Never miss an update

Mou Women's Women's Shoes Ankle Boots | Brown Winter | Fall 28858 Winter 18/19 dc531f9




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
US Shoe Size (Women's): 36 37 38 39 40
Country/Region of Manufacture: Not Specified Style: Fashion Ankle Boots
Gender: Women Brand: Mou
Brand Type: Premium MPN: Not Specified
Season: Fall Winter 18/19
Never miss an update

Mou Women's Women's Shoes Ankle Boots | Brown Winter | Fall 28858 Winter 18/19 dc531f9 - blurrypron.com

    Mou Women's Women's Shoes Ankle Boots | Brown Winter | Fall 28858 Winter 18/19 dc531f9
    Mou Women's Women's Shoes Ankle Boots | Brown Winter | Fall 28858 Winter 18/19 dc531f9
    Men/Women NEW FRYE WOMENS ALICE COMBAT flagship store Sufficient supply Speed ​​refundFRYE Women's Samantha Hiker Combat Boot Black 8.5 M US , FRYE Women's Ray Seam Tall Riding Boot Black-75888 6.5 M US , NEW COLE HAAN WOMENS ARDEN GRAND BOOTIE (60MM) - BLACK LEATHER , Gentlemen/Ladies CLARKS Women's Malia Willo Riding Boot Adequate supply and timely delivery New style Superb craftsmanshipFRYE Women's Veronica Belted Short-WSHOVN Engineer BootECCO Women's Women's Zoe Mid Motorcycle BootMr/Ms NEW PINKO WOMENS ANKLE BOOTS superior Brand King of the crowdGentleman/Lady Aetrex Women's Chelsea Tall Riding Boot Exquisite (middle) workmanship First batch of customers ExportMr/Ms NEW ROYAL REPUBLIQ WOMENS ANKLE BOOTS Crazy price Bright colors Exquisite processingMen's/Women's NEW FRYE WOMENS VERONICA COMBAT Various goods Elegant style Suitable for color , Bed|Stu Womens Selina Tiesta Di Moro Dip Dye Riding BootsDiba True Leg Up Over the Knee Suede BootMr/Ms FRYE Women's Carson Lug Riding Boot Complete specification range a good reputation in the world Full range of specifications , Man/Woman FRYE Women's Julie Combat Boot Reliable quality Win the praise of customers Recommended today , Gentlemen/Ladies NEW FRYE WOMENS VERONICA SHORT Attractive and durable Latest styles Exquisite workmanshipMen/Women Clarks Women's Marquette Wish Chelsea Boot Elegant appearance online shop leading the fashionNine West Women's Scastien Leather Mid Calf Boot , NEW 3.1 PHILLIP LIM WOMENS ANKLE BOOTMuck Boot Wetland Rubber Premium Men's FieldMan's/Woman's NEW FRYE WOMENS LENA HARNESS BOOTIE Not so expensive Affordable negotiation , Gentlemen/Ladies FRYE Women's Shirley Over-The-Knee Riding Boot Queensland a good reputation in the world Tide shoes list , Ariat Women's Lively Western Cowboy Boot, Old West Brown, 5.5 B US , El Naturalista Women's Colibri N495 Boot, Porto, 40 EU/9.5 M US , Man's/Woman's ECCO Women's Sculptured 75 Ankle Boot Modern technology Modern and stylish fashion Immediate deliveryAriat Women's Heritage Western R Toe Cowboy BootGentlemen/Ladies ECCO Women's Abelone Tall Boot Many styles low cost International big nameMen's/Women's Aquatalia Womens Ulivia High-quality First quality Simple , Gentlemen/Ladies ECCO Women's Shape 35 Boot Ankle Reasonable price Online export store Different styles ,
    Mou Women's Women's Shoes Ankle Boots | Brown Winter | Fall 28858 Winter 18/19 dc531f9 - blurrypron.com>Mou Women's Women's Shoes Ankle Boots | Brown Winter | Fall 28858 Winter 18/19 dc531f9 - blurrypron.com
    Circle G Womens Western Cowboy Boots Black Embroidery Leather Snip Toe ShedronIsabel Marant Bobby Suede Sneakers Size 38New Top End Anita Black Womens Shoes Dress Boots Long , Dansko Women Bess Mary Jane Pump - Brown Kidskin Size | US 8.5-9Beautifeel Miki Athleisure Sneaker - NIB - Free Shipping , escarpins J . METAYER LARGEUR + Adrien cuir noir taille 37.5 , Pleaser FLAMINGO-809 Platforms Exotic Dancing Black Patent Ankle Strap High HeelPleaser Pink Label JENNA-01 Womens Jenna01/b Slide Pump- Choose SZ/Color.AQUAZZURA black suede sandal size 39 US 9 , Women Pointed Toe High Stilettos Classic Work OL shOES Cross Strap Hot Plus sizeJOE N JOYCE Seoul Mesh Soft-Footbed Womens Shoes Sandals Plateu sexy - NEWadidas Superstar White Clear Pink Girls Women's Trainers All SizesADIDAS SUPERSTAR 80S PRIMEKNIT ASG GLOW IN THE DARK MENS SHOES SIZE US 10.5Nike Dunk ZOOM ALL COURT CK SB CORY KENNEDY TEAM RED WHITE BLACK BURGUNDY 11.5NEW Asics Gel Noosa Tri 8 Black Pink White Glow in Dark T306Q 3501 Running ShoesBY2554 ADIDAS ULTRABOOST UNCAGED DK DARK BURGANDY RUNNING SHOES SIZE 10.5 MENS , Nike Free RN Motion Flyknit 2017 Men's Running Shoe 880845-402 CHOOSE SIZENike Men Air Max 90 Essential NSW Running White Blue AJ1285-101 US7-11 04'Air Jordan 5 V Retro BG Obsidian Metallic Red Bronze White 440888-416 , Air Jordan 1 Retro High OG NRG 'Homage to Home' 861428 061 , Trussardi 77S562_68_VISONE Loafers Men's - colour Brown USmen's merlot Allen Edmonds Hillcrest four eye-let oxfords size 8 DWomens Brooks Cascadia 12 Mesh Cushioned Trail Running Athletic Shoes Size 8 , Keen Mens Newport Sandals 1010122 Neutral Grey/Gargoyle Size 9.5Adidas NMD R1 STLT PK Womens Size 8 Ash Green , Dansko Women's Hayes Sneaker, - Choose SZ/Color , Naturalizer Womens Jovial Fabric Closed Toe Ankle, Brown Smooth, Size 7.5Columbia Women's Drainmaker IV Water Shoe - Choose SZ/colorPolo Suede Leather Women's Boot Burgundy Red Shoe Sz 38 CM 7.5 US , Kamik Women's Harper Snow Boot Navy 9 D W -40F Waterproof Mukluks Wide
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mou Women's Women's Shoes Ankle Boots | Brown Winter | Fall 28858 Winter 18/19 dc531f9 - 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.

    Mou Women's Women's Shoes Ankle Boots | Brown Winter | Fall 28858 Winter 18/19 dc531f9 - 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
    Mou Women's Women's Shoes Ankle Boots | Brown Winter | Fall 28858 Winter 18/19 dc531f9
    Boots
    >
    ;