Never miss an update

Klogs Missy Womens Leather Clogs Clogs Display M Model Model Shoes Zentangle 9.5 M 3cbc9d0




Item specifics

Condition:
New with defects: A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour ... Read moreabout the condition
UPC: 644287265198
Color: ZENTANGLE Manufacturer Part Number: KX MISSIO ZEN 9.5M
Width: M MPN: KX MISSIO ZEN 9.5M
Heel Height: Low (3/4 in. to 1 1/2 in.) Manufacturer: Klogs
Style: Clogs Brand: Klogs
US Shoe Size (Women's): 9.5 Material: Leather
Never miss an update

Klogs Missy Womens Leather Clogs Clogs Display M Model Model Shoes Zentangle 9.5 M 3cbc9d0 - blurrypron.com

    Klogs Missy Womens Leather Clogs Clogs Display M Model Model Shoes Zentangle 9.5 M 3cbc9d0
    Klogs Missy Womens Leather Clogs Clogs Display M Model Model Shoes Zentangle 9.5 M 3cbc9d0
    Dansko Helen Suede Dark Blue Sneakers Size US 10.5 - 11Merrell Ceylon Sport Women's Mary Janes Casual Sneakers 6.5 (New)Klogs Sondra Womens Clogs Shoes Display Model Leather Black Smooth 9 WKlogs Natalie Women's Clogs Display Model Shoes Yankee Orleans Navy 9 M , Unisex Adults Birkenstock Gizeh Holiday T-Bar Open Toe Beach Sandals All Sizes , Demonia 2.25" Platform T-Strap Lolita Pink Shoes w/ Bow 6 7 8 9 10 11 12 , G.H. Bass & Co. Women's Washington Black Leather Shoes Loafers Size 10 M NWOB , Nine West Royalli Yellow White Fabric Flat Women Size 8.5 MARIAT WESTLAKE 15109 Brush Russet Leather Split Toe Wedge Clog Brown Women Sz 7 , Klogs Myra Womens Leather Display Model Shoes Black Troy 10 M , Women's SOFFT 227927 brown leather mules shoes sz. 8.5 M , Klogs Natalie Women's Clogs Display Model Shoes Brown JW Floral 9 MNEW FREE PEOPLE BLACK LEATHER PARADOX PEARL WRAP SLIDE LOAFERS SZ 7.5-8/38 $130Sanita Icon President Pumps- Women's 8-8.5-- Black , Mr/Ms Michoel Kors Blk/silver Hastings Slip On Various styles Optimal price Exquisite processingTory Burch Women's Black Leather Slip On Round Toe Ballet Flats Size US 8 MNew AERIN Imogen Calf Hair Pointed Toe Flats Size 6.5 MSRP $295Patrizia by Spring Step Women's Placido Black shoes size US 5.5-10 , KLOGS CLOGS NATALIE WOMEN'S DISPLAY MODEL SHOES GEO PAISLEY 7.5 M , Neiman Marcus Women's Suzy Quilted Ballet Flats in Black Size 6MKlogs AUDREY BLING Women's Clogs BLACK Smooth Leather Display Model 6 M , Clarks Janey June Flats - Women's Size 5.5M, Beeswax , Cole Haan Womens Loafers Shoes Leather Hand Made in Italy Size 8 AA Style F7914 , MIU MIU MADE IN TALY LEATHER SNEAKERS CASUAL WOMENS SHOES SIZE 7Skechers Knit Happens Women's Sneaker Black Taupe NewKlogs Martha Womens Display Model Shoes Leather Black 7 MCLARKS 01654 CANDRA GLOW WOMEN'S BRONZE BALLET FLAT SHOES NEW IN BOX , New Mi.iM MiiM Rebecca Free Beige Ruffle Trimmed Pointed Toe Mules 6 - 10 USWomens VINCE CAMUTO DELINA Navy Blue Leather Espadrilles Shoes Sz. 7 ,
