Never miss an update

Ready 2 Ship 29898! New Tan Zigi Size Platform Girl Alana Gladiator Platform Heel Sandal Size 10 fc57577




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
Heel Height: High (3 in. and Up)
Material: Synthetic Pattern: Solid
US Shoe Size (Women's): 10 Color: Brown
Width: Medium (B, M) Style: Fashion - Over the Knee
Brand: ZigiNY
Never miss an update

Ready 2 Ship 29898! New Tan Zigi Size Platform Girl Alana Gladiator Platform Heel Sandal Size 10 fc57577 - blurrypron.com

    Ready 2 Ship 29898! New Tan Zigi Size Platform Girl Alana Gladiator Platform Heel Sandal Size 10 fc57577
    Ready 2 Ship 29898! New Tan Zigi Size Platform Girl Alana Gladiator Platform Heel Sandal Size 10 fc57577
    Sam Edelman Elina Over-the-Knee Womens Boot Black Suede Size US 8.5 M RTL $275FLY London Leather Strappy Sandals - Wege Mousse Black 40 , Vasque Sundowner Red Oak Leather GTX Women's 7127 Hiking Boots US 8.5 , Bebe Womens Danica Taupe Over the Knee Fold Over Suede Boot 9 MSRP $249Man's/Woman's Bearpaw Women's Desdemona feature low cost Cheap orderNEW WOMEN SO BRAND CLASSIC THREE BOWS BOOT BLACK 4562 ORIGINAL , Calvin Klein Andrina Black Womens Shoes Size 6.5 M Boots MSRP $245 , Franco Sarto Leather Tall Shaft Boots Roxanna Dover Taupe 7.5M NEW A298318Corral Brown Leather Inlay Short Cowboy Boots Size 7 M Style 4722 , NIKE Apres Ski High Boots with the Fur White Silver Metallic Novelty Shoe Size 8 , NEW UNISEX SNOWDOG TAIGA POLAR FLEECE BLACK TALL WINTER BOOTS SZ 10 WOMEN OR MENLadies Mint/Brown Leather Flowers Dan Post Western Boots sz:8.5M (Z)Circle G by Corral Ladies Blue Jean Fringe Shortie Boot Q0006Nocona Womens 6C Natural Belly Cut Python Black Deer Tan Western Boots Chain , New Muck Women's Western Diamond Cowboy Boots - Size 7 - Purple Black , Demonia Black Velvet 3.5" Platform Mega Buckle Studded Boots Club Goth 6-12 , New! Badgley Mischka Women's Khloe Embellished Booties Black Size 9.5 DefectsCAMEL-311 GOTH GOGO RAVE 5" CHUNK HEEL FAUX FUR TRIM KNEE HIGH PLATFORM BOOT$325 SESTO MEUCCI ABRIL CROCO Ankle Boots Shoes Womens 8 NEW IN BOXDr Martens Hazil Slouch Motorcycle Leather Boots Brown Women Size US 7 NEW $155 , Gentle Souls Womens Camden Tall Leather Waterproof Boot ShoesNWT J Crew Women's 8 Perfect Winter Arctic Tall Boot Glazed Pecan #H1891 Retail , Ladies Nocona Brown Full Quill Ostrich Western Boots sz: 10 B (Y)Ladies Black Leather Ariat Western Boots sz:8B (X) , Steve Madden Women's Praire Ankle-High Leather Boot , gorgous italian black leather zip up booties , Men's/Women's FLAMINGO-1020G New varieties are launched auction Characteristics , Cole Haan 'Eldridge' Chestnut Leather Extended Calf Riding Boot Women Size 7.5B , Nautilus Women's N2258 Steel Toe Waterproof EH Athletic Work Shoe Grey/Purple ,
    Ready 2 Ship 29898! New Tan Zigi Size Platform Girl Alana Gladiator Platform Heel Sandal Size 10 fc57577 - blurrypron.com>Ready 2 Ship 29898! New Tan Zigi Size Platform Girl Alana Gladiator Platform Heel Sandal Size 10 fc57577 - blurrypron.com
