Never miss an update

Womens Dr Matens Hurston Fusion Seriene Matens Block 5-11 Heel Ankle Block Chelsea Boots US 5-11 89735b1




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: Dr Martens
Heel Height: High (3 in. and Up) Style: Fashion - Ankle
Material: Leather Width: Medium (B, M)
Never miss an update

Womens Dr Matens Hurston Fusion Seriene Matens Block 5-11 Heel Ankle Block Chelsea Boots US 5-11 89735b1 - blurrypron.com

    Womens Dr Matens Hurston Fusion Seriene Matens Block 5-11 Heel Ankle Block Chelsea Boots US 5-11 89735b1
    Womens Dr Matens Hurston Fusion Seriene Matens Block 5-11 Heel Ankle Block Chelsea Boots US 5-11 89735b1
    Womens Fly London Fade Work Winter Fashion Slouch Leather Ankle Boots US 5-12 , Womens Dr Martens Airwair Leather Chelsea Boot Low Heel Ankle Boot US Sizes 5-10 , AUTHENTIC Isabel Marant Crisi Suede Boots Sz 40Womens Fly London Fade Casual Flat Leather Fashion Winter Ankle Boots US 7-14Womens Tecnica Original Moon Boot Monaco Low Waterproof Snow Rain Boots , NEW THE NORTH FACE WOMENS CHILKAT III PULL ON WATERPROOF FLAT ANKLE BOOTS , Womens Vagabond Amina Leather Black Winter Casual Low Heel Knee Boots , Womens Fly London Yuan Leather Winter Fashion Wedges Casual Ankle Boots , Womens Dr Martens 1460 Finda II Applique Core Leather Floral Calf Boots US 5-11Womens Fly London Meli Rug Leather Cowboy Low Heel Western Ankle Boots , Unisex Adults Dr Martens Church Retro Vintage Ankle Smooth Leather Boots US 5-14 , NEW KARL LAGERFELD Black Leather Boots EU40 heel 14 cm , Womens Fly London Yoxi Mousse Luxor Leather Black Wedge Heel Ankle BootsMLJUESE 2019 women Mid-calf boots cow leather wool winter short plush highHUSH PUPPIES GALLA WOMENS LEATHER COMFORTABLE ANKLE BOOTS/SHOESWomens Hunter Original Refined Short Gloss Waterproof Rain Wellies Boots US 5-11 , Womens Fly London Salv Borgogna Lead Silver Leather Chelsea Ankle Boots Shu SizeWomens Fly London Mong Rug Leather Low Wedge Casual Winter Zip Ankle Boot , Womens Tecnica Moon Boot W.E Monaco Low WP Rain Winter Calf Snow Boot US 5.5-10 , Womens Dr Martens 1460 Serena Originals Core Ben Faux Fur Leather Boots US 5-11Womens Fly London Salv Rug Red Leather Flat Chelsea Ankle Boots SIZE 6 , Womens Fly London Yota Studded Winter Knee Oil Suede Boots Wedge Heel US 5-12Unisex Adults Dr Martens 1460 Vegan Originals Punk Work Mid Calf Boots US 5-14NEW THE NORTH FACE WOMENS NUPTSE PURNA SHORTY WATERPROOF ANKLE BOOTS , Man's/Woman's NEW PIERRE DARRÉ WOMENS ANKLE BOOTS Adequate supply and timely delivery Elegant style Various latest designs , NEW MANGO WOMENS ANIMAL PRINT LEATHER ANKLE BOOTS , Man/Woman NEW FABI WOMENS ANKLE BOOTS bargain Brand Popular recommendationNew Merrell Moab 2 Mid Gore-Tex Women Hiking Shoes All Sizes NIBMan/Woman NEW PIERRE DARRÉ WOMENS ANKLE BOOTS Rich design Price reduction various kinds ,
