Never miss an update

Fiorentini + Fiorentini 28646 Baker Ankle + Womens Gray Leather Boots Size US 8 166472f




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Excellent Condition. See pictures
Fastening: Buckle Material: Leather
Country/Region of Manufacture: Italy Width: Medium (B, M)
Style: Motorcycle Boots Color: Gray
US Shoe Size (Women's): US 8 Brand: FIORENTINI BAKER
UPC: Does not apply
Never miss an update

Fiorentini + Fiorentini 28646 Baker Ankle + Womens Gray Leather Boots Size US 8 166472f - blurrypron.com

    Fiorentini + Fiorentini 28646 Baker Ankle + Womens Gray Leather Boots Size US 8 166472f
    Fiorentini + Fiorentini 28646 Baker Ankle + Womens Gray Leather Boots Size US 8 166472f
    AS98 BALTIMORA 597203 Women`s Boots NEW Blue Size 10Awesome Vintage Animal Exotic Brand Genuine Python Cowboy Boots NEW! VERY RAREDolce Vita Womens Ohanna Over-the-Knee Boot - Saddle Suede Size 6 NWD , New $328 BIRKENSTOCK Danbury Shearling Lined Boots 41 10 , Versace 19.69 3104098 VERNICE AMARANTO boots Women's Multicolor USNIB Anthropologie rust Suede Ruffled Side Zipper Ankle Boots 38 / 7.5TALL COGNAC WESTERN RIDING BOOTS WHIP STITCH WOMEN SIZE 10 B BY BCBG MAXAZRIA , VINTAGE DOC DR. MARTENS BOOTS ~ US 6 - 6.5 Brown MustardZARA BLACK FLAT LEATHER ANKLE BOOT WITH CHAIN DETAIL SIZE: US 8 , AS98 Women`s Biker Boots NEW Black Size 9 , HOGL BOOTS 6.5 Black Leather Boots Size 4 UK US 6.5 HOGL SHEARLING BOOTS 6.5 , Santana Canada Black Italian Leather Knee High Waterproof Boots Size 8 M , Frye Jayden Boots Button Back Brown Leather Riding Stretch Calf Women's Size 8NIB HUNTER Hunter Green Original Tall Back Adjustable Rain Boots US 10 UK8Gentlemen/Ladies Womens Doc Martens size 9 Strong heat and wear resistance First quality Preferred boutique , NEW DANSKO Womens Bonita TAUPE Kid Suede Bootie Ankle Boot Size 37/6.5-7 $184.95 , FRYE Womens Madeline Trim Short Ankle Bootie- Pick SZ/Color.Bed Stu Lorn Ankle Boots Black Handwash Leather size 6.5 Braided BeltWomens 8 M El General 1901 Burgundy White Cut-Out Cowboy Western Boots LeatherVINTAGE CODE WEST 51023 COWHIDE SUEDE COWBOY WESTERN BOOTS WOMEN'S 7.5 MFRYE 17" KNEE TALL BOOTS GREAT COND FEW TIMES USED 5 MOTORCYCLE MADE IN SPAIN , Gentleman/Lady ECCO Womens Snow Boot- Pick SZ/Color. New varieties are launched Won highly appreciated and widely trusted at home and abroad Lightweight shoes , New DANNER Mountain Low 600 Women's 8 Gray / Plum Hiking Boot RETAIL 62264 $160 , PAUL SMITH WOMEN'S RUBBER SWIRL PRINT RAIN BOOTS SIZE US 7.5NIB $298 Frye Celia Shearling Genuine Fur Black Leather Boots sz 7 MThe North Face Womens Shellista II Mid Boot - Dachshund Brown/Demitasse Brown 6 , FRYE Lindsay Knee High Boots Leather Women's 11 BrownTORY BURCH Black Leather Block Heel Booties w/ Elastic Sides Sz 8.5 , Cole Haan Rockland Tall Boots Black Womens Shoes Size 5 M Boots MSRP $300 ,
    Fiorentini + Fiorentini 28646 Baker Ankle + Womens Gray Leather Boots Size US 8 166472f - blurrypron.com>Fiorentini + Fiorentini 28646 Baker Ankle + Womens Gray Leather Boots Size US 8 166472f - blurrypron.com
    The North Face Women's Ballard G.I. Brown Boots , Nocona Boots Competitor Fashion Womens Boot- Choose SZ/Color.Yeezy Season 3 PVC ANKLE CLEAR BOOTS KIM Kanye West sz AuthenticAuthentic Asics Gel GT 2000 5 Womens Runner Shoes (B) (9099)New Balance W530CW2 D Wide White Black FLX Ride Womens Running Shoes W530CW2DBNIB Bordello Teeze Platform Rhinestone Red Stiletto size usw6 uk3 euroCalvin Klein Womens Penny Loafer- Pick SZ/Color. , New Tod’s Ballerina Brown Suede Flat EU SZ 36 $598Cole Haan Country Womens Shoes Size 6.5 Brown Textured Leather Wedge LoafersMUNRO American leather stretch fabric career pumps heels shoes Size 8.5 SSVince Camuto Trumen Black Beaded Suede & Fringe Sandal 8.5 NEW , Women Sam Edelman Erin Strappy Stilettos Size 8.5 Silver SandalsNIKE Women's Flex 2017 RN Running Shoe, Black/White/Anthracite/Wolf Grey, 12 ... , Men's/Women's vans spider man hitop sneakers 10M selling price Clearance Excellent function , Nike Classic Cortez Prem QS TZ Tier Zero Men's Shoes Black Leather 898088 001NIKE AIR BERWUDA 555305-003 BLACK ANTHRACITE OFF WHITE SIZE: 8.5 , Nike Air Jordan Retro VI 6 OG 2015 New Maroon Off White 384664-116 Infrared Men , Man/Woman Creative Recreation Men's Pagno Sneaker Modern and elegant fashion Comfortable touch Famous storeReebok Sublite XT Cushion 2.0 MT Black White Women Running Shoes Sneakers BS8713 , Vans Women Authentic black polka dot VN048ALUSMen's/Women's DLT Oxford Dress Shoes durable new Popular tide shoesBrand New $120 VADO Women"s High Top Trainers Shoes LEATHER Size 7 USA/38 EUROWOMEN'S/JUNIOR SHOES SNEAKERS PUMA SUEDE HEART VALENTINE [365135 01] , Nike Dunk High 6.0 SB Women's 7.5 Shoe QS, Rare, Sample,skateboarding , Nike 642196-008 Womens Zoom Vomero 9 Training Running Shoes Sneakers , Adidas Women Running Shoes Galaxy 4 Training Fashion CP8838 Fitness New GymNew Balance Women's WT510V3 Trail Running Shoe Grey/Freshwater 8 B(M) USReebok Ice Cream Petites #Seasonal Showpiece No. 176 S/VIOLETS size 6.5 shoes DS , Asics Gel Kayano 24 Womens Running Shoe (B) (4840) , Vintage Abilene 13.5" Tall Blue Stitched Cowboy Western Boots Womens 7.5 Cowgirl
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Fiorentini + Fiorentini 28646 Baker Ankle + Womens Gray Leather Boots Size US 8 166472f - 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.

    Fiorentini + Fiorentini 28646 Baker Ankle + Womens Gray Leather Boots Size US 8 166472f - 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
    Fiorentini + Fiorentini 28646 Baker Ankle + Womens Gray Leather Boots Size US 8 166472f
    Boots
    >
    ;