Never miss an update

Women's 29989 Black Cross Wings Inlay Red Sequins Women's Leather Sequins Cowboy Boots Snip Toe 6d5247a




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: Cowboy Professional
US Shoe Size (Women's): 5.5 Style: Cowboy, Western
Features: Snip Toe Width: Medium (B,M)
Ship Weight: 4 Color: Midnight Black
pSKU: CP2-530C-RD-SNP+BLK Heel Height: Low (3/4 in. to 1 1/2 in.)
Note: Boots run small. Please consider 1/2 size larger. Material: Leather
Occasion: Special Occasion Pattern: Sequins
UPC: Does not apply
Never miss an update

Women's 29989 Black Cross Wings Inlay Red Sequins Women's Leather Sequins Cowboy Boots Snip Toe 6d5247a - blurrypron.com

    Women's 29989 Black Cross Wings Inlay Red Sequins Women's Leather Sequins Cowboy Boots Snip Toe 6d5247a
    Women's 29989 Black Cross Wings Inlay Red Sequins Women's Leather Sequins Cowboy Boots Snip Toe 6d5247a
    NEW MORGAN BLACK SUEDE LEAHTER SLOUCH HIGH HEEL BOOTS SIZE 8 , sz US 7.5 NEW PAUL GREEN BOOTS "Jada" Brown suede Water Resistant Ankle womens , Womens Denim Blue Classic Western Casual Style Cowboy Boots Plain Leather , Bogs Women's Classic Matte Tall BootCircle G by Corral Ladies Brown Cutout Shortie Boot Q5027 , KEEN WEDGE ZIP US 8.5 Woman's Ankle Boot Red , Women's Full Purple Flower Inlay Sequins Leather Cowboy Boots Snip ToeLaredo Ladies Scout Aztec Square Toe Western Boot 5647Mr/Ms Harley Davidson Chryse Boots Selling new Outstanding style , Women's Brown Flower Inlay Gold Sequins Leather Cowboy Boots Snip Toe , Dolce Vita Zabi Black Nubuck Women's Stacked Heel Ankle BootieNW $275 FREEBIRD BY STEVEN TATE STONE ANKLE BUCKLE STRAP BOOTS Size 7 , New Tory Burch Classic Rubber Rain Boots Logo Cuff Black 11 , NEW 8 / 38 Alberto Fermani Black Leather Zip Up Knee High Boot Anthropologie , Black Leather Cole Haan Knee Length Heeled Boots (size 6)$350❤️ Marc Jacobs Engineer Boots Motorcycle Buckle Lug Sole 38.5 Brown Leather , Frye Claude Black Womens Shoes Size 8.5 M Boots MSRP $528NEW FREE PEOPLE WOMEN'S BLACK JACK OVER THE KNEE HIGH TALL BOOTS US 9 , Circle G By Corral Women's Embroidered Cowboy Western Boots Black Leather L5136 , Prada Size 37 Black Leather Boots Prada Size 37 Black Leather Boots Prada Sz 37 , NWT Dansko Burnished Black Marcia Nubuck Leather Ankle Boots (Size 41 / US 10.5) , Blondie 3011 Black Sequin Mirrored Platform Open Toe High Heel Thigh Boots 5-11NEW FRYE Phillip BROWN BOOTS TALL Riding 6.5 MNIB cole haan womens Boots Size 6.5Cole Haan Darla Over the Knee OTK Boots Black Suede Womens Tall Boots Size 7NEW Halston Heritage Amanda Leather Knee Boot, Dark Brown, Women Size 6 $695COCLICO CADBY BOOTIES 37 7 Taupe Brown Leather Ankle Boots Anthropologie ShoesJambu Flex Climber Black/Turquoise Women's Snow Boots WJ14FLX01$155 JCrew Sperry Collab Women's Shearwater Short Pull-On Boots 9 Gray E2596 ,
    Women's 29989 Black Cross Wings Inlay Red Sequins Women's Leather Sequins Cowboy Boots Snip Toe 6d5247a - blurrypron.com>Women's 29989 Black Cross Wings Inlay Red Sequins Women's Leather Sequins Cowboy Boots Snip Toe 6d5247a - blurrypron.com
    Teva Women's Avalina Sandal - Choose SZ/color , NIB Tory Burch Junction Riding Boot BLACK size 9.5 , Wrangler Tex Hi Ladies Brown Slip On Chelsea, Ankle Boots Cowboy Weston Leather , CINZIA SOFT IV65399 PYTHON GREY TO/The shoes woman loafers heel sneakers leather , COLE HAAN COUNTRY Women 6.5-M Brown Leather Weave Mule Slide Clog ShoeWomens Dress Shoes High Stiletto Heel Metal Chains Strappy Clubwear Shoes Pumps , Chinese Laundry Opel Kid Suede Pumps in Black Size 9.5 - MSRP: $129.95YSL Yves Saint Laurent Tribtoo 105 Grainy Black Pumps Shoes 38 8 $795Fashion Ladies Womens Open Toe Sandals High Heels Dress Court Shoes Plus Size , Nike Zoom Victory 3 Sprint Track & Field Spikes Black White Volt New 835997-017NIKE FREE RUN DISTANCE 2 MEN'S SHOES 863775-001Adidas ZX Flux Techfit Men's Shoes Core Black/Shock Mint s79065Under Armour Men's Ultimate Turf Trainer Baseball Shoe, Black, 12 , Mizuno Wave Inspire 14SW [J1GC184568] Men Running Shoes Navy/Red , NEW ADIDAS YEEZY POWERPHASE CALABASAS CORE BLACK BY KANYE WEST MENS Size 11AUTH LUXURY PRADA CHUKKA BOOTS SHOES 2TC049 BROWN NIB US 11 , Mens BRUNO MAGLI Black Leather Loafers Sz. 8.5 MTed Baker London Dress Shoes Size 8 9 10 11 13 blue Black Suede Leather Red SuitPUMA Women's X Careaux Shorts - Choose SZ/Color , Kenneth Cole Unlisted Men's Pat On The Back Slip-On Loafer , HOKA One One Bondi 5 Blue Athletic Running Shoes Women's US Size 10.5 M , DC Women's Evan HI LE Skate Shoe - Choose SZ/Color , Nike Lunarconverge Womens Running Trainers 885420 Sneaker Shoes 004 , Nike Women’s Size 6 Leather White Orange Tennis ShoesNike Air Max 1 81101001 Multiple Sizes , Mizuno Men's Wave Bolt 7 Volleyball Shoes - Choose SZ/Color , Fila MEMORY NARROW ESCAPE-W Womens Memory Narrow Escape Cross-Trainer Shoe , Elegant Women Party Rhinestones Bowknot Mid-Calf Boots Suede Slim Heel Shoes New , Womens Suede Kitten Heel Over Knee High Boots Play Cos Thigh High Boots FashionWomen's Patent Leather Round Toe Side Zip Low Cuban Heels Combat Overknee Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's 29989 Black Cross Wings Inlay Red Sequins Women's Leather Sequins Cowboy Boots Snip Toe 6d5247a - 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.

    Women's 29989 Black Cross Wings Inlay Red Sequins Women's Leather Sequins Cowboy Boots Snip Toe 6d5247a - 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
    Women's 29989 Black Cross Wings Inlay Red Sequins Women's Leather Sequins Cowboy Boots Snip Toe 6d5247a
    Boots
    >
    ;