    Womens Dr Matens Hurston Fusion Seriene Matens Block 5-11 Heel Ankle Block Chelsea Boots US 5-11 89735b1 - blurrypron.com>Womens Dr Matens Hurston Fusion Seriene Matens Block 5-11 Heel Ankle Block Chelsea Boots US 5-11 89735b1 - blurrypron.com
    Frye Women's Brown Leather Harness Motorcycle Boots 12R USA 6 1/2 M $328 , Nine West Vani Wide Calf Women Round Toe Leather Knee High Boot, Grey, Size 6.5 , adidas PureBOOST Clima Mens Cushion Running Shoes Runner BOOST Sneakers Pick 1ESPRIT Womens Elda Lu Low-Top Sneakers, Blue Navy, 8 UKAlegria Essence Slickery Athletic Shoes 38 (8-8.5) ESS-750 Leather NEW $119 , BRAND NEW RALPH LAUREN "MAEVA" BLACK LEATHER SANDALS SHOES SIZE 8 1/2 MSRP $160NWOT VIA SPIGA Womens Strappy Heels 9.5M Brown Leather Buckle Italy PlatformWomen's Pumps Shoes Pointed Toe Sexy Buckle Strap Mid Stiletto Heel Fashion NEW , Jerusalem Sandals Women's Dinah Gladiator Tan Size 5.0 , Women Crystal Rhinestone TStrap Boho Flip Flop Sandal Flat Beach Shoes GladiatorPUMA Womens Vega Mesh Ballet Flat- Select SZ/Color.Nike Mens Magistax Onda II TF Yellow Soccer Shoes 10 Medium (D) BHFO 9891Nike Air Force 1 315122-701 Varsity Maize Black Yellow Bumble Bee Size 13 ShoesVANS SK8 HI ZIP CA CROC LEATHER WILD DOVE GREY VN-0XH9FCU MENS SZ 9 SHOES NEW , NEW Nike Flyknit Lunar 3 SP Multicolor SZ 7 MENS Deadstock NDC 698181-003 2Mizuno Wave Rider 19 Mens Running Shoe (D) (307) | SAVE $$$ , Under Armour 1274423-003-10 Mens Torch- Choose SZ/Color.Roper Men's Nash Vintage Geo Embroidered Cowboy Boot Square Toe -BRAND NEW W/TAGS AUTHENTIC SANUK VAGABOND TRIPPER SURFERS 1018983BRN SIZE 11 , Fashion Men's Leather Metal Head Pointed Toe Floral Printed Rainbow Dress ShoesYouth/ Women's Nike Air Max 90 SE LTR Shoes -StyleSz 6.5Y or 8 -NEW , Gentleman/Lady Skechers Women's Breathe-Easy - Quiet-tude Sneaker, economic Preferred material negotiationSkechers Relaxed Fit Easy Air in My Dreams Womens Slip On Sneakers Navy 9 , NEW! Nike 908993-008 Womens Air Max Sequent 3 Silver 101H as , Exustar Womens E-SR228 Low Top Running Sneaker, White, Size 7.0ara Women's Gada 11859 Pump Taupe Leather Pumps , Kenneth Cole Reaction Vin Win Ankle Booties-Women's size 9 M BlackPleaser ASPIRE-1016 Women's Black Faux Leather Matte Heel Ankle Mid-Calf BootsSkechers Women's Go Outdoors-14941 Walking Shoe - Choose SZ/color , NEW GALAX Gray Faux Leather Wedge Platform Bootie Sz US 8 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Dr Matens Hurston Fusion Seriene Matens Block 5-11 Heel Ankle Block Chelsea Boots US 5-11 89735b1 - 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 Dr Matens Hurston Fusion Seriene Matens Block 5-11 Heel Ankle Block Chelsea Boots US 5-11 89735b1 - 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 Dr Matens Hurston Fusion Seriene Matens Block 5-11 Heel Ankle Block Chelsea Boots US 5-11 89735b1
    Boots
    >
    ;