Never miss an update

Splendid Women's Hamptyn Boot Moss Nubuck Moss Splendid 8 Nubuck M US 8ee457c




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
EAN: Does not apply
Color: Moss Nubuck MPN: Spl-hamptyn_K
Size: 8 M US Brand: Splendid
Style: Moss Nubuck UPC: Does not apply
US Shoe Size (Women's): 8 M US
Never miss an update

Splendid Women's Hamptyn Boot Moss Nubuck Moss Splendid 8 Nubuck M US 8ee457c - blurrypron.com

    Splendid Women's Hamptyn Boot Moss Nubuck Moss Splendid 8 Nubuck M US 8ee457c
    Splendid Women's Hamptyn Boot Moss Nubuck Moss Splendid 8 Nubuck M US 8ee457c
    Coconuts by Matisse Women's Estrella Boot Saddle 8 M USNaturalizer Women's January Riding Boot Camel 8 M US , Propet Women's Tory Ankle Bootie Brown 8 M USECCO Women's Shape 75 Chelsea Boot Black 39 EU/8-8.5 M USSbicca Women's Freespirit Boot - Choose SZ/Color , Grey City Riley Black Leather Ankle Boots with Rounded Toe Shape and Outside ...ALDO Women's Larissi Chelsea Boot Khaki 8 M US , Man/Woman ECCO Women's Bella Zip Ankle Bootie Excellent value cheapest Fair price , Kamik Women's Canuck Boot Black 8 B(M) US , The Fix Women's Nash Floral Embroidery Oval Heel Ankle Bootie Indigo 8 M US , Adtec Women's 8" Packer Tan Work Boot 8 B(M) US , ara Women's Maeko Boot - Choose SZ/ColorNine West Women's Jetra Leather Boot Black 8 B(M) USSteve Madden Women's Hunny Tall Shafted Boot,Black Leather,10 M USPalladium Women's Pallabosse Chelsea L Chukka Boot Sunrise/Chocolate 8 B(M) USCole Haan Women's Arlean Bootie Stormcloud 8 M USHush Puppies Women's Cyra Catelyn Ankle Bootie , Dolce Vita Women's Jimmy Over The Knee Boot - Choose SZ/ColorLifeStride Women's Sikora Riding Boot Dark Brown 8 W USAnnie Shoes Women's Mobile Wide Calf Riding Boot Black/Leopard 8 W US , Car Shoe By Prada Brown Web Stitched Suede Sneakers Sz 36/6~RTL$795Nine West 25021821 Womens Laulani Suede Boot, Natural, 10 M US , Bed Stu Women's Manchester Teak Glaze Boot 9.5M , CLARKS Women's Maypearl Oasis Engineer Boot Black 6 M US , Baffin Women's Snogoose Winter Boot Charcoal 8 M USMarc Fisher Women's Wrangler Mule - Choose SZ/Color , PUMA Safety Womens Velocity White SD 7 M USALDO Women's Fearien Boot Black Leather 8 B(M) USSplendid Women's Ravi Ankle Boot Black 8 M US
    Splendid Women's Hamptyn Boot Moss Nubuck Moss Splendid 8 Nubuck M US 8ee457c - blurrypron.com>Splendid Women's Hamptyn Boot Moss Nubuck Moss Splendid 8 Nubuck M US 8ee457c - blurrypron.com
    Tommy Hilfiger Gianna Tall Boots 260, Medium Brown, 8.5 USVintage Brown Leather Harness Motorcycle Riding Boots Women's Sz 8.5 M Frye , Camper Wonder Gore-tex Womens Chocolate Leather Ankle Boots , New Anderson Bean Square Toe Cream Kidskin Dyable Cowboy Boots 6.5D Ladies 7.5 D , LADIES SHOES/FOOTWEAR - Earthies slip on shoe suede blackBZ72 MBT shoes brown leather men elegantTory Burch Caroline 2 Double T Logo Ballet Shoes Flats Poppy Red Strip Reva 7.5 , Womens SPERRY TOP-SIDER Brown/Purple Leather Boat Shoes Sz. 38.5Stuart Weitzman Everyday Bordeaux Suede Pointed Toe Pumps Size M 10.5 Box & DustBordello Teeze 14 Red and White Patent Leather Stiletto 5.75 inch High Heels , J Crew Elise Metallic Camo Sexy Heels Sz 7Fidji Black and Brown Two Tone 1930s style Oxfords Wingtips 38 US 7 SpectatorsFitFlop Banda Slide Womens Dress Sandal- Choose SZ/Color.Nike Size 6.5 Running Sneakers New Womens Shoes , Men Lacoste Bayliss Vulc PRM Leather 7-30SPM003502H Black Black 100% Original NW , Adidas BY8690 Men X PLR running shoes white Sneakers , Brand New Reebok Instapump Fury Road CNY Men's Athletic Sneakers [V67865][BA8847] Mens Adidas Ultraboost - Running ShoeNIKE AIR JORDAN 10 RETRO DARK SHADOW-TRUE RED-BLACK SZ 15 [310805-002] , NIB $1395 YVES SAINT LAURENT YSL LEATHER NOLITA BOOTS SHOES SZ US 12Giorgio Brutini Men's Roody Oxford - Choose SZ/Color , Fashion Men's Rhinestone Shoes Slip On Bling Bling Oxfords Pointed Toe BusinessMen's Calvin Klein Norm British Tan Leather SZ 11.5 MSRP 150$Gentlemen/Ladies Adidas Women's Questar Cc Running Shoe New product product quality Official website , Nike Free 4.0 V3 580406-160 White Red Violet Pure Platinum WomenAD821 SUSIMODA shoes gray leather suede women sneakers , Men/Women Nike Vomero, Womens 10 New Listing special promotion Selling new productsNEW Women's Nike Pegasus 89 Premium Shoes Size: 9.5 Color: Black , Women Adidas DA9089 NMD CS2 PK UAS Running shoes black white sneakers , S19 Rag & Bone Newbury Olive Green Suede Booties Women's Size 38 M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Splendid Women's Hamptyn Boot Moss Nubuck Moss Splendid 8 Nubuck M US 8ee457c - 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.

    Splendid Women's Hamptyn Boot Moss Nubuck Moss Splendid 8 Nubuck M US 8ee457c - 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
    Splendid Women's Hamptyn Boot Moss Nubuck Moss Splendid 8 Nubuck M US 8ee457c
    Boots
    >
    ;