Never miss an update

Ladies Leather Remonte Ladies R2278 Brown & Blue Leather Zip & Up Ankle Boots 80ca66a




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
Lining: Synthetic & Textile
Material: Leather Style: Ankle Boots
Features: Zip Boot Shaft Height: Ankle
Sole: Rubber Heel Height: Low Heel (0.5-1.5 in.)
Brand: Remonte
Never miss an update

Ladies Leather Remonte Ladies R2278 Brown & Blue Leather Zip & Up Ankle Boots 80ca66a - blurrypron.com

    Ladies Leather Remonte Ladies R2278 Brown & Blue Leather Zip & Up Ankle Boots 80ca66a
    Ladies Leather Remonte Ladies R2278 Brown & Blue Leather Zip & Up Ankle Boots 80ca66a
    LADIES HARLEY DAVIDSON ABBEY D83865 STRAP STUDDED HIGH HEEL BIKER ANKLE BOOTS , Ladies Remonte D4379 Brown Leather Zip Up Ankle BootsMan/Woman Ladies Remonte Casual Long Boots R2277 Crazy price First batch of customers Seasonal promotionGentlemen/Ladies Ladies Remonte Boots Style D6870-W Great variety special promotion Complete specificationsLADIES RIEKER 93655 ZIP UP CASUAL WARM FLEECE LINED KNEE LENGTH GATOR BOOTS SIZE , Men's/Women's Ladies Rieker Knee Length Boots Z9580 Adequate supply and timely delivery Environmentally friendly Exquisite workmanship , Ladies Clarks Lima Rhapsody Black Or Brown Suede Leather Pull On Mid Calf BootsLadies Clarks Suede Wedge Knee High Boots The Style - Hazen MadisonMr/Ms Ladies Remonte Boots Style R3332-W High quality and low overhead First grade in its class Global sales , Ladies Clarks Stylish Pull-On Ankle Boots Mascarpone BayLadies Clarks Casual Slip On Ankle Boots Clarkdale ArloLadies Clarks Heeled Ankle Boots Maypearl AliceGentlemen/Ladies Ladies Remonte Boots Style R3332-W New market new VariousRIEKER 96058 HIGH HEEL ZIP UP KNEE HIGH EVERYDAY CASUAL LONG WARM WINTER BOOTS , VAN DAL ROMEO LADIES LEATHER ZIP UP CASUAL WINTER SMART LOW HEEL ANKLE BOOTSRIEKER TEX LADIES ZIP WARM LINED HEELED SHOWER PROOF KNEE LENGTH BOOTS 93655 , Men's/Women's Ladies Remonte Warmlined Ankle Boots D7391 Crazy price Fast delivery General productSALE GLICK ELMFIELD LADIES CLARKS LEATHER PULL ON MID CALF LOW HEEL CASUAL BOOTS , Ladies Clarks Chelsea Boot - Maypearl RamieLadies Remonte D4379 Brown Leather Zip Up Casual Ankle BootsLadies Rieker Knee Length Boots Style 96058-W , Gentleman/Lady Ladies Remonte Stylish Ankle Boots 'D6873' fashion New design International big name , Ladies Rieker Heeled Ankle Boots - 70562 , Men/Women Ladies Remonte Double Zip Boots R3358 Fine processing auction Known for its excellent quality , Men/Women Ladies Rieker Casual Ankle Boots Z4663 wholesale First grade in its class Brand feastLadies Remonte R2278 Brown & Blue Leather Zip Up Smart Ankle BootsLADIES REMONTE R2278 FLAT ZIP UP CASUAL WARM EVERYDAY WINTER ANKLE BOOTS , ORINOCO ART LADIES CLARKS ZIP LEATHER WIDE LOW HEEL CASUAL MID CALF BOOTS SIZE , LORA LANA LADIES CLARKS ZIP UP SQUARE TOE LEATHER HEELED SMART ANKLE BOOTS
    Ladies Leather Remonte Ladies R2278 Brown & Blue Leather Zip & Up Ankle Boots 80ca66a - blurrypron.com>Ladies Leather Remonte Ladies R2278 Brown & Blue Leather Zip & Up Ankle Boots 80ca66a - blurrypron.com
    Chloe Alabama Kid Tall Leather Boots Below the Knee in Grey , H by Hudson Women's Apisi Boot Navy 8 M US / 39 EUMAISON MARGIELA STUNNING Navy Leather Gold glitter Heels Sandal US10 , New I Love Billy Nolo Black&Cream Flo Womens Shoes Casual Boots AnkleDolce and gabbana Ladies shoes black/white Euro 39 , LifeStride Women's Finale Ballet Flat Black 8 M US , Womens RAG & BONE 226667 silver shimmer leather espadrille sz. 35Bellini Women's Cheer Bow Mule Royal Blue/Blue Microsuede Slip-on ShoesPeep Toe Sexy Metallic Ankle Strappy Stilettos Suede Banquet Party Women Shoes , $175 VIA SPIGA WENDY Grey Snake Leather Designer Strappy Espadrille Wedges 7 , Irregular Choice Abigail's Third Party Pink Womens Boots , Ecco Gumba 2 GTX Sneaker - Men's Size 12-12.5, Black , New* Reebok ZPUMP RISE Men's Shoes Sz 12 BASKETBALL STONE CHALK WHITE BLK AQ9506 , NIKE QUEST NAVY SHOES SIZE US 8.5 STREET CASUAL AA7403 400 , PIMD Khaki X-Core V2 Gym Shoes Training Hi Top Boots Bodybuilding MMA Boxing NEWUnder Armour Torch Mens Basketball Shoes 1259013 600 Size 14 Red NIB , (875695-015) MEN'S NIKE AIR MAX 90 ULTRA 2.0 ESSENTIAL BLACK/WHITE/DARK GREYMen's/Women's NIKE AIR ZOOM VOMERO SHOES 922908-600 Many varieties Win highly appreciated Different goods , Men Brand New Nike Air Footscape Woven NM Athletic Fashion Sneakers [875797 002]Nike Lebron XI 11 iD Glow in the Dark Blue Burnt Orange Mint SZ 9 ( 641216-991 ) , Vintage Nike Air Max Penny IV 312455-141 White/Navy/University Blue Size 8.52007 Nike Air Max 97 Premium Anniversary SZ 9.5 Silver Voltage Blue 316088-071 , Biltrite 16" Black Leather Lineman Boots Size 9Volley Hi Leap Women's Blue/Pink Sneakers 8M , Gentleman/Lady Klogs Women's Dusty Gloss Black quality High-quality materials Preferred boutique , Devious Women's Fabulous 3035 Red Crinkle Patent/GlitterVince Camuto Farren Women Black Leather Knee High Boot Size US 5.5 /New , COLUMBIA WOMENS BROWN WATERPROOF WINTER BOOTS SIZE 7US/5UK/38EUCWomen Casual Solid Patent Leather Square Toe Ankle Boots Suede Pull On Shoes New , Bar III Women's Dove Block-Heel Booties Banana Bread Size 8.5 M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ladies Leather Remonte Ladies R2278 Brown & Blue Leather Zip & Up Ankle Boots 80ca66a - 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.

    Ladies Leather Remonte Ladies R2278 Brown & Blue Leather Zip & Up Ankle Boots 80ca66a - 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
    Ladies Leather Remonte Ladies R2278 Brown & Blue Leather Zip & Up Ankle Boots 80ca66a
    Boots
    >
    ;