Never miss an update

Mens Real Leather Ankle Boot Boot Toe Pointed Toe mogochinese-18136 Formal Cuban High Heel Chic Shoes hot 05fb86d




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
Material: Leather Style: Ankle
Pattern: Solid Width: Medium (D, M)
Country/Region of Manufacture: China
Never miss an update

Mens Real Leather Ankle Boot Boot Toe Pointed Toe mogochinese-18136 Formal Cuban High Heel Chic Shoes hot 05fb86d - blurrypron.com

    Mens Real Leather Ankle Boot Boot Toe Pointed Toe mogochinese-18136 Formal Cuban High Heel Chic Shoes hot 05fb86d
    Mens Real Leather Ankle Boot Boot Toe Pointed Toe mogochinese-18136 Formal Cuban High Heel Chic Shoes hot 05fb86d
    NEW WEATHERPROOF THERMA WINTER SNOW BOOTS MENS 9 STYLE: SURGE WATERPROOF SHELL , DR MARTENS AIRWAIR BROWN WORK BOOTS WITH BOUNCING SOLES SIZE 13 MADE IN ENGLANDMen's Polo Ralph Lauren Conquest III Zip Up Strap Leather Boots Size 9.5 B BlackCowboy/Western HANDMADE Snakeskin Boots 9 1/2 made in USAMan/Woman ITASCA KIDS' BUCKAROO BOOTS-BROWN durable special function Different goodsMens Westex Black Leather Roper Cowboy Western Boots size 9.5 EE made in USAROCKY, 7", Sport Utility Pro, 600g Insulated Waterproof Boots, 7480, Size 10W , NEW Lugz Men's Lugz Strutt MSRUL-001 Leather Mid Cut Cushioned Shoes Boots , Wolverine 1883 by Men's Gibson Chukka Boot - Amber Suede, 12MIRON AGE Men’s Ankle Boots STEEL TOE WORK S-7.5 M 443Z41 PT 99Bushmaster Thinsulate Ultra Insulation Camo Boots RN80461 - Size 11APT. 9 Stratton BOOTS Men's Ankle Boots Dark Brown Hiker Size 8 M NEW , Men's Mid-Calf Boots Riding Equestrian Cowboy Riding Combat Knight Military B596Sperry Top Sider Suede Canvas Chukka Mens Boot Brown Size 10MNew Steve Madden Mens Ankle Boots Size 13 Taupe Suede Chukka Slip On SBA007FUNTASMA Pimp-50 Costume Cosplay Halloween Ankle-High BootNocona vintage olive green reptile cowboy boots size 7 1/2 ...women take a look!Mens Sz 8.5D Black Lizard Print Leather Cowboy Boots Silver Tips/Heel , ROBERT WAYNE MEN'S THATCHER BLACK SHOES BOOTS SIZE 10 - BRAND NEW , vintage JUSTIN soft pebbled soft brown leather tall cowboy boots 12 D ****Mens British Vogue Leather Flat Outdoor Ankle Boot Work Casual Shoes ZsellWolverine 1883 by Men's Gibson Chukka Boot - Amber Suede, 8MNIKE ACG AIR MAX GOADOME HIKING CAMPING BOOTS SIZE 9.5 9 1/2 MEN'S , CABOOTS Black Leather Ankle Shoe Boots Mens 9.5DAmerican Eagle Outfitters Duck Boots/Rain Boots Men's Size 12 Pebbled leather , Black Leather & Green Fabric US Military Spike Protective Combat Boots Sz 14XNAd Tec Logger Black Boots STEEL TOE BOOTS LOGGER BOOTS MENS SZ 7.0Bates 5" Tactical Sport Boots Black E02262 Men's Size 11.5Belleville Size 04.5 R 675ST Goretex USMC Miltary Boots Leather Vibram Steel Toe
    Mens Real Leather Ankle Boot Boot Toe Pointed Toe mogochinese-18136 Formal Cuban High Heel Chic Shoes hot 05fb86d - blurrypron.com>Mens Real Leather Ankle Boot Boot Toe Pointed Toe mogochinese-18136 Formal Cuban High Heel Chic Shoes hot 05fb86d - blurrypron.com
