Never miss an update

Occident 12038 Women Patent Green Boots Zip Stiletto High Heel Ankle Boots Patent Leather Shoes New f14bffd




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
Heel Type: Stiletto Style: Booties
Material: Patent Leather Boot Shaft Height: Ankle
Occasion: Casual Country/Region of Manufacture: China
Pattern: Solid EUR Shoe Size (Women's): 35-44
Toe Type: Pointed Toe Heel Height: High (3 in. and Up)
Width: Medium (B, M)
Never miss an update

Occident 12038 Women Patent Green Boots Zip Stiletto High Heel Ankle Boots Patent Leather Shoes New f14bffd - blurrypron.com

    Occident 12038 Women Patent Green Boots Zip Stiletto High Heel Ankle Boots Patent Leather Shoes New f14bffd
    Occident 12038 Women Patent Green Boots Zip Stiletto High Heel Ankle Boots Patent Leather Shoes New f14bffd
    INC International Concepts Womens fainn Closed Toe Ankle Chelsea Boots , Womens Round Toe Tassel Flower Embroidery Zip Mid Wedge Heel Ankle Boots Plus SzAriat Womens Heritage Cowboy Western Scalloped Top Boots Black 15770 Size 11BMr/Ms DELIGHT-1013 The color is very eye-catching Beautiful best sellerCole Haan Black Italian Leather Mid Calf Boots $285 Women's Size: 6.5 BDani Black Size 7 Black Suede Booties Dani Black Size 7 Black Suede BootiesMinnetonka Moccasins Brown 3 Fringe Leather Moccasins Mid Calf Boots Size 915cm Super High Wedge Heel Platform Over Knee High Boots Women Lady Boots SizeFashion Leather Over Knee Boots Women Toe Elastic Stretch Thick Heel Boots , PUMA Women's Vikky Spice Fashion Sneaker - Choose SZ/color , Bella Vita Women's Alanis II Riding Boot - Choose SZ/Color , Man's/Woman's Womens Platform Block Heel Thigh Boots service cheapest classic style , Womens Ankle Boots Black Leather Pointed Toe Side Zip Shoes Block Fashion E673 , womens fur lining winter warm snow mid calf boots round toe cute flat heel shoe , Suede Faux Fur Lining Thick Boots Winter Women Mid-calf Non-slip Snow Boots Shoe , Suede Over Knee Boots Slouch Pointy Toe Block Heels Retro Riding Zipper Shoes , 2017 womens fashion over the knee high boots suede cuban heels thigh boots shoes , Dr. Scholl's Womens Casey Closed Toe Ankle Fashion Boots, Whiskey, Size 9.0 ZrAxWomen's Faux Suede US4.5-10.5 Round Toe Low Heel Winter Leisure Ankle Boots US7 , 12cm Heels Fashion Women's Denim Chunky Shoes Over Knee High Boots Zip Round ToeWomens 9B Josef Seibel AMY 35 solid Black leather Booties dress pumps $175 , JSport by Jambu Womens Calgary Too Vegan Memory Foam Snow Boots Shoes Size 7 , Women Round Toe Buckle Knee High Boots Warm Flat Heels Side Zip Shoes Faux Suede , New Ladies Women Leather Wedge Heel Casaul Autumn Low Top Shoes Comfy Size 35-40 , Womens Patent Leather Square Toe Brogues Ankle Riding Boot Fashion Shoe NEW A477 , Europe Womens Sexy Suede Leather Ankle Boots Pointed Toe Pumps Wedge Heel ShoesPunk Womens Buckle Rivet Strapply Laides Flat Heel Martin Ankle Boots Shoes lady , Material Girl Womens Capri Almond Toe Knee High Fashion Boots, Black, Size 11.0 , Women New Transparent Candy Booties Shoes Block White Stylish Nightclub Back Zip
    Occident 12038 Women Patent Green Boots Zip Stiletto High Heel Ankle Boots Patent Leather Shoes New f14bffd - blurrypron.com>Occident 12038 Women Patent Green Boots Zip Stiletto High Heel Ankle Boots Patent Leather Shoes New f14bffd - blurrypron.com
    Womens Open Toe Roman Over Knee Thigh Sandal Boots Gladitor Bandage Shoes US SzPalladium Women's Pallabosse Hi Cuff Military Hiking Boot Black/Black 8 M US , Frye Natalie Short Engineer Lug Shearling Boots - Women's Size 7, BlackTamara Mellon Patent/Shearling Crush Boots 105MM Heels US 7/ , MAISON MARTIN MAGIELA Tall Brown Shearling Boots, Size 38.5 8.5 - EUC , 'TS-TAKING SHAPE' BNWT SIZE '6' (37) BLACK LEATHER 3/4 HEIGHT WEDGE HEEL BOOT , Women's Marco Tozzi Black Detailed Mid Heel Chelsea Ankle BootTOD'S WOMEN'S LEATHER HEEL SANDALS NEW BLUE C96 , Iron Fist Sweet Tooth Peep toe Wedges , Naot Leather Double Buckle Womens Shoes Clogs Leilani Camel/Olive EU37 US 6-6.5 , Stuart Weitzman Sohobig Platform Block Heel Sandal Naked Suede Size 12 M , Skechers Women's Flex Appeal 2.0-Start up Sport Sa - Choose SZ/colorRoman Womens Chunky Heel Leather Slippers Summer Beach Sandals Casual Shoes sizeNike Men's Duel Racer Ankle-High Running ShoeNike SF AF1 Air Force 1 Special Forces Velvet Brown Men's Shoes 864024-203Gentlemen/Ladies ASIC Men's Gel-Nimbus GlacierGrey/Silver/White Running Shoes durable Impeccable Global salesNike SB Janoski Doernbecher Batman Sz 10Authentic Vintage D&G Dolce And Gabbana ‘Piumotto Forro X + Piumo’ SneakersSteve Madden Mens Atticus Red Fashion Sneakers Shoes 13 Medium (D) BHFO 2498Hugo Boss Shuttle Tenn Mens 50374616-401 Dark Blue Leather Casual Shoes Size 8 , Skechers Women's Work Tone Ups Clog Slip Resistant , PUMA Women's Prowl Alt Wn Fashion Sneaker - Choose SZ/ColorBP Trott Bootie - Grey - Sz 12 MChic Womens Pointy Toe Bowknot Zipper Stilettos Ankle Boots Shoes Pumps Party Sz , Fidji Women's L749 Equestrian Boot Tall Cordovan Boots Sz US 6.5 , Women's Pointy Toe Fur trim Zipper Stilettos Elegant Ladies Ankle Boots LeatherWomens Cow Leather Thigh High Sexy Over Knee High Flat Riding Boots 60cm Tall , Women Snake Animal Print Pointy Toe Knee High Stiletto High Heel Boots ShoesSporto Side Winder Waterproof Cold Weather Boots, Chocolate, 8 US DisplayNorth Face SHELLISTA III Womens Black Waterproof Side Zipper Cold Weather Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Occident 12038 Women Patent Green Boots Zip Stiletto High Heel Ankle Boots Patent Leather Shoes New f14bffd - 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.

    Occident 12038 Women Patent Green Boots Zip Stiletto High Heel Ankle Boots Patent Leather Shoes New f14bffd - 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
    Occident 12038 Women Patent Green Boots Zip Stiletto High Heel Ankle Boots Patent Leather Shoes New f14bffd
    Boots
    >
    ;