Never miss an update

Man's/Woman's trade RAINBOW-308UV Packaging diversity Wholesale trade joinmybrand-28983 RAINBOW-308UV Very good classification f9d3676




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: Undisclosed
US Shoe Size (Women's): N/A Style: Clogs
Never miss an update

Man's/Woman's trade RAINBOW-308UV Packaging diversity Wholesale trade joinmybrand-28983 RAINBOW-308UV Very good classification f9d3676 - blurrypron.com

    Man's/Woman's trade RAINBOW-308UV Packaging diversity Wholesale trade joinmybrand-28983 RAINBOW-308UV Very good classification f9d3676
    Man's/Woman's trade RAINBOW-308UV Packaging diversity Wholesale trade joinmybrand-28983 RAINBOW-308UV Very good classification f9d3676
    Man's/Woman's ADORE-708MF Fine processing Skilled manufacturing Reliable reputation , Gentlemen/Ladies SKY-309MT Exquisite (middle) workmanship Attractive fashion Different styles and styles , Sexy Womens Open Toe High Wedge Heel T Strap Platform Nightclub Shoes Faux SuedeMr/Ms RADIANT-708BHG Louis, elaborate Orders are welcome Different styles and stylesMen's/Women's KISS-209LS Adequate supply and timely delivery First grade in its class Fair price , Man's/Woman's SKY-309GPT Wear resistant Has a long reputation Known for its excellent quality , Men's/Women's MOON-708TG Easy to clean surface Carefully selected materials a lot of varietieswomens pointy toe bowknot side zipper X1 stilettos high heel party shoes pumps , Men/Women SKY-309MT Excellent craft Trendy Official website , Bordello 5.75" Heel Red Glitter Platform Shoes Pumps 6 7 8 9 10 11 12 , FLAMINGO-808MG 8" GLITTER BOTTOM CLEAR ANKLE STRAP STILETTO POLE DANCE PLATFORMGentleman/Lady SKY-309MT Good world reputation the most economical Seasonal promotionGentlemen/Ladies MOON-708UV Moderate price Preferred material leading the fashionPleaser RADIANT-708LN Wpmen's Clear Black Heel Lined Platform Ankle Strap SandalFashion 9.5 CM Lady Bowknot Rivet Studded Banquet High Heel Chunky Shoes Sexy szCUSHION COMFORT SOPHIA WOMENS/LADIES FASHION SHOES/FLATS/HEELS/WORK ON SALE NOW! , Bordello TEEZE-14 Women's Black White Patent Concealed Platform Scalopped PumpsMan/Woman MOON-709FLM Diverse new design Price reduction Exquisite (processing) processing , GIUSEPPE ZANOTTI CLEAR & MESH PEARL STRAP SANDALS SLIDES Sz 37M MADE IN ITALYwomens stylish rhinestones slim high heels pointy toe grace party shoes lady new , Man/Woman SKY-309GPT Fine processing discount price Shopping promotionWomens Metal Pointed Toes Slip On Sexy Party Sequins High Heel Stilettos ShoesDONALD J PLINER ARIN BROWN Green MARBLE TALL HEEL PEEP TOE PUMP WOMENS Size 8MA. Marinelli Women's Luisa Mules Black Raffia & Leather Size 7.5 M , Womens Cow Leather Square Toe Metallic Block Heels High Heels Casuals ShoesDELIGHT-659 6"ELASTICATED CRISS-CROSS STRAPS BACK ZIP POLE DANCE PLATFORM SANDAL , TABOO-708MG 7 1/2" CLEAR ANKLE STRAP GLITTER BOTTOM POLE DANCE PLATFORM SANDALWomen Punk Rivet T-strap Buckle Stilettos High Heel Sexy Casual Shoes Sandals855Sexy Womens Retro High Heels Pointy Toe Wedding OL Court Shoes Pumps Pull On New
    Man's/Woman's trade RAINBOW-308UV Packaging diversity Wholesale trade joinmybrand-28983 RAINBOW-308UV Very good classification f9d3676 - blurrypron.com>Man's/Woman's trade RAINBOW-308UV Packaging diversity Wholesale trade joinmybrand-28983 RAINBOW-308UV Very good classification f9d3676 - blurrypron.com
    PLEASER Exotic Dancing BEYOND-1020 INFINITY-1020 Ankle Boots 9-10" Heel , Pikolinos Alicante W3P-8975 Leather Boot - NIB - Free Shipping , Latigo Magpie Black Suede Tall Block Heel Fold Over Boots Size 7.5 NEW $228 , Birkenstock Arizona Met Soft Footbed Narro Womens Sandals Anthracite New Shoes , Spieth & Wensky dirndlpumps D407 Joan Navybritish men tassels decor slip on dress formal loafers leather shoes Party NewWomens NAOT Otago Black Suede Leather Slip On Shoes Size 40 US 9 , New Sam Edelman Josephine Leather Fringe Black Boots Size 7.5MRyka Women's Glance Athletic Sandal, Blue/Teal, 8.5 W USSteve Madden RAAE Womens Raae Gladiator Sandal- Choose SZ/Color.Man/Woman ACE TANGO 17.1 TR 10.5 New Listing Attractive fashion Easy lifeBRAND NEW VANS SK8-HI REISSUE DIGI ALOHA BLACK TRUE WHITE SZ US M 10 US W 11.5[834064-605] MEN'S Youth AIR JORDAN REVEAL GYM RED WHITE BLACK INFRARED 23 11.5 , Mens Air Jordan Spizike Black Varsity Red Classic Green 315371-061 Size 9.5ADIDAS MARATHON TR B37443 MEN'S OUTDOOR SNEAKERS DARK BLUE NEW MODEL 2018!Nike Air Scream LWP Men's Black/Menta/Racer Pink/White H8517001 , Red Wing Heritage Beckman Chukka Boot 7D Black Featherstone 9024 $350FRYE Men's Chris Crepe Chelsea Boot Brown Size 7.0NEW 940,00 SUTOR MANTELLASSI Shoes Size Eu 44.5 Us 11.5 (Cod 163)Supra Scissor White / White Speckle 08027-164-MRockport Men's Style Purpose Cap Toe Oxford - Choose SZ/Color , Georgia GB00225 Suspension System Mens Dark Brown 11" Pull-On Work BootsBellini Women's Bainbridge Tassel Loafer , Reebok Women's Speed Rise Running Shoe - Choose SZ/ColorNike Women's Huarache Premium ID Blue-Black SZ 7 [777331-993] , BT40 MBT shoes black textile women sneakersGentleman/Lady jordan shoes sell Medium cost Most practicalSCARPE DONNA ADIDAS I-5923 W D97353 SNEAKERS I-5923 W ADIDAS NERO , Ivanka Trump Women's Boots Lynna Black Suede Boot Block-Heel Booties 6MGentleman/Lady Womens Ariat Boots 7.5 Black Elegant appearance Online export store As of the latest model ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man's/Woman's trade RAINBOW-308UV Packaging diversity Wholesale trade joinmybrand-28983 RAINBOW-308UV Very good classification f9d3676 - 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.

    Man's/Woman's trade RAINBOW-308UV Packaging diversity Wholesale trade joinmybrand-28983 RAINBOW-308UV Very good classification f9d3676 - 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
    Man's/Woman's trade RAINBOW-308UV Packaging diversity Wholesale trade joinmybrand-28983 RAINBOW-308UV Very good classification f9d3676
    Heels
    >
    ;