Never miss an update

NEW PRADA BROGUE CURRENT BLACK BLACK LEATHER BROGUE CREEPER NEW WING TIP OXFORD SHOES 8.5 e07bf57




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: PRADA
Color: Black US Shoe Size (Men's): 9.5
Occasion: Formal Width: Medium (D, M)
Pattern: BROGUE Style: Oxfords
Country/Region of Manufacture: Italy Material: Leather
UPC: Does not apply
Never miss an update

NEW PRADA BROGUE CURRENT BLACK BLACK LEATHER BROGUE CREEPER NEW WING TIP OXFORD SHOES 8.5 e07bf57 - blurrypron.com

    NEW PRADA BROGUE CURRENT BLACK BLACK LEATHER BROGUE CREEPER NEW WING TIP OXFORD SHOES 8.5 e07bf57
    NEW PRADA BROGUE CURRENT BLACK BLACK LEATHER BROGUE CREEPER NEW WING TIP OXFORD SHOES 8.5 e07bf57
    MAISON MARTIN MARGIELA Swarovski Distressed Crystals Size 41.5 8.5 New , Giuseppe Zanotti Mens Gray Foxy London Suede Patent Leather Mid-Top Sneaker 7 , Lucasarts Lucien Piccard Mens Optima Stainless Steel Automatic Watch W/ BlackBUSCEMI Men's Shoes Sneakers Blu Oceano Deep Blue Ocean Gold 100MM Handmade ITA , BALENCIAGA ARENA MENS SHINY EFFECT ALL BLACK HIGH TOP SNEAKERS SHOES SIZE 11.5DIOR $1200 men's shoes sneakers 男鞋 NEW 100%AUTENTICH MADE IN ITALY ps16us , DOLCE&GABBANA MEN'S LOAFERS MOCCASINS NEW BLACK 577Men's Prada Shoes Calzature Uomo Gray & Red Patent Leather Sz 9 w/ Box Worn Once , asics Japan Onitsuka Tiger MEXICO 66 DELUXE TH938L Navy X white , 100% AUTH RARE HERMES PARIS white & blue leather Low Sneakers MENS Shoes SZ 41Neil Barrett 472 Silver SBreaker Perforated High Top Sneakers silver - mens 44100% AUTH NEW MEN CHRISTIAN LOUBOUTIN NEOCADAQUES CHUKKA ESPADRILLE /US 8TOD'S MEN'S LEATHER LOAFERS MOCCASINS NEW MORSETTO CLUB GOMMINI 122 MARR D15DSQUARED2 DSQUARED SNEAKERS SIZE 43 MADE IN ITALY INSOLE 29CM , RICK OWENS Mens Distressed Black Suede Dunk Sneaker Boots Pony High Top 44 US 11Mens Brown Prada Crocodile Shoes Loafers Sz 10 UK / 11 US Made In ITALY , Common Projects Men's Original Achilles Low Neutrals Sneakers Shoe Size 42 / 9BALLY Loafers Plator 11 Leather Brown Penny 6216723 Mens Authentic 4727743 , Aldwych Oxford - Mahogany Burnished Leather LoakeNEW Jimmy Choo Black Leather Stars Slip-On Sneakers Sz 9.5 Mens () , $1075 BRIONI Limited Edition Pony Hair Trim Sneakers Shoes 13 US 46 Euro 12 UKBuscemi 100MM Sneaker Black Size 10/ 43NEW CHRISTIAN LOUBOUTIN Louis Junior Spikes Flat Rosa Pink Sneaker Shoe EU41 US9TAG Heuer Men's WAZ1112.BA0875 Formula 1 Stainless Steel Watch , Christian Louboutin Lou Pik Pik Orlato Flat 40.5 , ALPINE NAVY BLU PREMIUM LEATHER DERBY BROGUE BIKER BOOTS 10.5 BY GRENSON ENGLAND , 2012 Nike Brand Air Jordan 4 Retro Thunder black yellow 308497 008 - mens US10.5 , BRUNELLO CUCINELLI low top brown sneakers - Size 7.5 US / 40.5 EU / 6.5 UKDOLCE & GABBANA High-Top Zip-Up Sneakers Black Made in Italy Sneaker Shoes 04642 ,
