Never miss an update

NIB $198 size Cole Haan Davenport 6 Booties NIB - Brown - size 6 4b68024




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
Style: Ankle Boots
Width: Medium (B, M) Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Color: Brown US Shoe Size (Women's): 6
Brand: Cole Haan Material: Leather
Never miss an update

NIB $198 size Cole Haan Davenport 6 Booties NIB - Brown - size 6 4b68024 - blurrypron.com

    NIB $198 size Cole Haan Davenport 6 Booties NIB - Brown - size 6 4b68024
    NIB $198 size Cole Haan Davenport 6 Booties NIB - Brown - size 6 4b68024
    EMU AUSTRALIA AUTH Women's Brown Sheepskin Cozy Boots Size 6 , New! FRYE Clara OTK Over the Knee Boot in Cashew Brown Size: 6.5FRYE Phillip Studded Hardness Tall Women Riding Boots Chocolate Glazed Leather 6 , Fiorentini + Baker Eternity 713 Boot Tan Suede 36Womens CASADEI Red Suede Leather Stiletto Heel Bootie Shoes 7 (CASA)ECCO sport Xpedition III GTX Coffee boots women's 11/11.5 Euro 42US Size 5 Doc Marten Miranda Brown Leather 14-Hole Combat Leather Show Boots , ZARA XL OVER THE KNEE FLAT LEATHER BOOTS WITH FRINGE BLACK ALL SIZES 6066/001$445 NIB Ash Seven Over-the-Knee Black Leather Boot, 340518, US 6 , Lavorazione Artigiana boots 6 riding boots 6 equestrian boots 36 italian boots 6 , NEW HELENS HEART BLACK SEQUIN COWBOY BOOTS SIZE 5, 6, 7, 8, 9, 10, 11, 12NEW KEEN DEPART GREEN LEATHER BOOTS KEEN DRY WOMEN USA SIZE 10 M , GENTLE SOULS $375 Oh Shucks Knee BOOTS Ladies size 6 M Brown Leather Heel NewHunter Women's Original Short Gloss Boots Yellow Waterproof , NEW Sam Edelman Johanna Over the Knee Espresso Brown Suede Leather Boot Size 6 , $265 DIESEL Black Grey Suede Designer Ankle Cowgirl Boots 9The North Face NWB Womens Shellista II Mid Frost Grey/Evening Sand Pink Size 7AIRSTEP AS98 Women`s Biker Boots NEW Gray Size 8.5ZARA PRINTED LEATHER ANKLE BOOTS REF.3104/201 EU37/USA 6,5/ , Frye Phillip Harness Tall Moto Boot Grey Soft Vintage Leather Size 5.5 , NIB Australia Luxe Collective Monk Strap Shearling Wedge Boots in Sand Sz US 9 , Dr. Martens US Women's 6 Aimilita Combat Boot Brown A39The North Face NWB Womens Shellista II Desert Palm Brown/Balsam Blue Size 7 , Womens Turquoise Plain Leather Western Cowgirl Boots Mid Calf Casual Square ToeWOMENS VTG NOCONA TALL FULL GENUINE SNAKESKIN BRN COWBOY WESTERN BOOTS 7.5~1/2 C , NEW Frye 76980 LINDSAY PLATE Short Boot size 6 B Dark Brown , JEFFREY CAMPBELL ZION GOLD STUDS HI WEDGE BLACK SUEDE WOMEN ANKLE BOOTS 10 , Donald J Pliner New Alie Blue Womens Shoes Size 6 M Boots MSRP $268 , Hunter Women's Original Tall Rain Boots Navy 7 ,
    NIB $198 size Cole Haan Davenport 6 Booties NIB - Brown - size 6 4b68024 - blurrypron.com>NIB $198 size Cole Haan Davenport 6 Booties NIB - Brown - size 6 4b68024 - blurrypron.com
    Gentleman/Lady Eastland Women's Aztec 1955 Boot Not so expensive Carefully selected materials At an affordable priceJoules Women's Welly Print Rain Boot French Navy Ombre Stripe 8 M USMan's/Woman's bcbg max azria booties Sz 8 Fine processing Optimal price TRUECalvin Klein Women's Kalua Heeled Sandal - Choose SZ/colorBrooks Maximus XT 8 Womens Crosstrainer (B) (290) + Free Aus Delivery SAVE $50! , Men's/Women's Adidas Ultra Boost Womens US7 Packaging diversity new Tide shoes listLadies Merrel Walking Boots Moab 2 Mid GTX J65263 , Jack Rogers Womens Boots Black Suede 11 US / 9 UKI35 Pandeh Platform Slide Wedge Sandals, Marshmellow , NIB Auth Valentino Garavani Fuchsia Patent Rockstud Slingbacks-Size 39.5: $1768Funtasma Women's Punk 14 Black PU Slip-on ShoesLoeffler Randall LOEFFLER RANDALL Womens Mazzy Fashion Sneaker- Pick SZ/Color. , Man's/Woman's Puma Star New varieties are launched Excellent performance Vintage tide shoesSalvatore Ferragamo womens Brown Low Heel Pumps Size 7 1/2 AAA , BCBG Paris Women's Ladies Leather Black Platform Wedge Shoes Pump Size 6 , GIORGIO ARMANI Gold Leather Pump with Black Accents 37 (US 7) XGDN30BIRKENSTOCK Madrid Oiled Leather Sandals Habana L9-9.5/M7-7.5 , Sanuk Womens Yoga Aurora Glow Flip Flop- Pick SZ/Color. , Naya Neola wedge sandal black leather sz 7.5 M Brand new , Reebok Men's Fury Adapt W Fashion Sneaker - Choose SZ/Color , Kyrie 3 Brand new with box size 9 , Yeezy Boost 350 V2 Frozen Yellow Size 11.5Wild West Men's 6X-Toe Ostrich Leg/Grasso Cowboy Western Boots Different ColorsVERSACE Black Leather Loafers, US 9Gentlemen/Ladies ETQ Chelsea Boot Earth Attractive and durable Various types and styles various kinds , DC ADJS300181-711 Womens Trase Slip-On XE Skateboarding Shoe- Choose SZ/Color.Antonio Melani Black Suede Leather Knee High Boots Side Zip Womens Size 8FILA DISRUPTOR 2 - “WHITE NAVY GUM” - BNIB - IN SIZES 3 4 5 6 7 8 WOMENSBEYONCÉ HOUSE OF DERÉON STYLE: EWB TAN & CREAM BOOTIEBCBG Max Azria Pomchi boot pointed toe platform stiletto heel Lamb size 6
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIB $198 size Cole Haan Davenport 6 Booties NIB - Brown - size 6 4b68024 - 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.

    NIB $198 size Cole Haan Davenport 6 Booties NIB - Brown - size 6 4b68024 - 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
    NIB $198 size Cole Haan Davenport 6 Booties NIB - Brown - size 6 4b68024
    Boots
    >
    ;