Never miss an update

KEEN Woman's WEDGE ZIP US 8 Woman's Ankle mogochinese-28922 Boot 8 Brindle 9810239




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: KEEN
Material: Oiled Leather Style: Ankle Boots
Pattern: Solid US Shoe Size (Women's): 8
Occasion: Casual Width: Medium (B, M)
Fastening: Zip Color: Brown
Heel Type: Wedge Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Shade: Brindle UPC: 887194745036
Never miss an update

KEEN Woman's WEDGE ZIP US 8 Woman's Ankle mogochinese-28922 Boot 8 Brindle 9810239 - blurrypron.com

    KEEN Woman's WEDGE ZIP US 8 Woman's Ankle mogochinese-28922 Boot 8 Brindle 9810239
    KEEN Woman's WEDGE ZIP US 8 Woman's Ankle mogochinese-28922 Boot 8 Brindle 9810239
    NIB HUNTER Navy Original Tall Back Adjustable Rain Boots Size US 10Anthropologie Kelsi Dagger Brooklyn Leather Booties Size 8NIB HUNTER Graphite Original Tall Gloss Rain Boots Shoes Size US 6 , AS98 BALTIMORA 597203 Women`s Boots NEW Blue Size 10Awesome Vintage Animal Exotic Brand Genuine Python Cowboy Boots NEW! VERY RARE , Dolce Vita Womens Ohanna Over-the-Knee Boot - Saddle Suede Size 6 NWDNew $328 BIRKENSTOCK Danbury Shearling Lined Boots 41 10 , Versace 19.69 3104098 VERNICE AMARANTO boots Women's Multicolor US , NIB Anthropologie rust Suede Ruffled Side Zipper Ankle Boots 38 / 7.5TALL COGNAC WESTERN RIDING BOOTS WHIP STITCH WOMEN SIZE 10 B BY BCBG MAXAZRIAVINTAGE DOC DR. MARTENS BOOTS ~ US 6 - 6.5 Brown MustardZARA BLACK FLAT LEATHER ANKLE BOOT WITH CHAIN DETAIL SIZE: US 8 , AS98 Women`s Biker Boots NEW Black Size 9 , HOGL BOOTS 6.5 Black Leather Boots Size 4 UK US 6.5 HOGL SHEARLING BOOTS 6.5Santana Canada Black Italian Leather Knee High Waterproof Boots Size 8 MFrye Jayden Boots Button Back Brown Leather Riding Stretch Calf Women's Size 8NIB HUNTER Hunter Green Original Tall Back Adjustable Rain Boots US 10 UK8 , Gentlemen/Ladies Womens Doc Martens size 9 Strong heat and wear resistance First quality Preferred boutiqueNEW DANSKO Womens Bonita TAUPE Kid Suede Bootie Ankle Boot Size 37/6.5-7 $184.95 , FRYE Womens Madeline Trim Short Ankle Bootie- Pick SZ/Color. , Bed Stu Lorn Ankle Boots Black Handwash Leather size 6.5 Braided BeltWomens 8 M El General 1901 Burgundy White Cut-Out Cowboy Western Boots Leather , VINTAGE CODE WEST 51023 COWHIDE SUEDE COWBOY WESTERN BOOTS WOMEN'S 7.5 MFRYE 17" KNEE TALL BOOTS GREAT COND FEW TIMES USED 5 MOTORCYCLE MADE IN SPAINGentleman/Lady ECCO Womens Snow Boot- Pick SZ/Color. New varieties are launched Won highly appreciated and widely trusted at home and abroad Lightweight shoes , New DANNER Mountain Low 600 Women's 8 Gray / Plum Hiking Boot RETAIL 62264 $160 , PAUL SMITH WOMEN'S RUBBER SWIRL PRINT RAIN BOOTS SIZE US 7.5NIB $298 Frye Celia Shearling Genuine Fur Black Leather Boots sz 7 MThe North Face Womens Shellista II Mid Boot - Dachshund Brown/Demitasse Brown 6 ,
    KEEN Woman's WEDGE ZIP US 8 Woman's Ankle mogochinese-28922 Boot 8 Brindle 9810239 - blurrypron.com>KEEN Woman's WEDGE ZIP US 8 Woman's Ankle mogochinese-28922 Boot 8 Brindle 9810239 - blurrypron.com
    VINCE CAMUTO FIVVY BLACK Leather Combat Dress Knee Boots, size 6GIANNI BINI Ride-On Black Pebbled Leather Motorcycle Boots NWOB Sz 9MSteve Madden "RAY" Women's Black 15" High Boot Size 5.5 New in Box!!! WOW!!!Corso Como Larissa Leather Over the Knee Boot (Size 10M) , FLY London Women's Yond771fly Loafer - Choose SZ/ColorLadies Remonte Fleece Lined Ankle Boots Style R2290-W , Sergio Rossi Silver Leather Metallic Flats Shoes Buckle Hardware US 6COLE HAAN WOMEN'S BRIA GRAND BAL II MARY JANE SHOES BLUE SUEDE/PAT. LEATHER 7BNike Kobe AD Mid EP Speckle Gum Black Brown Basketball Shoes 922484-006womens round toes strappy floral decor block high heel Mery Janes shoes Pumps SZ , Lanvin Black Patent Leather Pointed Toe Slide On Classic Pumps Size 36KARL LAGERFELD Black 2 Strap Shoes 5.5B Sculpted Heels Gold Logo Buckle Suede , Jimmy Choo Mary Jane Peep Toe Pump in Black Patent Leather Size 39 , Cole Haan Women's Jianna Mid Dress Sandal - Choose SZ/ColorBetsey Johnson Womens SPLASH Faux Fur Closed Toe Slip On, Multi Color, Size 7.0Nike Kobe Ad Mid Platnium Gold White Size 8 Habanero Basketball Shoe , ADIDAS LITE RACER SIZE US 8.5 DAILY LIFE ST STYLE BB9774Asics Mens Gel Nimbus 20 Running Shoes T800N 400 Blue Print/Race Blue Size 12 , Nike Air Max 2016 Mens Sneaker Deep Royal Blue/Black 806771-401VANS Brown Leather & Fabric Textile Shoes 7 1/2 Mens Sneaker Casual Shoes , Ecco Men's Irving US 10 M / Mahogany Leather Casual Oxfords Shoes $140.00To Boot New York Adam Derrick 1929 Men’s Black Penny Loafer Dress Shoes Size 11Men Crocodile Pattern REAL LEATHER Slip On Loafers Formal Leisure Shoe Moccasin , NIKE AF1 UPSTEP HI SI OATMEAL/IVORY 881096-112 WOMEN'S SIZE 7 - SAMPLE , Nike Womens Air Zoom Vomero 11 Running Trainers 818100 005 Sneakers SZ-10Women’s Brooks Adrenaline GTS 18 Running Shoes Sz 11.5Nike Lunarepic Low Flyknit 2 Womens Shoes Black White Oreo 863780 041 Training , $129 NEW CHINESE LAUNDRY Leather Camel Boots 6.0 6.5Marcell Black Suede & Leather Boots Sz 37 USA 7Brooks Brothers Women’s Sz 7.5 Brown Leather Riding Boots EUC ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    KEEN Woman's WEDGE ZIP US 8 Woman's Ankle mogochinese-28922 Boot 8 Brindle 9810239 - 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.

    KEEN Woman's WEDGE ZIP US 8 Woman's Ankle mogochinese-28922 Boot 8 Brindle 9810239 - 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
    KEEN Woman's WEDGE ZIP US 8 Woman's Ankle mogochinese-28922 Boot 8 Brindle 9810239
    Boots
    >
    ;