Never miss an update

OTBT Women's Des Women's Peres Boot, Boot, Black, OTBT 8.5 M US fae1937




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: 695640040358
Weight: 2.45 lbs EAN: 0695640040358
Dimensions: L 11.6 x W 9.3 x H 4.4 inches Brand: OTBT
NumberOfItems: 1 MPN: Des Peres
PartNumber: DES PERES-001 Binding: Shoes
ISBN: Not Applicable ClothingSize: 8.5 M US
US Shoe Size (Women's): 8.5 B(M) US Color: Black
Style: Not Applicable Department: womens
Never miss an update

OTBT Women's Des Women's Peres Boot, Boot, Black, OTBT 8.5 M US fae1937 - blurrypron.com

    OTBT Women's Des Women's Peres Boot, Boot, Black, OTBT 8.5 M US fae1937
    OTBT Women's Des Women's Peres Boot, Boot, Black, OTBT 8.5 M US fae1937
    Man's/Woman's Jellypop Women's Chelsey Western Boot main category The highest quality material Current shape , FitFlop Loaff Slouchy Knee Suede Womens Slouch Boot- Choose SZ/Color. , Naturalizer Women's Joan Wide Calf Riding Boot, Black, 6 M US , Man/Woman NEW FRYE WOMENS ANKLE BOOTS We have won praise from our customers. Order welcome CharacteristicsMan/Woman Sam Edelman Women's Darrah Fashion Boot wholesale At a lower price Modern mode , North Face Shellista 2 Shorty Womens A2T4Z-NUC Grey Waterproof Boots Size 9.5 , Columbia Loveland Mid Omni-Heat Womens BL1743-052 Grey Waterproof Boots Size 7 , Man's/Woman's NEW STEVE MADDEN WOMENS GRID Modern technology Good market Beautiful and charmingMen's/Women's Birkenstock Women's Stowe Boot Innovative design Fine art Rich on-time delivery , FRYE Women's Leslie Artisan Short Boot, Wheat, 7.5 M US , Men/Women NEW GARRICE WOMENS ANKLE BOOTS Durable service discount price Personalization trend , Men's/Women's Calvin Klein Women's Josey Ankle Bootie Long-term reputation Order welcome Rich on-time delivery , Frye Womens Belted Harness Biker Western Boots Chestnut sz 10 M US madeSperry Top-Sider Women's Saltwater Thinsulate Rain BootMan's/Woman's CLARKS Women's Desert Boot Great variety New in stock Complete specifications , Kathy Van Zeeland Gia Womens Size 6 Black Fashion Over the Knee BootsRockport Women's Total Motion Kalila Bootie Boot - Choose SZ/Color , Easy Spirit Women's Billian Boot, Black Leather, 8.5 W USMen's/Women's NEW GARRICE WOMENS BOOTS Various styles Reliable performance Official websiteChinese Laundry Women's Small Town Ankle BootPleaser Women's Adore-3063 Boot,Black Patent/Black,7 M US , Rockport Womens First ST. Gore Tall Boot Shoes, Black Waxy Waterproof, US 6.5 WMan/Woman NEW STEVE MADDEN WOMENS POSTAL Elegant appearance Quality First Selling new productsMan/Woman Tommy Hilfiger Women's Roxy Ankle Boot We have won praise from our customers. Comfortable touch Outstanding styleMan's/Woman's Bernie Mev Women's Tampa Chukka Boot Reputation first Modern design Very good classification , Gentlemen/Ladies Nine West Women's Zanta Suede Boot New varieties are launched In short supply List of explosions , INC International Concepts Women's Hadli Wide-Calf Over-The-Knee BootsWomen's Mid Calf Knee High Round Toe Slouch Comfort Casual Flat Boot All SizeMan's/Woman's Nine West Women's ANISA9X Synthetic Pump Many styles In short supply Acknowledgement feedback ,
    OTBT Women's Des Women's Peres Boot, Boot, Black, OTBT 8.5 M US fae1937 - blurrypron.com>OTBT Women's Des Women's Peres Boot, Boot, Black, OTBT 8.5 M US fae1937 - blurrypron.com
    MIU MIU Black Patent Leather High Heel Ankle Boots Pointed Toe Booties Sz US 6.5MONCLER WOMEN'S LEATHER COMBAT BOOTS NEW PATTY BLACK A48 , Men's/Women's Demonia FUNN-19 fashion Win highly appreciated Different stylesNew Django & Juliette Hollie Womens Shoes Casual Sneakers CasualPleaser Women's Delight 609-5G Hot Pink/Hot Pink Ankle Straps , PLEASER Sexy 7" Heel Neon Pink Glitter Platform Stripper Ankle Strap Shoes , Pleaser RAINBOW-308UV Clubwear Ankle Strap Stiletto 7" Heel Platform Sandal. , Gentleman/Lady FLAMINGO-808MG Easy to clean surface Let our goods go to the world professional design , escarpins UTERQUE cuir grainé taupe 38Oscar De La Renta Tan Patent Strappy Heels Size 5 - Made in ItalyNEW MANOLO BLAHNIK BIPUNTA EMBOSSED LEATHER BROWN GOLD LINEN PUMPS SHOES 11 M , SERGIO ROSSI , Made in ITALY, US size-6.5YSL Yves Saint Laurent Tribtoo 105 Rubis Suede Patent Cap Toe Shoe $795 37.5 7.5sz 7.5 NEW TARYN ROSE Sandals Wedge espadrille heel Kendis Womens Black shoes , Slingbacks Flower Roman Ankle Strap Peep Toe Flat Heel Shoes US Size 4.55678 HOT , Liz Rene Women's Bliss White Silk Satin Heeled SandalsCreative Recreation dicoco HI Shoes Mens LIME/OLIVE/SKY CR39 size 9.5 new , Mens Large Size Ralph Lauren Polo Fakenham Red Shoes 16 D..347ARockport Men’s Essential Detail Waterproof Black Leather Oxford Size 8.5W D1250/New! ASH EMBELLISHED SUEDE SNEAKERS Size 6.5 - 7 () , Nike Lunartempo 2 Bright Crimpson/White-Black-Bright Mango Running 818098600 8.5Gentlemen/Ladies Trotters Women's Liz Red Reasonable price Elegant and sturdy packaging List of explosionsNike Air Max 90 Womens 325213-055 Black White Gum Brown Running Shoes Size 9 , NIKE WMNS AIR FOAMPOSITE ONE "DARK STUCCO" Size 9 AA3963 001 Dark Stucco/BlackNIB*Fila Disruptor II Premium Sneaker*Black*Size 6-10Gentlemen/Ladies Bottines Weinbrenner T.39 Neuves High grade Good market Modern modeDurango Crush Western Cowgirl Pin Up Ante Up Boys Boots Brown Rd011 Women's 6.5frye motorcycle boots Brown Leather Womens Size 8 , Men/Women Boot Nine West Gowithit Black Suede Customer first modern Clearance saleWomens Suede Stiletto Buckles Open Toe Zipper Ankle Boots Party Romans Shoes SZ ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    OTBT Women's Des Women's Peres Boot, Boot, Black, OTBT 8.5 M US fae1937 - 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.

    OTBT Women's Des Women's Peres Boot, Boot, Black, OTBT 8.5 M US fae1937 - 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
    OTBT Women's Des Women's Peres Boot, Boot, Black, OTBT 8.5 M US fae1937
    Boots
    >
    ;