Never miss an update

Nine West Valid Pony Riding Womens Riding Boot- Valid Choose SZ Pony/Color. bb54849




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
UPC: 0723167136169
Style: Causal Brand: Nine West
US Shoe Size (Women's): Multiple Variations Model: Valid Pony
Size Type: Regular MPN: Valid Pony
Material Type: leather
Never miss an update

Nine West Valid Pony Riding Womens Riding Boot- Valid Choose SZ Pony/Color. bb54849 - blurrypron.com

    Nine West Valid Pony Riding Womens Riding Boot- Valid Choose SZ Pony/Color. bb54849
    Nine West Valid Pony Riding Womens Riding Boot- Valid Choose SZ Pony/Color. bb54849
    Miz Mooz Women's Dale Ankle Boot - Choose SZ/Color , Dansko Womens Peep-Toe Bootie /-- Pick SZ/Color. , Roper Crossed Out Womens Crystal Cross Square Toe Boot M- Choose SZ/Color.Nine West 25027578 Womens Carensa Ankle Boot- Choose SZ/Color.Naughty Monkey Women's Poncho Boot Tan 6 M USAsh Womens Zazie Boot 37EU/7 US- Pick SZ/Color. , Ariat Womens Fatbaby Cowgirl Composite Toe Work Boot, Fireside/Tan, 7 M USBareTraps Women's Susanna Riding Boot Brush Brown 6 M US , Merrell Women's Tremblant Mid Polar Waterproof Snow Boot, Oak, 5.5 M USWomens Fly London Yoss Colmar Brown Leather Chelsea Wedge Heel Boots Shu Size , totes Women's Judy with Toggles Snow Boot Black 8 M US , Helens Heart Helen's Heart Women's Sparkle Sequin Bling Short Western Cowgirl...Roma Women's Evol Rain Boot Navy 11 M US , Skechers Women's Laramie 2 Engineer Boot - Choose SZ/ColorJosef Seibel Sienna 03 Womens Boot 39 BR/8-- Choose SZ/Color. , NEW FRYE Women's Madeline Tall Western Boot Suede Khaki Size 8.5 B $398 , Frye Womens FRYE Dorado Buckle Riding Boot- Pick SZ/Color.Jessica Simpson Womens Calvey Ankle Bootie- Pick SZ/Color. , Kenneth Cole REACTION Women's Vin Win Ankle Bootie Boot black 10 M US , Durango Lady Rebel RD3471 Womens Light Blue/Brown Saddle 10" Western BootsJustin Boots Women's Gypsy BootAged Bark6.5 B US , Very Volatile Womens Braya Ankle Bootie- Pick SZ/Color. , Cole Haan Women's Elion Boot Chestnut Leather 7 B USAquatalia Womens Wanda Winter Boot Espresso Size 7 M USOld West Cowboy Boots Womens Snip Toe Leather Lined 7 B Tan Fry LF1541 , FRYE Womens Dara Harness Chelsea- Pick SZ/Color.Old West Cowboy Boots Womens Goodyear Leather Vintage Charcoal LF1587 , Kamik Women's Rogue 9 Waterproof Winter Boot Black 8 M USECCO Womens XpEd. III GTX Hiking- Pick SZ/Color. ,
    Nine West Valid Pony Riding Womens Riding Boot- Valid Choose SZ Pony/Color. bb54849 - blurrypron.com>Nine West Valid Pony Riding Womens Riding Boot- Valid Choose SZ Pony/Color. bb54849 - blurrypron.com
    La Canadienne Womens Suede Side Zip Knee-High Boots, Black - Size 10M , **LATEST RELEASE** Nike Legend Trainer Mens Crosstraining Shoes (D) (001) , R.M. WILLIAMS Men's Black Leather Ankle Boots Size 9 H Ankle ShoesNIKE MENS ROSHE ONE BLACK SAIL ANTHRACITE SHOES 2018 **FREE POST AUSTRALIA , Mustang Women's 1199-505 Ankle Boots, Grey (259 Graphit), 6.5 EU , BCBGeneration Noel Ballet Flats, Flax, 7.5 US / 37.5 EUMen's/Women's CLICK-07 Canvas Red Black White Black service Modern design Preferential price , SCHUTZ Women's Damila Heeled Sandal, Black Multi, 6 M US , Gentlemen/Ladies Rare Moschino Heels size 37.5 Excellent craft cheapest retail price , Anne Klein Womens Haedyn Fabric Round Toe Classic Pumps, Gold, Size 10.0 , Occident Women's Pointed Toe Back Zip Stiletto High Heel Ankle Boots Party ShoesNike Mens CK Racer Black Athletic Training Sport Shoes 916780-402 MSRP $80 , Men's SNKR Project Park Avenue Casual Shoes Olive Camo/Red SNKR1807 210 , Nike Mercurial Superfly 6 Pro CR7 FG Soccer Cleats AJ3550-390 SZ 11 NO BOX TOPNOS MILITARY VIBRAM SOLED BLACK LEATHER BOOTS COMBAT TACTICAL POLICE , Stacy Adams Men's Percy Moc Toe Bit Loafer 25090 , Thorogood Slip On Black Rubber Fire Shoes W/Adjustable Buckle Size 11 S6Troentorp Bastad Clogs Men's Picasso Black Comfort Shoes , Lotus Men's Jeremiah 8676-200 Plain Toe Derby,GODYEAR WELTED HANDMADE SZ 7 USANew Casaul Men's Leather Dress Formal shoes Loafer Slip on Weave Shoes Spring , Mens COLE HAAN Black Leather Slip On Penny Loafers Dress 10MBrand New Women's Converse Chuck Taylor Hi Rise Casual Shoes 549588F SZ US W 5.5NEW ADIDAS Y-3 SHIZUKA HIGH SHOES WOMENS 7.5 Y-3 by Yohji Yamamoto FREE SHIPWomens Nike Huarache Run Premium TXT Grey Navy Blue Sz 11.5 AA0523-001nike air max 1 ultra essentials womens trainers 704993 500 sneakers shoesZADIG & VOLTAIRE STELLATO Gold Leather Designer Pumps Heels 6.0 M , New Style Charles Womens Taupe Fashion Boots Size 9.5 , Adrienne Vittadini boots knee high, heels, leather, blackFashion Women Platform Wedge Heels Warm Fur Buckle Strap Boots Punk Buckle ShoesHunter Original Tall Matte Blue Rubber Rainboots Women's Size 7
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nine West Valid Pony Riding Womens Riding Boot- Valid Choose SZ Pony/Color. bb54849 - 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.

    Nine West Valid Pony Riding Womens Riding Boot- Valid Choose SZ Pony/Color. bb54849 - 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
    Nine West Valid Pony Riding Womens Riding Boot- Valid Choose SZ Pony/Color. bb54849
    Boots
    >
    ;