Never miss an update

Old Gringo Womens Nevada Heavy BootB Nevada Gringo (M)- Pick (M)- SZ/Color. 0383b1b




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: 0888301095877
Style: Causal Brand: Old Gringo
US Shoe Size (Women's): Multiple Variations Model: L2021-4
Size Type: Regular MPN: L2021-4
Material Type: Leather
Never miss an update

Old Gringo Womens Nevada Heavy BootB Nevada Gringo (M)- Pick (M)- SZ/Color. 0383b1b - blurrypron.com

    Old Gringo Womens Nevada Heavy BootB Nevada Gringo (M)- Pick (M)- SZ/Color. 0383b1b
    Old Gringo Womens Nevada Heavy BootB Nevada Gringo (M)- Pick (M)- SZ/Color. 0383b1b
    FRYE Tabitha Harness Short Womens Boot- Choose SZ/Color.FRYE Women's Jenny Plate Short Ankle Boot, Tan, 7 M US , Ariat Womens Ambleside H2O-W H2O Country Boot- Choose SZ/Color. , Nine West 25027481 Womens Calhoun Fashion Boot- Choose SZ/Color. , FRYE Anna Mid Pull On-asv Womens On-ASV Slouch Boot- Choose SZ/Color. , Dan Post DP2914 Bluebird Womens Sanded Copper/Vintage Turquoise Leather 11" BootFrye Womens Melissa Logo Boot- Pick SZ/Color.Twisted X Women's Floral Ruff Stock Cowgirl Boot Square Toe - Wrs0025 , Brunello Cucinelli Womens Brown Leather Chelsea Ankle Boots Sz 39.5/9.5~RTL$1295NEW Tory Burch Blue Leather Fur Shoes boots warm heel 7.5 8 , Ash Womens Jenny Ankle Bootie- Pick SZ/Color.Ariat Women's Quickdraw Work Boot - Choose SZ/Color , Geox D44U1A 0ZA46 C9999 Womens Yeti B ABX Tall Boot 40EU/10 USNew Women Carolina Herrera Leather Gold Hardware shoes Black Boots Flat 9 39 , Ariat Womens Workhog H2O-W H2O Work Boot- Choose SZ/Color. , Donald J Pliner Womens Lark-Hn Engineer Boot- Pick SZ/Color. , FRYE Women's Ellen Buckle Short Western Boot, Black, 9.5 M USGameday Boots Womens Western Alabama Crimson Tide 8 B Brass AL-L127-1 , Ariat Womens Derby Western Cowboy Boot- Pick SZ/Color. , YVES SAINT LAURENT YSL SHOES PLATFORM brown snake 35.5 5.5Ariat Legend Spirit Womens Western Cowboy Boot 7 5E US- Choose SZ/Color. , Josef Seibel 99615-720600 Womens SiennaAnkle Bootie /11-- Choose SZ/Color.New Balenciaga Distressed Open Back Boots Orig.$1015 , Nocona Boots Womens Full Quill Ostrich Boot- Pick SZ/Color. , Dan Post Vintage Bluebird DP3544 Womens Chocolate/Teal Leather Western BootsGentleman/Lady ECCO Women's Abelone Buckle Boot The color is very eye-catching Selected materials VariousYippee Ki Yay by Old Gringo Elton 10" Oryx and Aqua Boots YL004-7Dr. Martens Women's Jadon Daze Fashion Boot Multi Daze 6 Medium UK (8 US) , El Naturalista NE23 Womens Ne23 Yggdrasil Ankle Bootie /- Choose SZ/Color.
    Old Gringo Womens Nevada Heavy BootB Nevada Gringo (M)- Pick (M)- SZ/Color. 0383b1b - blurrypron.com>Old Gringo Womens Nevada Heavy BootB Nevada Gringo (M)- Pick (M)- SZ/Color. 0383b1b - blurrypron.com
    New Anthropologie Farylrobin Womens Dav Black Velvety Fur Ankle Boots Size 6FRYE Womens Carmen 3 Strap Saddle 8 B(M) US , (SALE) SARTORE back belt jockey boots Size 35(K-16667)K-Swiss Men's Arvee 1.5 Leather Trainers, Black , Authentic FENDI Alexane Ankle Boots Navy Leather Sz 36.5/ US 6.5 NEW!Rabbite Fur slippers Fashion Outdoor Sandals Glass Drill Shoes Winter Pink&Black , New~Dansko Professional Leather Clogs Wired Patent Leather~36~ 6Lacoste Natoy 216 Slide Sandal Women's/Leather/Green/Off White/Size:US 8 , Naturalizer Women's Gilly Flat Coffee Size 8.5 IsO0Yoki New Womens Beyonce Rust 6.5 Open Toe Heels ShoesGeox Womens d annya Closed Toe Classic Pumps , Salvatore Ferragamo Beige Tan Leather Pointed Toe Slingback Heels Size 8.5New Cole Haan Effie Sandal Women Green Thong Sandals size 8Ankle Strap Women Shoes Open Toe Slingback Block Flower Print Heel Korean Sandal , New Balance Men's 574 Classics Shoes GreyRara Avis by Iris Apfel Mongolian Fur Booties Wine Color Size Large (9-10) NEWBalance Men's 574v2 Evergreen Lifestyle Sneaker, Black, 10.5 D USNike Mens Roshe One PREM Plus White/Black Running ShoeUnder Armour Men's Speedform Slingwrap Fade Running Shoe - Choose SZ/ColorNike Kobe 10 Elite Low PRM "Race Car" - 805937 901DONALD J PLINER Rand Python Mens Sneakers Shoes Size 7.5 MSRP: $150NEW SPERRY MENS BILLFISH COMFORTABLE WIDE FIT LEATHER BOAT SHOES , Johnston & Murphy Men's Dress Oxford DOBSON CAPLA Black Leather Size 8 MSkechers Breate Easy Fortuneknit Slip-On Women's Shoes Size 6.5Ultra Boost 2.0 Clear Green Size 9.5 WomenScarpa CRUX-W Womens Crux Approach Shoe /- Choose SZ/Color. , Miz Mooz Women's Eggplant Dale Ankle BootEllie Shoes Women's 511-Gwen Motorcycle Boot, Black, 6 US/6 M USBoutique 9 Tranden Riding Boots, Black Leather, 5.5 US DisplayRetro Pointy Toe Carved Rivet Cuban Heel Pull On Women Ankle Chelsea Boots Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Old Gringo Womens Nevada Heavy BootB Nevada Gringo (M)- Pick (M)- SZ/Color. 0383b1b - 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.

    Old Gringo Womens Nevada Heavy BootB Nevada Gringo (M)- Pick (M)- SZ/Color. 0383b1b - 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
    Old Gringo Womens Nevada Heavy BootB Nevada Gringo (M)- Pick (M)- SZ/Color. 0383b1b
    Boots
    >
    ;