Never miss an update

New Olukai 20360 29908 VI18 Slip Pehuea Pa'I US Vintage Blue Women's Slip On Shoes 8 US 59faa92




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: Olukai
Width: Medium (B, M) US Shoe Size (Women's): 8
Color: Blue Style: Water Shoes
UPC: 883956283129
Never miss an update

New Olukai 20360 29908 VI18 Slip Pehuea Pa'I US Vintage Blue Women's Slip On Shoes 8 US 59faa92 - blurrypron.com

    New Olukai 20360 29908 VI18 Slip Pehuea Pa'I US Vintage Blue Women's Slip On Shoes 8 US 59faa92
    New Olukai 20360 29908 VI18 Slip Pehuea Pa'I US Vintage Blue Women's Slip On Shoes 8 US 59faa92
    VANS Sk8 Hi MTE Tornado Atlantic Deep Water Resistant Suede Boots WOMEN'S 8 , New Balance Women's 530 Canvas Waxed Shoes Pink with Grey 12 B , Nike Women's Air Max Thea Print Lyl Blue/Lyl Bl/University Red/Wht Running ShoeNike Women's Cortez Classic Leather WHITE METALLIC GOLD 807471-106 sz 9.5 , Nike Air max 1 Essential womens trainers 599820 012 eu 38.5 us 7.5 NEW+BOXNew eileen fisher oodle sandals. size 6.5.Reebok ZPrint Her MTM EPM Grey White Women Running Shoes Sneakers BD4541VANS WOMAN SNEAKER SLIP ON SHOES IRIDESCENT CODE CLASSIC SLIP-ON 18DGZCAsics Women's Size 6.5 GT-2000 4 Running Shoes T656N 9342, Gray Blue GreAsics Women's Gel-Quantum 180 2 Ankle-High Running ShoeSAUCONY - SAUCONY JAZZ ORIGINAL VINTAGE TRAINERS - vegan 9.5Womens New Real Leather Pearls Flats Bee Sports Sneakers Athletic Running Shoes , Mizuno 410637 Wave Inspire 11 Running Training Shoes Sneakers Purple WomensNike Convention Lowtop spark/orange peel colors clasic 417418 600 , New Balance 580 Tomboy Medium Women's Shoes Size 5.5Womens Adidas Originals Stan Smith Weave Pink White Casual Trainers B23487 , Converse x Missoni Women's Chuck Taylor All Star Hi in Egret Size 6-10 BNIBKenneth Cole Reaction Kam-Era 2 Fashion Sneaker - Women's Size 8.5M - GrayNEW Asics Gel Tactic B554N-0190 White/Black/Silver volleyball women shoe Size 147 WOMEN'S NIKE AIR MAX SAIL SWEET PINK RUNNING CASUAL WHITE MULTICOLOR 90 95 97Skechers You Burgundy Womens Casual Slip-on Low-top Sneakers TrainersBNIB GENUINE NIKE AIR RIFT PREMIUM QS TRAINERS SIZE US 8 , nike womens free 5.0 running trainers 642199 603 sneakers shoes CLEARANCE , NEW NIKE FREE BALANZA Running WOMENS 7.5 Slate LTD NIB NR , New Balance Womens Size 7 WX811SS Shoes 811 new sneakers , ADIDAS ORIGINALS CLIMA COOL 1 Women's Shoes Climacool Kids Sneakers Trainers , Gentlemen/Ladies WOMEN'S/JUNIOR SHOES SNEAKERS CLOUDFOAM ULTIMATE [AQ1687] Ideal gift for all occasions High-quality materials Cheap order , Vans UA Old Skool Navy Textile Adult TrainersNIB PUMA WOMEN'S BASKET PLATFORM CORE WHITE / GOLD LEATHER SHOES SIZE US 10 135$ ,
    New Olukai 20360 29908 VI18 Slip Pehuea Pa'I US Vintage Blue Women's Slip On Shoes 8 US 59faa92 - blurrypron.com>New Olukai 20360 29908 VI18 Slip Pehuea Pa'I US Vintage Blue Women's Slip On Shoes 8 US 59faa92 - blurrypron.com
    Pikolinos Le Mans 838-8696 Brandy Womens Boots , Nike Wmns Zoom Cage 2 Tennis Womens Shoes Black Purple NWOB 705260-045 , Caterpillar Women's Colorado Nubuck Leather boots, Pink Translucent, 015GII20 , Vero Moda Womens Vmmari Low-Top Sneakers, Red Rumba Red Rumba Red, 4 UK , Flexus by Spring Step Women's Adriana Beige Python Leather SlingbacksYSL Women's Pink Silk Satin w/Rhinestone Ankle Strap Heel US size 10Man/Woman Demonia Women's Charade 206 Big clearance sale a wide range of products Strong heat and heat resistanceDOLCE & GABBANA  Black Animal Print Suede Pump Heels Size 9 IT 39NIB BURBERRY $795 BLACK LEATHER SANDALS MARHAM SHOES US 7Man/Woman Pleaser XTREME-809CRS feature Orders are welcome cheaperC. Louboutin: Magnifiques Boots 120 EU37,US7,UK4adidas Edge Lux 2 W Grey Black White Women Running Shoes Sneakers Trainer CG4708 , Maison Martin Margiela NIB Red Patent Leather Embossed Snakeskin Sandals SZ 38El Naturalista Women's Nf41 Zumaia Flat Sandal - Choose SZ/ColorAdidas New Man's Gazelle OG Original Suede Leather TrainersAir Jordan B. Fly Black Camo White Men SZ 11,12 !Puma RS100 HL Black/Teal-Green Sheen 356616 01 Men's SZ 9 , Le Coq Sportif R900 Silicones Print Jacquard Men's Sneakers Shoes Titanium Grey , Adidas Mana Bounce 2 M Aramis [BW0564] Men Running Shoes White/Silver-Onix , MEN'S SHOES SNEAKERS ADIDAS ORIGINALS TUBULAR SHADOW CK [AQ1091]Vintage Men's Dexter Heavy Duty Brown Hiking Boots Size 8.5 M Vibram Soles USA , Black Leather Bullhide Cowboy Boots Mens Size 10 D Style 1123MEN'S SQUARE TOE LAREDO BENNETT WESTERN BOOTS 7454 , Royal Tweed Buckle Men's Boots Made in EnglandECCO Men's Kyle Tie Sneaker - Choose SZ/ColorNIKE AIR ZOOM ULTRA WOMENs 9.5 TENNIS SHOES WHITE MEGA BLUE 845046 104 Royal new , Saucony Zealot Iso 2 Running Women's ShoesCalvin Klein Jeans Dora Canvas Chambray sneakers sale r3556 , NikeLab 878224-001 Air Zoom LWP X Kim Jones Women's Training Shoes Black, SZ 5.5RARE DR. DOC MARTENS 8 EYE AIRWAIR PASCAL SHOES BOOTS SZ 5 BLACK W/ PINK SOLES
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Olukai 20360 29908 VI18 Slip Pehuea Pa'I US Vintage Blue Women's Slip On Shoes 8 US 59faa92 - 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.

    New Olukai 20360 29908 VI18 Slip Pehuea Pa'I US Vintage Blue Women's Slip On Shoes 8 US 59faa92 - 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
    New Olukai 20360 29908 VI18 Slip Pehuea Pa'I US Vintage Blue Women's Slip On Shoes 8 US 59faa92
    Athletic Shoes
    >
    ;