Never miss an update

Hunter Chelsea WFS2006RMA-NVY: Original Women's Original Chelsea Navy Navy Boots 0254e6e




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: Hunter
Style: Womens Rain Boots Color: Navy
UPC: 5054916291415 Material: Synthetic
Product Type: Womens Rain Boots
Never miss an update

Hunter Chelsea WFS2006RMA-NVY: Original Women's Original Chelsea Navy Navy Boots 0254e6e - blurrypron.com

    Hunter Chelsea WFS2006RMA-NVY: Original Women's Original Chelsea Navy Navy Boots 0254e6e
    Hunter Chelsea WFS2006RMA-NVY: Original Women's Original Chelsea Navy Navy Boots 0254e6e
    Stetson Women's Vivi Riding Boot, Brown, 6 D USDr Martens Pascal IM Combat Boot Laser Holographic, Lazer Silver Metallic 6L , Icebug Women's Glava BUGweb Removable Traction Winter Boot, Earth, 38 EU/7.5 M U , Tory Burch Siena Boots River Rock Natural Suede Size 10.5 Pull OnNEW GUESS YADRA TAUPE BROWN LEATHER WOMENS BOOTIE,BOOTS,SHOES w/HEEL SIZE- 7.5Pour La Victoire Women's Irona Ankle Boot, Black, 5.5 Medium US , Icebug Women's Diana BUGsole Winter Boot,Black,9.5 M US , Carlos by Carlos Santana Women's Makayla Bootie Black Fabric Ankle BootsFrye Jackie Button Boot Cognac Size 6.5 NWT , Privileged Darling Distressed Denim Thigh-High Boots Size US6.5 Retail $188Sam Edelman Women's Brown Suede Olencia Knee High Boot Sz 6M 2733 , Anthology Caribou Gray Suede Telma Ankle Boots Size 38 8 $395 NEW IN BOX 8291DANNER MOUNTAIN TRAIL LEFT BANK HIKING 7.5 EE Brown BootsCarlos by Carlos Santana Women's Cole Bootie Grey Manmade Leather Ankle Boots , Women's Boots H By Hudson Keira Distressed Buckle Boot Size US 7 Eu 37 , Fratelli Rossetti Brown Ankle Boots Euro 40/Genuine Leather , VIA SPIGA womens 8.5 Gerry chocolate brown suede ankle boots booties newPropet Women's Tessa Riding Boot, Brown, 6 W US , Vince Camuto Signature Boot Snakeskin Look Brown Riding Motorcycle ChocolateCalvin Klein Women's Bestie Ankle Boot - Choose SZ/ColorNew $295 Fly London Yolk060Fly Wedge Chelsea Snow Boot waterproofWhite House Black Market Boots Brown Leather Suede Heels Sz 10M (36-12)Propet Women's Tessa Riding Boot, Brown, 7.5 M US , Paul Green Munchen brown quarter boots, AUS 6.5 (US 8.5)Alberto Fermani Cori Womens Shoes Dark Brown Suede Ankle Boots Sz NEW $475Tory Burch Women Black Knee High Boots Size 8 Fits Like Size 7 See The DescFranco Sarto Womens Christine Wide Calf Knee-High Boots Shoes BHFO 3847 , Miz Mooz Women's BRADY Boot, Stone, 41 M EU/10 US , sz 9.5- 10/ 40 NEW DANSKO boots womens Wedge Ankle SHIRLEY taupe Leather ,
    Hunter Chelsea WFS2006RMA-NVY: Original Women's Original Chelsea Navy Navy Boots 0254e6e - blurrypron.com>Hunter Chelsea WFS2006RMA-NVY: Original Women's Original Chelsea Navy Navy Boots 0254e6e - blurrypron.com
    Nike Wmns Lunarcharge Essential True Blue Women Running Shoes Sneaker 923620-405Stuart Weitzman Sparky Suede Ballet Flats Nice Blue Suede Crystal Studs 8 M NIBStubbs & Wootton Dark Pink Velvet 'March Of The Ants” Women’s Loafers, Sz 7.5 , Earth Currant - Women's Slip-on Comfort Shoe Light Silver - 7 MediumSexy Women Round Toe Block Heels Slip On Leather Pumps Shoes Lady OL Shoes , Bella Vita Women's Gala II Pump Black Embossed Velvet Size 12 MPrada Vernice Basic Cirria Womens Pump High Heels, 38.5JIMMY CHOO TRAPEZE BLACK & WHITE SANDALS, SIZE 40Stuart Weitzman Black Suede Tall Boots With Fringe 5.5 NewWomens ASICS GT-1000 Running Shoes Size 11.5 Lightning/Orchid/titanium , NIKE AIR MONARCH 11 4E EXTRA WIDE WHITE NAVY 416355-102 MENS US SIZES , Adidas - Seeley Outdoor | BY4105 - Mens Shoes | Black / WhiteAdidas Alphabounce HPC Aramis Grey Mens Size 8.5 , Brand New Nike Train Speed 4 Amp SZ 9 OSU Ohio State Week Zero CollectionNike Roshe Two Mens 844656-401 Paramount Blue Wolf Grey Running Shoes Size 10 , Man's/Woman's Nike Air Entertrainer Obsidian/Obsidian-White 819854-400 Men's Great variety Win highly appreciated leading the fashionNike Mens Air Max 1 Premium Elemental Gold Trainers 875844 700 , Adidas NMD Runner Men's Size 8 ~ 14 / Brand New in Box!!!2006 Nike Air Force 1 INSIDEOUT TRUQUES OR TRICKS BROWN ROYAL BLUE WHITE LASERWeinbrenner Fire Front Zip Vibram Guard Boots Mens Size 11.5 XW Made in USA , Dan Post Boots Men's Pershing Cowboy Boot DP3016 , Lacoste Men's Keellson 217 1, Natural, 12 M USDr Doc Martens VTG Made in England Black Semi Brogue Wingtips Oxfords US 9 , Mercanti Florentini Size 12 M Brown Leather Loafers Mens Shoes Made In ItalyNike Air Zoom Pegasus 32 Size 7- Blue Royal , Nike WMNS Air Zoom Elite 9 black/White Cool Grey 863770-001 Size 7 , MERRELL WOMENS TRAIL GLOVE 4 BLUE SPORT SIZE 6.5Nike M2K Tekno Black Obsidian Womens AO3108-003 US 5-11.5 Off White Dad shoesLogo Black Suede Faux Fur Trim Victoria Ankle Boot 6.5 Lori Goldstein , Womens Leather over the knee high Boots slim high heels platform shoes Sexy Size
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Hunter Chelsea WFS2006RMA-NVY: Original Women's Original Chelsea Navy Navy Boots 0254e6e - 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.

    Hunter Chelsea WFS2006RMA-NVY: Original Women's Original Chelsea Navy Navy Boots 0254e6e - 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
    Hunter Chelsea WFS2006RMA-NVY: Original Women's Original Chelsea Navy Navy Boots 0254e6e
    Boots
    >
    ;