Never miss an update

Dr. Doc Oxford Martens The Original mogochinese-29958 Brown Leather Oxford 8 England US 8 Men's Nice! 0c188ef




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Material: Leather
Pattern: Solid Color: Brown
Brand: Dr. Martens Style: Oxfords
Features: Slip Resistant US Shoe Size (Men's): 8
Country/Region of Manufacture: United Kingdom Width: Medium (D, M)
Euro Size: 6 UPC: Does not apply
Never miss an update

Dr. Doc Oxford Martens The Original mogochinese-29958 Brown Leather Oxford 8 England US 8 Men's Nice! 0c188ef - blurrypron.com

    Dr. Doc Oxford Martens The Original mogochinese-29958 Brown Leather Oxford 8 England US 8 Men's Nice! 0c188ef
    Dr. Doc Oxford Martens The Original mogochinese-29958 Brown Leather Oxford 8 England US 8 Men's Nice! 0c188ef
    SPERRY PINNACLE SEAMATE 13525763 vintage canvas moccasin boat vulcanized boat sh , Rockport- Kingstin Slip-On Sneaker, Men's Size 10.5 M, Black , DC Nyjah Vulc Size 10 US Men's Pro Skater Nyjah Huston Skate Shoes Sneakers BMXNEW Mens Doc DR. MARTENS Hampshire Metallic Brown US Size 10 h1New GUESS Jemerson Fashion Sneakers Men Shoes Size 11 , Nike Mayfly Woven Men's Sneaker Shoes Terra Red 833132-600 , Mephisto Travel's Walking Sneaker Mens 8.5 Thick Caoutchouc Sole Pebbled Leather , Polo Ralph Lauren Churston-SK-VLC Men's Canvas Navy/White 816564503-003 , Skechers Street Men's Side Street-Arkline White 52444/WHT With Memory Foam , Sperry Top Sider Mens Boat Moccasin Shoes 15 M C187 Mako Non Mark Leather LoaferNike Men's Hi Top Shoes Size 9 1/2 Flystepper 2K3 Premium QS BlackDr. Martens Men's Reuban US 12 M / Dark Blue Suede Oxfords Shoes $115.00Ralph Lauren Polo Hamilton SK VLC White Canvas Casual Sneakers Shoes Mens 11.5Skechers Men's Relaxed Fit-Rovato-Veleno Boat Shoe - Choose SZ/ColorStacy Adams Pomp Slip-On Loafer Black 8 M US Men's (25039 001)Nike 415445-102 : Men's Nike Air Monarch IV Training Shoes White/Metallic Silver50% OFF NEW FLORSHEIM Mogul Cap Oxford Cognac sz 9.5 Retail $110 , Reebok Men's Vintage 1994 Comfort Walking DMX Shoes 11-25991 White sz. 10.5Dexter Men's Black Men's Faxon Slip-On 9 Wide52745 Black Skechers shoe Men Memory Foam Comfort Slip On Casual Mesh Sporty MocConverse Pro Leather Plus Mid WBF Edition Gray WDC Washington DC 134767C RARE!Twisted X Boots Men's MDMS004 Driving Moc Slip On , Chaco Mens Thompson Chukka Size 9 US Otter (CS18M-5) , Skechers Mens Star Wars Sport Sneakers New Size 9 Menace Sith Lord Disney ParksSkechers USA Mens Expected Avillo Slip-on Loafer- Pick SZ/Color. , Vans Mens Old Skool Velvet Tan Black Skate Shoes size 8.5 NWT VN0A38G1NQA , ByTheR Men's Metallic Silver Urban Casual Fashion Over-sol Court Sneakers ShoesHush Puppies Men's MONACO SLIP ON_MT H103864 Blue Suede Brand New In Box , Vans Slip On Pro Black White Shoe NEW 100% AUTH -ALL SIZES- $60 ,
    Dr. Doc Oxford Martens The Original mogochinese-29958 Brown Leather Oxford 8 England US 8 Men's Nice! 0c188ef - blurrypron.com>Dr. Doc Oxford Martens The Original mogochinese-29958 Brown Leather Oxford 8 England US 8 Men's Nice! 0c188ef - blurrypron.com
    ECCO Women's Women's Shape 35 Block Heel Dress San - Choose SZ/colorMen's/Women's Charles David Celeste Ankle Boot New Listing The highest quality material Official website , Nike Air Max Axis Wolf Grey Crimson Black Men Running Shoes Sneakers AA2146-001 , Made in Italia woman's Shoes Ankle boots Black side zip 82906 moda1 ORIGINALMan's/Woman's miz mooz 10 Reasonable price special promotion Outstanding stylewomen's slip on leather loafers shoes mules Metalic Buckle Flats sandals Sz , NEW LANVIN Paris Midnight Blue Pleated Ballerina Flats 37 1/2 , 2018 Elegant Summer Womens Wedge Heels Platform Floral High Heels Pumps Sandals , Fitflop New Biker Chic Black Womens Shoes Size 11 M Sandals MSRP $110Adidas Originals Torsion Allegra brown green black mens retro running shoes NIB , Mens NEW BALANCE 1340v2 RUNNING SHOES Sz 11 D Silver Blue Green Trainer M1340SB2 , 831069-001 Nike Men's Free RN Flyknit 2017 Athletic Running Sneaker ShoesVANS OLD SKOOL FLAME [SZ 13] BLACK WHITE RED LOW REISSUE SUPREME WTAP YELLOWNike Air Huarache Light Bone/Light Bone (318429 050)Man/Woman Foamposite Pro Sz. 9.5 Blk/Gym Green Quality queen At a lower price Explosive good goodsLacoste Mens Rayford 7 White Leather Fashion Casual Sneakers Shoes New in Box , Mark Nason Los Angeles Men's Santee Fashion Sneaker - Choose SZ/ColorNIKE ROSHE CORTEZ SP / FRAGMENT OBSIDIAN Sz 10-11.5 WHITE 806964-410 , Puma Mens Shoes Breaker Black White Leather Casual Fashion Sneaker NEW , nike roshe one (GS) trainers 599729 609 sneakers shoesWMNS Nike Air Zoom Elite White Black Volt Hyper Orange 748589-107 , Adidas Women Solyx B43724 Running Sneaker Shoe Black Silver Carbon Size 8.5 NIB , Womens Nike Zoom Fly 897821-003 Black/Black Brand New Size 6WOMEN'S ADIDAS ORIGINALS NMD_R1 STLT PRIMEKNIT TOP FASHION SHOES PEACH - CQ2028Azura by Spring Step Women's Apolonia Ankle Bootie, Black, 40 EU/9 M USWhite Mountain Giddy Black Smooth Heel 10 M New Full Zipper Side Mid CalfDr. Scholl's Shoes Women's Joyful Ankle Bootie - Choose SZ/color , Kenneth Cole New York Womens Lowe Leather Ankle Boot Shoes , Women's 1 Pair Black & Purple Hiking Boots by The North Face Size: 9.5 M NWTIrish Setter Womens Crosby Closed Toe Ankle Working Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dr. Doc Oxford Martens The Original mogochinese-29958 Brown Leather Oxford 8 England US 8 Men's Nice! 0c188ef - 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.

    Dr. Doc Oxford Martens The Original mogochinese-29958 Brown Leather Oxford 8 England US 8 Men's Nice! 0c188ef - 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
    Dr. Doc Oxford Martens The Original mogochinese-29958 Brown Leather Oxford 8 England US 8 Men's Nice! 0c188ef
    Casual Shoes
    >
    ;