Never miss an update

Eazies Daphne Daphne Women's Slip Slip On, Black, Size mogochinese-29510 11.0 b25c3ca




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
Style: Slides
Pattern: Solid Width: Wide (C, D, W)
US Shoe Size (Women's): 11 Color: Black
UPC: 723466505239
Never miss an update

Eazies Daphne Daphne Women's Slip Slip On, Black, Size mogochinese-29510 11.0 b25c3ca - blurrypron.com

    Eazies Daphne Daphne Women's Slip Slip On, Black, Size mogochinese-29510 11.0 b25c3ca
    Eazies Daphne Daphne Women's Slip Slip On, Black, Size mogochinese-29510 11.0 b25c3ca
    Women's Rockport SuperSports Ivory/Bone Leather Walking Oxford Sz. 10M MINTY! , Gentle Souls Gigi Copper Metallic Leather Women's Slip On Comfort Flats Shoes 6 , Melissa Doll Fem + Jason Wu, Black PVC, Grossgrain Signature Bow, Ballet FlatsTory Burch Flats Size 9 M Chelsea Stitched Logo Ballet Daisy 9M Women’s CareerBella Vita Women's Enice Fashion Sneaker, Burgundy Suede/Plaid Flannel, 7 N USNew Top Line Womens Ballet Flats Size 8.5 , Cole Haan Country Tassle Womens Shoes 9 AA Black Brown Leather Weaved LoaferDR COMFORT BETSY BURNISH LEATHER MARY JANES 8.5 W , Born Soft Leather Sneaker Shoe Black Leather B88903 size 7.5 M NEW , **Naturalizer Calinda Casual Slip On Shoes - Women's Size 6.5 M - BlackDr Martens Womens Lylah Air Wair Leather Slip On Shoes Blue Round Toe Size 10 , Munro American Shoes Sport Brown Beige Mesh Slip-on Sneakers Womens Size 8MNEW Eastland Genuine Patent Leather Loafers Size 10 , Sperry Top Sider Angelfish Cork Boat Shoe Women Size 7.5 Tan Leather Gold StripeEcco Aimee Sport Slip Moon Rock Metallic Coral Womens Flats Loafers 36 / 5 - 5.5MEPHISTO Women's Dark Green Nubuck Comfort Apron Toe Loafers 10.5 Made in France , El Naturalista Womens N5004 Mary Jane Wedge Pump Brown Size 37 EU / 7 USJBU By Jambu Women's Size 8 Denim Blue Blossom Vegan Mary Jane Shoes F4-810Dark Charcoal Gray Patent Leather SANITA Mary Jane Shoes US 10. 5 - 11 , SAS Women's size 6.5 Vintage Rare RED Walking Shoes/Oxfords ~289Cobb Hill Pearl Almond LTHR Mary Jane Size 7.5M D2035/ , DANSKO Susana Tan Backless Platform Slide Nursing Mule Clog Shoes SIZE 37 , New Seychelles Womens Duel Tan Slides Size 9Dr. Scholl's Womens Scout Weave Slip-On Sneaker Ivory Size 9 NEWEasy Spirit Traveltime Sequin Casual Clog Off White Ivory Suede SZ ~ 7.5 MNaot Brown Leather Shoes Mules Clogs Loafers Women's 40 9Drew Floral Leather Therapeutic Diabetic Shoe 10N Slip ResistantFLAW Stuart Weitzman Size 6.5 Gold Glitter Slip On Flat Penny Loafers , ORTHOFEET Sarasota Beach Orthotic BLACK Fisherman Shoe Sandals Size 8.5 Medium ,
    Eazies Daphne Daphne Women's Slip Slip On, Black, Size mogochinese-29510 11.0 b25c3ca - blurrypron.com>Eazies Daphne Daphne Women's Slip Slip On, Black, Size mogochinese-29510 11.0 b25c3ca - blurrypron.com
    Ariat Presidio Ladies Cowboy Boot Size 8 Western Inlay Black and Cream NIBTory Burch Sarah Logo Rainboot Black Rubber Boots Size 9 New In Box , Nike Air Jordan 5 Retro PREM Premium V Pure Platinum Men AJ5 Shoes 881432-003 , Adidas Originals Miss Stan [S79301] Men Casual Shoes Frog Green/WhiteGiuseppe Zanotti Classic cream snake heels size 39.5 , Gentlemen/Ladies Giuseppe zanotti Platform Heels Selling a good reputation in the world Modern and elegantI35 Carma5 Rhinestone T Strap Sandals 476, Silver, 8.5 US , new $925 JIMMY CHOO Bronx brown white cream buckled straps shoes 40.5 10.5 - hot , Womens Marvin K. Bianca black leather/textile open toe wedges sz. 8.5 M , Vans Classic Slip On Mono Print Snake Pink Gray Skate Shoes Size Men 4.5 Women 6 , Women Ankle Buckle Sandals Strappy Casual Wedges Platform Fashion Leather ShoesGianvito Rossi woman leather off whites size 7 sandals made in italy , Men's Nike Flex 2017 RN Running Shoes 898457 300 Sequoia, Black Olive sz 8.5Gentleman/Lady Yonex SHBSC2LD White Court shoes Many varieties Price reduction AmoyNike SF Air Force 1 Mid Black/Black-Black (917753 005)Nike Shox NZ EU Mens 501524-106 White Black Leather Running Shoes Size 10 , Gentleman/Lady Nike Harris Tweed Size 11 Purple Fashion pattern Low price leading the fashionNew Brogue Carved Dress Mens Leather Round Head Platform Wedge Heel Oxford ShoesDr. Comfort WINNER X-DEPTH Mens 13 WIDE Orthopedic Walking Shoes Black Leather , NIKE AIR PRESTO ESSENTIAL MEN'S SNEAKERS 848187-606 MSRP: $120Crockett & Jones Ralph Lauren Brogues 12E (13US) *AS IS* , S-2066140 New Balenciaga Blue Suede Sneaker Shoes Size US 7D Marked 40E , Handmade Men Chukka boots Men mid brown ankle boots Men hand painted chukka boot , Skechers You Prominence Burgundy Women Casual Walking Shoes Sneakers 15807-BURGFree People Gansvoort Slip On Sneaker Sz 38 Suede $128ASICS GEL FUJI TRAINER 2 Women BLACK PINK & GREEN RUNNING CROSS SNEAKERS NWT NIBAdidas Adizero Adios 3 White Running Shoes Womens Sneakers BB6409 NEW Size 10Madden Girl Women's Felize Boot Black Fabric 8 B(M) USSperry Top-Sider Women's Stella Prow Ankle Bootie Size 11 , BCBGeneration Kadeer Oak Brown Suede Leather Wedge Ankle Boots Bootie 8.5 M New ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Eazies Daphne Daphne Women's Slip Slip On, Black, Size mogochinese-29510 11.0 b25c3ca - 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.

    Eazies Daphne Daphne Women's Slip Slip On, Black, Size mogochinese-29510 11.0 b25c3ca - 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
    Eazies Daphne Daphne Women's Slip Slip On, Black, Size mogochinese-29510 11.0 b25c3ca
    Flats
    >
    ;