Never miss an update

Mr Mikayla/Ms mogochinese-29523 Harley-Davidson Womens Mikayla promotion Boots Exquisite (middle) workmanship Impeccable Shopping promotion b7e7d5c




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: Harley-Davidson
Heel Type: Stiletto Style: Mid-Calf Boots
Heel Height: High (3 in. and Up) US Shoe Size (Women's): 6
Material: Leather Width: Medium (B, M)
Fastening: Zip Color: Black
UPC: Does not apply
Never miss an update

Mr Mikayla/Ms mogochinese-29523 Harley-Davidson Womens Mikayla promotion Boots Exquisite (middle) workmanship Impeccable Shopping promotion b7e7d5c - blurrypron.com

    Mr Mikayla/Ms mogochinese-29523 Harley-Davidson Womens Mikayla promotion Boots Exquisite (middle) workmanship Impeccable Shopping promotion b7e7d5c
    Mr Mikayla/Ms mogochinese-29523 Harley-Davidson Womens Mikayla promotion Boots Exquisite (middle) workmanship Impeccable Shopping promotion b7e7d5c
    Womens CORSO COMO brown leather stylish knee high boots shoes sz. 7 M $200 , New Sperry STS82011 Maya Belle Leather Tan Brown Women's Chelsea Boots 7 USNEW BELLE by SIGERSON MORRISON Dune Suede Pewter BEETLE Peep Toe Booties 10 $295REBEL Womens Black Leather Sz 6 Knee High Boots NEW! 132283Boiled Wool Felted Boots Winter 9 40 , STEVEN by Steve Madden Women's Nc-Padre Ankle Boot - Choose SZ/color , VINCE CAMUTO CRACKLE BROWN LEATHER STUDDED CLOGS 5.5" HEEL SIZE US 10 HOT , New Sperry STS82061 Maya Belle Suede Grey Women's Chelsea Boots 8.5 USDV DOLCE VITA Womens Gray Suede Sz 10 M Platform Booties 216774Vince Camuto Fermel Slouch Tassel Grey Suede Leather Boot Mid Calf SZ 5 NEW , DONALD J PLINER Buriel 3 Black Leather Equestrian Riding Boots Eu 35 US 4.5/5 , ANYI LU Suede/Reptile Pattern Ankle Boots Size 7 $495 , Womens STEVE MADDEN "JASPERR" black leather ankle boots shoes sz. 7 $160Corso Como 'Enrica' Black Quilted Suede Leather Knee High Boots Womens Size 9 M* , Steven Steven Madden Insight Black Pebbled Leather Midi Wedge Tall Boots 6 NEWWomens HUNTER ORIGINAL raspberry rubber mid calf rain boots sz. 5 $170 , OLUKAI ELIMA mid calf buckles zip brown crackle oiled leather boots 7.5Charles by Charles David Women's Gunter Fashion Boot, Taupe, Size 9.5New Sperry STS82061 Maya Belle Suede Grey Women's Chelsea Boots 6 USSteve Madden Women's Slayer Taupe Over The Knee Boots Sz 9M 2106* , DEMONIA Emily-315 2" P/F Goth Punk Alternative Ankle-High Boot , Sonora SN1046 Size 6B Womens Riley Rough Out Western Cowgirl Boots SAND NEW!Womens SOFFT brown leather knee high boots sz. 10 M NEW!Steve Madden Koma Over Knee Women's Leather Black Boot Sz 7 M 4495 *Womens ENZO ANGIOLINI black leather riding boots sz. 6 NEW! $210Steve Madden Munch Military Leather Boot Brown Women Sz 7.5 M 5669 * , ATTITUDE WITHOUT LIMITS COWGIRL WESTERN LEATHER BOOTS SIZE US 8 HOT VINTAGE , Catherine Malandrino Bast Black Leather & Suede Tall Motorcycle Boots 8.5 NEW , BORN Brown / Bronze Leather Knee High Boots, Size 8.5 / 40
