Never miss an update

New DANNER Mountain Low 600 Hiking Women's 8.5 Gray Gray 62264/Plum Hiking Boot 62264 RETAIL $160 7e66f66




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: Danner
Boot Shaft Height: 3" Heel Height: Low (3/4 in. to 1 1/2 in.)
US Shoe Size (Women's): US 8.5 Style: Hiking Boots
EUR Shoe Size (Women's): EUR 41 Material: Leather
Pattern: Solid Color: Gray / Plum Accents
Occasion: Hiking / Walking Features: Waterproof, Vibram Midsole, Vibram Outsole, Vibram Fuga Outsole With Megagrip, Vibram SPE Midsole
Width: Medium (B, M) Product Line: Mountain 600 Low
UPC: 612632252315
Never miss an update

New DANNER Mountain Low 600 Hiking Women's 8.5 Gray Gray 62264/Plum Hiking Boot 62264 RETAIL $160 7e66f66 - blurrypron.com

    New DANNER Mountain Low 600 Hiking Women's 8.5 Gray Gray 62264/Plum Hiking Boot 62264 RETAIL $160 7e66f66
    New DANNER Mountain Low 600 Hiking Women's 8.5 Gray Gray 62264/Plum Hiking Boot 62264 RETAIL $160 7e66f66
    KEEN WEDGE ZIP US 8 Woman's Ankle Boot Brindle , NEW THE NORTH FACE Womens Abby IV Waterproof Suede Leather Boots US 7 Brown/Pink , Womens Boots Size 7.5B, Ariat, Leather, Brown, Floral, Knee High Wedding, Rodeo,Fiorentini + Baker Ankle Womens Gray Leather Boots Size US 8 , Dr. Martens Women's Pendleton Biker Santa Fe LIMITED EDITION US 8 , Nike Air Max Goadome Boot ACG Womens Fashion SZ SIZE 8 Vachetta Tan 916807 200Santana Canada Brown Leather Morella Winter Boots Womens Size US 11M , LEATHER LASER CUT TAN BEIGE ANKLE BOOTS ZIPPER POINTED LOW HEELS EU39*UK6*US8 , Oak and Hyde Bridge 18 Womens Tall Combat Military Leather Zip Boots SizeIvanka Trump Izze Pointed Toe Fashion Knee-High Boots 582, Black Multi, 8 USThe North Face NWB Womens Shellista II Tarmac Green/Tapenade Green Size 7 , AS98 Women`s Biker Boots NEW Black Size 8 , Dolce Vita Womens Inara Over The Knee Dress Boot Shoes, Black, US 7.5NIB HUNTER Navy Original Tall Back Adjustable Rain Boots Size US 10Anthropologie Kelsi Dagger Brooklyn Leather Booties Size 8 , NIB HUNTER Graphite Original Tall Gloss Rain Boots Shoes Size US 6 , AS98 BALTIMORA 597203 Women`s Boots NEW Blue Size 10Awesome Vintage Animal Exotic Brand Genuine Python Cowboy Boots NEW! VERY RAREDolce Vita Womens Ohanna Over-the-Knee Boot - Saddle Suede Size 6 NWD , New $328 BIRKENSTOCK Danbury Shearling Lined Boots 41 10Versace 19.69 3104098 VERNICE AMARANTO boots Women's Multicolor US , NIB Anthropologie rust Suede Ruffled Side Zipper Ankle Boots 38 / 7.5 , TALL COGNAC WESTERN RIDING BOOTS WHIP STITCH WOMEN SIZE 10 B BY BCBG MAXAZRIAVINTAGE DOC DR. MARTENS BOOTS ~ US 6 - 6.5 Brown MustardZARA BLACK FLAT LEATHER ANKLE BOOT WITH CHAIN DETAIL SIZE: US 8AS98 Women`s Biker Boots NEW Black Size 9HOGL BOOTS 6.5 Black Leather Boots Size 4 UK US 6.5 HOGL SHEARLING BOOTS 6.5 , Santana Canada Black Italian Leather Knee High Waterproof Boots Size 8 MFrye Jayden Boots Button Back Brown Leather Riding Stretch Calf Women's Size 8 ,
