Never miss an update

Women's suede Toe Leather Heel Square 27147 Toe Creeper Slipper SHoes Wedge Heel Summer Hot c06084d




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: Unbranded
Material: Suede Style: Moccasins
Pattern: Solid Country/Region of Manufacture: China
Width: Medium (B, M) Heel Height: High (3 in. and Up)
Never miss an update

Women's suede Toe Leather Heel Square 27147 Toe Creeper Slipper SHoes Wedge Heel Summer Hot c06084d - blurrypron.com

    Women's suede Toe Leather Heel Square 27147 Toe Creeper Slipper SHoes Wedge Heel Summer Hot c06084d
    Women's suede Toe Leather Heel Square 27147 Toe Creeper Slipper SHoes Wedge Heel Summer Hot c06084d
    DR. SCHOLL WOMEN'S CLOG WITH STRAP DAMA PLUM , Women Slippers Flats Mules Pointy-toe Embroidery Floral Block Heel Court ShoesMules Slipper Close Toe Womens Flats Pointy Toe Rhinestone Mules Chic Pump ShoesChic Womens Mesh Embroidery Mules Loafer Pointy Toe Flats Casual Slippers ShoesWomen Leather Winter Warm Rabbit fur Mules Slip On Slipper Low Heel Loafer Shoes , Womens Casual Sandals Wedge High Heel Embroidery Slippers Pointy Toe Shoes US4-8 , ESPADRILLAS UNISEX HAVAIANAS ORIGINE BEACH 4139277 151Women's Diamond Clear Crystal Peep Toe Platform Slippers SHoes Slingbacks size , Women's Genuine leather Peep Toe Hollow Out High Wedge Heel Slipper SHoes size2018 Women Summer Occident Fashion Block Heel pear INS Hot Slippers Mules ShoesVIONIC WOMENS SLIPPERS GRACIE TOE POST SLIPPER LIGHT GREY SIZE 6 , Women's Rhinestones Pointed Toe Bowknot sweet Blingbling Slippers SHoes SIZE , Ladies Draper Sheepskin Slippers Soft Soles - JaneVogue Womens Suede Rhinestone Slip On Slippers Open Toe Flat Casual Sandal ShoesWomen's Clear Crystal Block Heel Rhinestones Hollow Out Slip On Slippers SHoes @Women silks satins Occident Flats Beach Flower Sandals Shoes Flop Flip Plus sz , Vogue Womens Pointy Toe Hollow Slipper Shoes Mid Block Heels Casual Mules SandalFate go TYPE-MOON RACING Ver.saber Racing Girl suits Cosplay Shoes Silver WhiteWomens Mules Slipper Block Heels Bowknot Rhinestone Pointy Toe Shoes Runway size , Australian Made Womens Sheepskin Suede Moccasin Slippers Albany Chocolate 10532 , Romika Village 367 Slipper - Black Blue , PATRICIA GREEN GENUINE BROWN MINK SLIPPER SHOES SHEARLING LINING LOGO BOTTOM , tops womens chain open toe slip on backless slippers shoes block chunky heel newWomen Vintage Kitten Heel Slip On Patent Leather Pointed Toe Bowknot Shoes OLWomens Fashion Flats Heels Slip On Slippers Pearls Rivet Shoes Open Toe Sandals , Women's Hot Real Rabbit Fur Leahter Moccasins Slippers Shoes Square Toe LoafersFrankenwald Women's Slipper, House Shoe with Fur Lining, Footbed 116/MF NEW , New Women's Pearl Slippers Low Heels Patent leather Fashion Elegant Ladies ShoesELEVTD Women's Jesse Patent Platform Lug Sole Tassel Loafer Black/Olive Multi ,
    Women's suede Toe Leather Heel Square 27147 Toe Creeper Slipper SHoes Wedge Heel Summer Hot c06084d - blurrypron.com>Women's suede Toe Leather Heel Square 27147 Toe Creeper Slipper SHoes Wedge Heel Summer Hot c06084d - blurrypron.com
    Dingo Women's Studded Brown Leather Ankle Boot DI7253 , NIB Christian Louboutin Adox 85 Metallic Leather Booties, 37/6.5 , Nike SB Blazer Zoom Low XT [864348-019] Skateboarding Black/White-Gum , Gold size 7 women shoes, Alexander McQueen , LADIES VAN DAL BARCELONA SMART CASUAL LOW HEEL SLIP ON FLAT WORK LOAFER SHOESMen's/Women's Pleaser KISS-209 Ideal gift for all occasions Low price Global sales , Dansko Womens Ingrid Slingback Leather Clogs White SizeFrench Sole Womens horizon Closed Toe Mules, Blue, Size 8.5 US / 6.5 UKNIB Tory Burch Blossom Leather Ballerina Flat, Size 7. Port color , British Womens Square Toe Mid Block Heel Mules Shoes Suede Leather US Size 4.5-9Man/Woman tods 39 Year-end special promotions New products in 2018 Great choiceMANOLO BLAHNIK LIGHT BROWN LEATHER STRAPPY SANDAL PUMPS Sz 39.5M MADE IN ITALY , Christian Louboutin Purple Suede "Lady Gres" Peep Toe Knot Pumps SZ 37.5Steve Madden Foolish Flat Buckle Sandals, Black MultiMens Nike Air Griffey Max 1 Sneakers New, Flax / Wheat 354912-200 sku AASALE AIR JORDAN JUMPMAN PRO QUICK BLACK GYM RED WHITE 932687 001 SZ 8-13 NEWMen's Shoes Black Nike Sneakers Black Men Air Shake Ndestrukt , Black Coopper Yeezy Boost 350 V2 Athletic Shoes For Men Size 10 Free shipping , Air Jordan 1 Retro High OG Yellow Ochre Size 11.5MENS SALOMON XA PRO 3D GTX MEN'S RUNNING/SNEAKER/FITNESS/TRAINING/RUNNERS SHOESConverse Chuck Taylor All Star Signature Lunarlon II 2 Low Black Shoes 150149C , Nike Court Borough Low Triple White Men Shoes Sneakers Trainers 838937-111Mens Japan Style Real Leather Autumn Fashion Ankle Boots Chelsea Slip On Shoes @ , Tom Ford Men's Black Wessex Leather Derby Luxury Shoes Size UK9/ US 10 RTL$930 , Mens 13 M Rockport Dressports Essential Business Wingtip Shoes Black Leather Tie , Nike Lunar Tempo Running Shoes Sneakers Size 9 Gray, Light Blueadidas Originals ZX flux Weave B23601 mens Shoes Gray/black 100%AUTHENTICNike Air Huarache Run Womens Shoes Wolf Grey/Cool Grey-Black 634835-023 , Ara 12-46325 Meran Black Womens Leather Croc Embossed Wedge Ankle BootsOLUKAI SAMPLE 20203 WOMEN'S PA'IA TEXTILE/SUEDE LEATHER PULL ON BOOTS US 7
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's suede Toe Leather Heel Square 27147 Toe Creeper Slipper SHoes Wedge Heel Summer Hot c06084d - 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.

    Women's suede Toe Leather Heel Square 27147 Toe Creeper Slipper SHoes Wedge Heel Summer Hot c06084d - 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
    Women's suede Toe Leather Heel Square 27147 Toe Creeper Slipper SHoes Wedge Heel Summer Hot c06084d
    Slippers
    >
    ;