    NEW PRADA BROGUE CURRENT BLACK BLACK LEATHER BROGUE CREEPER NEW WING TIP OXFORD SHOES 8.5 e07bf57 - blurrypron.com>NEW PRADA BROGUE CURRENT BLACK BLACK LEATHER BROGUE CREEPER NEW WING TIP OXFORD SHOES 8.5 e07bf57 - blurrypron.com
    US size 10 ladies black nubuck leather MEPHISTO boots shoesCHRISTIAN DIOR Black leather quilted strappy buckled biker boots size 7.5 (37.5) , Boulet Puma Madera West Turqueza Inlay Cowgirl Boot - Snip Toe - 4622Clarks Ladies Ankle Boot Money Whistle Black Leather D Fitt X 8 (GO) , Escarpins Confort Large BÄR COLAM (JB RODDE) Cuir Noir Fr 37,5 ETAT NEUFMr/Ms Pleaser FEARLESS-701 Moderate price Beautiful Exquisite (processing) processing , Skechers Cali Women's Meditation Slingback Yoga Flip-Flop - Choose SZ/ColorNikken Cardiostrides - Weighted Shoes - White High Top - Size 7 , NEW Nike Air Python Premium Snakeskin Shoes 705066-201 Mens Size 8.5 White Brown , Nike Air Range WP II White Photo Blue Neutral Grey flywire 533093-100 , Gentlemen/Ladies nike shoes economic Price reduction Fair price , Converse All Star Hi Navy Blue/White High Chuck Taylor All NEW , Nike Air Max 93 Watermelon Mens 306551-105 White Crimson Green Shoes Size 8VANS EPOCH 94 PRO FA F*CKING AWESOME BLACK WHITE AUTHENTIC ERA S VN0A3A7LNJA 9.5 , 8941 NIKE TENNIS CLASSIC AC/SP FRAGMENT black US9.5 , NIKE AIR JORDAN 1 RETRO HIGH OG SAIL UNIVERSITY RED WHITE 555088-114 bred shadow , JACK PYKE FIELDMAN WATERPROOF BREATHABLE WALKING HIKING BOOT SHOE , Rocky Men's 5'' Worksmart Composite Toe Waterproof Work Boots , adidas Originals ZX 5000 RSPN Response Blue Yellow Mens Running Shoes B24830Keen Men's Austin Gargoyle Neutral Gray Shoes 1016828 , men's shoes INVICTA 11 () sneakers blue suede textile AB63-FHandmade Men Wrap Around Monk Leather Boot Men Stylish Genuine Leather Boot MenNike Runallday Womens 898484-019 Black White Mesh Running Shoes Wmns Size 7.5women's shoes MBT 6 / 6,5 () sneakers purple textile dynamic BT22-37WMNS NIKE FREE TR 8 NAVY / WHITE TRAINING SHOES WOMEN'S SELECT YOUR SIZEWomen Bright Patent Leather Knee High Boots Stiletto Pointed Toe Party Pumps NEW , Bamboo Womens immerse Closed Toe Knee High Fashion Boots CHNCRP Size 7.5Marc Jacobs Red Leather Women's Mid Calf Boots SZ 7 1/2 MPour la Victoire Winonacl Leather Boots, size 9.5 () , SPRING STEP TAPESTRY Womens Leather Boots Brown Euro 35, US 5M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW PRADA BROGUE CURRENT BLACK BLACK LEATHER BROGUE CREEPER NEW WING TIP OXFORD SHOES 8.5 e07bf57 - 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.

    NEW PRADA BROGUE CURRENT BLACK BLACK LEATHER BROGUE CREEPER NEW WING TIP OXFORD SHOES 8.5 e07bf57 - 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
    NEW PRADA BROGUE CURRENT BLACK BLACK LEATHER BROGUE CREEPER NEW WING TIP OXFORD SHOES 8.5 e07bf57
    Dress Shoes
    >
    ;