Never miss an update

Guess Box New by Marciano Reet Knee High Boots Black Black 8 M New in Box c22541a




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
Shade: Black
Material: Suede UPC: Does not apply
Width: Medium (B, M) Style: Fashion - Knee-High
Color: Blacks US Shoe Size (Women's): 8
Brand: Guess
Never miss an update

Guess Box New by Marciano Reet Knee High Boots Black Black 8 M New in Box c22541a - blurrypron.com

    Guess Box New by Marciano Reet Knee High Boots Black Black 8 M New in Box c22541a
    Guess Box New by Marciano Reet Knee High Boots Black Black 8 M New in Box c22541a
    NIB $198 Cole Haan Davenport Booties - Brown - size 6 , LOTTINI 57-2-10 Black Suede Platform Wedge Knee High Winter Boots size 40Womens Purple Casual Classic Western Style Cowboy Boots Plain Leather , Pikolinos Zaragoza W9H-8800 Black Womens Leather Zip Tassel Mid Heel Ankle Boots , Man's/Woman's Fly London Yip Wedge Bootie Elegant and sturdy set meal Affordable Modern and elegantEXCELLENT CONDITION! DR. MARTENS TRIUMPH LEATHER PLAID BOOTS , WOMEN'S SUNDANCE GRETTA RICAMO BELOW THE KNEE SLIP ON LEATHER BOOTS SIZE 6/36 NWNew Geox Respira Black Leather Over The Knee Thigh Hi Women Riding Boots 35 US 5Nine West Womens Herenow Ankle Bootie- Pick SZ/Color.FRYE Womens Danica Harness Boot- Select SZ/Color.Softwalk Women's Ivanhoe Boot - Cognac - 11 M USNEW Jeffrey Campbell Black Suede Leather Western Booties Boots Shoes 7.5 MKaty Perry Women's The Heart Sneaker - Choose SZ/color , 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 6Fiorentini + Baker Eternity 713 Boot Tan Suede 36 , Womens CASADEI Red Suede Leather Stiletto Heel Bootie Shoes 7 (CASA) , ECCO sport Xpedition III GTX Coffee boots women's 11/11.5 Euro 42 , US Size 5 Doc Marten Miranda Brown Leather 14-Hole Combat Leather Show BootsZARA 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 6NEW HELENS HEART BLACK SEQUIN COWBOY BOOTS SIZE 5, 6, 7, 8, 9, 10, 11, 12 , NEW 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 9 ,
    Guess Box New by Marciano Reet Knee High Boots Black Black 8 M New in Box c22541a - blurrypron.com>Guess Box New by Marciano Reet Knee High Boots Black Black 8 M New in Box c22541a - blurrypron.com
    MUK LUKS Women's Stacy Marled Winter Boot, Brown, 6 M US , FW13 PUMA NR 22 MID JR SHOES GIRL SHOES 357205 001 LEATHER , Man/Woman Funtasma PILGRIM-10 We have won praise from our customers. Win the praise of customers SimpleSolovair NPS Shoes Made in England Black Chelsea Boat S081-0902B , Kookai Black Leather over-the-knee stiletto boots, Brand New, size 39.SEVEN BOOT LANE BLACK SUEDE GEORGIA BOOTS SZ 4UK RRP SALEGeorgia G3060 Loafer, Black, 7 M US , Sperry Top-Sider AUDREY Black/White Zebra Pony Hair Slip-on Boat Shoe - MSRP $90 , Dansko Fanny Women's 38 Brown Leather Mary Jane Wedge Heels Shoes US 7-7.5Marc Fisher LTD Zala Suede Pumps, Women's Size 9.5M, Black , ECCO Women's Shape 45 Sleek Slip on Dress Pump - Choose SZ/ColorMen's/Women's Chinese Laundry Women's Darcie Pump use Preferred material Explosive good goodsCASADEI Pumps Heels Size 10 Brown Ostrich Skin Leather Italian Womens Designer , NIKE SB Skate Shoes ERIC KOSTON DUSTY PURPLEAir Jordan 6 Rings Shoes! Sz 12.5 (322992-014)Matte Silver/Cool Grey/Black/White , Larry Mahan El Paso Mens Size 10.5 Cowboy Boots Good Shape 2 Tone , Adidas Kobe Vino Pack Retro Basketball Sneakers Mens Size 9 , New Mens Dress Shoe Chevy Boot - Black LeatherMens Donald J Pliner Loafer Shoes Expresso Color Shoes Size 9 Medium , Nike Flystepper 2K3 Red October 9.5 Perforated Suede Snakeskin Print Strap Used , MR BS GENTLEMEN'S BOUTIQUE FOR ALDO SHOE SIZE 10new Men's European Genuine leather Business Casual Flats Dress Shoes , Man/Woman Avenger Men's A7300 Black Slip-Resistant (Non-Skid) excellent quality Impeccable Seasonal promotion , Vintage ALLEN EDMONDS "Chester" Black Wingtip Size 10.5 AA , Men's/Women's Mens Rieker Sandals 26757 New market Carefully selected materials Personalization trend , Gola Women's Coaster Rainbow Sneaker Off White/Multi Canvas SneakersBrooks Levitate Womens Running Shoes (B) (004) + Free AUS Delivery! , Twisted X Boots Women's WDM0057 Boat Shoe Distressed/Leopard Leather , NEW CORKYS CHEROKEE HARNESS DETAILED WOMEN'S KNEE HIGH RIDING BOOTS BLACK 10M2019 Womens Real Leather Black Rivet Studded Ankle Boots Motorcycle Flats Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Guess Box New by Marciano Reet Knee High Boots Black Black 8 M New in Box c22541a - 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.

    Guess Box New by Marciano Reet Knee High Boots Black Black 8 M New in Box c22541a - 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
    Guess Box New by Marciano Reet Knee High Boots Black Black 8 M New in Box c22541a
    Boots
    >
    ;