Never miss an update

ISABEL 36 ISABEL MARANT mogochinese-29902 Shoes 804344 White 36 169c719




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Item which there is little feeling of wearing, and is not worried about a dirt and damage
Brand: ISABELMARANT Style: Not Specified
US Shoe Size (Women's): 55 Color: White
UPC: Does not apply
Never miss an update

ISABEL 36 ISABEL MARANT mogochinese-29902 Shoes 804344 White 36 169c719 - blurrypron.com

    ISABEL 36 ISABEL MARANT mogochinese-29902 Shoes 804344 White 36 169c719
    ISABEL 36 ISABEL MARANT mogochinese-29902 Shoes 804344 White 36 169c719
    WOMEN’S SHOES NEW BALANCE 840 CLASSICS WL840PBPuma Basket Platform Satin Creepers Olive Green Gold Womens Trainers 365719 03 , Asics Gel Netburner Professional 13 Womens Shoe (B) (4301)Nike W Air Max 1 Ultra 2.0 [881104-002] NSW Running Black/Hematite-White , Calvin Klein Jeans Tonia sneakers sale neoprene/eleastic black re9787 , Asics Dynaflyte [T75TQ-1939] Women Running Shoes Paris Sport Pink/Aquarium , Brooks Ghost 8 Womens Runner (B) (580) + Free Delivery Australia Wide , Asics Gel-Kayano 24 Purple Pink White Women Running Shoes D Width T7A5N-3320Asics Hyper GEL-SAI [1022A013-020] Women Running Shoes Grey/GreyNIKE Women's Air Zoom Structure 20 Running Shoe, Anthracite/Iron Purple SIZE 6.5 , Newton Motion VI 6 Women's Running Shoes Sports Training Athletics Triathlon , Asics Gel Netburner Ballistic Womens Netball Shoe (B) (3501) , Mizuno Wave Rider 20 Womens Running Shoe (B) (02) + Free AUS Delivery! , WOMENS PUMA IGNITE V2 RUNNERS RUNNING LADIES WALKING SHOES SHOE NEW ROSE RED , SHOES WOMEN CONVERSE CHUCK TAYLOR ALL STAR 70 HI JUNGLE 161667C SNEAKERS CHUCK T , NEW NIKE Air Max 90 Print Mesh Lifestyle Sneaker Sport Shoes Trainers 833486 003 , *Genuine 2017 Release* Asics Gel Cumulus 19 Womens Running Shoe (D) (4890) , DS NIKE 2017 AIR HUARACHE RUN OATMEAL M 8 / WMN 9.5 PRESTO MAX PLUS 360 90 180WOMEN’S SHOES CONVERSE CTAS PLATFORM DISTRESSED OX 559047CGenuine Brooks Ravenna 8 Womens Running Shoe (B) (073)Women Adidas CG4040 Supernova Running shoes purple SneakersNEW RELEASE Asics Gel Netburner Professional FF Womens Netball Shoes (B) (4101)* NEW * Asics Gel Netburner Professional 12 Womens Netball Shoe (B) (2001) , Puma X Sega RS-0 White Hawaiian Yellow Juniors Boys Girls Trainers 366950 01ONE STAR CONVERSE WOMEN’S SHOES OX HEAVY METALLIC LEATHER 161590C ONE STAR CONVE , ORIGINALS FLB W FLASHBACK WHITE BLACK WOMEN SHOES BA7760 , 1711 adidas Equipment 10 Women's Training Running Shoes BY3298 , Mizuno Wave Inspire 11 Womens Running Shoe (B) (408) , * NEW * Asics Gel Netburner Ballistic Womens Netball Shoe (B) (9093)
    ISABEL 36 ISABEL MARANT mogochinese-29902 Shoes 804344 White 36 169c719 - blurrypron.com>ISABEL 36 ISABEL MARANT mogochinese-29902 Shoes 804344 White 36 169c719 - blurrypron.com
    Swedish Hasbeens Jodhpur Black Boots - Size 39 , Mercedes Castillo Womens Xandra Chelsea Bootie Ankle Pull On Casual Size 37 US 7adidas Women's Crazyflight X Volleyball Shoe - Choose SZ/colorAuth w/box DIOR by Raf Simons Explorer Ankle Boot Block Heel Black Bootie 37.5 , Men/Women Pleaser SKY-309UVT Various goods Stylish and fun Non-slipFlex & Go Eleanor Womens Comfortable Leather Shoes Made In Portugal , Dansko Women's Louise Oxford - Choose SZ/ColorElegant Womens Crystal Heels Pumps Summer Straps Fashion Party Sandals Shoes be , BROWNS COUTURE Red Leather Cream Stitching Low Heel Sling Back Pumps 6.5M ITALY , L.K. Bennett LOUISA WOMENS BLACK SUEDE ESPADRILLE WEDGE HEEL SHOES 41 10 NEW , Prada Black Suede Ankle Strap Platform Heels Sandal, size Euro 39.5 US 9 1/2NEW MANOLO BLAHNIK CAROLYNE 90 PYTHON PUMPS PATCHWORK Purple Ikat Beige SHOES 41 , Gentleman/Lady chloe wedge sandals Crazy price Trendy Various , Ancient Greek Premium Leather Gold Grape Leaf Sandals Handcrafted by TsavalasNike Men's Teniis Men's Classic Ultra Leather White/White-Black (Size 10)New Balance M1700CHT Maroon/Gray Made in USA Men’s Size 7.5 NEW 3M ReflectiveShoes Gola Equipe CMA495RX Mens Sneakers Vintage Suede BurgundyDVS VANGUARD CHARCOAL WILD WHERE SUEDE FERGUSON SHOES SNOW FW 2018 41 42 43 44 4 , Reebok Instapump Fury OG Halloween Black Leather Spikes Men Shoes AR1716 1801-09Nike Air Jordan Horizon Low Mens Basketball Trainers 845098 002 Sneakers ShoesAdTec Men's 1982 6" Steel Toe Work Boot Tan Work Boots , Sunsteps Men's Brown Leather Handwoven Huaraches Tassel Loafers Shoes Size 11 , Men's Sperry Caspian Suede Boat Shoes, STS17195 Multiple Sizes TanRockport A14058 Mens Real Capital Slip on Oxford- Choose SZ/Color. , Handmade Men Two Tone Ankle Boot, Mens Black Leather And Gray Suede leather bootAdidas Wome's NEW Athletic Snekaers Response Boost 2 Techfit Running Shoes White , NIKE AIR MAX 1 ULTRA MOIRE WOMEN'S SHOES SIZE US 6.5 , Womens Nike Air Huarache Run iD Snake Print Black Grey White SZ 7.5 (777331-993) , Nike Women's Flex 2018 RN Black Gray Pink AA7408006 Running ShoesNEW* Bearpaw Serena 9"Tall Shaft BLACK Suede & Knit Winter Boot 12M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ISABEL 36 ISABEL MARANT mogochinese-29902 Shoes 804344 White 36 169c719 - 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.

    ISABEL 36 ISABEL MARANT mogochinese-29902 Shoes 804344 White 36 169c719 - 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
    ISABEL 36 ISABEL MARANT mogochinese-29902 Shoes 804344 White 36 169c719
    Athletic Shoes
    >
    ;