Never miss an update

Nina Nina Women's Stretch Roxie Stiletto Bootie Black bagisrecor-14538 Stretch Peau Zipper 5a56eea




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: Nina
Style: 813201_1765159 Color: Black Stretch Peau
Never miss an update

Nina Nina Women's Stretch Roxie Stiletto Bootie Black bagisrecor-14538 Stretch Peau Zipper 5a56eea - blurrypron.com

    Nina Nina Women's Stretch Roxie Stiletto Bootie Black bagisrecor-14538 Stretch Peau Zipper 5a56eea
    Nina Nina Women's Stretch Roxie Stiletto Bootie Black bagisrecor-14538 Stretch Peau Zipper 5a56eea
    Women's Nike Air Max 270 Flyknit Igloo White/Clear Emerald/Black AH6803 301 , VANELi Women's Tallis Flat Sandal White Summer Vip Leather Comfort ShoesNike WMNS Air Zoom Pegasus 35 [942855-600] Women Running Shoes Bright Crimson , 1801 adidas Questar BYD Women's Sneakers Sports Shoes DB1691 , Man's/Woman's Blu Byblos Ladies Light Blue Sneakers Great variety New style Elegant and solemnVionic with Orthaheel Technology Women's Juno Slide Dusk Suede , Adidas Originals Campus W [BY9844] Women Casual Shoes Icey Blue/WhiteNike LunarEpic Low Flyknit 843765-001 Women's Sizes US 5 ~ 11 / New in Box!Bionica Women's Maclean Slingback Almond Tan Leather SandalsWomen's Jordan AF1 Jester XX Casual Shoes Red AO1220 106 , Men's/Women's Blu Byblos Ladies Sneakers Quality queen discount Seasonal hot saleSofft Women's Milan Ankle Cuff Sandal Denim Oyster Leather ZipperHaflinger Women's Zig Zag Clog Spruce Slip-on ShoesWOMEN'S SHOES SNEAKERS NIKE AIR MAX 90 [325213 053]1804 adidas ORIGINALS SUPERSTAR Women's Sneakers Sports Shoes CQ2487 , Nike Air Huarache Run Ultra Women's Olive/White 19151302Sofft Women's Milan Ankle Cuff Sandal Black Oyster Leather Heeled Sandals , Nike Free TR Focus Flyknit Women's Multi 43987999 , Adidas By Stella McCartney Adizero Takumi Sneakers Size 8 us AQ2688 , NEW BALANCE 574 SPICED CORAL / WHITE CASUAL WOMEN'S SELECT YOUR SIZE , GENUINE || Brooks Addiction 13 Womens Running Shoes (D) (013)Men's/Women's Dansko Women's Honor Sneaker Ivory Suede sell Known for its good quality Known for its excellent qualityNike Air Max Sequent 4 Utility Atmosphere Grey/Mtlc Dk Grey/Mtlc Silver V5356003 , WMNS PUMA X HELLO KITTY SUEDE CLASSIC CASUAL SHOES WOMEN'S SELECT YOUR SIZEChaco Women's ZX/3 Classic Sandal Garden Peach PolyesterDansko Women's Cecily Cage Sandal Ivory Full Grain Leather , NIKE WMNS AIR EQLN+ - 316960-141Mizuno Wave Rider 22 Wide [J1GD183235] Women Running Shoes Grey/GreenEarth Women's Hera Ankle Strap Sandal Grey Textured Leather
    Nina Nina Women's Stretch Roxie Stiletto Bootie Black bagisrecor-14538 Stretch Peau Zipper 5a56eea - blurrypron.com>Nina Nina Women's Stretch Roxie Stiletto Bootie Black bagisrecor-14538 Stretch Peau Zipper 5a56eea - blurrypron.com
    Milwaukee Leather Women's Distressed Classic Harness Boot - Square Toe - MBL9361Hot fashion women buckle side zipper knee high thigh boots Pointy toe Shoes 39 , Emma Hopes Womens Boots Size 38, 8 Tan Pointed Toe Leopard Print Calf HairGameday Boot Women's University of Kentucky Western Boot - Snip Toe - KY-L120-1 , Amalfi by Rangoni Womens Rima Suede Closed Toe Ankle Fashion Black Size 8.0 , PREMIATA women shoes Black leather pointy toe pump M4196$250 size 6.5 Via Spiga Tallis Bone Leather Loafers Moccasin Womens Shoes ItalyDansko Women's PRO XP 2.0 Nursing Clogs Black Floral Tooled Size 38 39 , ZARA Silver Charcoal Grey Colour Flat Shoes Flatform Bluchers 1330/201 , Coclico Women’s Cut Out Leather Sandal Wood Heel Khaki Size 36.5, US 6.5Irregular Choice Toy Story Keep Em Together Blue Multi Heels , DC Court Graffik Shoe - Grey / Grey / Black - New , NIKE AIR TRAINER VICTOR CRUZ QS MEN'S SHOES SIZE: 10.5 ORANGE QUARTZ 821955 800 , EUC Rare Vans SK8 Hi Limited Edition Bad Brains Suede Leather Canvas Shoes US9 , Reebok 1354 Mens Npc Ii Fashion Sneaker- Choose SZ/Color. , Insert for USGI Air Force Extreme Cold Weather ECW Mukluk Boots N-1BDS NIKE AIR JORDAN RETRO XI 11 BRED sz 8 136046 062 CDP OW SBB TOE PLAYOFFSTommy Hilfiger Mens Ontario2 Ankle Bootie- Select SZ/Color. , Muck Boots Mens Excursion Pro Mid Black Boot w/ XpressCool Linings - Size 7Stacy Adams Men's Gatto Leather Sole Cap Toe Oxford - Choose SZ/ColorShoesReebok Classic NPC II MET mens lether sportNew VANS Womens Toecap BLACKBALL V UltraCush VN0A3QXZT20 US W 5.5 - 8.5 TAKSE , NEW WOMEN'S 9.5 TRETORN FOR MADEWELL NYLITE PLUS SNEAKERS VINTAGE GREEN SHOES , NEW Adidas Womens UltraBoost W Mystery Ruby Maroon Black S82058 Size 11.5 , Celine Black/Blue Python Slip on Sneakers/Shoes Size 37 , Adidas Originals Women's Stan Smith Nuude Shoes Size 9 us BY2978The Frye Company Womens Boots Size 10 Brown Distressed Leather Knee High , Women's Minnetonka Pug Boots - Golden Tan Sheepskin - New! , Frye Women's Daisy Duke Black Leather Studded Western Boots Size 6M , SANTANA CANADA ALDA Black Leather Suede Furry Boots Size 11 M 1360 NEW! ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nina Nina Women's Stretch Roxie Stiletto Bootie Black bagisrecor-14538 Stretch Peau Zipper 5a56eea - 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.

    Nina Nina Women's Stretch Roxie Stiletto Bootie Black bagisrecor-14538 Stretch Peau Zipper 5a56eea - 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
    Nina Nina Women's Stretch Roxie Stiletto Bootie Black bagisrecor-14538 Stretch Peau Zipper 5a56eea
    Athletic Shoes
    >
    ;