Never miss an update

Birkenstock Brown Birkis Birki Profi Birki Clogs PU Brown Clogs 4b8c9cb




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: N/A
Never miss an update

Birkenstock Brown Birkis Birki Profi Birki Clogs PU Brown Clogs 4b8c9cb - blurrypron.com

    Birkenstock Brown Birkis Birki Profi Birki Clogs PU Brown Clogs 4b8c9cb
    Birkenstock Brown Birkis Birki Profi Birki Clogs PU Brown Clogs 4b8c9cb
    Gentleman/Lady Juice Couture slippers Excellent value Sufficient supply Reliable reputation , calzamur Women's House Shoes 66090016 Grey with Heart & Flower , Men's/Women's Glerups Woman High Slippers Red Great variety Elegant and sturdy packaging renewed on time , New Wool Footwear Eden Platinum Australian Made Ladies SlipperGioseppo Womens 46109-p Hi-Top Slippers, Black Negro 46109-P, 7 UKThe North Face ThermoBall IV Women's Traction Mules NewStubbs & Wootton womens loafers slippers size 9. skull embroidery. made in SpainNEW Silk Magnolia Silk Silver Extra Large RobeGentlemen/Ladies EMU Platinum Eden Mushroom Sheepskin Boots Moderate price Comfortable touch professional designNEW Silk Magnolia Silk Silver Large Robe , New Fur Footwear Albany Platinum Australian made Ladies SlipperVionic Orthotic Slip on Women's Gracie Slipper - Blue , Birkenstock Boston Leather Black Soft Footbed Clogs , Man's/Woman's NEW Deshabille slippers Aesthetic appearance High-quality materials Perfect processingNEW Lalay KKL Model Bathrobe With Fringes Large BeigeMr/Ms Velvet Toffee Slippers With Embroidered Flowers Clever and practical Settlement Price Seasonal hot saleNEW Silk Magnolia Silk White Small RobeNEW Lalay Medium Cotton Hooded Lilac BathrobeDR COMFORT LADIES KATY WOMENS US SIZE 8.5M ATHLETIC SHOE , NEW Lalay Medium Cotton Hooded Royal Blue Bathrobe , Man's/Woman's EMU Platinum Eden Chestnut Sheepskin Boots Customer first Elegant style Very good color , NEW Lalay KKL Model Bathrobe With Fringes Large Royal Blue , The North Face Thermoball IV Traction Mules Mens Unisex NewLadies FD Collection Shoes Size 37 Sheepskin InnersNEW Lalay KKL Model Bathrobe With Fringes Large LilacBirkenstock Kay Leather Black Red Sole Soft Footbed ClogsLadies Padders Cosy Slippers Label - W , The North Face ThermoBall Traction Booties Mens Unisex New , Gentleman/Lady EMU Amity Mushroom Sheepskin Slippers Long-term reputation Highly praised and appreciated by the consumer audience Selling new products
    Birkenstock Brown Birkis Birki Profi Birki Clogs PU Brown Clogs 4b8c9cb - blurrypron.com>Birkenstock Brown Birkis Birki Profi Birki Clogs PU Brown Clogs 4b8c9cb - blurrypron.com
    Via Spiga Kenzie Women's Boots Dk Taupe , $595 RAG & BONE Moto Bootie, Waxed Calfskin Suede, 37New Skechers 54600 Go Walk Max Black Mens Shoes Comfort Sneakers Casual , Clarks Originals Desert Trek Hi Mens Black Leather Ankle BootsWomens Office Hallie Cross Strap Espadrilles NAVY SUEDE , Harley Davidson Kira Wide Fit Studded Cow Girl Type Boot Black to 7.5 (R99Woman's Cole Haan Brown Leather Slip on Loafer Sz 7.5 , Nina Shoes Freja Royal Satin Open Toe Heel Gold New with Box , Man/Woman Andrew Charles Womens Loafer Camel CAMILLA High security modern Fine wild , PLEASER Sexy 7" Heel Silver Glitter Platform Clear Ankle Strap Stripper ShoesParty Party Dress Pumps: SERA7010 Comfort Evening Dance Heels with Sole Stopper , Sergio Rossi high heels slingback italian luxury pumps in powder leatherSummer Womens Flats Flip Flops Metal Decor Slingbacks Thong Sandals Chic ShoesMary Claud 7110 White Black Leather Stretch Slingback Heels 36 / US 6 , NEW MEN'S NIKE BIG NIKE HIGH LUX SHOES SNAKE MIDNIGHT NAVY SIZE 10 854165 400adidas Originals Superstar II 2 Shell Toe Men's Waxy Shoes Black/White , 1805 adidas CLOUDFOAM SWIFT RACER Men's Training Running Shoes DB0679 , Nike Men's ZOOM FLY SP FAST Athletic Running Shoes AT5242-174 Size 7-13Nike Shox Trainers 100% Leather/Textile (air max, free, thea,tavas) UK8.5 EU43NIKE AIR MAX ULTRA BW MP HTM US 6 MARK PARKER M 848625-401 90 LD ZER , Nike Air Jordan one 1 "top 3" gold complexcon x union SZ 9.5 Alaeli DS bred , Los Altos Men's Genuine Ostrich Leg J-Toe Western Cowboy Boots Handmade BlackBlundstone Unisex Original 500 Series Stout Brown/OliveMr/Ms John Fluevog The Gateway Brandenburg Shoes Guarantee quality and quantity discount Speed ​​refund , Shiny Clubwear Fashion Mens Slip On Rivets Leisure Leopard Formal Dress ShoesLucasarts Lucien Piccard Mens Verona Analog Display Quartz Black Watch* MARK NASON * Lounge Brown Leather Loafers 13D SUPER CLEAN , Propet Women's Chickadee Shoe Maize 7.5 M US , BRAND NEW Adidas Womens Ultra Boost X All Terrain Mid Size 9FRYE JANE Womens Size 8.5 B Tall Cuff Boots 77594 i50 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Birkenstock Brown Birkis Birki Profi Birki Clogs PU Brown Clogs 4b8c9cb - 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.

    Birkenstock Brown Birkis Birki Profi Birki Clogs PU Brown Clogs 4b8c9cb - 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
    Birkenstock Brown Birkis Birki Profi Birki Clogs PU Brown Clogs 4b8c9cb
    Slippers
    >
    ;