Never miss an update

YEEZY SEASON 29033 4 by by mogochinese-29039 Kanye West WOMEN BAT STRETCH CANVAS THIGH HIGH BOOTS KW3005058 2118fb5




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
Modified Item: No
Material: Canvas Country/Region of Manufacture: Italy
Features: Stretch Style: Boots
Color: Bat Black Boot Shaft Height: Thigh-High
Brand: Yeezy
Never miss an update

YEEZY SEASON 29033 4 by by mogochinese-29039 Kanye West WOMEN BAT STRETCH CANVAS THIGH HIGH BOOTS KW3005058 2118fb5 - blurrypron.com

    YEEZY SEASON 29033 4 by by mogochinese-29039 Kanye West WOMEN BAT STRETCH CANVAS THIGH HIGH BOOTS KW3005058 2118fb5
    YEEZY SEASON 29033 4 by by mogochinese-29039 Kanye West WOMEN BAT STRETCH CANVAS THIGH HIGH BOOTS KW3005058 2118fb5
    Alaia Embroidered suede ankle boots Size 36.5 new in box , Vetements Light Blue elastic Boots with Lighter Heel Size US 9 -Prada Boots Brown Knee High Classic (size US 9.5)Christian Louboutin Purple Suede Belfeconica Flame Ankle Booties UK5 EU38 US7.5 , BN ALEXANDER WANG 'kirby leather ankle boots' black smooth silver high heels 37*** BALENCIAGA - Talon Mirrored Silver Leather Ankle Boots 38Vetements Black Leather ‘Lighter’ Boots Size 36 , Authentic Gianmarco Lorenzi New Leather Italian Designer Boots Sizes 9,10 , Dolce&Gabbana women's italian fashion ankle boots in black calf leather , Lucchese Bootmaker Womens N4554-54 Chocolate Burnished Mad Dog Goat Cowboy Boots , Gianvito Rossi Nappa Leather Stiletto Over The Knee Thigh Boots EU38.5/39 $1,760BNIB RARE GUIDI LEATHER DISTRESSED HIKING BROWN BOOTS CALF FUR LINING sz 37EUPRADA WOMAN WINTER HIGH KNEE BOOT LEATHER CODE 1WP044AUTHENTIC CHRISTIAN LOUBOUTIN BACK ZIP POINTED TOE LONG BOOTS GRADE A USED -ATGIVENCHY women shoes Red leather ankle boot straps buckles studs BE08143124600CHRISTIAN LOUBOUTIN Black Leather Studded Marisa Boots Sz 36.5 US 6.5New in Box Sergio Rossi Ladies Black & Gold Leather Ankle Boot A78931 , Giuseppe Zanotti Women's Studded Platform Ankle Bootie 8.5 US/ 5.5 UK / 38.5 EUDOLCE & GABBANA RUNWAY Flat Studded Over the Knee Nappa Boots RODEO Black 04841 , FREE SHIPPING AUTHENTIC CHRISTIAN DIOR LEATHER DISTRESSED COWBOY BOOTSFENDI FENDISTA PLATFORM BOOT SIZE 38 GRAY BLACK LEATHER EEUC , 53301 auth ETRO brown suede & leather EMBROIDERED Mid-Calf Boots Shoes 38Stuart Weitzman Womens Alljack Suede Block Heel Boot Black Suede Knee High Boots , DOLCE & GABBANA Nappa Patent Leather Snakeskin Ankle Boots VALLY Green 05991Stuart Weitzman Women's Cling Stocking Bootie in Suede Scarlet Suede Ankle Boots , NEW rare Maison Margiela Tabi silver sequin mirror boots split toe EU38Lucchese Bootmaker Women's Dolly 5 Toe Cowboy Boot Barnwood Burnished Ostrich , Tod's women's chelsea boots in brown patent leather made in ItalyNIB Jimmy Choo Green Mendez Ankle Boots $895 - 39.5
    YEEZY SEASON 29033 4 by by mogochinese-29039 Kanye West WOMEN BAT STRETCH CANVAS THIGH HIGH BOOTS KW3005058 2118fb5 - blurrypron.com>YEEZY SEASON 29033 4 by by mogochinese-29039 Kanye West WOMEN BAT STRETCH CANVAS THIGH HIGH BOOTS KW3005058 2118fb5 - blurrypron.com
