Never miss an update

SAS Suntimer 29992 $125 1890-011 Sandals Tripad 9.5 Comfort EZ black leather Sandals women's 9.5 N 7ff330a




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: SAS
Width: Narrow (AA, N) Style: Ankle Strap
Material: Leather US Shoe Size (Women's): 9.5
Color: Black
Never miss an update

SAS Suntimer 29992 $125 1890-011 Sandals Tripad 9.5 Comfort EZ black leather Sandals women's 9.5 N 7ff330a - blurrypron.com

    SAS Suntimer 29992 $125 1890-011 Sandals Tripad 9.5 Comfort EZ black leather Sandals women's 9.5 N 7ff330a
    SAS Suntimer 29992 $125 1890-011 Sandals Tripad 9.5 Comfort EZ black leather Sandals women's 9.5 N 7ff330a
    Louise et Cie 'Andra' Espadrille Cream Flat, Size 7 , Dolce Vita Women Shoes Sandal BLACK 7 New Open Toe Suede Goodtreasures123Romika Wos Sandals Slides US 8 Blue Metallic Leather Suede Hook/Loop WedgeWomen Wedge Heels Platform Embroidery Peep Toe Rhinestones Ankle Strappy SandalsWomens Dansko Stylish Beige Leather Professional Sandals Slides Sz. 42NEW CLARKS PALIMA PALM GOLD LEATHER SLIDE SANDALS WOMENS 9.5 FREE SHIP , SAM EDELMAN DAKOTA 210113 brown leather strappy sandals sz. 6 M NEW! , Brand New Ahnu Women's Hanaa Textile USA Flip Flops Shoes , MUNRO Tangier Women Sandals Black Wedge Slingback 11 M Open Toe Strappy M418178SJP by Sarah Jessica Parker Tan Leather Bobbie Scalloped Flat SandalsAntonio Melani Size 7.5 M CAM Tan Leather Wedge Heel Sandals New Womens Shoes , $165 VIA SPIGA CAPRIS White Camel Leather Designer COMFORT Sandals 7.5Sofft Cary Wedge Sandals-Women's size 11M Red , Vionic Size 10 M TIA Berry Arch Support Ankle Wrap Sandals New Womens Shoes NWOB , TRASK womens shari gray suede wedge sandal size 9.5 NWOBWomen's RAINBOW Premier Leather Wide Strap Flip Flops MEDIUM 6.5-7.5 PINK GREYTEVA ORIGINAL UNIVERSAL PREMIER BLACK SPORT SANDALS WOMENS SIZE 8 USFREE PEOPLE Womens 'Beaumont' Khaki Woven Leather Flats Sz 39 - 232450Women's RAINBOW Premier Leather Narrow Strap BLACK Flip Flops LARGE 7.5-8.5 , Womens VIA SPIGA black patent leather wedge slingback sandals shoes sz. 7 MNWT J. Crew Women's Buckled Gladiator Sandals - Metallic Blush - Size 7.5 , Jambu Jasmine Sandals Womens Size 9.5 Black/Sliver Heel Ankle StrapFashion Womens Star Decor Platform High Stiletto Heels Slippers Sandals Shoes , Vionic Women's by Orthaheel, BLACK PATENT Shore Slide Sandal SIZE 11 NEW IN BOXGentleman/Lady Camper Pimpom Sandal, 41 Selling Environmentally friendly cheaper , Women’s Touch Ups Tuesday Platform Sandal Silver Size 10 #NCMUA-M87New Tulai / BIRKENSTOCK Blue Leather Sandals 36.5 Ladies 5.5 / 6 , Sam Edelman Eleanor Women's Dress Sandal - Gold Glitter - Size 9.5M , COLE HAAN Sandals Women's Size 10 M Danni NikeAir Leather Gold Gladiator Flats ,
    SAS Suntimer 29992 $125 1890-011 Sandals Tripad 9.5 Comfort EZ black leather Sandals women's 9.5 N 7ff330a - blurrypron.com>SAS Suntimer 29992 $125 1890-011 Sandals Tripad 9.5 Comfort EZ black leather Sandals women's 9.5 N 7ff330a - blurrypron.com
    Men's/Women's Durango Ladies' Flag Boots New Listing High-quality materials Cheap orderAdidas Yeezy 350 V2 Triple White Authentic With receipt. , New FILA Womens COURT DELUXE WHITE / NAVY FS1SIA1011X UNISEX SIZE TAKSE AUWomen's Shoes BELSTAFF 757382 Amy Lady Shoe Off White Leather And Suede New , Mr/Ms Booties Golden Goose Elegant and sturdy set meal Make full use of materials Full range of specificationsWalking Cradles Womens Jane Leather Leather Closed Toe Mary Jane Flats , Style & Co. Size 10 Dark Silver Glitter Heels Sandals New Womens ShoesSoftWalk Women's Imperial Dress Pump, Black Suede, 6.5 N US , Man/Woman betsy johnson Heels Reasonable price Quality First A balance between toughness and hardnessVALENTINO Platform, STILETTO, BOW, SLINGBACK, PEEPTOE PINK/KBEIGE 38 1/2 , Remonte Women's Santana 77 Hiker BootWomen's New Balance #W890V4 Walking /Training shoes Color Yellow 6 D {WNB Bx2Man/Woman NEW LE SILLA WOMENS SANDALS use Quality and quantity guaranteed retail price , Nike Air Max Ivo 580518-046 Black/Vivid Blue-dark Grey Low Size 11.5 Free Ship , nike lunarepic flyknit shield sz 10.5 mens msrp $200Converse Breakpoint Low Top White Black Leather Men Sneakers Shoes 157777CNike iD Air Force 1 Low Premium NBA Golden State Warriors Size 12 AQ3994 992 NewNike KD IV 4 Galaxy All Star Sz 11 , Mag Back to the Future Light Up Black Trainers Shoes, All Sizes NEWNike Air More Uptempo '96 Amarillo/White/Red/Green London City Pack V3809700 , MEN’S SHOES NIKE AIR MAX 95 ESSENTIAL 749766 SNEAKERS AIR MAX 95 , Air Jordan 6 Retro LIKE MIKE 384664-145 (White/Orange/Black) "Gatorade" Mens 9Man/Woman Boulet Motorcycle Harness Boot - 17 We have won praise from our customers. International choice comfortable , Wolverine W02071 Electrostatic Dissipative Slip Resistant Steel Toe Hiker 13M , VINTAGE FRYE BROWN LEATHER BOOTS 12 D , Man/Woman Pleaser Creeper-608 Mens Loafer- Choose SZ/Color. Innovative design Brand Popular recommendationMens Mark Nason Memory Foam Lux Smart Brogues Eventide 68902ASICS Sneakers GEL CUMULUS 14 Pink Running Shoes T296N Women's US 7.5 $120NEW WOMENS ALTRA IQ ZERO DROP RUNNING SHOES - 6.5/37.5 -iFIT TECHNOLOGY WARRANTY , Catherine Malandrino Sorcha Grey Women's Over-The-Knee Boots Size 9 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    SAS Suntimer 29992 $125 1890-011 Sandals Tripad 9.5 Comfort EZ black leather Sandals women's 9.5 N 7ff330a - 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.

    SAS Suntimer 29992 $125 1890-011 Sandals Tripad 9.5 Comfort EZ black leather Sandals women's 9.5 N 7ff330a - 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
    SAS Suntimer 29992 $125 1890-011 Sandals Tripad 9.5 Comfort EZ black leather Sandals women's 9.5 N 7ff330a
    Sandals
    >
    ;