    Cole Haan Women's Keaton 6" Plain Toe Boot Black Leather , Nike Jordan Horizon Low Air Grey Purple Men Basketball Shoes Sneakers 845098-002 , Adidas Pureboost [CP9327] Men Running Shoes CNY Year Of The Dog Grey/Black-RedPuma Womens Basket Platform Perf L Trainers White-Copper Rose 02, 8 UKMen/Women Womens T-strap black flats-PRETTY SMALL SIZE-US4/EU34/KR220 Diverse new design Preferred material Maintenance capability , Crocs - Womens Walu Minnie Slip-on, Size: 6 B(M) US Womens, Color: Khaki/Stucco , *NEW DR.MARTENS WOMENS 3989 DARCY TOMBOY WINGTIP SHOES LEATHER FLORALNEW J.CREW BY BIRKENSTOC ARIZONA SANDALS INIVORY LEATHER, 38 EU, SZ 7 US , Sanita Size 37 6.5 US Black Pony Hair Geometric Diamond Print Professional ClogGentlemen/Ladies Steve Madden Fifi Pink Fabri heels Fine workmanship Environmentally friendly Beautiful and charmingGiuseppe Zanotti Stiletto Pumps Jeweled 8.5 retail NIB Stunning! $825Chaco Zx/2 Vibram Unaweep Current Two Plum Sport Sandals Size 8 GUCMr/Ms Nike AirMax 2011 total orange Clever and practical Trendy Outstanding styleNew Nike Huarache Run Print (GS) - Size 6Y - Black/Green Streak - 704943-007Jordan Eclipse Mens 724010-601 University Red White Black Textile Shoes Size 13897998-010 Air Jordan Ultra.Fly 2 Black/Anthracite-White Sizes 8-12 NIBBrooks Ghost 10 GTX Black Green Gore-Tex Men Cushion Running Shoes 110256 1D , Mr/Ms INDESTRUCTIBLE BULLETPROOF ULTRA X PROTECTION SHOES flagship store high quality Fair priceDr Marten's Ironbridge Work Boots-Men's size 12 BrownConverse Men's El Distrito Twill Low Top Sneaker - Choose SZ/Color , New Men's Sperry Top-sider Bahama Chukka Gray Suede High-top Sneakers Shoes 7.5MClark's Nature 2, Active Air Comfort Tech,Black Leather Casual Shoes, Men's 8 W12219 LTPK Pink Skechers Shoes Memory Foam Women Air Cushion Casual Train Fabric , COMME des GARCONS COMME des GARCONS Shoes 839499 Black 23cm , Merrell Women's Capra Waterproof Hiking Shoe - Choose SZ/ColorSalomon Women's Pathfinder Cswp Mid W Walking-Shoes, India Ink/Navy 10 Medium US , ETIENNE AIGNER WOMENS TALL ALPINE WINTER BOOTS SIZE 8M BLACK SNOW BOOTS/RAINWomens Pearl Block Heels Pointy Toe Pull On Mid Calf Boots Elegant Lady Shoes szNEW $145 Jeffrey Campbell Cienega-Lo Gray Velvet Heeled Boot Bootie Sz 8Sexy Leather High Heels Pointy Toe Womens Ankle Boots Dress Shoes USSize4.5-10.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ready 2 Ship 29898! New Tan Zigi Size Platform Girl Alana Gladiator Platform Heel Sandal Size 10 fc57577 - 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.

    Ready 2 Ship 29898! New Tan Zigi Size Platform Girl Alana Gladiator Platform Heel Sandal Size 10 fc57577 - 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
    Ready 2 Ship 29898! New Tan Zigi Size Platform Girl Alana Gladiator Platform Heel Sandal Size 10 fc57577
    Boots
    >
    ;