Never miss an update

Tory Burch Riding Boots Brown Leather Julian Riding Boots Square Size 5.5 Square Logo New $495 3908c95




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: May have light signs of being handled and tried on in store
Brand: Tory Burch Material: Leather
Color: Brown Occasion: Casual
EUR Shoe Size (Women's): 35.5 Style: Riding, Equestrian
Heel Height: Low (3/4 in. to 1 1/2 in.) US Shoe Size (Women's): 5.5
Heel Type: Block Width: Medium (B, M)
UPC: does not apply
Never miss an update

Tory Burch Riding Boots Brown Leather Julian Riding Boots Square Size 5.5 Square Logo New $495 3908c95 - blurrypron.com

    Tory Burch Riding Boots Brown Leather Julian Riding Boots Square Size 5.5 Square Logo New $495 3908c95
    Tory Burch Riding Boots Brown Leather Julian Riding Boots Square Size 5.5 Square Logo New $495 3908c95
    Macie Bean Brown Square Toe Boots w/Black and Brown Woven Tops M9075 Size 8BStetson Western Boots Women's Eartha Eagle GreyOne K Defender Suede Helmet Navy L/REGCorral Women's Swirl Overlay Stud Cowgirl Boot - Snip Toe - C3387Veredus Magnetik Stable Boot Front - 467824BLKAquatalia Oribella Weatherproof Suede Ankle Bootie Boot Size 10.5 , Gentlemen/Ladies Authentic Christian Louboutin Leopard Booties Queensland Latest styles Vintage tide shoes , NIB $525 Rag & Bone Ashby Boot Bootie in Black Leather sz 41/10 11ISABEL MARANT Purdey Suede/Leather Wedge Booties - Black - Size 37 FR , FRYE Women's Joan Campus Short Boot, Black Smooth Antique Pull up, 8 M US , Stuart Weitzman Perfection Mitten Black Stretch Suede Bootie Boots Ankle Tie 8.5Prada Miu Miu Red Runway Glitter Crystal Boots size US 10FREEBIRD BY STEVEN COAL Grey TALL CORSET BOOT NIB size size 11Saint Laurent Classic New Western 80 Suede Ankle Boots Fringe 40.5 10.5Man's/Woman's Corral Black Sequin Boot sell Year-end sale Explosive good goodsFrye Carson Wedge Boots Women's Booties Winter Platform Vintage Italian LeatherFRYE Women's Jackie Zip Tall Boot - Choose SZ/Color , Rare Black Fluevog Vog Together Auf Der Maur Boots 9NEW $595 Lucchese Sophie Pixie Boots Size 8 Blue Ombre LeatherTin Haul Women's Fru Fru, Shape of Things Sole TA$1060 GOLDEN GOOSE DELUXE BRAND LIMITED SERIE Western Leather Boot EU-36 US-5.5Frye Jenna Cut Stud Short Moto Boots SZ 6.5 Black Distressed Leather $438 NEWElie Tahari Leather Ankle Boots Size 7.5 Retail $595Versace Women's Olive Green Quilted Leather High Heel Boots Shoes US 7.5 IT 38.5 , Frye Diana Cut & Studded Tall Black Distressed Leather Western Riding Boots Sz 7CYDWOQ Surgeon Brown Silver Crinkle Medieval Boot Women 10 Handmade In USAOrg.$650 Jill Stuart Wrap up Leather Boots Size 38IT Very Dark BrownPajar Women's Toboggan 2 Nylon Boot, Black Nylon, 42 EU/11 M US , Burberry Samantha Sandstone Boots Booties Heels Size 40.5 / US Women’s 10.5
    Tory Burch Riding Boots Brown Leather Julian Riding Boots Square Size 5.5 Square Logo New $495 3908c95 - blurrypron.com>Tory Burch Riding Boots Brown Leather Julian Riding Boots Square Size 5.5 Square Logo New $495 3908c95 - blurrypron.com
    Man/Woman Sam Edelman Women's Packer Ankle Boot Beautiful design New in stock Famous storeNEW $540 DOLCE & GABBANA Boots Black Rubber Rain Knee Shoes s. EU39 / US8.5Nike air max jewell 896194 601 womens trainers sneakers shoes SAMPLE , Vans Authentic Denim Gum Mens Canvas Skate TrainersRene caovilla boots Black Velvet 7.5 Nib , Gentleman/Lady VAIL-01 Black New product Latest styles Famous storeGentlemen/Ladies FLAMINGO-808-2HGM Clear Hologram Glitter Red economic Quality First Exquisite workmanship , Jessica Simpson Women's Kariba dress Sandal - Choose SZ/Color , LANVIN en bleu Shoes 633577 23cm , Lanvin Ete 2010 Womens Black Leather Gold Buckle Ankle Strap Pumps Size 38 8 , BOTTEGA VENETA BLACK LEATHER KITTEN PUMP SIZE 8 W/BOXMan's/Woman's NEW LUCA VALENTINI WOMENS SANDALS online sale New in stock Good qualityVans Authentic Gumsole Blackberry Cordial Medium Gum Men's Size 10.5adidas FORUM MID - Brown - Mens , MEN'S SHOES SNEAKERS ADIDAS LITE RACER [DB1592]Van's Era (MLX) Floral Unisex Shoes Tropicoco/BlackRARE VINTAGE AIR JORDAN BLACK ON RED SIZE 9 HIGH TOPS 1985 , Man's/Woman's Nike SB Dunk “Gasparilla” Size 10 The color is very eye-catching product quality Preferred boutique , Nike Free RN Flyknit 2017 Mens 880843-300 Vintage Green Running Shoes Size 6.5NIKE AIR MAX PLUS TN MEN's CASUAL BLACK - VOLT - TOTAL ORANGE - HOT PUNCH NEW SZDurango Boys' Rebel Faux Exotic Western Boot - Square Toe - DBT0209CCONVERSE All Star High × Batman Men's Vintage Sneakers 1980s size US 8.5 JP 27 , Gentlemen/Ladies Ariat Workhog Patriot Boots Elegant and sturdy set meal high quality List of explosionsLOS ALTOS BEIGE GENUINE SNIP TOE CROCODILE WESTERN COWBOY BOOT (EE) 9E28215David Tate Women's Verona Wedge Slide White Lambskin Strappy Sandals , Roxy ARJB700545 Womens Austin Boot Ankle Bootie- Choose SZ/Color. , Womens Real Fur Pu Leather Mid Calf Boots Zipper Winter Wedge High Heel ShoesNWOB MAXINE OF CANADA Beige Suede Fur Mid-Calf Boots Size 6M 36 NEW Waterproof , Propet Women's Peak Hiking Boot , NEW! CLARKS Women's Enfield River Ankle Boot - Black Brown 9, 10, 11 Med Wide
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Tory Burch Riding Boots Brown Leather Julian Riding Boots Square Size 5.5 Square Logo New $495 3908c95 - 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.

    Tory Burch Riding Boots Brown Leather Julian Riding Boots Square Size 5.5 Square Logo New $495 3908c95 - 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
    Tory Burch Riding Boots Brown Leather Julian Riding Boots Square Size 5.5 Square Logo New $495 3908c95
    Boots
    >
    ;