    DAN POST Black Invy Western Snip Toe Leather Suede Studs Boot DP3582 WOMEN 6.5 MFENTY PUMA by Rihanna Eskiva Over the Knee Boot Black Satin , Men's/Women's Old Gringo Women's Lucky Western Boot Good world reputation First grade in its class high quality productMan/Woman Scholl Ballina Mens Black/Blue/White use Clearance Fashion versatile shoes , Gentlemen/Ladies REEF VOYAGE LE SANDAL Comfortable feeling the most economical Extreme speed logistics , Fitflop Superskate Slip On Mule Shimmer Twill Black Gold Ladies Flat Shoes Sz 9BURBERRY Burgundy Patent Leather Ankle Boots, US 6 , Eric Michael Serena Slip On Shoes - Women's Size 11.5, NavyNine West Womens Outnow Synthetic Ballet Flat- Pick SZ/Color. , Man/Woman Heel Comfortiva Tilly Merlot New product Let our products go to the world Modern and elegantWomen Cross Strappy Faux Suede Sandals Vogue High Heel Slingbacks Shoes Stiletts , Antonio Melani Silver Leather Front Beads Open Peep Toe Heel Platform Size 7.5M , Korea Women Work Pumps Sandals Loafers Slip On Casual Fashion Real Leather Shoes , Tahari Women's TA-Parlor Pump, Black Patent, Size 9.5Man/Woman Prada Black Pumps Size 10 Special purchase Pleasant appearance Great choice , Propet Women's TravelWalker Slip-On Red Stretch Mesh Walking ShoesMen/Women JILLSTUART Shoes 646594 Black 23.5cm Complete specification Pleasant appearance Acknowledgement feedback , Nike Roshe One KJCRD 777429 011 Mens Trainers sneakers CLEARANCE , NEW NIKE ZOOM = SIZE 14 = HYPERREV MENS BASKETBALL SHOES 643301-005New FILA Mens FILAVENOM 94 HERITAGE WHITE / RED FS1HTA3031X US M 7-10 TAKSE , Reebok Men's OSR Harmony Road Running Shoe - Choose SZ/Color , Polo Ralph Lauren Shoes Harold Canvas Gray/Black Sneakers Size 7.5 , New Aquatalia Mens Xavier Nut Loafers Size 7 , MERRELL Vapor Glove 3 Luna LTR Barefoot Sneakers Athletic Trainers Shoes Mens , NEW Maison Margiela Perforated White Leather High Top Sneakers Sz 13 46 EURDonald J Pliner Dacio2-M3 Black Mesh Loafers with Bit Made in ItalyNike Womens Metcon 3 Reflect Training Shoes 922881-100 Multiple Sizes , Women's Nike Air Max 90 Ultra 2.0 Ease White/Dust/Solar Red/Black AO1520 101 , Man's/Woman's REPORT Ronan Women Booties (8.5M, Tan) Ideal gift for all occasions Fine art British temperamentWomen Stiletto High Heel Side Zipper Pointy Toe Plaid Ankle Boots Occident Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    YEEZY SEASON 29033 4 by by mogochinese-29039 Kanye West WOMEN BAT STRETCH CANVAS THIGH HIGH BOOTS KW3005058 2118fb5 - 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.

    YEEZY SEASON 29033 4 by by mogochinese-29039 Kanye West WOMEN BAT STRETCH CANVAS THIGH HIGH BOOTS KW3005058 2118fb5 - 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
    YEEZY SEASON 29033 4 by by mogochinese-29039 Kanye West WOMEN BAT STRETCH CANVAS THIGH HIGH BOOTS KW3005058 2118fb5
    Boots
    >
    ;