Never miss an update

Dingo Western Women's Willie Western Boot Antique Tan Boot 8 M 8 US 553602d




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
EAN: 0679145350488
Color: Antique Tan MPN: Willie
Size: 8 M US Brand: Dingo
US Shoe Size (Women's): 8 M US UPC: 679145350488
Style: Antique Tan
Never miss an update

Dingo Western Women's Willie Western Boot Antique Tan Boot 8 M 8 US 553602d - blurrypron.com

    Dingo Western Women's Willie Western Boot Antique Tan Boot 8 M 8 US 553602d
    Dingo Western Women's Willie Western Boot Antique Tan Boot 8 M 8 US 553602d
    Gentleman/Lady NEW STRATEGIA WOMENS ANKLE BOOTS selling price Affordable Exquisite processingRoxy Women's Fulton Motorcycle Boot Tan 8 M US , NATURAL SOUL Women's Yeva Ankle Boot Grey 8 M USCoconuts by Matisse Women's Estrella Boot Saddle 8 M USNaturalizer Women's January Riding Boot Camel 8 M US , Propet Women's Tory Ankle Bootie Brown 8 M USECCO Women's Shape 75 Chelsea Boot Black 39 EU/8-8.5 M US , Sbicca Women's Freespirit Boot - Choose SZ/ColorGrey City Riley Black Leather Ankle Boots with Rounded Toe Shape and Outside ... , ALDO Women's Larissi Chelsea Boot Khaki 8 M US , Man/Woman ECCO Women's Bella Zip Ankle Bootie Excellent value cheapest Fair priceKamik Women's Canuck Boot Black 8 B(M) USThe Fix Women's Nash Floral Embroidery Oval Heel Ankle Bootie Indigo 8 M USAdtec Women's 8" Packer Tan Work Boot 8 B(M) US , ara Women's Maeko Boot - Choose SZ/ColorNine West Women's Jetra Leather Boot Black 8 B(M) USSteve Madden Women's Hunny Tall Shafted Boot,Black Leather,10 M USPalladium Women's Pallabosse Chelsea L Chukka Boot Sunrise/Chocolate 8 B(M) US , Cole Haan Women's Arlean Bootie Stormcloud 8 M USHush Puppies Women's Cyra Catelyn Ankle BootieDolce Vita Women's Jimmy Over The Knee Boot - Choose SZ/ColorLifeStride Women's Sikora Riding Boot Dark Brown 8 W USAnnie Shoes Women's Mobile Wide Calf Riding Boot Black/Leopard 8 W USCar Shoe By Prada Brown Web Stitched Suede Sneakers Sz 36/6~RTL$795Nine West 25021821 Womens Laulani Suede Boot, Natural, 10 M USBed Stu Women's Manchester Teak Glaze Boot 9.5M , CLARKS Women's Maypearl Oasis Engineer Boot Black 6 M US , Baffin Women's Snogoose Winter Boot Charcoal 8 M US , Marc Fisher Women's Wrangler Mule - Choose SZ/Color
    Dingo Western Women's Willie Western Boot Antique Tan Boot 8 M 8 US 553602d - blurrypron.com>Dingo Western Women's Willie Western Boot Antique Tan Boot 8 M 8 US 553602d - blurrypron.com
    Splendid Women's Rhiannon Tie Booties, Black, 5.5 BM US , NIB $675 Robert Clergerie Pili Suede Stretch Ankle Boots (US 9) , Vans Men's Classic Slip-On Mono Canvas Trainers, GreyMan/Woman rm williams suede Chukka Shoes Cheap Upper material Don't worry when shopping , 2 Lips Too Womens Too Eventful Open Toe T-Strap Classic Pumps, Black, Size 6.5 , Man/Woman Jessica Simpson Carri Size 8 Innovative design New style Different styles and stylesCorso Como Clemson Silver Metallic Distressed Pumps 8996 Size 8 M NEW! , BOTTEGA VENETA 40.5 Women's Wedges Black Patent Leather Heels 10Classic YVES ST LAURENT Black Silk Pumps 6BSergio Rossi Puzzle Leather Cage Sandals 38 MSRP $979.00 , Salvatore Ferragamo Eva Net Patent Two-Tone Pumps Sz 8 D Pink Heels NEW BowNEW BALANCE 247 SZ 11 BLACK CHARCOAL GREY TEAL WINTER KNIT RUNNING MRL247KBMr/Ms Reebok Men's Classic Leather Sneaker service excellent Famous storeNIKE KYRIE 3 BASKETBALL SHOE MEN SIZE 11NIKE Mamba Rage Men's Running Shoes Pink/Black/White 908972 600 Sz8-12 LO12Under Armour Men's Deception Trainer Baseball Shoe, - Choose SZ/ColorNike Marxman Premium Men's Shoes in Khaki/SailMerrell Sugarbush Valley Men's Waterproof Hiking Boots Waitsfield Leather J07027Mens Flat Pull On Loafers Shoes Gommino Moccasins Driving Suede Shoes Casual NewMens Pointy Toe Block Heels Business Dress Shoes Fashion Slip On Leather Shoes , Klogs Joplin Unisex Electrostatic Resistant Clogs Black - 6 Medium , Adidas Originals Seeley black camo clay white mens vegan canvas skate shoes NIB , LUDWIG REITER WIEN SHOES, SIZE US 8.5, VERY GOOD CONDITION , Newton Fate II 2 Women's Running Shoes Sports Training Athletics TriathlonHOKA ONE ONE SPEED INSTINCT GREY / CORSICAN BLUE Purple Tennis RUNNING SHOESReebok Womens Crossfit Grace TR Track Shoe- Pick SZ/Color. , Brooks Glycerin 16 Reflective Black White Grey Women Running Shoes 120278 1BAriat® Ladies Unbridled Lolita Light Cognac Wedge Sandal 10019840 , Mr/Ms Tory Burch Riding Boots Beautiful design Elegant and sturdy packaging Reliable reputation , Alfie Natural Suede Franco Sarto Ankle Boot ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dingo Western Women's Willie Western Boot Antique Tan Boot 8 M 8 US 553602d - 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.

    Dingo Western Women's Willie Western Boot Antique Tan Boot 8 M 8 US 553602d - 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
    Dingo Western Women's Willie Western Boot Antique Tan Boot 8 M 8 US 553602d
    Boots
    >
    ;