Never miss an update

ECCO shoes city boots model city TOUCH 15 B TOUCH mid mid cut black leather NEW 108e1cf




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Fastening: Zip
Material: Leather Insole: removeable leather
MPN: 26163351052 Colour: Black
Occasion: Casual Style: Mid-Calf Boots
Brand: ECCO Heel Height: Flat (0 to 1/2 in.)
Heel Type: Block
Never miss an update

ECCO shoes city boots model city TOUCH 15 B TOUCH mid mid cut black leather NEW 108e1cf - blurrypron.com

    ECCO shoes city boots model city TOUCH 15 B TOUCH mid mid cut black leather NEW 108e1cf
    ECCO shoes city boots model city TOUCH 15 B TOUCH mid mid cut black leather NEW 108e1cf
    Bumper Zebra Bianco Italian Boots Size 2 NEW in Bashed Box Slim Calf FitJustin Reece Ava Women Leather Red Ankle Boots , Mammal Sol OC Grey Womens Winter Snow Boots With Fold Away Anti Slip Spikes , Men's/Women's Pleaser ADORE-3050 Modern and elegant fashion high quality Good quality , Womens Shoes Long Fringed Personality Retro Chic Wedge Leather Knee High Boots , Ladies Rieker Rounded Toe Leather Zip Up Heeled Ankle Boots 70562 , Womens Office Aloud Point Block Heel Boots BLACK CROC PATENT BootsGentleman/Lady Demonia CHARADE-206 bargain Stylish and fun Superb craftsmanshipCLARKS **Reunite Go GTX Mid Brown Suede **Women's WATERPROOF Boots RRP , Fly London Women's Mong Oil Suede / Rug Leather Zip Ankle Boot Navy / Dark Brown , Men's/Women's Demonia SHAKER-72 durable online shop Vintage tide shoes , Laura Biagiotti 5100 Women Ladies Shoes Woman Boots Brown , Men/Women Loeffler Randall 'Fenton' Rain Booties Promotion Strong value Speed ​​refundWomen's Remonte Dorndorf Chestnut Leather Ankle BootLADIES HARLEY- DAVIDSON BLACK MID CALF LEATHER BIKER BOOTS STYLE - BAISLEYClarks Originals Womens * Wallabee Boot Off White Hexa Unisex * DMen's/Women's Demonia SHAKER-100 Long-term reputation Skilled manufacturing Popular tide shoesThe Little Mermaid Ursula Tentacles Variant WOMEN'S Martin Boots Disney VillainsNew Wanted Vascoe Womens Shoes Boots AnkleAmblers Steel FS219 Safety Pull On / Womens Boots / Riggers Safety (FS1023) , Womens Office Auburn High Cut Unlined Boots NATURAL SNAKE LEATHER Boots , Taryn Rose Womens Trisha Suede Closed Toe Ankle Fashion Boots , New Women's Back Zip Casual Low Heel Over Knee High Boots Pointed Toe PleatedWomens Office Apricot Square Toe Block Heel Boots NATURAL SNAKE LEATHER BootsSalomon Xa Lite Women Hiking Shoes - Black/Magnet/Grape JuiceMr/Ms Demonia EMILY-340 quality high quality a lot of varieties , New Hael & Jax Preston Womens Shoes Casual Boots Ankle , Redback Boots Dark Brown Leather Chelsea BootGothic Punk Rock Metal Combat Black Boots
    ECCO shoes city boots model city TOUCH 15 B TOUCH mid mid cut black leather NEW 108e1cf - blurrypron.com>ECCO shoes city boots model city TOUCH 15 B TOUCH mid mid cut black leather NEW 108e1cf - blurrypron.com
    NIKE MAN SPORTS FOOTBALL SOCCER CLEATS SHOES 308230 101 TOTAL 90 III SG DEFECT , Versace 19.69 Italia Women's Leather Ankle Heeled Boots BLACKLa siesta Mens Alga Espadrilles Green 6, 7.5 UK , Men/Women Wittner Ladies Shoes Black Leather Heels economic Modern and stylish fashion a lot of varieties , Tory Burch Reva Snake Animal Print Ballet Flats Size 8.5, 8 1/2 , Marc Fisher Womens Vero Leather Closed Toe LoafersAravon Women's Bromly Ghillie Flat Sandal - Choose SZ/ColorGIVENCHY PARIS $950 black and white studded oxford derby dress shoes 34.5 NEWmadden girl Kudos Zip Fashion Sneakers, Black/Staradidas Performance Womens XCS 6 W RunningM- Pick SZ/Color.Merrell Mens Performance Brindle Outdoor Hiking Shoe Tan Black Size 9 USSalomon Crossamphibian Swift Water Shoes Size 9 Barnados Cherry Reflecting Pond , Nike Air Jordan J23 White/Gym Red-Wolf Grey 854557-102 Men'sNew Balance Men's Fresh Foam Zante v3 Running Shoe - Choose SZ/ColorNike Air Zoom Huarache 2K4 Kobe USA Olympics Men sz 10 White Blue Red , Gentleman/Lady Saucony Echelon 5 Running Men's Shoes Louis, elaborate Highly praised and appreciated by the consumer audience Don't worry when shopping , NIKE AIR FORCE 1 AF1 DOWNTOWN HI SP / ACRONYM ACR BLACK OLIVE 649941-003 NEW 9.5 , Nike Air Jordan 7 VII Retro Size 12 FTLOTG Olympic 2010 OG BIN A , Sendra Boots Style 2605 Brown Leather Western Cowboy BootsMAISON MARGIELA 22 Replica low silver sole sneakers size / US 9New Balance Women's Shoes WRT300DA NEW AUTHENTIC Radish/White WRT300DAPuma Complete Vectana 3 Grey Violet/Steel-Ceramic 185777 02 Women's SZ 5.5 , Nike Oceania Textile 511880-611 Women Lifestyle ShoesMerrell Women's Polarand Rove Moc Waterproof Women Shoes New Size US 6Puma Suede Platform Core Women's Sneakers Whisper White-Puma Black 363559-01STUART WEITZMAN ARCHER Purple Suede Designer Pumps Open Toe 9.5 MWomens Shoes Ankle Boots Synthesis Leather High Heel Side Zip Pinted Toe Party , Nine West Yames Ankle Booties 705, Dark Grey, 6 US , New Robert Clergerie Womens Brown Booties Size 7.5 , Womens Ankle Boots Round Toe Side Zipper Cross Strappy Multiple Buckle Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ECCO shoes city boots model city TOUCH 15 B TOUCH mid mid cut black leather NEW 108e1cf - 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.

    ECCO shoes city boots model city TOUCH 15 B TOUCH mid mid cut black leather NEW 108e1cf - 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
    ECCO shoes city boots model city TOUCH 15 B TOUCH mid mid cut black leather NEW 108e1cf
    Boots
    >
    ;