    Caterpillar Colorado W black honey brown women's booties boots leather NEWAustralia Luxe Collective Women's Cosy Tall Boot, Grey, 41 M EU/10 M US , ADRIENNE VITTADINI Footwear Women's Mickey Knee High Boot , AUTHENTIC SERGIO ROSSI BIJOU BACK STRAP SANDALS GOLD GRADE B USED -ATMan's/Woman's Miu Miu Platinum Cork Wedge 5XZ316 Year-end special promotions Cheaper than the price high quality product , Marc Fisher Naples3 Caged Strappy Pumps 327, Gold, 9 US , Vince Camuto Caliope Cuot-Out Open-Toe Slingback Bootie Heels 223, Black, 7 US /Clarks Rosalyn Adele Heel - Women's Size 10M BlackDonald Pliner Women's Carli Brown Expresso Suede Leather Wedge Pump , AUTHENTIC SERGIO ROSSI SUEDE PUMPS PURPLE GRADE A USED -AT , Teva Women's 7 Original Universal Mashup Orchid Summer Sandals Shoes Pink Trail , Birkenstock Betula Licensed Womens Reggae Birko-Flor Basic Black 37 A EUBZees Womens diva Low Top Zipper Fashion Sneakers Grey Size 6.5 , Gentlemen/Ladies New Balance SM4040N1 Women's Softball Cleat New market Brand buy onlineNIB MARC BY MARC JACOBS COLOR BLOCK STRAPPY LEATHER PLATFORM SANDALS PUMPS 36.5New Asics T715N 9342 GEL Contend 4 Silver Blue Men's Running Shoes Size 10.5 US , Nike Kyrie 4 Mens Sz 11.5 Basketball Shoes Dark Obsidian Black 943806-401 New , NEW! adidas Originals SUPERSTAR SHOES B41988 BASE GREEN / BLACK / NIGHT CARGO c1 , Man's/Woman's VANS Authentic SUEDE SCOOTER VN0A38EMU5M Excellent value Has a long reputation a lot of varietiesNike Air Max Plus TN Tiger Ultra Tuned Black Team Orange Yellow Mens 898015 004 , Sperry Avenue Duck Boot Tan/Brown WP STS12126 Waterproof sz 10 med I4Mens Fashion Shoes Ankle Boot Round Toe Zipper Warm Autumn Winter Boys MotocycleNike Air Force 1 '07 AF1 Triple Black Patent AH0287-001 New Women's Size 5 / 7.5 , NIKE WMNS LUNARFLY +3 BREATHE WOMENS RUNNING 510791 , Women's Nike Free RN 2018 Running Shoes Vast Grey/Summit White AH5208 001 , New Balance Women's Shoes WX624WS4 Width D Size 9USNike AF1 Force 1 Low Upstep Pinnacle Binary Blue Gum Yellow 856477-400 Wmn Sz 9Reebok Insta Pump Fury Celebrate T Easter Beige Pink Womens Running Shoes V69801Womens Sexy Pointy Toe Pull On Booties Graffiti Stiletto High Heels Club Shoes , Frye Womens Sz 7.5 Melissa Chelsea Brown Leather Casual Boots Shoes FB2-205 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mens Real Leather Ankle Boot Boot Toe Pointed Toe mogochinese-18136 Formal Cuban High Heel Chic Shoes hot 05fb86d - 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.

    Mens Real Leather Ankle Boot Boot Toe Pointed Toe mogochinese-18136 Formal Cuban High Heel Chic Shoes hot 05fb86d - 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
    Mens Real Leather Ankle Boot Boot Toe Pointed Toe mogochinese-18136 Formal Cuban High Heel Chic Shoes hot 05fb86d
    Boots
    >
    ;