Never miss an update

Giani Bernini Palomah with Riding Riding Box Boots 7.5 M Black New with Box 84b5f2d




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: Giani bernini
Color: Blacks Style: Riding, Equestrian
Heel Height: Low (3/4 in. to 1 1/2 in.) US Shoe Size (Women's): 7.5
Material: Leather Width: Medium (B, M)
Shade: Black UPC: 733004604089
Never miss an update

Giani Bernini Palomah with Riding Riding Box Boots 7.5 M Black New with Box 84b5f2d - blurrypron.com

    Giani Bernini Palomah with Riding Riding Box Boots 7.5 M Black New with Box 84b5f2d
    Giani Bernini Palomah with Riding Riding Box Boots 7.5 M Black New with Box 84b5f2d
    Durango womens RD0420 Black riding boot Size 10 M NEW , Nine West Womens Very Disco Black Leather Boots Shoes 8.5 MED PREOWNEDWOMENS HANDMADE PYTHON COWBOY BOOTS SZ 5 1/2; BUTTERSCOTH W/ BLACK;GREAT DETAILSCole Haan Hayden Bootie Pecan Leather Ankle Designer BOOTS Womens 9.5 NEW IN BOXAriat Women's Quickdraw Venttek Cowgirl Boot - Tan/TurquoiseHunter Zip Up Knee High Leather Equestrian Boots With Logo 37 1/2 / 7 1/2 Italy , FRYE Womens Elena Pull On Boots NEW 6 Brown Vintage Leather $378 , Cole Haan Niles Black Suede Leather Booties-Side Zip-Stacked Heel-Size 9.5M $280Rare Tony Lama Boots 8M Lizard n Leather, 2 Tone Brown and Cream Vtg. Excel CondNIB HUNTER Military Red Original Tour Tall Rain Boots Shoes US 10 , Frye brown harness motorcycle boots square toe leather retail $350Hunter Original Insulated Pac Burnt Sienna Navy Rubber Leather Snow Boot Size 5RALPH LAUREN COLLECTION VALENTINA DARK BROWN BURNISHED LEATHER BOOTS 6.5B ITALY , Spirit by Lucchese S4240 Bailey Womens Tobacco Embossd Leather Zip Boots 5.5 B , Frye Ladies 9.5 B Leather Brown 15" Tall Riding Western Cowboy Horse Boots , Fantasia Flower Cutout Suede Rhinestone Ankle Boot 6" High Heels US Sizes 9 & 10Dingo Western Fringe Womens Brown Cowboy Boots Leather Stars Trim DI7441 7NEW Anthropologie Howsty brown & plum Suede Fancy Inset Ruched Ankle Boots 38 , Dan Post Laredo Lola 01-5657-BN110 Women's 11" Tan Purple Leather Cowboy Boots , Dan Post Laredo Coraline 01-5679-RD Women's 11" Red Leather Comfort Cowboy BootsMBT KILIMA HIKING BOOTS BEIGE LEATHER EXCELLENT CONDITION MRSP $279 9.5/401/3 , Donald J Pliner Odessa Black Womens Shoes Size 10 M Boots MSRP $398ZARA LEATHER ANKLE BOOTS WITH METAL RINGS US 7.5 REF.5117/001 NEW SS 2015Louise et Cie Vallery Gore-Panelled Leather Riding Boots, Women's Size 8M, Black , NEW Sexy Leather Knee-High Peep-Toe Boot by Gwen Stefani Sz 7.5Frye Womens Malorie Knotted Tall Riding Boot Dark Brown Leather Size 5.5 , ROCKET DOG MAX CATOGR TAN CATO GOLD RUSH LEATHER NEW TO THE MARKETFrye Womens Phillip Harness Cognac Brown Soft Leather Tall Riding Boots 5.5 , AHNU MONTARA LUXE WATERPROOF CORDUROY HIKING WOMEN'S ANKLE BOOTS SIZE US 7 NEW ,
    Giani Bernini Palomah with Riding Riding Box Boots 7.5 M Black New with Box 84b5f2d - blurrypron.com>Giani Bernini Palomah with Riding Riding Box Boots 7.5 M Black New with Box 84b5f2d - blurrypron.com
    Gentlemen/Ladies Boot Nine West Valetta Black Synthetic Fashion pattern excellent Very good classification , NWB Aquatalia by Marvin K Women's'Camelia' Weatherproof Wedge Boots (Sz 9.5)Men's/Women's Deer-tan leather Black Moccasin Boots Beautiful color Bright colors cheap price , Danner Rivot TFX 8IN 400G Insulated GTX Boot - Women's , CONVERSE CHAUSSURE ALL STAR HI CVS UNISEX - BLK - 36 (886952781231)Clarks Ankle Boots 26132404 Desert Trek Black , Nine West Women's GINGERBRED Nubuck Oxford Flat - Choose SZ/Color$275 BCBG BCBGMAXAZRIA Womens MA-Makena Frilly Shoe, Frosted Grey, US 9Womens Patent Leather T Strappy Shaped Hollow Heels Sexy Nightclub Roman ShoesBrand New Sam Edelman Ivy MSRP $140.00 Leather Heel SandalsRachel Roy Fabiola Black & White Peep Toe Leather Platform Heels Size 8.5 , Nike Zoom Winflo 4 men running run sneakers NEW dark stucco sequoia 898466-011New Nike Air Max 95 PRM - SIZE 11.5 - 538416-204 Retro Praline Turbo Green BlackMen's adidas Swift Run Running Shoes Core Black/Gum DB3603 BKG , Chic Mens Rose Embroidery Round Toe Black Dress Shoes Business Slip On LoafersMOMA Men's Shoes Ankle Boots 53805-2B Cusna TMoro Ebony Pelle Vintage Made Italy , AUTHENTIC LUXURY PRADA HALF-BOOT SHOES 2TC044 BLACK NEW US 11Mens pointy toe bling low block heel knitted wedding party night club shoesNIB Columbia Elm Grove Moc Men Slip On Shoe SIZE 10 Wide Suede LeatherMark Nason Los Angeles Men's Vesper Oxford , New Balance Life Style Mens Shoes Navy Blue/White MS574SNV , salvatore ferragamo Black Wingtip men shoes 10Paul Fredrick Made In Italy Penny Loafers Black Tan Men’s Size 9 MPUMA Women's Tsugi Jun WN's Sneaker - Choose SZ/Color2015 Nike Air Max 1 Tawny/Sail/Gum Medium Brown Mid Sneakerboot! Size 10 w/Box!Under Armour Women's Speedform Intake Running Shoe, Black/Stealth Gray/White , Nike Dunk Sky Hi Purple High Top Wedge Heel Sneakers Women's size 9 / 40.5Black Side Full Zip Womens Leisure Knight Stilettos High Heels Knee High BootsIndigo Rd. Women's Aimee Ankle Bootie - Choose SZ/ColorWomen's Devlin Waterproof Fur Boots CAT Footwear Black sz 6M P308118
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Giani Bernini Palomah with Riding Riding Box Boots 7.5 M Black New with Box 84b5f2d - 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.

    Giani Bernini Palomah with Riding Riding Box Boots 7.5 M Black New with Box 84b5f2d - 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
    Giani Bernini Palomah with Riding Riding Box Boots 7.5 M Black New with Box 84b5f2d
    Boots
    >
    ;