Never miss an update

Hades ISABELLADESTE Footwear 29989 ANABOLENA Footwear APOLLO ISABELLADESTE STEAMMACHINE Platform d9a5e07




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: Hades Footwear
Color: Multi-Color Style: Platforms & Wedges
Heel Height: Very High (4.5 in. and Up) Width: Medium (D, M)
Material: Synthetic
Never miss an update

Hades ISABELLADESTE Footwear 29989 ANABOLENA Footwear APOLLO ISABELLADESTE STEAMMACHINE Platform d9a5e07 - blurrypron.com

    Hades ISABELLADESTE Footwear 29989 ANABOLENA Footwear APOLLO ISABELLADESTE STEAMMACHINE Platform d9a5e07
    Hades ISABELLADESTE Footwear 29989 ANABOLENA Footwear APOLLO ISABELLADESTE STEAMMACHINE Platform d9a5e07
    Corso Como Clemson Silver Metallic Distressed Pumps 8997 Size 8.5 M NEW!Fendi Black Patent Leather Pumps eu 38 us sz 7.5 B , DOLCE & GABBANA Multi-Color Floral Tapestry Crystal Vamp Slingbacks 38.5Stuart Weitzman Airforce Roccia Serpent shoes size 9 , Plomo Gray Leather Open Toe Wedge Sandals Womens Size 39 M , Brighton Yolo Shoes Slides Heels, Sand, Size 6.5, NWT/BoxNew INDIGO Women Leather Embroidered Kitten Heel Loafer Casual Pump Shoe Sz 9 M , MOT-CLe 5373 Taupe Leather / Patent Leather Wedge Bow Pumps 36.5 / US 6.5 , Donald Pliner Couture Patent Leather Shoe T Strap Platform Signature New 10 $285Luciano Padovan brown dressy shoes, Sz EURO 38 (US 7.5), Vero Cuoio , GINA BLK LEATHER PLATFORM METAL RINGS ALMOND TOE PUMPS US 8 MADE IN ENGLAND , Mally 5317 Gray Snakeskin Embossed Leather Summer Ankle Booties 36 / US 6Brian Atwood Fontanne Snake-Embossed Leather Platform Pump 8.5 Heels Shoes Taupe , Charles David 7 Black Gold Stud Leather Mules 145-25-62018 , BALENCIAGA Paris Slate 100% Suede 4" High Pumps w/Open Sides D'Orsay 37/US7Women's Vintage Salvatore Ferragamo NAVY Classic Low Metal Heel Pumps 7.5 AAASchutz Cadey Lee Ankle Strap Heels Oyster 6HUNTER Womens Brown Leather Sheepskin Heel Mules Sz 10 NEW! 221199New Bottega Veneta Bellagio Slingback Fabric Ayers Snakeskin Pumps 9 /39Jimmy Choo 'Pathos' Nude Patent Leather Cork Wedge Sandals Size 39/9 $450.00Creazioni Taccetti Burgundy Suede T-strap Open Toe Platforms Sz. 9.5 ()Sergio Rossi Excellent Suede Platform Pumps Caramel 39 , DANSKO Professional Medallion Leather Clog Shoes US 10.5 - 11 M NWBAnthropologie Helena Mules Slides by Pour La Victoire Circular Heel Size 7.5 , RICHARD TYLER BROWN DRESSY SHOES Sz 6.5via spiga sandals 7 snake skin textured leather multi color caged ankle - size 7 , Guiseppe Zanotti Silver Booties Stiletto Pumps Platform Size 39 9 , NIB $545 MOSCHINO couture olive satin jeweled PLATFORMS heels shoes 39.5 US 9.5Stuart Weitzman Women’s Snake Skin Print Sling Back Pumps Size 8.5 Multicolor ,
    Hades ISABELLADESTE Footwear 29989 ANABOLENA Footwear APOLLO ISABELLADESTE STEAMMACHINE Platform d9a5e07 - blurrypron.com>Hades ISABELLADESTE Footwear 29989 ANABOLENA Footwear APOLLO ISABELLADESTE STEAMMACHINE Platform d9a5e07 - blurrypron.com
    Jeffrey Campbell Ad Long Oxford in Rose Gold LeatherLadies Clarks Flats The Style - Henderson HotWomen's COLE HAAN 228275 black patent leather peep toe wedge flats sz. 7 BVionic Orthaheel Technology Rest Midway Womens Mule Mary Jane Navy Size 8 , Tory Burch Shoes ballet size 71/2M flats Black leather with Stones Bling comfort , Fashion Womens Candy Color Clubwear High Heels Super Long Pointy Pumps Shoes Hot , BASILI FABIANI Gold Leather Strappy Sandals size 41 NWBBernie Mev Womens Gem Shoes Black 8.5Elegant Womens Patent Leather Over High Heels Platform Straps Stilettos Shoes wi , ED Ellen Degeneres Khaki Green Suede Sanja Flat Sandals 9 NEW , Gorg! 100% Auth NIB Leopard Calf Hair Platforms Booties Strap Alaia 37.5 $2114LUCKY BRAND - LOVELL PLATINUM T-STRAP PLATFORM SANDAL SZ 9.5 RETAIL $89NIB $1795 VALENTINO Studded VACHETTA Ankle-Cuff Sandal Low Heel Shoe Brown 38.5FitFlop Women's Banda Micro Crystal Slide - Choose SZ/Color , New Stuart Weitzman/Theodora & Callum Platform Wedge Espadrille, pink, sz 7.5 MNike Stefan Janoski Max SB Air 631303060 Black/Team Red-White Size 10 Brand NewNike Lebron XI South Beach 616175-330 Men’s Basketball Shoes Size 47.5 / 13Under Armour TB Fire Shot Low Size 12 Maryland PE Basketball Shoes 1279897-002 , Nike SB Zoom Canvas Stefan Janoski Skate Shoe Blue 855628 447 Mens Size 8.5 , Nike Zoom Hyperquickness DSG - Gym Red / Metallic Silver Size 12 New , {BA7235} Men's Adidas Original A3 Twinstrike Shoes Black/Gold/Aqua *New!*NikeAir Force Max Basketball Shoes Men's Size 11 Barkley AuthenticEKINW SUPREME DS NIKE AIR HUMARA 17 GREEN NIKELAB STASH MAX BOX LOGO 97 F/W 10 , KOBE Xl ELITE LOW AS MENS SIZE 10 822521-305 NEW IN BOX , CHAUSSURES PIONIER 942 : Confortable, chaude, doublure amovible , Wolverine Work Boots Men's Size 8.5 M Dark Brown Full Grain Leather Waterproof , ADIDAS ORIGINALS ZX FLUX WOMENS ATHLETIC SHOES AQ4752 NEW SIZE 6Women High Heel Stiletto Over Knee Pointed Toe Boot Chic Elastic Sexy Shoes Sbox , Sexy Leopard Womens Mid Calf Boots Elastic Fabric Stilettos high Heel Shoes Slim , Womens Square Toe Zip Patent Leather Mid Chunky Block Heel Ankle Boots Shoes Hot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Hades ISABELLADESTE Footwear 29989 ANABOLENA Footwear APOLLO ISABELLADESTE STEAMMACHINE Platform d9a5e07 - 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.

    Hades ISABELLADESTE Footwear 29989 ANABOLENA Footwear APOLLO ISABELLADESTE STEAMMACHINE Platform d9a5e07 - 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
    Hades ISABELLADESTE Footwear 29989 ANABOLENA Footwear APOLLO ISABELLADESTE STEAMMACHINE Platform d9a5e07
    Heels
    >
    ;