Never miss an update

Great Condition Puma Puma Rihanna Fenty Creeper Velvet 29993 Burgundy Sneakers 8.5 Women Sz 8.5 ac612fa




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: PUMA
Material: Velvet US Shoe Size (Women's): US 8.5
Pattern: Solid Heel Height: Low (3/4 in. to 1 1/2 in.)
Width: Medium (B, M) Style: Sneaker
Color: Maroon
Never miss an update

Great Condition Puma Puma Rihanna Fenty Creeper Velvet 29993 Burgundy Sneakers 8.5 Women Sz 8.5 ac612fa - blurrypron.com

    Great Condition Puma Puma Rihanna Fenty Creeper Velvet 29993 Burgundy Sneakers 8.5 Women Sz 8.5 ac612fa
    Great Condition Puma Puma Rihanna Fenty Creeper Velvet 29993 Burgundy Sneakers 8.5 Women Sz 8.5 ac612fa
    Easy Street Women's Journey Mule Black/Embossed Polyurethane Comfort ShoesB.O.C. Women's Zita Ocean 8 M Women's , Skechers Work Shape-ups TONING Women's Size 8.5 White Slip Resistant Never Worn , Skechers Women's Flex Appeal 2.0 Deja Vu Slingback Sport Sandal Taupe SlingbacksDansko Holland Women's Comfort Toggle Sneakers Black Suede Sizes 38Dansko Ingrid Box Clogs - Women's Size 11.5/12 - Black NEW! , NEW Women's DANSKO Coral Work Wonders Leaf Patent Shoes SZ 7.5 8 38 **RARE**Kelsi Dagger Brooklyn Women's Adly Mule, Sienna, 8 M USRIEKER RARE !Very Stylish &comfortable size 36 - 5- 5/5 , 76572 Skechers Women's SKECH-AIR Slip Resistant Work / Size 5 / Black/Pink , Vans off the Wall Women's Shoes size 6 Fire colors on the side , Alegria Paloma Sz 36 Peace And Love Brown Patent Mary Jane Shoes Comfort , Dr Martens Brown Leather Classic Oxford Shoes Womens Size 7 US Made in England , Drew 13715-11 Black Women's Orthopedic Diabetic Comfort Shoes Size 6 W , MARC FISHER WOMEN'S DEZIE BLACK SUEDE FLORAL APPLIQUE/PEARLS SIZE 9.5M NIB7.5 WMNS NIKE AIR MAX DWNSFTR BLACK RED LIGHTWEIGHT 90 95 97 98 2018 classic , Brand New! Women’s Apex Comfort Shoe Size 8 Wide PETALS STRAP BLACK A3000 , Dr Doc Martens Shoes Oxfords Loafers 12283 Flower Chunky US 7 BrownNEW Women's FRYE Lena Harness High Fashion Sneaker, Gunsmoke, Sz 10 M, $258 , Alegria PG Lite Houndstooth Leather Slip on Clog - Size 40/ US 9.5-10 Comfort!J. RUBIO Womens White Leather Clogs Shoes sz 40 - US SIZE 8 NURSE WORK SPRINGS , Azura Women's Zazzou Pump Black Micro Suede Comfort Shoes , Skechers Women's Work Relaxed Fit Sudler Slip Resistant Shoe Black Canvas Shoes , Life Stride Women's Saldana D'Orsay Fire Red Polyurethane Comfort ShoesGudrun Sjoden women's shoes Stra size 40 US 9 Blue Nubuck Art to Wear 2017 , CLOUD FOOTWEAR CARDINAL BLACK CASHMERE LEATHER SANDAL 37 LIKE NEW SZ 7Women's Roper Black Multi Colored Southwestern Slip on Shoe - Size 7.5 , SANITA RED EMBOSSED LEATHER CLOGS-40 EURO-US 9-9.5 M PROF. CLOGS , Sanuk Women's Pick Pocket Fleece Slip-On Light Grey Jersey Slip-on Shoes ,
    Great Condition Puma Puma Rihanna Fenty Creeper Velvet 29993 Burgundy Sneakers 8.5 Women Sz 8.5 ac612fa - blurrypron.com>Great Condition Puma Puma Rihanna Fenty Creeper Velvet 29993 Burgundy Sneakers 8.5 Women Sz 8.5 ac612fa - blurrypron.com
    100% Authentic Black Pattent Leather Jimmy Choo Flat Low Wedge Sandals Size 7Bed Stu Women's Statute Black Rustic Motorcycle Boots 8.5Madidas Neo CF Racer TR White Black Men Running Shoes Trainers Sneakers BC0060 , New sz 10 / 40 Jimmy Choo Deluxe Black Leather Ankle Bootie Classic Heel Shoes , Ballet flat Babies CAMPER Twins Black Leather Monkeys Embroidered T 38New Top End Achiever Womens Shoes Casual Sandals HeeledTaryn Rose Women's Fiona Ballet Flat, Black, 6 M Medium US , Authentic TODS Leather Driver Shoe Pink Suede Size 6.5 , Pastry Women's Sugar Rush Black/Black Leather SneakersBCBGeneration Esters White Patent Platform Slingback Pumps Heels Stilettos 5.5 , Sam Edelman Womens Jenna Heeled Sandal- Pick SZ/Color. , Olukai 20343 8B6C Kalapu Hibiscus Red Dark Shadow Women's Sandals , Aerosoles Women's Night Watch Flat Sandal Black Combo Sandals , Nike SB Stefan Janoski OG BLACK WHITE GUM SOLE BOTTOM 833603-012 sz 8.5 SKATESkechers Sport Mens Flex Advantage 2.0 The Happs Oxford- Select SZ/Color.Nike Air Max LTD 3 Men's Running Shoes Gym Red/Gym Red 687977-602 s 13 , NIKE SFB JUNGLE 8" LEATHER SPECIAL FIELD COYOTE 828654-900 MEN'S SIZE 12.5Mens Leather Pointed Toe Ankle Riding Boots Zipper Side Heels Fashion Shoes A399Kenneth Cole REACTION Men's Flashy Slip-On Loafer, Brown, Size 9.0Bally Mens Leather Oxford Wingtip Formal Dress Shoes Size 9.5D Black Italy EUC , NEW! JOHN VARVATOS Wingtip Oxford LEATHER Dress Shoes, Size US 11 - Brown , Nike Womens 908996 Black/White-white Walking Shoes Size 7 (30858) , Skechers Glider Harmony Womens Memory Foam SneakersNike Womens 833813-001 Tennis Classic Casual Shoes Black/White New , Asics Fuse X Size US 8 M (B) Women's Running Shoes Gray Purple T689NNike Air Zoom Pegasus 33 Women's Running Shoes (Size 6.5) Pink White 831356 602 , Adidas Stella McCartney Ultra Boost Parley Sneakers CQ1708 Ultraboost sz 9NIKE Women's Free Tr Flyknit 3, Igloo SIZE 9.5 , NEW LADIES Womens Gray 1"Block Heel Combat Sexy Knee Boot Size 5NEW Cloudwalkers Kimberly Women's Boots Black Almond Toe Knee High Textured 7W
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Great Condition Puma Puma Rihanna Fenty Creeper Velvet 29993 Burgundy Sneakers 8.5 Women Sz 8.5 ac612fa - 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.

    Great Condition Puma Puma Rihanna Fenty Creeper Velvet 29993 Burgundy Sneakers 8.5 Women Sz 8.5 ac612fa - 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
    Great Condition Puma Puma Rihanna Fenty Creeper Velvet 29993 Burgundy Sneakers 8.5 Women Sz 8.5 ac612fa
    Comfort Shoes
    >
    ;