Never miss an update

Women Buckle Leather Strap Side Zip Combat Buckle 28711 Leather Block Heel Motorcycle Mid Calf Boots 7223a8f




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
Toe Type: Round Toe
Features: Buckle Width: Medium (B, M)
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Brand: Unbranded
Heel Type: Block Style: Motorcycle Boots
Material: Leather Boot Shaft Height: Mid-Calf
Modified Item: No Calf Circumference: 26cm/10.24inch
Occasion: Party Calf Width: Medium
Pattern: Solid Country/Region of Manufacture: China
Theme: Clubwear
Never miss an update

Women Buckle Leather Strap Side Zip Combat Buckle 28711 Leather Block Heel Motorcycle Mid Calf Boots 7223a8f - blurrypron.com

    Women Buckle Leather Strap Side Zip Combat Buckle 28711 Leather Block Heel Motorcycle Mid Calf Boots 7223a8f
    Women Buckle Leather Strap Side Zip Combat Buckle 28711 Leather Block Heel Motorcycle Mid Calf Boots 7223a8f
    Women's Blue Stilettos Heels Ankle Booties Side Zip Pointy Toe Night Club Shoes , Trendy Women's Pointed Toe Side Zip Kitten Heel Ankel Boots Color Stitching 12 , Womens Real Leather Back Zip Mid Block Heel Ankle Boots Square toe Party Shoes , Womens Trendy Sexy Leopard Pointy Toe Slim High Heels Over Knee High Boots Size , women's casual stretchy leather hidden mid heels sport shoes knee high boots hotWomens Green Runway Knitwear High Stilettos Heels European Party Ankle Boot ShoeWomen Leopard Over Knee Boots Pointed Stiletto Pull On Floral stretchy Shoe T104Women Elastic Pointy Toe Stiletto Heel Pull on Ankle Boot Pointy Toe Casual ShoeWomens Fashion Punk Gothic Chunky Low Heels Leather Motorcycle Boots High TopWomen Winter Leather Ankle Boots Floral Zipper High Heel Shoes Retro National , Fashion Womens Party Rivet Ankle Boots Pointy Toe High Heels Leather Shoes ZipNew Womens Faux Fur Tirm Knee High Boots Winter WARM Flat Snow Stylish Chic**Womens High Heel Stiletto Leather Side Zip Ankle Boots Pointy toe Elegant ShoesWomens Patent Leather Slouch Over knee High Boots Sequare Toe Stilettos Boots SzSuede Womens Handcraft Snow Ankle Boots Rhinestones Winter Thicken Casual Shoes , Square Toe Chunky Block Heels Zip Suede Rivet Womens Ankle Boots Shoes Plus SizeNew Womens Suede Leather Stretchy Over Knee High Boots Pull on Formal Sexy Shoes , Womens Sexy Stiletto Heel Pointy Cow Leather Thin Leg boots Winter Boot Shoes SZ , Womens Pointy Toe Floral Printed Hollow Out High Stiletto Heel Ankle Boots ShoesWomens High Top Yellow Super High Heeled Boots Buckles Athletic Casual ShoesGray Color Thigh High Over the Knee Pointed Toe Long Boots for Women , Stiletto Heel Party Dress Boots Womens Carved Fringe Pointy Toe Chelsea S346Gladiator Roman Womens Color Stitching Knee High Boot Buckle Shoes Luxury [email protected]# , Denim Leg Thigh Boots Sandals High Stilettos Heels Ladies Over Knee High BootsWomen's Rhinestones Stilettos High heel Pointy toe Sequin zip Ankle boots shoesWomens retro washed denim over knee boots pull on stilettos zip platform shoes17 Vogue Womens Sexy Stretch Over Knee Boots Slim Rhinestones Low Heel Shoes New , Chic Womens Pointy Toe High Stiletto Heel Embroidery Rhinestone Knee High BootsWomen Over the Knee High Boots High Heel Stiletto Platform Black Nightclub Shoes ,
    Women Buckle Leather Strap Side Zip Combat Buckle 28711 Leather Block Heel Motorcycle Mid Calf Boots 7223a8f - blurrypron.com>Women Buckle Leather Strap Side Zip Combat Buckle 28711 Leather Block Heel Motorcycle Mid Calf Boots 7223a8f - blurrypron.com
    $225 Nike Womens Size 7.5 Roshe Two Flyknit Water Repellent Sneaker Boots , New Balance MRL996MG D Black White REVlite Mens Running Shoes Sneakers MRL996MGD , Nike Wmns Air Max Plus LX Lux Gunsmoke Grey Women Running Shoes AH6788-001AD752 MARCUS shoes brown leather men elegantWomens Dr Martens Pascal Virginia Smooth Leather Punk Retro Mid Calf Boot , Anne Klein Women's Oni Fabric Loafer Flat, - Choose SZ/ColorVersace 19.69 1017 CRAK ARGENTO Décolleté Shoes Women's Silver US , Skechers Sport Women's Ez Flex 3.0 Majesty Fashion SneakerWhite7 M USReebok Size 9.5 M PT PRIME RUNNER White Steel Running Sneakers New Womens Shoes , Giuseppe Zanotti Beaded Leather Sandals Size 10 US , Puma Shoes Reptile Lo Purple Snake Black Dahlia Sneakers 10.5 Mens 344199 03 NewNIKE Air Max Supreme 3 Running Shoes Size 11 White/Black 706993-100 Worn OnceNike Metcon Repper DSX 898048 006 Grey/Black-Crimson Crossfit Trainer Size 6, 7 , Skechers Performance Men's Go Golf Drive 3 Golf Shoe,White/Gray,10.5 M US, New , Nike Jordan Trainer ST PREM [843732-103] Training White/Gold-Black , Brand New Air Jordan 1 Retro High OG "SHATTERED BACKBOARD" Sz 13 (555088-005) , Blundstone Men Women Canvas Chelsea Lightweight Boots Factory 2nds Grey 11 , Men's Los Altos Genuine Ostrich Leg With Deer Cowboy Boots 3x Pointy Toe Wide , Sutro Black Leather Chukka Boot, Vibram Sole HANDMADE - Men's 11.5Rocky S2V Gore-tex Insulated Tactical Military Boot Sage Green USA MadeECCO Men's Johannesburg Plain Toe Oxford - Choose SZ/Color , NIB Alexander Mcqueen Sneaker Pelle S Gomma Raised sole low top Oversized , VT1456 - Vass MTO - Black Suede - US 9 D - K last. , Stacy Adams Saxton Mens Shoes Wingtip Black Cognac 25178-969 , Calvin Klein Mens Butler Shoe- Pick SZ/Color. , Propét Women's TravelFit Prestige Walking Shoe Blue/Black Size 9.5 , Mizuno - WAVE BOLT 5-W Womens Wave Bolt 5 Volleyball Shoe 7.5 D USECCO Women's Aspina Low Gore-TEX Hiking Shoe , NIKE ROSHERUN PRINT WOMENS LIMITED RELEASE RUNNING SHOE RED SIZE: 9.5 599432 600 , adidas ULTRA BOOST 2.0 W 'CLEAR GREEN' - CGREEN/CGREEN/PGLOW - AF5140
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women Buckle Leather Strap Side Zip Combat Buckle 28711 Leather Block Heel Motorcycle Mid Calf Boots 7223a8f - 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 Buckle Leather Strap Side Zip Combat Buckle 28711 Leather Block Heel Motorcycle Mid Calf Boots 7223a8f - 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 Buckle Leather Strap Side Zip Combat Buckle 28711 Leather Block Heel Motorcycle Mid Calf Boots 7223a8f
    Boots
    >
    ;