Never miss an update

Fashion Pointy Mens Casual British Rivet 3965 Spike Black Patent Leather Rivet Pointy Toe Shoes sz 0064cd4




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: Unbranded
Features: Slip Resistant Style: Loafers @ Slip Ons
Material: Leather Country/Region of Manufacture: China
Pattern: Rivet Euro Size: 38-43
Width: Medium (D, M)
Never miss an update

Fashion Pointy Mens Casual British Rivet 3965 Spike Black Patent Leather Rivet Pointy Toe Shoes sz 0064cd4 - blurrypron.com

    Fashion Pointy Mens Casual British Rivet 3965 Spike Black Patent Leather Rivet Pointy Toe Shoes sz 0064cd4
    Fashion Pointy Mens Casual British Rivet 3965 Spike Black Patent Leather Rivet Pointy Toe Shoes sz 0064cd4
    Men Leather Round Toe Bee Embroidery Slip On Flat Casual Loafers Shoes Size , Men's Oxfords Slip On Loafers Pointy Toe Hidden Wedge Driving Casual Party Shoes , Mens Spike pointy Toe Punk Studded rivet Loafers dress slip on shoes Barber ChicMens fashion Rivet Spike Slip On Pointed Toe Loafers British Hiking casual ShoesStacy Adams Men's Biscayne Black Huarache Sandal , NEW Mens Males Outdoor Fashion Sneakers Casual Gentle Slip-on Shoes Brown 4547BASS CO 8.5 M GORGEOUS BROWN LEATHER MENS LOAFERS WORN ONCE , Mens Ankle Boots Pull On Causal Shoes Sneakers Chelsea Boot Driving Soft Hot*Retro British Men Casual Slip On Loafers Pointy Toe Formal Brogues Oxfords Shoes , Fashion Spring Mens Slip On Loafers Leather Light Driving Shoes Casual Round Toe , Korean Mens studded round toe casual rivet punk flat dress slip on loafer shoesMen Leather Slippers Loafers Slip on Flats With Bowtie Belgian Dress Shoes M801Men‘s Hollow Out Shoes Breathable Soft Driving Loafer Shoes Fishman SHoes FlatsSperry Top Sider Double Kiltie Tassel Brown Leather Boat Loafers Mens Size 7 M* , Mens Embroidery Hidden Heels Pointy Toe Loafers Board Shoes Driving Moccasins , US7-10 New Mens Round Toe Leather Slip On Flat Casual Dress Formal Shoes Loafers , Mens Males Dandy Outdoor Fashion Sneakers Casual Oxford Shoes Brown 4546_mCMen High Top Strappy Stylish Mesh Elastic Slip On Sneakers Pointed Toe Shoes Sb , 2018 Mens Dress Tassels Flat Heel Leather Loafers Slip on Round Toe Driving Shoe , Womens Leather Embrodiery Flower Slip on Loafers Casual Fashion Oxfords GomminoMen's Suede Leather Punk Wedding Club wear Casual shoes Slip on Driving LoafersMen Sequin Embrodery Loafers Bling Bling Leisure Rhinestones Driving Flats ShoesMens stylish ankle short Boots Casual winter outdoor sports Athletic shoes NewMens Embroidery Tiger Loafers Leather Casual Slip on Oxfords British Shoes NewBritish Men Suede Slippers Flats With Bowtie Loafers Slip on Belgian Dress Shoes , New JOSEPH ABBOUD BAXTER NYLON brown Casual men's shoes sz 8 $150 , Mens Leather Chunky Low Heels Round Toe High Top Fashion Stylish Boots Hot B430 , Classic Men's Oxfords Leather Shoes Casual Driving Moccasin Loafers High QualityMens's British style buckle strap Flats Loafer Casual business oxford Shoes ,
    Fashion Pointy Mens Casual British Rivet 3965 Spike Black Patent Leather Rivet Pointy Toe Shoes sz 0064cd4 - blurrypron.com>Fashion Pointy Mens Casual British Rivet 3965 Spike Black Patent Leather Rivet Pointy Toe Shoes sz 0064cd4 - blurrypron.com
    BY955 VIC MATIE shoes burgundy suede women ankle boots , Hanwag Tatra Lady GTX Goretex Boots NEW WITH BOX , s.Oliver Womens 23634 Low-Top Sneakers, Brown Pepper, 6 UK , FIRST1FASHION Design Ladies Ankle Boots Black Leather Shoes Np 160 NewMr/Ms AMUSE-13 PU Gold Every item described is available Reliable performance wonderfulBernie Mev Women's Lulia Wedge Pump Sandal, Black, Size 37 EUConverse Chuck Taylor All Star Raspberry Pink Red Ox 132298f , David Tate Womens Gilly Leather Square Toe SlingBack, Pewter Kid, Size 7.5 , Sergio Rossi Dark Teal Blue Open Toe Platform Wedge Sandals 38.5 , Clarks Everlay Heidi Heel Shoes Leather Womens Low Heel Shoes Low HeelAlexandra Neel Black Patent Leather Open Toe Platform Pumps Women's Size 37 M*$165 LUXURY REBEL ARIS Black Studded Designer Platform Cut out Pumps 9.5 , $349 STUART WEITZMAN Soundtrack Womens SZ 8.5 Black Platform Sandals X8-164* , NEW Christian Louboutin SHARKA 70 Heels Pumps Patent Magenta PLUM Shoes 37.5 , Womens Open Toe Flats Slippers Beads Slip On Faux Fur Comfort Summer Rhinestones , Skechers Performance Women's Go Step Challenge Walking Shoe , Man's/Woman's Giuseppe Zanotti for Vionnet Paris Sandals Durable service First batch of customers Export , NIKE Lebron James 2015 Black Pink Basketball Shoes Size 6.5YASICS GEL-Lyte III - Purple;White - MensNEW MEN'S NIKE LUNARGLIDE+ 4 RUNNING SHOE SIZE 15 GREY/RED/PURPLE 524977 013 , Vintage Pull On High Top Stylish Womens Leisure Strap Leather Ankle Boots SizeMens Leather High Heels Pointed Toe Nightclub Wedding Party Shoes Pull On Sbox1Gentleman/Lady designer sneakers men Queensland Win highly appreciated Fashion versatile shoes , Cole Haan Men Loafers Shoes size 12M Brown Split Toe Style C04269 , Puma Reset Platform Sneaker, Grey Violet Suede, Womens Size 7 / 37.5Saucony Women's Feel Sneaker, Grey, 7.5 Medium USSperry Top-Sider Women's Crest Vibe Sneaker Rose Dust Leather SneakersAdidas Originals NMD_R1 W [B37649] Women Casual Shoes Black/White , Skechers Women's Keepsakes-Big Button Slouch Tall Winter Boot - Choose SZ/Color , Kamik Momentum Women's Waterproof Nylon Snow Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Fashion Pointy Mens Casual British Rivet 3965 Spike Black Patent Leather Rivet Pointy Toe Shoes sz 0064cd4 - 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.

    Fashion Pointy Mens Casual British Rivet 3965 Spike Black Patent Leather Rivet Pointy Toe Shoes sz 0064cd4 - 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
    Fashion Pointy Mens Casual British Rivet 3965 Spike Black Patent Leather Rivet Pointy Toe Shoes sz 0064cd4
    Casual Shoes
    >
    ;