Never miss an update

Marc Fisher Casual Womens Rain Mules Open Toe 29972 Casual Mules Dress Sandals Shoes BHFO 2619 bbded09




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: Marc Fisher
Material: Leather Style: Strappy
Country/Region of Manufacture: China MPN: MLRAIN
Material Composition: Leather/Man Made Width: Medium (B, M)
Never miss an update

Marc Fisher Casual Womens Rain Mules Open Toe 29972 Casual Mules Dress Sandals Shoes BHFO 2619 bbded09 - blurrypron.com

    Marc Fisher Casual Womens Rain Mules Open Toe 29972 Casual Mules Dress Sandals Shoes BHFO 2619 bbded09
    Marc Fisher Casual Womens Rain Mules Open Toe 29972 Casual Mules Dress Sandals Shoes BHFO 2619 bbded09
    Gentleman/Lady FLAMINGO-801T Elegant appearance Modern and stylish fashion Immediate deliveryMen's/Women's Benjamin Walk-413-Silver sell High quality and economy Suitable for color , Bella Vita Women's Abi-Italy Slide Sandal , Merrell Adhera Strap Ivory Comfort Sandal Women's sizes 5-11/NEW!!!Columbia Women's SANTIAM Sandal, - Choose SZ/color , FitFlops Women's Lumy Leather Slip On Slide Sandals ShoesBCBGeneration Penelope Open Toe Wedge Sandals, SandGentlemen/Ladies EMILY-100 High-quality buy renewed on timeDemonia Women's Dynamite 02 Sandal , Men's/Women's Women's Columbia Kyra Vent II Sandal Every item described is available buy Full range of specifications , Bella Vita Women's Mae-Italy Slide SandalMen's/Women's Ellie Women's Starla Reliable quality Affordable comfortable , Chaco Womens ZX1 Classic Size 7 US Pep Pine (CS18W-6) , Rachel Zoe Womens Babette Embellished Open Toe Flat Sandals Shoes BHFO 4051 , Gentlemen/Ladies CAPTIVA-608 Quality queen Beautiful appearance Fashion versatile shoesMen/Women Clarks Women's Annadel Orchid Wedge Sandal Strong heat and wear resistance The latest technology Diversified new design , Crocs Women's Leigh II Ankle Strap Wedge Sandal - Choose SZ/colorDesign Lab Womens Rio Flats Studded Casual Slide Sandals Shoes BHFO 2816Man/Woman Nina Women's Venetia Sandal economic Skilled manufacturing Pick up at the boutiqueGentlemen/Ladies ASPIRE-630 bargain Used in durability Preferred boutique , crocs Crocs Womens Meleen Twist Wedge Sandal- Select SZ/Color.Man's/Woman's ALLURE-664 economic discount buy online , Gentlemen/Ladies OTBT Women's Nomadic Wedge Sandal Beautiful color Affordable business , WORISHOFER WOMEN'S COMFY SLIDE SANDAL, MADE IN GERMANYClarks Women's Sillian Stork Fisherman Sandal - Choose SZ/ColorJessica Simpson Womens Brimah T-Strap Thong Sandals , Ivanka Trump Women's Kuriel Dress Sandal - Choose SZ/ColorKenneth Cole Reaction Women's Cake Icing Wedge Sandal , Man/Woman FLAMINGO-801 Excellent craft First grade in its class Cheap order ,
    Marc Fisher Casual Womens Rain Mules Open Toe 29972 Casual Mules Dress Sandals Shoes BHFO 2619 bbded09 - blurrypron.com>Marc Fisher Casual Womens Rain Mules Open Toe 29972 Casual Mules Dress Sandals Shoes BHFO 2619 bbded09 - blurrypron.com
    Nike Air Max Axis Cool Grey White Mens Running Shoes Sneakers AA2146-002Jack Rogers Women's Mia Boot Black 7 M USNike Sb Zoom Blazer Mid Mens Trainers 864349 Sneakers Shoes 311New Skechers 12118 Dynamight Fleetly Womens Shoes Active Sneakers ActiveBogs Crandall Tall Wool Womens Boots Wellies - Black All Sizes , Easy Street Womens Jennifer Suede Closed Toe Classic Pumps , Sergio Rossi Vero Cuoiu Sandal Boot Size 38EU/8 US-NWD , Pleaser STARDUST-701 Womens Stardust-701 Sandal- Choose SZ/Color.NIB Isola Presta Women's Snake Print Sandal in AquaBernardo Women size 10 M Slip on sandal open toe 2.5 inch heelNIKE KD TREY 5 V BLACK RAGE GREEN BASKET BALL KEVIN DURANT SZ 8-13 897638-003NIKE MEN'S AIR KD 7 VII WEATHERMAN SNEAKERS SIZE 13.5 GREEN ORANGE 653996-303 , Men's/Women's Asics Gel-Fujistorm Gore-tex Sz. 8.5 Modern and elegant fashion Sufficient supply Excellent workmanship , Reebok BD4917 Mens Trainflex Cross-Trainer Shoe- Choose SZ/Color. , AIR JORDAN 1 RETRO HIGH OG "ROYAL BLUE" SIZE US11 / UK10 /GOLDEN GOOSE Limited Edition White SUPERSTAR Sneakers EU Italian 41 / US 8 Men'sAir Jordan8 OVO WHITE 27cm from japan (5221 , Mens High Top Slip On Desert Chelsea Boots Pointy Toe Suede Ankle Boots Shoes , Man/Woman adidas Tubular Runner We have won praise from our customers. Clearance Fashion versatile shoesNew MEN'S ADIDAS NEO RALEIGH MID SHOES Black White hard court AW5404 q1Naot Men's Island Flip Flop Gray/Black Polypropylene Slip-Resistant (Non-Skid) , TED BAKER Xiloto Men Dark Blue 9-16010Cole Haan Men's Madison Grand Venetian Slip-On Loafer - Choose SZ/ColorASICS FUZEX RUSH T768N 4349 DIVA BLUE INDIGO WOMEN SHOES SIZE 8 & 10 , Men/Women Nike RT Air Force 1 Rare sell comfortability Seasonal hot saleAdidas Tubular Shadow BY9739 Off White/Off White/Off White Womens Size 5 , NIB LANVIN patent cap toe black sneaker size 36 , PUMA Women's Basket Platform Ocean Wn Sneaker, - Choose SZ/color , Womens embroidery pointy toe cuban mid heel print suede shoes ankle boots formalMan's/Woman's Dolce Vita Women's Jonn Fashion Boot Beautiful design Modern design Lightweight shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Marc Fisher Casual Womens Rain Mules Open Toe 29972 Casual Mules Dress Sandals Shoes BHFO 2619 bbded09 - 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.

    Marc Fisher Casual Womens Rain Mules Open Toe 29972 Casual Mules Dress Sandals Shoes BHFO 2619 bbded09 - 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
    Marc Fisher Casual Womens Rain Mules Open Toe 29972 Casual Mules Dress Sandals Shoes BHFO 2619 bbded09
    Sandals
    >
    ;