Never miss an update

Genuine Leather Womens Genuine Ankle Boots Pointed Pointed Toe Mid Block Leather Heel Shoes Black 298cb6b




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
Heel Type: Block Style: Ankle Boots
Material: Leather Country/Region of Manufacture: China
Occasion: Casual Fastening: Pull On
Pattern: Solid Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Width: Medium (B, M)
Never miss an update

Genuine Leather Womens Genuine Ankle Boots Pointed Pointed Toe Mid Block Leather Heel Shoes Black 298cb6b - blurrypron.com

    Genuine Leather Womens Genuine Ankle Boots Pointed Pointed Toe Mid Block Leather Heel Shoes Black 298cb6b
    Genuine Leather Womens Genuine Ankle Boots Pointed Pointed Toe Mid Block Leather Heel Shoes Black 298cb6b
    Womens Leather Open Toe Over Knee Thigh Sandal Boots Stilettos Clubwear Shoes SZ , Womens Pointy Toe Over the Knee Boots Waist High Winter Long Boots Pull On Shoes20cm Womens Round Toe Platform Block High Heels Ankle Boots Buckle Casual Shoes , Comfy Moda Women's Winter 100% Genuine Shearling Boots AUSWomens High Heel Pointy Toe Side Zip Up Stilettos Suede Party Knee High Boots szWomens Leather High Heels Wedge Platform Side Zip Mixed Colors Retro Ankle Boots , Womens High Heels Over The Knee Thigh High Boots Zipper Stilettos Shoes Pumps 8 , *BRAND NEW TUK MLUTI GLITTER 7 EYE BOOTS*HUGE PLATFORM BOOTS (6.5 inches) SZ 8Womens Patent Leather Punk Biker Boots Buckle Strap Floral Block Heels Boots szReal Leather Womens Strappy Buckle Ankle Boots Wedge High Heels Suede Zip Shoes , Women Pointy Toe Stretchy High Stiletto Floral Printed Over Knee Boots us sz , Occident Womens Over High Heels Leather Pointy Toe Over The Knee High Boots B , Womens Peep Toe Rhinestone Ankle Boots Bridal Wedding Dress High Heel Shoes 2018 , 36971 auth TOD'S dark brown suede leather Ankle Boots Shoes 39Fashion Womens Pointed Toe High Chunky Heel Floral Over Knee Boots Suede Shoes HNew Stylish Womens Over the Knee High Heels Party pointed Stretchy Pull On BootWomens Knee High Boots Pointy Toe Side Zipper Block High Heel paillette Shoes HHot Women Lady Suede Round Toe Low Heels Roman Zip Over Knee High Boots Shoes#Mustang Four Decorative Buckle Straps Womens Red Synthetic BootsWomens Genuine Leather Frontal Zip Knee High Boots Mid Block Heel Knight Shoes , Womens Ankle Boots Sexy Pointed Toe Snakeskin Pattern Block Heel Shoes Party newWomen's Rhinestone Clear Block Heel Open Toe Knee High Boots Multi-Buckle Shoes , Womens Shoes New Fashion Leather Flower Sexy High Heel Zip Ankle Boots , Sexy Bling bling sequins Ankle Boots side zipper Women's Ladies Ankle Boots ClubWomen's Suede Leather Over Knee High Boots Platform High Heels Round Toe Shoes , Over the Knee Thigh High Boots Sexy Stiletto Platform Womens Clubwear US 5-10.5Women's Pointy Toe Leg Pants Over leg Knee High Boot Stiletto Elastic Shoes SzWomens Pointy Toe Floral Printed Toe Stiletto High Heels Pull On Over Knee Boots ,
    Genuine Leather Womens Genuine Ankle Boots Pointed Pointed Toe Mid Block Leather Heel Shoes Black 298cb6b - blurrypron.com>Genuine Leather Womens Genuine Ankle Boots Pointed Pointed Toe Mid Block Leather Heel Shoes Black 298cb6b - blurrypron.com
    Tamaris Emmi (25392-25)- NIB - Free Shipping , A.B.S. By Allen Schwartz Womens Top Notch Leather Pointed Toe, Black, Size 6.0 , Jeffery Campbell Mercer green boots patent leather green chunky heel boots 10BOUTIQUE 9 RANDEN Black Leather Designer Boots Knee High Boots 8.0 M , Lane Kimmie Embroidered Cowgirl Boot - Snip Toe - LB0244C* BRAND NEW * Asics GT 1000 5 Womens Running Shoes (B) (9087)Color Stiching Pointed Toe Genuine Leather Warm Mid Calf Boots Shoes Sizes 35-39Chung Shi Shi Dux Clogs And Mules Men s, Black black ,Large 41 42 , HOGAN WOMEN'S SUEDE BALLET FLATS BALLERINAS NUOVE WRAP 144 BEIGE FF6 , Women's Fashion Faux Suede Stiletto High Heel Studs With Sexy Nightclub SandalsSee Through TARYN ROSE Cara Mesh Mary Jane Peep Toe Heel SZ 37 1/2 Made in ItalySilver Black Ombre Glitter Platform High Heel Ankle Strap Sandal Exotic DancingValentino Black Crystal Lattice Mesh Slingback Platform Heels 38.5 , Naturalizer Womens Dessie Black Size 5.0Free People Taupe Gray Tato Pelle Sandals Size 9/39 , Salvatore Ferragamo GELSO flat sandals Bijou leather blackNew ASICS OC Runner Men Shoes Size 13 , CONVERSE CHUCK TAYLOR ALL-STAR II KNIT MEN'S SHEOS RED 151090C , ADIDAS ZX 8000 BOOST TECHNOLOGY/ Sz. 12 / NMD689480-003 Air Jordan Shine Pure Platinum/Vachetta Tan-Wht Sz 8-12 NIB , NIKE AIR JORDAN 3 RETRO OG 2018 SIZE 10.5 DS 100% AUTHENTIC 854262-001 W-REC.Nike Air Vapormax Plus Mens 924453-403 Game Royal Orange Running Shoes Size 7.5 , VINCE CAMUTO Mens VENETY Taupe Wingtip Oxfords Size 11.5D , VERNE Voyage dual time japan brass antiqua steampunk travel watch , Zumba Dance Fitness Energy High Top Sneaker 9.5 women - Metallic Gold, Black NIBPuma Creeper Velvet Puma Black/Black 364466 01 Women's SZ 8Women New Velvet Warm Ski Snow Boots Outdoor High Top Thick Waterproof Shoe SboxStylish Womens Ladies Leather Fur Trim Ankle Boots Wedge Heel Platform Shoes Sz , Keen Womens Santa Fe ESD Aluminium Toe Size8.5Women Stiletto Pointy Toe Sexy Flounced Mid Calf Boots Cross Strappy Vogue Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Genuine Leather Womens Genuine Ankle Boots Pointed Pointed Toe Mid Block Leather Heel Shoes Black 298cb6b - 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.

    Genuine Leather Womens Genuine Ankle Boots Pointed Pointed Toe Mid Block Leather Heel Shoes Black 298cb6b - 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
    Genuine Leather Womens Genuine Ankle Boots Pointed Pointed Toe Mid Block Leather Heel Shoes Black 298cb6b
    Boots
    >
    ;