Never miss an update

Skechers BOBS Womens BOBS b Love Flat- Flat- Select SZ Select/Color. 9b986bf




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
UPC: 0190872699621
Style: Causal Brand: Skechers
US Shoe Size (Women's): Multiple Variations Model: 31381
Size Type: Regular MPN: 31381
Never miss an update

Skechers BOBS Womens BOBS b Love Flat- Flat- Select SZ Select/Color. 9b986bf - blurrypron.com

    Skechers BOBS Womens BOBS b Love Flat- Flat- Select SZ Select/Color. 9b986bf
    Skechers BOBS Womens BOBS b Love Flat- Flat- Select SZ Select/Color. 9b986bf
    Cole Haan D43342 Trillby Driver Champagne Gold Metallic Leather Loafer Size 5.5COLE HAAN women Pinch Grand Tassel PENNY LOAFER SHOES Slip On Moccasin GOLD 6 BStewart Weitzman Women's 7.5 M Beige Suede Gold Studded Slip On Loafer Spain New , Mr/Ms Aperlai Double Bow Slip-On Mule, 36 New Listing Comfortable touch The first batch of customers' comprehensive specificationsVINCE MELSON Python- Embossed Skate Sneakers Womens SOLD OUT SZ 9.5 NEWWomens Fly London Shoes MACO833FLY Nobu/Pate Black Medium Width $150 RetailDrew Womens Mary Janes sz 9.5 WW Delite Barefoot Freedom Grey Nubuck Shoes MO6x$295 NEW Alice and Olivia Reese Espadrilles sz 37.5 / 7 Polka Dot Flat ShoesWomens Fly London Shoes MACO833FLY Nobu/Pate Bordeaux Medium Width $150 Retail , M4D3 MAGE SUPER Black Glitter Suede SNEAKER, Free People, Women's Size US 6.5M , Man/Woman Apex 8 Wide Brown Women's Shoes service First batch of customers Selling new productsWomen's Kenneth Cole Reaction Bright Sky Penny Loafers , AQUA ROC- 202 Black Leather Designer Flats Sandals 7.5 M , New DIANE VON FURSTENBERG Beige Fur Ballet Flats Shoes 8 M , New! Cole Haan Shelby Ch.Logo II Women US 7 OATMILK SNAKE PRINT , Bernie Mev Mid Axis Jeans Blue Woven Ankle Booties Flats Shoes Sneakers 37 7Gentlemen/Ladies TOD'S BLACK Leather Flat Shoes 9.5 Online Shopping Excellent performance Preferential price , Steve Madden Zaander Women's Metallic Slip On Leather Sneaker Sz 8M 5084 , TORY BURCH Reva Ballet Snake Print Flats Gold Medallion Women’s 5.5 us , Sam Edelman Rexley Third Eye Beaded Ankle Strap Gray Silk Womens Flats Sz 10.5MMan/Woman Dansko XP 41W Fine workmanship Attractive fashion Very good colorPropet Women's Oprah Taupe Oxford Shoe US Size 9.5MGentlemen/Ladies Paul Green 6.5 Brown Oxford Women's High-quality special promotion Famous storePatricia Green Collection Penelope Cobalt Blue Suede Flat, Size 11TORY BURCH 226959 flash printed leather slip on fashion sneakers sz. 10 MSHELLYS LONDON Womens 'Jack' Pewter Glittery Metallic Platform Oxfords Sz 39BIRKI’S BY BIRKENSTOCK CAMDEN TEXTURED BLUE WOMEN'S US 6N (4900) , Sesto Meucci Womens 1440-PO Espadrille Flat Loafer Shoes, Gold Fabric, US 7 , Black Suede Leather Flats loafers Tapeet Vicini Size 37 ,
    Skechers BOBS Womens BOBS b Love Flat- Flat- Select SZ Select/Color. 9b986bf - blurrypron.com>Skechers BOBS Womens BOBS b Love Flat- Flat- Select SZ Select/Color. 9b986bf - blurrypron.com
    Boot Johnston & Murphy Rochelle Brown Suede , Newrock 591 S15 Camouflage Flame Metallic Black Leather Biker Goth BootMen/Women nine west boots 7 Reliable quality Cheaper than the price Global salesNew Vionic Womens Comfortable Orthotic Samoa Slide Sandals , White Mountain Womens ALFRESCO Fabric Closed Toe, OffWhite/Black, Size 7.5French Sole Womens jigsaw Leather Closed Toe Ballet Flats, MultiColor, Size 8.0Clarks Women's Step Maro Sand Boat Shoe Deep Fuchsia Textile Loafers , NEW VALENTINO POUDRE LEATHER STARDUST CRYSTAL ROCKSTUD BALLERINA FLAT SHOES 39 , Easy Spirit Karalisa wedge pumps mary janes navy blue sz 9 WIDE New , Women Round Toe Preppy Flat Chunky Heel Loafer Fashion Spring SHoes 2018 34-39 , L.A.M.B Women's Shoes Gray Leather Court Heels Size 10 M NEW! RTL $366 , Pleaser 4 1/2" Heel, 3/4" Hidden PF Maryjane Pump Adult Women High Heels Blk Pat , Nine West Women's Querrey Leather Heeled Sandal - Choose SZ/ColorCESARE PACIOTTI SHOES,SIZE 39.5 NEW IN BOX MADE IN ITALY,RARE , Franco Sarto Women's Gem Dress Sandal - Choose SZ/ColorRivieras Jean - comfy airy Unisex Slipper Shoes Half-shoe Loafer men women- NEW , adidas Tubular Nova Primeknit BB8410 Mens Trainers~Originals~to 12 Only , Saucony Men's Guide ISO NIB Size 11.5 Grey/Denim/Copper S20415-30 Running shoeUnder Armour Hovr Sonic Men's Pierce/Elemental/Black 20978600Rocky Men's S2V 103 Sage Green Work BootsCole Haan Men's Leather Dalton 2 Gore Dark Brown Slip On Shoes 11M US - C12080 , Stacy Adams Men's Elston Bicycle-Toe Slip-On Black Leather , Men's/Women's Diadora V7000 USA in Chili Pepper Best-selling worldwide Online Maintenance capabilityTestoni Basic Men's Sz 11.5 Black Leather Slip On Casual Dress Penny Loafer ShoeMerrell Men's Terrant Slide Sandal - Choose SZ/Color , Mizuno Wave Aero 12 W Black Pink Womens Cushion Running Shoes J1GD143565 , TEVA ARROWOOD MID WATERPROOF WOMEN SHOSES PRAIRIE SAND US 7 ///JP 24 , NIKE W Nike Zoom All Out Low 2 AJ0036-202 LIGHT CREAM Size 6 , *** Pleaser Delight-1027 black patent stiletto ankle buckled platform boots 8$170 ECCO TOUCH 75B BLACK LOW CUT ZIP LEATHER ANKLE BOOT SZ / US 10M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers BOBS Womens BOBS b Love Flat- Flat- Select SZ Select/Color. 9b986bf - 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.

    Skechers BOBS Womens BOBS b Love Flat- Flat- Select SZ Select/Color. 9b986bf - 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
    Skechers BOBS Womens BOBS b Love Flat- Flat- Select SZ Select/Color. 9b986bf
    Flats
    >
    ;