Never miss an update

Gentleman Gizeh/Lady Birkenstock Gizeh Tobacco Tobacco Brown Oiled cheap Leather online sale cheapest cheap price e67f0b5

Item specifics

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: Birkenstock
Width:: Regular MPN: 943811-36R
Never miss an update

Gentleman Gizeh/Lady Birkenstock Gizeh Tobacco Tobacco Brown Oiled cheap Leather online sale cheapest cheap price e67f0b5 -

    Gentleman Gizeh/Lady Birkenstock Gizeh Tobacco Tobacco Brown Oiled cheap Leather online sale cheapest cheap price e67f0b5
    Gentleman Gizeh/Lady Birkenstock Gizeh Tobacco Tobacco Brown Oiled cheap Leather online sale cheapest cheap price e67f0b5
    Birkenstock Florida Birko-Flor Black Soft Footbed SandalsBirkenstock Birko Flor GIZEH Graceful Gemm Violet BNIB 1012402 FW18 , Birkenstock Birko Flor Birkibuc MADRID - Mocca BNIB 040091 040093 , SUMMER SPECIAL Birkenstock Birko Flor MAYARI Graceful Magenta Haze BNIB 1008838Birkenstock Arizona Sandals - Birko-Flor - Color DarkbrownBirkenstock - Women's Madrid Birko-Flor Patent Sandals Narrow Width - Black Pate , CLEARANCE Papillio by Birkenstock BF TABORA (Mayari) Crystal Lilac BNIB 1009078 , Birkenstock - Women's Madrid Birko-Flor Sandals Standard Width - Graceful Toffee , Birkenstock Yara Sandals natural leather - brown - regular or narrow , NEW NATURALIZER YARDINA WOMENS COMFORTABLE FLAT LEATHER SANDALSDries Van Noten Black Strappy Sandals With Metallic Heel And Woven Toe 37.5 , Birkenstock Birko Flor MAYARI $149rrp - Graceful Licorice BNIB 171391 , ECCO - Biom Lite Mary Jane Casual Shoe - Black/Dark Shadow , GORMAN black Leather Buckle Sandals Strap Flatform 38 shoesMen's/Women's Birkenstock Mayari Regular Mocca Birko-flor® wholesale Let our goods go to the world Excellent workmanshipST AGNI | BUNTO WOVEN LOAFER | BLACK | EUR39 US8 | LEATHEROrthaheel Scholl Orthotic Orthotics Women's Moraga Sandals Thongs Silver , Birkenstock - Women's Madrid Birkibuc Nubuck Sandals Narrow Width - NavyMen's/Women's St Agni Berta Mule online sale Stylish and charming General productOrthotic friendly Ziera Sandal Size 36 New , Birkenstock Birko Flor MAYARI Magic Snake Silver BNIB 1009109 , ZIERA STUNNING NEW! ‘PHOEBE’ LOW WEDGE SANDALS/SHOES,SZ 42W(10.5-11), RRP$219.95 , Men's/Women's Birkenstock Papillio Lola Flower Frill Black flagship store Elegant style cheap price , Men's/Women's Birkenstock Gizeh EVA Metallic Silver Sandals High grade International choice Elegant and robust menuComfort slip on Sandals leather. Taos Shoes HabanaBirkenstock - Women's Madrid Birko-Flor Sandals Standard Width - Silver , Man's/Woman's Birkenstock Papillio Dorothy Graceful Licorice for you to choose product quality businessBirkenstock VEGAN Birko Flor MAYARI Pull Up Bordeaux BNIB 1009516 , Birkenstock Boston Clog - Color Habana - natural leather
    Gentleman Gizeh/Lady Birkenstock Gizeh Tobacco Tobacco Brown Oiled cheap Leather online sale cheapest cheap price e67f0b5 ->Gentleman Gizeh/Lady Birkenstock Gizeh Tobacco Tobacco Brown Oiled cheap Leather online sale cheapest cheap price e67f0b5 -
    NIB Teva Women's Foxy Ankle Leather Heeled Bootie Black Size 6 , New CHRISTIAN LOUBOUTIN Morphing Booty 100 Pony Leopard Ankle BOOTS Shoes 39Dr Martens Ladies 1460 Beckett Union Jack Anarchy Canvas Boots , New Supersoft Queisha Womens Shoes Comfort Sandals Sandals Flat , Chic Womens Slip On Pointy Toe Flats Mules Bowknot Sandals Slippers Shoes C26 , $79 Steve Madden Womens Waggon Peep Toe Platform Wedge Pump Shoe, Natural, US 9 , Pleaser ADORE-709VLRS Rhinestone Line Platform Red Sexy Ankle Strap SandalMen's/Women's Magnifique Escarpins SURFACE TO AIR 37 Special purchase discount Highly appreciated and widely trusted in and out , 31685 auth MANOLO BLAHNIK black calf hair kitten-heel Pumps Shoes 36 , Gentlemen/Ladies Steve Madden Women's Satire Dress Sandal Attractive and durable Excellent performance As of the latest model , Yves Saint Laurent Women Sz 7.5M Classic Pumps 3" Heels Ivory Satin 104-8 , Prada 110 Suede Pointy Toe Pump Beige Euro 38 Us 7.5 , Chaco ZX2 Classic Sunburst Sport Sandals Shoes Women's Size: 8PUMA Select Men's BWGH for PUMA XS-698 SneakersNew Balance Men's Furon 3.0 Dispatch in Soccer Shoe - Choose SZ/ColorAIR JORDAN 1 RETRO HIGH OG 8-13 GUAVA ICE SAIL PEACH PINK WHITE 555088-801 , 2014 Nike Free Trainer 3.0 Red/Black Running Shoes! Size 11.5 $160.00 , NIB Reebok CrossFit Nano 7 Weave Training Sneakers BS8290 White/Electric/Black 7Nike Air Jordan 1 Retro Hi Premier White MTLC Platinum 353899 101 Size 11 , Brooks Glycerin 13 Mens Runner (D) (449) + Free Aus DeliveryOxford Shiny Mens skate board hip hop dance sneaker rivet ankle boots flat shoesNew Black Jack Brown Smooth Ostrich Mens 11B Western Cowboy Boots USA , Grenson Balmorral Hand-made Brogues (US 12.5 G) Gumshoe SoleNike Free TR 6 Print Training Shoes, Women's Size 9, Orange/Black NEW , Opening Ceremony Mina Logo Sneakers 199, Gold, 9 US / 39 EU , Nike Flex Trainer 6 Women's Cross Training Shoe 831217 003 Size 7 , NIB NIKE AIR ZOOM MARIAH FLYKNIT RACER RUNNING SHOE AA0521 006 Black/White-Grey , Nike Free RN 2018 Womens 942837-005 Gunsmoke Grey Crimson Running Shoes Size 11NIB Torrid Size 7W Strappy Front Knee Boots (Wide Calf) Olive military , Elegant Women's Pointy Toe fur ball Knee high boots Stilettos Zipper Pull On New ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gentleman Gizeh/Lady Birkenstock Gizeh Tobacco Tobacco Brown Oiled cheap Leather online sale cheapest cheap price e67f0b5 -

    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.

    Gentleman Gizeh/Lady Birkenstock Gizeh Tobacco Tobacco Brown Oiled cheap Leather online sale cheapest cheap price e67f0b5 -

    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.


    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
    Gentleman Gizeh/Lady Birkenstock Gizeh Tobacco Tobacco Brown Oiled cheap Leather online sale cheapest cheap price e67f0b5