Never miss an update

New Leather Dr. Martens Women's Pascal Women's Daze Backhand Leather jayhmarketing-13489 Fashion Boot Size 6 c4f4fd9




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Model: Dr. Martens Pascal
UK Shoe Size (Women's): UK 4 Modified Item: No
Fastening: Lace Up Style: Ankle Boots
Color: Multi-Color Heel Height: Low (3/4 in. to 1 1/2 in.)
Occasion: Casual US Shoe Size (Women's): US 6
Brand: Dr. Martens Material: Leather
Heel Type: Block Width: Medium (B, M)
Never miss an update

New Leather Dr. Martens Women's Pascal Women's Daze Backhand Leather jayhmarketing-13489 Fashion Boot Size 6 c4f4fd9 - blurrypron.com

    New Leather Dr. Martens Women's Pascal Women's Daze Backhand Leather jayhmarketing-13489 Fashion Boot Size 6 c4f4fd9
    New Leather Dr. Martens Women's Pascal Women's Daze Backhand Leather jayhmarketing-13489 Fashion Boot Size 6 c4f4fd9
    Frye Boots 11 Brown Distressed Engineer Boots Made in USAAriat 10018676 Delilah 10" Wide Square Toe Western Cowgirl Fashion Riding BootsHarley Davidson Balsa - Black - WomensGuess Womens Lilla 2 Faux Suede Pointed Toe Dress Boots Shoes BHFO 3251Womens TROTTERS black leather knee high boots sz. 6.5, 7.5 NEW! $275 , Bed Stu Women's Size 9 Brown Cobbler Series Boots Shoes X14-1887 , THE NORTH FACE WOMEN'S SIZE 8 ULTRA GTX SURROUND MID HIKING BOOTS BLACK DEEP SEAMan/Woman Frye Women's Cara Leather Short Boot durable High quality and economy Exquisite processing , Born Women's Trinculo Blue Shark Distressed Boots Suede Leather Booties 6.5MPleaser 6" Stiletto Heel Black Platform Buckle Knee Boots 6 7 8 9 10 11 12 13 14Rachel Comey "Knox" Ankle Boots, Port Wine/Nude Brown Size 7M, New in Box!!Merrell Black Leather Chateau Tall Pull Waterproof Snow Boot J45526 Women's 7Women's Shoes Dr. Martens Pascal 8 Eye Boots 13512411 Cherry Red Virginia *New* , Stuart Weitzman Metermaid Pink Combat Ankle Bootie Size 9M E589Merrell Black Leather Chateau Tall Pull Waterproof Snow Boot J45526 Women's 6.5sz 7.5 NEW FRYE women's ankle boots double zip Brown cognac Leather , MAISON MARTIN MARGIELA LINE 22 brown leather booties ankle boots 38.5 , Womens VIA SPIGA IDELISSA Black Leather Knee High Boots Sz. 8 , ORIGINAL TARYN ROSE Size 7 Black Soft Leather Ankle Boots 37 , Laredo Women's Sofia Cowgirl Boot 51116 , Dansko Liberty Saddle Burnished Nappa Leather Cut Out Ankle Boot NEW EU Size 40Women's Bogs Neo-Classic Tall Linen Insulated Farm Boots 72253 Sizes 6 - 11Fly London Stay Brick Womens combat biker buckle Boots US 6.5-7VINCE CAMUTO Womens 'Kriton' Black Leather Knee High Boots Sz 6 M NEW! 229127Dolce Vita Urban Bootie in Tan Nubuck - Brand New with Box , Women's TAHARI RICKY 228894 black leather tall boots sz. 6.5TUFFRIDER Women 10-W Black Leather Tall Equestrian Field Riding Boots W/Spurs , Gentleman/Lady Laredo Women Leather Kadi Tan (5742) durability Carefully selected materials Human borderCorral Women's Tan & Light Brown Tooled Shortie Boot Q5022
    New Leather Dr. Martens Women's Pascal Women's Daze Backhand Leather jayhmarketing-13489 Fashion Boot Size 6 c4f4fd9 - blurrypron.com>New Leather Dr. Martens Women's Pascal Women's Daze Backhand Leather jayhmarketing-13489 Fashion Boot Size 6 c4f4fd9 - blurrypron.com
    Via Spiga Ibis Burgundy Pointy Toe Ankle Boot Size 6 , Giuseppe zanotti HIGH HEEL Nubuck Frontzip BROWN ANKLE BOOTS US 9 , Diesel Happy Hours S-Aarrow Red Black Mens Suede Trainers , Demonia Slay-205 Black Fringe 7" Platform Boots - Gothic,Goth,Punk,Black,Buckle*BRAND NEW* WOMENS SIZE 12 HEELS !!! SEXY HEELS !!! SIZE 12 !! , Gentleman/Lady Steve Madden Women's Audriana Ballet Flat Exquisite (middle) workmanship Make full use of materials professional design , Anne Klein Sport Women's Able Fabric Ballet FlatCOLE HAAN Gramercy Wingtop Oxford II Blue Shimmer sz 6B WOMEN'S , Ladies Clarks Casual Brogue Style Shoes - Teadale MairaCole Haan Effie Womens CH Gunmetal Leather Jewel Thong Fashion Sandals size 10 , samples shoes BALLERINE OSIRIS LOVELY BLACK WHITE WOMEN , Ladies Clarks High Heel Softwear Court Shoes Anika Kendra , Womens shoes pink pointed toe high heel party stiletto tassels angel wings shoes , Giuseppe Zanotti Cream Braided Patent Leather Embellished Sandals SZ 37Vince Faye Black Womens Shoes Size 10 M Boots MSRP $395 , FitFlop Women's Linny Toe-Thong Sandals-Leather Wedge Black 8 M US , adidas Men's CF Ilation 2.0 4E- Choose SZ/Color , Asics Gel-Nimbus 19 Men's Size 11.5 Black Running Athletic Shoes X14-742New Balance 530 90s Running White/Blue-Yellow M530WBY Men's SZ 8.5 , ADIDAS YEEZY BOOST 350 V2 OREO US 8.5 BLACK WHITE V1 2016 GENUINE CHALKDemonia Unisex Trashville-502 Platform Knee Boot Black 9New Polo Ralph Lauren Men's Vaughn Ripstop Fashion Sneaker in Navy Size: 9Skechers Size 11.5 White Leather Sneakers New Mens Shoes , NIKE Lunar Force 1/Acronym 17 Mens Trainers Aj6247 Sneakers ShoesECCO Golf Biom Hybrid 2 Golf Shoes, Women's Size 9-9.5, Grey/Purple (Damaged) , NIKE JORDAN 1 FLIGHT 4 PREM PREMIUM BG Womens 6 (4.5Y) Black Red 828237 060 NEWMan/Woman ASTRAL CUIR SOFT NOIR Diverse new design New style a wide variety of goodsBalance Womens WX608v4 Training Shoe, Black, 8.5 D US , adidas CM8361 Womens Adizero Adios 3 Running Shoe- Choose SZ/Color. , Womens Nike Air Max 98 AH6799-106 Sail/Radiant Emerald Brand New Size 6.5 / 8 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Leather Dr. Martens Women's Pascal Women's Daze Backhand Leather jayhmarketing-13489 Fashion Boot Size 6 c4f4fd9 - 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 Leather Dr. Martens Women's Pascal Women's Daze Backhand Leather jayhmarketing-13489 Fashion Boot Size 6 c4f4fd9 - 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 Leather Dr. Martens Women's Pascal Women's Daze Backhand Leather jayhmarketing-13489 Fashion Boot Size 6 c4f4fd9
    Boots
    >
    ;