    Klogs Missy Womens Leather Clogs Clogs Display M Model Model Shoes Zentangle 9.5 M 3cbc9d0 - blurrypron.com>Klogs Missy Womens Leather Clogs Clogs Display M Model Model Shoes Zentangle 9.5 M 3cbc9d0 - blurrypron.com
    Bogs Women's Seattle Solid Waterproof Insulated BootieAdidas Originals Torsion Allegra Men's Trainers Running Shoes Trainer G96662Soludos Soludos Ankle Booties 994, Stone, 7 US / 37.5 EUAndrea Conti Womens 0027411 Low-Top Sneakers Silver Size 7 UKAndrew Charles 4121010 LUX LIGHT BLUE Décolleté Shoes Women's Light Blue AU , Skechers Sweet Pea Floral Slip On Flex Memory Foam Tan Ivory Comfort Gym Shoes 9Gold Shimmer Women's Prom Wedding Bridesmaid Bridal Sandal High Heel Shoe , ALL SAINTS SPITALFIELDS ANIMAL SKIN Jeweled Pumps Heels Sz 9 / 40 eur. Rare.mint , BARBARA BUI Metallic Gold Leather Booties (SIZE 36) , Handamde] Women Shoes Leather Satin Coco Mule Bow Tie Slingback Sandals Slide Mi , Skechers Cali Womens Meditation-Summer Breeze Flip Flop- Select SZ/Color.Mephisto NEW Agacia Striped Patent Leather Thong Slide Women's US 11.5 , Pedro Garcia NWOT "Silt Castoro Lame" Brown Suede "Maica" Platform Sandals SZ 39SCHUTZ Women's Galey Gladiator Sandal, - Choose SZ/ColorNike Air Jordan Spike Forty Mens 819952-605 Green Red Blk B-ball Shoes Size 11Men's/Women's Nike Lunarestoa 2 Men's White/Black 19519100 High quality and low overhead Lush design Breathable shoesAdidas tubular doom PK mens BY3553 trainers sneakers SAMPLE , Nike Air Force 1 Premium Basket Weave Sz 10.5 Style , 2013 NIKE AIR JORDAN RETRO X 10 CHICAGO WHITE RED STEALTH BLACK SZ 13 310805-100 , Men/Women Niche. Men's Shoes 027146 Brown 42 quality Selected materials Outstanding style , RARE 2015 Men's Polo Ralph Lauren Barx Chukka 2-Tone 4eye Ankle Boots Size 8 , VINTAGE TONY LAMA BROWN EXOTIC LEATHER ROCKABILLY WESTERN RANCH BOOTS 11 AAA , LOS ALTOS BROWN 3X-TOE GENUINE TEJU LIZARD WESTERN COWBOY BOOT (EE+) 95V0716 , NEW Rocky Mens Black Side Zipper 10" Tactical Jump Boot - All Sizes - 2090Lacrosse 150040M-11 Men's OD Green 18" Grange Rubber Hunting Boots-Size 11 , COLE HAAN Brown Leather Casual Dress Oxford Shoes, Mn's 10 DMan's/Woman's Magnanni Dress Shoes Elegant appearance Attractive fashion Famous storeEtnies Skateboard Shoes Scout XT Womens Green/Black , Steve Madden Cynthia Women's Boots Black Size 8 M , Women's Shoes Steve Madden MILAAN-Fashion Ankle Bootie Black Suede Size 7.5M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Klogs Missy Womens Leather Clogs Clogs Display M Model Model Shoes Zentangle 9.5 M 3cbc9d0 - 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.

    Klogs Missy Womens Leather Clogs Clogs Display M Model Model Shoes Zentangle 9.5 M 3cbc9d0 - 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
    Klogs Missy Womens Leather Clogs Clogs Display M Model Model Shoes Zentangle 9.5 M 3cbc9d0
    Flats
    >
    ;