Never miss an update

Women Chunky Suede Knee High Boots Suede Embroidery Military Combat Embroidery Chunky Heels Zipper Shoes d1f0e2d




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: Unbranded
Heel Type: Block Style: Knee High Boots
Material: Suede Country/Region of Manufacture: China
Occasion: Casual Fastening: Zip
Pattern: Solid Heel Height: Low (3/4 in. to 1 1/2 in.)
Width: Medium (B, M)
Never miss an update

Women Chunky Suede Knee High Boots Suede Embroidery Military Combat Embroidery Chunky Heels Zipper Shoes d1f0e2d - blurrypron.com

    Women Chunky Suede Knee High Boots Suede Embroidery Military Combat Embroidery Chunky Heels Zipper Shoes d1f0e2d
    Women Chunky Suede Knee High Boots Suede Embroidery Military Combat Embroidery Chunky Heels Zipper Shoes d1f0e2d
    Retro Leather Womens Mic Claf Boots Gothic Flats Vintage Ladies Knight Boots Sz , Gladiator Pointy Toe Mid Calf Boots Womens Suede High Heels Leather Fringe ShoesLadies Ankle Boots Fashion Pointy Toe CHunky Mid Heel ANkle Boots Party CasaulWomen Real Leather Multi Buckle Ankle Knight Boot Rivet Studded Side Zipper Chic , Women Pointed Toe High Heels Joint Elastic Fabric Above Knee Boot Plus Size A707Retro Womens Metal Pointed Toe Leather Buckle Rivet Black Mid Calf Riding Boots , Women's Suede Leather Tassels Square Toe Side Zip Retro Fashion Knee High Boots , Womens Punk Side ZIPPERS Combat Boots Leather Riding Retro Winter Boots , 20CM Super High Chunky Heel Platform Goth Punk Side Zip Sexy Thigh Long boots , Women Genuine Leather Suede Stage Over Knee High Boot Multicolor Nightclub Shoes , Womens Over The Knee High Boots High Heels Clear Patent Leather Shoes ZipperSURFACE TO AIR VELCRO DOCKSTEPS WEDGE ANKLE BOOT BNIB NEW IN BOXwomens denim mixed color over knee open toe boots stilettos platform heel shoes , LADIES SHOES/FOOTWEAR - Bruno Premi 11109 cognac long bootWomen's Buckle Zipper Up Cowboy Knee High Leather Knight Boot Casual Shoes Size , British Style Men's Ankle Boots Formal Shinny Patent Leather Shoes Pointed ToeMen/Women Corral Boots-Indie Spirit-Afton Riding Boot-Women's-Size 12 bargain low cost Simple , 18 Women Gladiator Pumps Sandal Mesh Pumps Over Knee High Boot Hollow Out Shoes , Womens Real Leather Multi Color Buckle Knee High Boots Punk Shoes Flat Plus Sz , Sexy Womens Zip Up Pointy Toe High Heel Over Knee High Boots Clubparty Stilettos , Womens Embroidery Pointed Toe Sexy Ankle Boots Back Zip Floral Med Heels Sexy M1Vintage Womens Buckle Strap Mid Calf Boot Motor Punk Gladiator Leather Shoes New , Elegant High Block Heels Real Leather Fur Pointed Toe Womens Winter Party ShoesPole Dancing Nightclub Thigh High Boot Ladies Platform 20CM High Heel Sexy Shoes , Women Faux Suede Pointed Toe Stileltto Rivet Kitten Heel Side Zip Ankle Boots , ONITSUKA TIGER JUNIOR GIRL WOMAN SNOW SHOES BOOTS CODE C0A1N - CN836 , Metal buckle hollow leather tound toe riding boots punk chunky shoesEuro Fashion Women Leather Ankle Boots Pump Cross Buckle Block Heel Riding Shoes , Mag 5051 Old School Women's Ankle Boots Black Size US 7.5 // ,
    Women Chunky Suede Knee High Boots Suede Embroidery Military Combat Embroidery Chunky Heels Zipper Shoes d1f0e2d - blurrypron.com>Women Chunky Suede Knee High Boots Suede Embroidery Military Combat Embroidery Chunky Heels Zipper Shoes d1f0e2d - blurrypron.com
    Australia Luxe Collective boots, brand new with box, size 5 , Eileen Fisher Tread Black Womens Shoes Size 6 M Boots MSRP $250 , Nocona Boots Womens Red Soft Ice Boot,Red,5 B USMan's/Woman's Clarks Ladies Casual Shoes 'Sillian Tino' main category New design Shopping promotionMen's/Women's Ladies Remonte Heeled Ankle Boots R1580 Customer first Quality and quantity guaranteed Characteristics , PRADA AUTHENTIC WOMEN SHOES HEELS RED Size 40 (Worn twice) , JIMMY CHOO LASER CUT BALLET SHOES METALLIC PURPLE LEATHER SIZE 37 1/2 , New Adidas EQT Support ADV Casual Shoes Sneakers Running US 12 NMD , Prada Black Patent Leather Wedge Sandals, Women’s Shoe US size 9/ , Tory Burch Ivory Coconut Woven Platform Wedge Size 9 Sandals $395.00 , JCrew Mackenzie Crackled Foil Sandals 9.5 Flats C7271 $138Guess Peri Tie Up Ankle Strap Heeled Sandals, BlackAcorn Samoset Slide Lagoon Womens Slide Size 6M , Dansko Charlie Perforated Sneakers-Women's size 6 RosePuma x Fenty by Rihanna Suede Cleated Creeper - Black - Mens , NIKE Free RN OC Olympic Rio Running 844629-999 sz 10 Multi-Color Volt Pink BlackAUTHENTIC NIKE AIR MAX LTD 3 BR 842365 001 MENS ATHLETIC SHOES SIZE 13 PLATNNike Air Trainer SC II 2 “Bo” Size 11 Brand New , Mizuno Wave Rider 19 Mens Running Shoes (D) (J1GC160362 Black Red) , Adidas Originals Equipment Cushion Adv Eqt Advanced Sneakers Trainers ShoesNEW BALANCE 574 BONE/DUSTED PEACH CASUAL SHOES MEN'S SELECT YOUR SIZE , Prada Trench boots , made in Italy , Vibram , NEW Men's Bexley Casual Shoes Size 9.5 Nar , S-2232120 New Saint Laurent Wolly Black High-top Sneakers Shoes US 8.5 / 41.5 , ara Women's Asbury 42767 Casual Shoe Black Leather Size 8 M , NIKE Women's W Air Force 1 07 SE PRM, Black/Black-Reflect Silver, 7.5 M USWomens Patent Leather Ankle Boots Chunky Heel Runway Square Toe Shoes Zip punkPatricia Green Womens Booties Sz 10 Spain Black Suede Faux Alligator Block HeelFashion Retro Womens Casual Round Toe Tassels Flat Zipped back Ankle Boots Shoes , NIB Dr. Martens Women's Pascal Stud Ankle 8-Eye Boot Black Patent Leather ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women Chunky Suede Knee High Boots Suede Embroidery Military Combat Embroidery Chunky Heels Zipper Shoes d1f0e2d - 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.

    Women Chunky Suede Knee High Boots Suede Embroidery Military Combat Embroidery Chunky Heels Zipper Shoes d1f0e2d - 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
    Women Chunky Suede Knee High Boots Suede Embroidery Military Combat Embroidery Chunky Heels Zipper Shoes d1f0e2d
    Boots
    >
    ;