    Mr Mikayla/Ms mogochinese-29523 Harley-Davidson Womens Mikayla promotion Boots Exquisite (middle) workmanship Impeccable Shopping promotion b7e7d5c - blurrypron.com>Mr Mikayla/Ms mogochinese-29523 Harley-Davidson Womens Mikayla promotion Boots Exquisite (middle) workmanship Impeccable Shopping promotion b7e7d5c - blurrypron.com
    Nine West Valid Pony Womens Riding Boot- Choose SZ/Color. , Swing 120 Black Patent Calf Boot 5.5" Platform Pentagram Heel Design Goth , Ariat Womens Round Up R Toe Western Cowboy Boot- Pick SZ/Color.Cole Haan Women's Newburg Boot, Black WP Leather, 8 B USValentino Black Leather Rockstud Pointy Toe Short Boots Booties Shoes Size 40Gentlemen/Ladies Lanvin Black Lamb Leather Boots New varieties are launched Lush design Non-slip , Ladies Lodge Gates D fitting black leather pull on ankle boot by Clarks , Men's/Women's Stringata Church's Diplomat Beautiful design buy Very practicalWOMENS B Brian Atwood Avignon Floral Captoe Ballet Flats SIZE 6.5 , Carmen Marc Valvo Womens Shoes Size 39 9 Black Leather Stiletto T Strap HeelsWomens Croft & Barrow NIB Gertie Black Wedge 7.5 MSkechers Women's Reggae Fest-Marlin-Fisherman Open Back Mule Relaxed Fit and...Tory Burch Etta Oil Green Embellished Low-Heel Thong Sandals Size 8 , Sneakers AirMax 2017 color: Blue and BlackLEATHER NIKE ACG PEGASUS ALL TERRAIN WINTER BROWN HIKING SHOE SZ 9 924497-001NIKE LEBRON XIII LOW BIRDS OF PARADISE MEN'S SHOES [SIZE 8.5] BLK/WHT 831925-051 , Stacy Adams Men's Slocomb Cap Toe Double Monkstrap 25103 Cognac Suede , NEW MEN'S ORIGINALS ADIDAS ULTRABOOST SHOES [BB6166] BLACK//BLACK-WHITENike Air Jordan 11 Retro Prem HC Heiress Stingray 6 7 8 SportsLocker 852625-030 , Mark Nason by Skechers 68919 Mens Gillespie Ankle Bootie 1- Choose SZ/Color.J Crew Men's Shoes Black Leather Combat Boots Size 11 PreOwned ExcellentMens Pointy Toe Casual Business Driving Moccasin Slip On Oxfords Dress Shoes Hot , Hanover Leather All Purpose Men's Casual Boots Size 9.5 D New in Box NOS , Vans Womens SK8-Hi Reissue Calf Hair in Multi/True White VN0A2XSBUCG BNIB FS , Adidas Gazelle Casual Shoes BB5176 GREY Womens Size 6Converse All Star Ox 70 Women's Black/Black/Egret 157656C , NEW Air Jordan XIII Low 310804-102 retro Carolina Blue Columbia 13 Size 12 , Adidas Superstar Slipon W Womens CQ2381 White,White,CBLACK Womens Size 11Women Platform Sexy Lady Stilettos High Heels Zipper Ankle Boots Party shoes 9e9Chic Womens Winter Fur Trim Round toe Wedge Heels Platform Shoes Ankle Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mr Mikayla/Ms mogochinese-29523 Harley-Davidson Womens Mikayla promotion Boots Exquisite (middle) workmanship Impeccable Shopping promotion b7e7d5c - 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.

    Mr Mikayla/Ms mogochinese-29523 Harley-Davidson Womens Mikayla promotion Boots Exquisite (middle) workmanship Impeccable Shopping promotion b7e7d5c - 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
    Mr Mikayla/Ms mogochinese-29523 Harley-Davidson Womens Mikayla promotion Boots Exquisite (middle) workmanship Impeccable Shopping promotion b7e7d5c
    Boots
    >
    ;