Never miss an update

Man/Woman Pleaser SEDUCE-3050 SEDUCE-3050 Elegant Man/Woman shape 21213 discount price negotiation b023d2d




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: Pleaser
Never miss an update

Man/Woman Pleaser SEDUCE-3050 SEDUCE-3050 Elegant Man/Woman shape 21213 discount price negotiation b023d2d - blurrypron.com

    Man/Woman Pleaser SEDUCE-3050 SEDUCE-3050 Elegant Man/Woman shape 21213 discount price negotiation b023d2d
    Man/Woman Pleaser SEDUCE-3050 SEDUCE-3050 Elegant Man/Woman shape 21213 discount price negotiation b023d2d
    Versace 19.69 G02 VELOUR SABBIA boots Women's Beige AUMen/Women Pleaser ADORE-2000 Excellent craft Comfortable touch Good qualityGentlemen/Ladies Pleaser ADORE-2024RSF Many styles Skilled manufacturing Exquisite workmanshipMade in Italia Shoes Woman Ankle Boots trendy Classic Black 73880 Cool BDXGentlemen/Ladies Bordello TEMPT-126 Various goods low cost Speed ​​refund , Hot Chic Ladies Leather Over The Thigh Boots Pointy Toe Stiletto High Heel ShoesVersace 19.69 G02 VELOUR NERO boots Women's Black AUVersace 19.69 P51 PASHA NERO boots Women's Black AUPadders Ladies Waterproof Ankle Boots - JourneyMen's/Women's Demonia CRAMPS-202 elegant a wide range of products Very good color , Tommy Hilfiger Material Mix Rain Womens Midnight Navy Chelsea Boots - 41 EUMade in Italia Shoes Women Boots Black 82880 BDT ORIGINAL , Men's/Women's Demonia STOMP-18 Queensland Skilled manufacturing Vintage tide shoesAngel Wing Leather Boots, Size 9, Brown Leather Cowboy Boots, Leather BootsGentlemen/Ladies Pleaser ADORE-3063 Clearance price product quality VariousMade in Italia woman's Shoes Boots Grey side zip new buckle 82874 moda1 ORIGINALGentlemen/Ladies Pleaser FLAMINGO-1017SRS durability comfortability Complete specificationsLadies Slate Grey Leather Wide Harley Davidson Biker Boots Cyndie , Man/Woman Ladies Toggi Riding Boots - Cayman Fashion pattern Won highly appreciated and widely trusted at home and abroad high quality product , Womens Office Ava Heeled Boots BLACK LEATHER Boots , Versace 19.69 B1578 VELOUR TAUPE boots Women's Taupe AU , Clarks Ladies Knee High Wedge Boots 'Hazen Madison'Gentleman/Lady Demonia GRIP-103 sell Elegant and sturdy packaging Outstanding style , Fontana 2.0 Shoes Women Ankle boots Brown 83099 moda1 ORIGINAL , Ralph Lauren Leather Ankle Boots sz IT37.5 New - RRP$1195 , Fontana 2.0 Shoes Women Ankle boots Grey 83096 moda1 ORIGINALLADIES DARK BROWN HI-TEC OUTDOOR RUBBER BOOTS SIZE 6 UK , Womens Merrell Walking Boots - White Pine Mid Vent WTPF J09558SAX CHAUSSURE LEATHER mod. SAX colour black ,
    Man/Woman Pleaser SEDUCE-3050 SEDUCE-3050 Elegant Man/Woman shape 21213 discount price negotiation b023d2d - blurrypron.com>Man/Woman Pleaser SEDUCE-3050 SEDUCE-3050 Elegant Man/Woman shape 21213 discount price negotiation b023d2d - blurrypron.com
    Vintage England Dr Martens 1420 20 Eyelet Womens Tall Black Boots 8 US 6 UK , NEW JEFFREY CAMPBELL BROWN OAKMONT OVER THE KNEE SUEDE BOOTS US 7Vivenne Westwood Strappy Ankle Booties Open Toe New NIB 8Ilse Jacobsen Women's Rub 2 Deep Red Knee High BootsFORMA BOOTS URBAN TECHNICAL SHOES EDGE MOTORRAD BLACK TG 36-47 TRACK RACE , BRAND NEW Yeezy Boost 350 v2 white US8.5 SOLD OUT ONLINE , Birkenstock Women's Pasadena Shoe Navy Style 1009842,Skechers 48896W Womens Cleo Sincere Wide Ballet Flat- Choose SZ/Color.ELLIE Shoes Strappy Sandal Open Toe Platform Ankle Heels Buckles 609-UNA BlackPRADA - Ivory White Leather Platform Heels Slide Strappy Buckled Sandals 7.5 38 , Mr/Ms Jimmy Choo Selina 65 Glitter Sandal Outstanding features Make full use of materials Beautiful and charming , New Balance 410V5 Running Sneakers Mens Trail ShoesADIDAS ORIGINALS HACKMORE TRE-FOIL HIGH/HI TOP BLUE/YELLOW/RED/BLACK mens SHOESConverse Chuck Taylor All Star Hi Unisex Shoes White/Red/Blue 159639FAdidas Men's James Harden Size 10 Volume Vol. B/E 2 Basketball Shoes New Blackmens Tony Lama lizard exotic leather cowboy western boots black label size 11VANS CLASSIC SLIP-ON BLACK/BLACK CHECKERBOARD CASUAL CANVAS LOAFERS US MEN SIZESDockers Mens Norwalk Leather Casual Fashion Sneaker Shoe - Choose SZ/ColorPaul Stuart Mens Tan & Cream Suede Oxfords Size 10Handmade Men Leather Shoe Men Formal Shoe Men Dress Shoe Men Real Leather ShoeNETTLETON MENS BROWN LEATHER BROGUE CAP TOE DERBY DRESS SHOES SIZE 10.5 M 588892New Mens Leather Buckle Pointed Toe slip on Business Formal Dress casual Shoes , GORDON RUSH BROWN DRESS MEN'S SHOES SZ 8.5 MADE IN ITALYNike Flex Supreme TR 5 Women's Training Shoes Dark Grey 852467003 Size 8,5 , BURNETIE Red Wine Leather Swag High Top Sneakers Size US 8 NEW , adidas Edge Lux W Pink White Women Running Shoes Sneakers Trainers B49628 , NEW Nike Womens Air Zoom Wildhorse 3 Trail Running Purple 749337-501 Size 12 , NIKE ZOOM FIT AGILITY WOMAN SIZE 12.0 SOAR 684984 402 RARE NEW RUNNING , New Balance WRL247SW B 247 Orange White Women Running Shoes Sneakers WRL247SWB , Women Ankle Feather Edge Boots Zipper Pointed Toe Suede High Stiletto Heel Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man/Woman Pleaser SEDUCE-3050 SEDUCE-3050 Elegant Man/Woman shape 21213 discount price negotiation b023d2d - 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.

    Man/Woman Pleaser SEDUCE-3050 SEDUCE-3050 Elegant Man/Woman shape 21213 discount price negotiation b023d2d - 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
    Man/Woman Pleaser SEDUCE-3050 SEDUCE-3050 Elegant Man/Woman shape 21213 discount price negotiation b023d2d
    Boots
    >
    ;