    New DANNER Mountain Low 600 Hiking Women's 8.5 Gray Gray 62264/Plum Hiking Boot 62264 RETAIL $160 7e66f66 - blurrypron.com>New DANNER Mountain Low 600 Hiking Women's 8.5 Gray Gray 62264/Plum Hiking Boot 62264 RETAIL $160 7e66f66 - blurrypron.com
    Nine West Womens Caseylu Ankle Bootie- Pick SZ/Color. , Sexy Multi Buckle Strap Knee High Platform Stiletto Boots Shoes Adult Women , Robert Clergerie Womens Goa Ankle Boot Heel Black Size 39.5 M US , DIOR TAUPE SUEDE SHEARLING BIKER LOW HEEL ANKLE BOOTS ROUND TOE CLASSIC 36/6 NEWGentle Souls GS01866SU Womens Emma Chelsea Boot- Choose SZ/Color. , Versace 19.69 E08 TESSUTO ORO ballerina shoes Women's Gold AUOscar de la Renta Multicolor Fabric Suede Flats 36.5EU/6.5 US Made in Italy , FINN Comfort-Womens 8 US,(5 1/2 UK) ,leather loafer, P-W-46 NEWGentlemen/Ladies PUMA Women's Fierce Strap Flocking Wn Modern and elegant fashion Low price Complete specificationsPleaser Day & Night Women's Deluxe 654RS Green Suede Platform Shoes , Tod's XXW0HI04070H10179K ballerina shoes Women's Brown US , Francesco Russo NWOT "Nero" Black Suede & PVC Strappy Peep Toe Sandals SZ 38.5Teva Womens Hurricane XLT Infinity Sandals Black Size 11SPRING STEP OASIS WALK 'N ROLL BLACK ADJUSTABLE STRAP SANDAL Size 11 MSRP $100NIKE Men's Zoom Ascention Basketball Shoes 832234-003 Sz:12 (886912151425) $90[VULCO-68654] CLARKS MENS CLARKS VULCO SPEAR BLACK MENS SHOES CLARKSBLACKMNew Balance Men's Made in USA Sneakers M997CR Black Grey Pink Red Sz 6Nike Men's Air Huarache Wolf Grey/Sunset Pulse Running Shoe 13 Men Us , Nike Air Max 90 Ultra 2.0 Flyknit 875943-301 Hyper Turquoise White Mens Size 9.5 , Brooks Levitate Neutral Energize Black Silver Men Running Shoe Sneaker 110269 1DNIKE AIR JORDAN SPIZIKE ID SIZE 11.5 605236-983NEW! NIKE SFB GEN 2 8" BOOTS SAGE GREEN SIZES 5-15 MILITARY COMBAT 922474-200Justin Mens 8105 Black Iguana Lizard Western Cowboy Riding Rodeo Boots 9D USA , Skechers USA Men's Relment Sandor Chukka Waterproof Boot , Salvatore Ferragamo Mens Brown Leather Wingtip Kiltie Tassel Loafers Size 6 D , Nike Flyknit Lunar 2 Light Grey Charcoal Black Cookies Cream Womens 8 620658-100 , Nike Free 5.0 TR Fit 4 PRM Women's Running Shoes 629637 002 Size 9.5Drew Shoe Women's Paradise II SneakersWhite6 WOpening Ceremony Suede Bow Ankle Booties Boots Size 37 Grey Blue $395 , Men/Women Hunter Boots Fine processing Impeccable Rich on-time delivery ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New DANNER Mountain Low 600 Hiking Women's 8.5 Gray Gray 62264/Plum Hiking Boot 62264 RETAIL $160 7e66f66 - 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 DANNER Mountain Low 600 Hiking Women's 8.5 Gray Gray 62264/Plum Hiking Boot 62264 RETAIL $160 7e66f66 - 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 DANNER Mountain Low 600 Hiking Women's 8.5 Gray Gray 62264/Plum Hiking Boot 62264 RETAIL $160 7e66f66
    Boots
    >
    ;