Never miss an update

Ralph Boot Lauren Purple Label Sport Women's Sz 8 Cohira Black Ralph Sport Leather Knee High Boot da5ad80




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: Ralph Lauren Purple Label
Heel Type: Stiletto Style: Knee High Boots
Heel Height: High (3 in. and Up) US Shoe Size (Women's): 8
Material: Leather Width: Medium (B, M)
Pattern: Solid Color: Black
Country/Region of Manufacture: Italy UPC: 888187840660
Never miss an update

Ralph Boot Lauren Purple Label Sport Women's Sz 8 Cohira Black Ralph Sport Leather Knee High Boot da5ad80 - blurrypron.com

    Ralph Boot Lauren Purple Label Sport Women's Sz 8 Cohira Black Ralph Sport Leather Knee High Boot da5ad80
    Ralph Boot Lauren Purple Label Sport Women's Sz 8 Cohira Black Ralph Sport Leather Knee High Boot da5ad80
    NIB YSL Yves Saint Laurent Tribtoo 105 Degrade Grey Ankle Boot Booties US 8.5 , NEW BALENCIAGA GRAY LEATHER ANKLE BOOTS STEEL TRANSPARENT CLEAR HEEL 37 6USStuart Weitzman Black Suede Fringie Knee High Boots SZ 5.5 Heel NIB $855 stretchRag & Bone Walker Women's copper leather booties sz. 38.5 (8.5) , Aquatalia Taupe Brown Suede Zip Heel Ankle Boot Fuoco Bootie Shoe 7.5 New , SAINT LAURENT Candy 80 Black Leather Platform Zippy Ankle Boots 41/11 , FIORENTINI + BAKER Eli Studs taupe suede studded strap ankle boots size 38 , Burberry Overfield black open toe booties women's size 9 Euro 39Floor model Burberry boots shoes in black Retail $895 , Yves Saint Laurent Black Leather Knee High Platform Boots SZ 38 , CASSADEI Brown/Burgundy Women's Stilleto Pointy Suede Boots With Size 6 , $1295 Jimmy Choo 38 Knee High Hanoi Boots black calf leather front zipper RAREVERSACE COLLECTION CALFSKIN SHEARLING SIZE 37 BLACK BOOTSTory Burch Women's navy blue bond leather ankle booties sz. 7 M , Old Gringo Nevada Cowboy Boots Chocolate Woman's size 8.5Authentic Stuart Weitzman Platform Highland Over the Knee Boots Size 9.5 M $845 , Yves Saint Laurent Debbie 100 Studded Western Black Ankle Boots $1595 35.5 5.5PRADA Gorgeous Black Leather Embroidery Boots Women's Size: /US 9 Rare!!!PAJAR WOMEN'S FOXY FASHION BOOT WATER RESISTANT, MADE IN ITALY , STUART WEITZMAN Thigh Suede Over-The-Knee Boots 39.5 US 9.5Rag & Bone Ashby Black Leather Bootie 9.5 NIB $525+!!Burberry Prorsum Brogue Pencombe Leather Wedge Ankle Boots 8UK / 41EUR New $950 , Old Gringo RARAMES VINTAGE Black Red Cowboy Cowgirl Western Boots 7 WomensOld Gringo Women's Bonnie 13" Boot Chocolate , Maison Martin Margiela Tall Boots in Black Size 36.5 , Womens The North Face Cryos Hiker Boot - Vibram w/ Calfskin Leather Wool 9 |$449Delman Women's Cryss Boot Fashion Ankle Womens Size 7.5 boot , Jimmy Choo | Navy Blue Suede Booties sizeNIB Tory Burch Adeline Almond Brown Leather Riding Boots ,
    Ralph Boot Lauren Purple Label Sport Women's Sz 8 Cohira Black Ralph Sport Leather Knee High Boot da5ad80 - blurrypron.com>Ralph Boot Lauren Purple Label Sport Women's Sz 8 Cohira Black Ralph Sport Leather Knee High Boot da5ad80 - blurrypron.com
    "Bally" Women Riding Boots In Black Leather, Size 6MWomen's Durango Boot RD594 Gaucho Distress Brown Tall HarnessMUNRO Womens Velvet Walking Wedge Comfort Smoking Slipper Size 11N Rose Gold USA , CHRISTIAN LOUBOUTIN 1595$ Authentic New Snea Candy Embellished Sneakers , MANOLO BLAHNIK Solid Brown Patent Strappy Open Toe Pump Heel Shoes 40.5 / 9.5 BBadgley Mischka Kaidence Flats - Women's Size 9, SilverMusse & Cloud Womens caprice Open Toe Casual Platform Sandals , Man's/Woman's Dr. Scholl's Women's Blink Slide Sandal High-quality Let our products go to the world Outstanding style , womens flip flops pearl decor flat heel slingbacks summer beach roman casual hot , Women BCBG Generation Barr Flat Sandal Python/mesh Black/vivid Blue SummerFitFlop Women's Banda Sandal - Choose SZ/Color , Mens Adidas D Lillard 3 Dame 3 White Trainers Adidas BB8272 NEW Authentic , NIKE VAPOR SPEED TURF Football Shoes Black white sz 12 833408-017 NEW msrp110$NEW SUPRA SKYTOP BONE BLACK BONE SURF BMX SKATEBOARD SNOW RAP SPORTS SHOES 8.5UK NIKE Free Trainer 5.0 Shoes UNIVERSITY of KENTUCKY WILDCATS Edition Size 11.5Frye Alexi Low Lizard Embossed Black Leather Sneakers Shoes Womens Size 11MNEW BALANCE 995 SZ 10.5 MADE IN USA WINTER PEAKS PACK NAVY BLUE BROWN M995DCB , Nike Lunarepic Low Flyknit 2 Size 11 US Black Men’s Running ShoesEl Naturalista Men N905 Recyclus Chukka Boot ShoeMen's Clarks Huckley Roll Black Leather Riptape Fastening ShoeSAINT LAURENT SL/06 STAR CALIFORNIA COURT CLASSIC Leather Sneakers EU-45 US-12550$ Bally Black Dracon Leather Driver Size US 11 Made in ItalyVenturini Italian Made Mens Black Leather Oxford Shoes Size 10.5 , Skechers Performance Go Run Ultra 3 Max Road 3 Ultra Womens , Fabulicious Women's Flair 401F Marabou Slide Black Polyurethane-Fur/ClearNEW Women's Nike Air Max Thea Shoes Size: 7.5 Color: Black/White , Women's Chunky Block heel shoes Pointy toe Pearls Pull on Elastic Ankle boots , Kamik Women's Jessie Rain Boot, Dark Purple and White, 7 Medium USMan's/Woman's Zara Join Life Brown Leather Boot Guarantee quality and quantity Wholesale trade List of explosions , Sexy Womens High Heel Over The Knee Thigh High Boots Leather Knight Boots Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ralph Boot Lauren Purple Label Sport Women's Sz 8 Cohira Black Ralph Sport Leather Knee High Boot da5ad80 - 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.

    Ralph Boot Lauren Purple Label Sport Women's Sz 8 Cohira Black Ralph Sport Leather Knee High Boot da5ad80 - 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
    Ralph Boot Lauren Purple Label Sport Women's Sz 8 Cohira Black Ralph Sport Leather Knee High Boot da5ad80
    Boots
    >
    ;