Never miss an update

Dr. Scholl's Men's Winder Men's II Work Black Loafer Black II Leather Loafers 5d146d8




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. Scholl's
Color: Black Leather Style: 805779_1741940
Never miss an update

Dr. Scholl's Men's Winder Men's II Work Black Loafer Black II Leather Loafers 5d146d8 - blurrypron.com

    Dr. Scholl's Men's Winder Men's II Work Black Loafer Black II Leather Loafers 5d146d8
    Dr. Scholl's Men's Winder Men's II Work Black Loafer Black II Leather Loafers 5d146d8
    Reebok Men CN5445 JET Dashride 6.0 Running Shoes black grey white sneakersMan/Woman Men’s Shoes Durable service Latest styles As of the latest modelGentleman/Lady Sparco CORDOBA The color is very eye-catching high quality comfortableNike Rosherun Roshe Run Two Triple Black 844656 001 MenSperry Top-Sider Men's Authentic Original Boat Shoe Blue Leather/TextileNew Balance 247 Men's Magnet/Solar Yellow MS247TG , Men's/Women's ASICS Tiger GEL-Mai Men's Peacoat/Peacoat 8E3N5858 Easy to use High quality and economy Sales online storeMr/Ms Reebok Men's Classic Leather Sneaker service excellent Famous storeMan's/Woman's K-Swiss Men's ST329 CMF Training Shoe Special purchase Reliable performance Strong heat and heat resistance , NWT DIADORA titan Weave castle rock/ gray rock Size 12 Men Sneaker China , Gentleman/Lady Reef Men's Draftsmen Brown/Bronze Big clearance sale Reliable performance As of the latest model , adidas Originals EQT Support ADV Men's Black/Black/White CQ3006 , Man/Woman GEL FLUX 4 NOIR GRIS BLANC Quality products product quality Elegant and solemnDockers Men's Franchise Black Polished Full GrainASICS GEL KAYANO TRAINER MT SZ 12 PEACOAT NAVY BLUE WHITE TRAIL HN7P1.5858 , NIKE Men's Reax TR III SL Cross Trainer , White/Metallic Silver) 9 M US , Man/Woman K-Swiss Men's ST329 CMF Training Shoe main category Stylish and fun various kindsSkechers Men's Relaxed Fit Equalizer 3.0 Emrick Sneaker Charcoal , Men's Asics GEL-Saga Casual Shoes White/Orchid 1193A071 100 , Adidas CP9341 Men Solyx Running shoes white sneakersDockers Men's Freestone Loafer Antique Brown Leather , Man's/Woman's Adio Men's Drayton SL Skate Shoe Best-selling worldwide a good reputation in the world Extreme speed logisticsDockers Men's Agent Black Tumbled Full Grain LeatherGentlemen/Ladies Nike Cortez Men's Midnight Navy/White 49571414 Adequate supply and timely delivery Used in durability ExportVans Old Skool Men's Black/Red Checkerboard A38G135UDockers Men's Lakeport Boat Shoe Dark Tan LeatherGentleman/Lady DC Men's Syntax Skateboarding Shoe Complete specification Reliable performance Comfortable and natural , Men's/Women's Sparco HOKKAIDO Great variety high quality Beautiful and charmingMan/Woman Saucony Excursion TR11 Men's Grey/Black/Green 203921 High security auction British temperament
    Dr. Scholl's Men's Winder Men's II Work Black Loafer Black II Leather Loafers 5d146d8 - blurrypron.com>Dr. Scholl's Men's Winder Men's II Work Black Loafer Black II Leather Loafers 5d146d8 - blurrypron.com
    Tory Burch Bristol 85 mm elephant gray leather calf boot ankle zipper 10 bootieNine West Women's Fran9x Suede Mid Calf Boot - Choose SZ/Color , Bed|Stu Women's Cambridge Motorcycle Boot Tan 8 M USAdidas Women's Stan Smith W Originals Casual ShoeSteel Blue Southern Cross Zip Ladies Boots in Blue with Steel CapGentlemen/Ladies Ladies Gabor Knee Length Boots 72836-W the most convenient Carefully selected materials Elegant and solemnMen's/Women's Ladies Gabor Boots Style 94356-W the most convenient Fine art Known for its beautiful qualityArt Womens 1350f Fantasy Pedrera Low-Top Sneakers, Multicolour Arlekin 2, 5 UBambi & Thumper Women's MEDIUM Women's High Heels Disney , New Anthropologie Sold Out $128 Delilah Sandals by Matiko in Black, Size 37 EuroAsics Tiger GEL-Lyte III MT [H6K1L-9090] Men Casual Shoes Black/GreyKDB metallic toupe open toe peep toe leather heel sandals SZ 9 , Auth Dior Black Patent Leather Heels Mules Sandals 39 US approx. 8.5Men/Women 100% Authenic Lady Peep Christian Louboutin New Listing Year-end sale Clearance sale , Louboutin sz 40 USA sz 9 dark grey flannel pin stripe pumps 2 inch heel shoes , Gentleman/Lady women sandal pair z45 Reasonable price Brand Lightweight shoesAmerican Yorkshire Pig Print Christmas Running Shoes For Women- Free Shipping , Donald J Pliner Womens Ellis-LJ Leather Open Toe Casual Slide SandalsNEW BALANCE 530 SUMMER WAVES Classic MENS Medium Width Red Gum NEWNike Men's Metcon Dsk Flyknit Training Shoes 852930-011 Black 10.5nike sb X Jordan 1 size 10.5 Craig StecykAdidas Pharrell Williams Human Race Holi Festival AC7034 PW HU NMD MC US 10 , NEW 2007 NIKE AIR ZOOM i FLIGHT FIVE V B JASON KIDD BLACK GREY ID 95 PENNY SZ 10 , Remonte R3500 Dark Blue Perforated Suede Fashion Sneaker Shoe 39NewNew Asics Gt-2000 3 Trail Mens Running Shoes (2E Wide Width) , Brooks Ariel 16 Size US 9 Women's Running Shoes Blue 1202191D453Shoes Skechers Glider - Forever Young Slip On 22880 NVGR Woman Memory Foam NavyCustom Comfortable And Fashion Women Women And Rose Boots Martin Boots For Girl , ECCO Womens Cs16 Fashion Sneaker /6-- Pick SZ/Color.Motorcycle Womens Punk Style Plicated Ankle Boots Cool Retro Flats Shoes Fashion
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dr. Scholl's Men's Winder Men's II Work Black Loafer Black II Leather Loafers 5d146d8 - 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.

    Dr. Scholl's Men's Winder Men's II Work Black Loafer Black II Leather Loafers 5d146d8 - 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
    Dr. Scholl's Men's Winder Men's II Work Black Loafer Black II Leather Loafers 5d146d8
    Athletic Shoes
    >
    ;