Never miss an update

Keen 6M NEW Koven Keen Waterproof Leather Mesh Hiking Trail Shoes Waterproof Youth Women's 6M 73682c7




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Excellent Condition.
Style: Hiking Tail Country/Region of Manufacture: China
Brand: KEEN Color: Gray pink
US Shoe Size (Women's): 6 Youth: 6 Material: Waterproof leather Mesh
Width: Medium (B, M) Fastening: Pull On
UPC: Does not apply
Never miss an update

Keen 6M NEW Koven Keen Waterproof Leather Mesh Hiking Trail Shoes Waterproof Youth Women's 6M 73682c7 - blurrypron.com

    Keen 6M NEW Koven Keen Waterproof Leather Mesh Hiking Trail Shoes Waterproof Youth Women's 6M 73682c7
    Keen 6M NEW Koven Keen Waterproof Leather Mesh Hiking Trail Shoes Waterproof Youth Women's 6M 73682c7
    Enzo Angiolini New Saevon Brown Leather Knee High Harness Riding Boots Sz 6MNEW CROCS 'Crocband ii.5' Navy Blue Mid-Calf Cinch Boot Women's SZ 6 M , Charles Albert Women's Distressed Bootie Studded Grey 8Sole Society Flynn Black Suede Ankle Wrap Heeled Ankle Boot NewBareTraps Betheny Winter Boots, Black , 7.5 US , Nine West Women's Xperian, Dark Natural Stretch Suede Fabric, 9.5 Medium USMinnetonka Women's 10 Soft Sole Ankle Moccasins Boots Silver Buttons Side TieGentle Souls Leather Cross Band Sandals - Kiki Rose Gold med 6 , Earth Nubuck Perforated Peep-Toe Booties Keri Taupe 8W NEW A286799Mordenmiss Women's Cap Toe Boots Handmade Ankle Oxford Side ZipperMan/Woman Womens Stetson Boots Size 8.5 Durable service product quality Preferred boutique , SIZE 8 M&F WESTERN WOMENS LADIES LEANNE CHEVRON ROUND TOE LEG RAIN BOOTSSalvatore Ferragamo Boot Size 6 Womens Brown Leather Ankle Gold BuckleVasque Womens 8.5 Brown Leather Waterproof Trail Hiking Outdoor Sports Boots-393 , FRYE CREAM/RED WESTERN BOOTS W 7 B 13 1/2 INCHES TALLSperry Top-Sider Langley Brown/Leopard Boots 9775958 Womens Sz 6.5 M NIB , Men/Women Alfani Adisonn Women's Boots Black wholesale New products in 2018 Comfortable and natural7.5 - ESPACE by Robert Clergerie Green Nubuck Leather Pull On Boots 0000MB , SIZE 9 M&F WESTERN WOMENS CREAM SUGAR SKULL DESIGN SNIP TOE LEG RAIN BOOTSCOLUMBIA Brown Suede Hiking Boots Women’s Size 9.5Kelsi Dagger Brooklyn Grand Ankle Booties 610, Black, 6 US , Colin Stuart Brazil BLACK LEATHER Tall Boots High Heel Zip Women's 8MMatisse Women’s Brown Leather Mid-Calf Side Zip Western Boots Size 7M $150 , Call It Spring Women's Wignall Western Boot, Taupe, 6 B US , Braxton Western Women's Boots 2051 Wine Leather Size US 4.5 , Steve Madden womens booties velvet floral size 7Cole Ruched Black Extended Calf Boots - Size 8W , Rare Women's North Face Snow Beige Shoes Faux Fur US Size 11 Made in USALa Canadienne Waterproof Black Suede Ankle Boots Side zipper Women's shoe sz 11 ,
    Keen 6M NEW Koven Keen Waterproof Leather Mesh Hiking Trail Shoes Waterproof Youth Women's 6M 73682c7 - blurrypron.com>Keen 6M NEW Koven Keen Waterproof Leather Mesh Hiking Trail Shoes Waterproof Youth Women's 6M 73682c7 - blurrypron.com
    Corral Circle G Boot Women's 12-inch Distressed Leather Embroidery Square...Rag & Bone $495 MARGOT Fringe Suede Ankle Boots Women's Booties LeatherAUTHENTIC LUXURY MIU MIU BOOTS SHOES 5W6341 BLACK NIB US 9 , CHRISSIE MORRIS HIGH HEEL PLATFORM STINGRAY ANKLE BOOTS US 10MG35 Sargentt Zip Up Block Heel Boots, Taupe, 5.5 US , BZees Womens Frill Fabric Peep Toe Boat Shoes, White, Size 5.0 US / 3 UKWomens Red Flower Pointed Toe Buckle stiletto High Heels Pumps wedding Shoes yhANDRÉ Paris Studio ankle tie elegant embroidered shoes, suede, made in Spain, 38 , Women Cork Wedge Sky High Platform Python Snake Embossed Peep Toe High Heel ShoeCrevo Women's Jade Bootie Chestnut Suede Size 10 MAerosoles Caricature Mary Jane Heels, Red, 7.5 W US , NWB! Brunello Cucinelli Leather Brown Wedges Pumps Women Sz IT 38 US 7 $1090 , Giorgio Fabiani 1253b Black / Ivory Leather Sculpted Heel Pumps 36 / US 6 , Manolo Blahnik BB Red Suede Pumps Heels Shoes 105mm $595 Sz 37.5Nike Air Monarch IV White/Metallic Silver (416355 102) , Puma x Trapstar Prevail 363469-02 Burnt Olive Men Sizes NEW 100% Authentic , New Mercurial Vapor IX FG Men's Cleat Sunset/Volt/Crimson 555605 778 Sz 6.5 US , 2016 Nike Air Jordan Retro 4 "Royalty" Black/Metallic Gold/White Shoes! Size 14 , Nike Kobe XI 11 Mamba Day QS iD Black Gold SZ 10 ( 865773-992 )Redwing Pecos Steel Toe Sz 11.5 D Work Western Ranch Slide BootsNike Air Zoom Mariah Flyknit Racer Men's Running Shoes, Size 10, 918264 009Rockport Men's City Smart Wing Tip Oxford Shoe , Man's/Woman's CLARKS Men's Tilden Plain(New Color) Oxford Beautiful color The highest quality material Quality and consumer firstMens genuine leather spring pull on dress shoes pointy toe chelsea heel rivet 13 , Ecco Holton Black Leather Loafers Sz 12-12.5 US 46 Slip Ons Apron Toe Shoe , Men/Women Vibram Women's V-Train Cross-Trainer Shoe New Listing Quality and quantity guaranteed The first batch of customers' comprehensive specificationsNike Wmns Lunarepic Low Flyknit 2 II Hyper Hot Punch Women Running 863780-601SAM EDELMAN Penny Riding Boots Tall Leather Zip Black Leather Boot 5 7.5 9 10 13 , Women Over Knee High Riding Boots Shiny Patent Leather Slouch High Heels Shoes , Merrell Women's Ashland Chukka Boot Brown Sugar 7 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Keen 6M NEW Koven Keen Waterproof Leather Mesh Hiking Trail Shoes Waterproof Youth Women's 6M 73682c7 - 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.

    Keen 6M NEW Koven Keen Waterproof Leather Mesh Hiking Trail Shoes Waterproof Youth Women's 6M 73682c7 - 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
    Keen 6M NEW Koven Keen Waterproof Leather Mesh Hiking Trail Shoes Waterproof Youth Women's 6M 73682c7
    Boots
    >
    ;