womens flyknit zoom agility running trainers 698616 602 sneakers shoes , ARRAY Womens superior Leather Closed Toe Loafers , Ralph Lauren Sarina Heel Black sz11M / Escarpins Ralph Lauren noir T42 neuves , ANTHROPOLOGIE LUCKY PENNY SHOES 6 NAVY BLUE HEELS LEATHER FABRIC TIESNIB WOMEN'S UNDER ARMOUR CHARGED BANDIT 3 OMBRE RUNNING SHOES SIZE 9.5 BLACKValentino Rockstud Rolling Espadrille Wedge Sandal, Nero Original:$895 Size - 39NIKE Air Zoom Flight 96 Black Carbon Basketball Shoes 317980-002 Men's 10 , HUF Dylan Men's Slip On Sneakers - Black Cracked Leather US Mens Siz 9 New NIB386159-001 Nike Air Hoop Structure LE Black Medium GreyAdidas Superstar Xeno Light Onix / Sup Col / White Size , Nike Air One TR Men's Training Shoe 631276 001 Size 11.5NEW 2017 NIKE JORDAN TRUNNER LX = SIZE 10.5 = MEN'S ATHLETIC SHOES 897992-031Mr/Ms Adidas Special price Preferred material Different goodsMen's Nike Air Max Sensation Basketball Shoes Chris Webber White Red 805897-1012016 Nike Air Jordan 12 Retro Gym Red White Black Sz 13 (4966) 130690-600 , Mr/Ms Puma Mens Arial Graphic Sneakers use Pleasant appearance Known for its excellent qualityMen's shoes boots snake leather model BARNEZ Us size Us 2 to 12.5NIB $1150 KITON Navy Blue Suede Lightweight Chukka Sneakers US 9.5 Shoes , Nike Women’s Romaleos 3 Weightlifting Shoes White/Black (878557-100) Sz Us 11 , Nike Volleyball Shoes Women's 6 Hyperspike Volley Shoes Grey Black 585763 NewReebok BS8041 Womens Yourflex Trainette T Track Shoe Navy/Steller pink BD4832W AIR MAX 90 ULTRA 2.0 FLYKNIT Sz: WMNS 8 (881109 003) Retail $160.00Man/Woman Tod's Perforated Leather Sneaker High quality and low overhead Low price Selling new productsCarlos by Carlos Santana Womens Lynn Fabric Closed Toe Ankle Doe Size 7.5 14CiVasque Gore-Tex Leather Brown Hiking Boots Womens size US 7.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ☼ELEN☼ Sandales 22417 -CHC SHOES- SHOES- Ref: Sandales 0828 dda33c1 - 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.

    ☼ELEN☼ Sandales 22417 -CHC SHOES- SHOES- Ref: Sandales 0828 dda33c1 - 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
    ☼ELEN☼ Sandales 22417 -CHC SHOES- SHOES- Ref: Sandales 0828 dda33c1
    Sandals
    >
    ;