Never miss an update

New Womens Leather New Mules 960 Strappy Sandals Bowknot Low Heels Strappy Casual Fashion Shoes 409eaba




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: Block Style: Mules
Material: Synthetic leather Country/Region of Manufacture: China
Occasion: Casual Heel Height: Low (3/4 in. to 1 1/2 in.)
Width: Medium (B, M)
Never miss an update

New Womens Leather New Mules 960 Strappy Sandals Bowknot Low Heels Strappy Casual Fashion Shoes 409eaba - blurrypron.com

    New Womens Leather New Mules 960 Strappy Sandals Bowknot Low Heels Strappy Casual Fashion Shoes 409eaba
    New Womens Leather New Mules 960 Strappy Sandals Bowknot Low Heels Strappy Casual Fashion Shoes 409eaba
    New Summer Women Real Leather Mules Matt Beach Fashion Casual Wedges Korea ShoesChic Womens Buckle Stilettos Leather Cross Strappy Roman Sandals Shoes Pumps , Man/Woman Volatile Womens Denise New market Medium cost fineOofos Oolala Womens Thong - CHOOSE COLOUR & SIZE - Shoe Flip Flop Foam Support , Sexy Womens Rome Buckle Sandals Platform High Heel Stiletto Zip Shoes Rome NewSanuk Women's Yoga Sling 2 Papaya Knit Fabric Thong Sandals , Womens Strappy Color Spike Special Wedge Heels Leather Fashion Sandals Mules NewLadies Sandals Flat Heel Slingbacks Faux Suede Gold Black Color Mules Slipper SZ , Womens Roman Sandals Fashion Gladiator Back Zip Cuban Heel Cut Out Leather Shoes , New WOmen Embroider Flat Heel Slides Sandals Shoes Mules Slippers Summer Fashion , Womens Block Heel Shoes Slippers Flip Flops Rhinestone Casual Loafers New Summer , Sanuk Women's Yoga Sling 2 Prints Black/Natural Congo Thong Sandals , L Sweet Flower Rhinestone Block Heel PeepToe Ankle Strap Date Party Women Sandal , New Summer Womens Pierced Wedges Mules Sandals Fashion Real Leather Casual Shoes , Embroidered Women Mules Leather Pointy Toe Slip On Wedge Heels Sandals Shoes NewWomen's ROman Gladiator bLOCK Heel Open Toe Back Zip Knee High Boots SandalsLeather Women Ankle Strappy Buckle Sandals Round Toes Block High Heels New Shoes , Women Ankle Strappy Buckle Block Heels Suede Pointy Toe Sandals Casual Shoes New , New Hot Womens Crystal High Wedges Strappy Ankle Buckle Sweet Vogue Casual ShoesWomen Peep Toe Sandals Cross Strappy Lady Slim Heels Zipper Leisure Casual ShoesNew Womens Punk Rivet Diamante Buckle Strap Roma Sandals Gladiator Shoe US sz , new women's open toe ankle strap wedge high heel embroidery floral sandals shoes , Fashion Lady Pointed Toe Block Heel Pull On Transparen Sexy Crystal Heel Sandalwomen new open toe ankle strap block chunky heel casual sandals shoes rhinestone , Sexy Gladiator Women's Splice Ankle Strap Sandals New Shoes Stiletto Fashion new , New Womens Ankle Strappy Buckle Sandals Block Med Heels Round Toes Causal ShoesWomen New Hollow Out Super High Heel Platform Nightclub Slingbacks Sandals ShoesGlacier Gene Wedge Women's Sandals, Size 37 $156 CORDANIWomen Girl Crystal Diamond High Heel Peep Toes Sandals Lady's Summer Shoes
    New Womens Leather New Mules 960 Strappy Sandals Bowknot Low Heels Strappy Casual Fashion Shoes 409eaba - blurrypron.com>New Womens Leather New Mules 960 Strappy Sandals Bowknot Low Heels Strappy Casual Fashion Shoes 409eaba - blurrypron.com
    Dr.Martens Jemison Black Womens Ankle Boots Polished Smooth LeatherNEW Free People Cambridge Wrap Boots Padded Ankle Distressed Leather $198 Sz 37 , Stuart Weitzman Highland Over the Knee Black Suede Boots Size 6 M. , Ladies Rieker L8360 Grey Slip On Ballarina Flats , Demonia Cramps-202 Gothic Goth Punk Ridged Platform Knee High Chunky Heels BootsMen/Women Aquatalia Short Boots Size 37 selling price New style Exquisite (processing) processingMan/Woman womens shoes size 9 Fine workmanship Settlement Price businessReal Leather Slip On Loafers Casual Flats Square Toes Pumps Shoes Stylish New , Man's/Woman's Coconuts by Matisse Women's Britt Loafer Many varieties Year-end sale high quality productWomen Pointy Toe Sequins Glitter Slip On Shoes Wedding Stilettos High Heels shoe , Poetic Licence "Peek A Boo Love" Blue Print Peep Toe High Heels NIB Size 9 , Sebastian Women's S7565 Gemstone and Faux Pearl Buckle Suede Slide Geranium , Women sandals snake leather model ALIAS Us 3 to 12 , Adidas Womens DEERUPT RUNNER W Black/Black/Chalk Pink SZ 6 1/2 US , Under Armour Charged Bandit Cross Country Track Spikes Men's 10 - new Free ShipBrooks Neuro Metaliccharchoal/ElectricBlue -Mens Running/Gym Shoes Reg: $130.00Man's/Woman's MEN'S SHOES SNEAKERS NEW BALANCE [MCSTLLB4] Every item described is available Let our goods go to the world Valuable boutiqueNew Men's Asics GEL SUPERION T7H2N Indigo Blue/Silver/Black Running Shoes Sz 10Adidas Yeezy Boost 350 V2 Black Red size 8NEW LAREDO MENS 13" TRUCKER COWBOY WESTERN BLACK BOOTS 12621 NIB , Dr. Martens Brown Leather Oxfords AirWair Shoes 8083/59Sz USM11 , Pointy Toe Mens Patent Leather Formal Dress Business Groomsman Nightclub Shoes HLadies Vagabond Casey Shiny Satin Festival Low Cut Wedge Heel Trainers All Sizes , Vasque Women's Trailbender II Size 10 US Ebony/Mint (VS18W-Misc) , Under Armour Micro G Assert 7 Shoes (7 Women US) SteelBearpaw Women's Naomi Thong Sandal Brown Synthetic Thong SandalsNIKE WOMENS AIR MAX ZERO SZ 8 WHITE PURE PLATINUM 857661 104 , Joshua Sanders NWOT White Leather Eco Fur "My Little Pony" Sneakers SZ 40Alegria Leather Perforated Mary Janes - Jemma Spiro Multi 35 (5)Adam Tucker Women's Mason Bootie, Tan/Black, 9 M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Womens Leather New Mules 960 Strappy Sandals Bowknot Low Heels Strappy Casual Fashion Shoes 409eaba - 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.

    New Womens Leather New Mules 960 Strappy Sandals Bowknot Low Heels Strappy Casual Fashion Shoes 409eaba - 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
    New Womens Leather New Mules 960 Strappy Sandals Bowknot Low Heels Strappy Casual Fashion Shoes 409eaba
    Sandals
    >
    ;