Never miss an update

BIRKENSTOCK FIT WOMEN NARROW 22925 ARIZONA RFSO8E087WT NARROW FIT 5ab47f9




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
Model: RFSO8E087WT
Product Line: ARIZONA Country/Region of Manufacture: Germany
Material: Synthetic Style: sliper
Brand: Birkenstock
Never miss an update

BIRKENSTOCK FIT WOMEN NARROW 22925 ARIZONA RFSO8E087WT NARROW FIT 5ab47f9 - blurrypron.com

    BIRKENSTOCK FIT WOMEN NARROW 22925 ARIZONA RFSO8E087WT NARROW FIT 5ab47f9
    BIRKENSTOCK FIT WOMEN NARROW 22925 ARIZONA RFSO8E087WT NARROW FIT 5ab47f9
    Jeffrey Campbell Play Glitter hOMG Platform Shoes Womens Cream Trainers SneakersCole Haan Womens Deconstructed Loaf Closed Toe Ballet Flats, Gold, Size 6.0 , Sam Edelman Womens Carrin Leather Closed Toe Espadrille, Bright Multi, Size 5.5Men's/Women's TBS Kathrin Noir fashion Used in durability AmoyCole Haan Womens Hayssam Closed Toe Loafers, Ash PU, Size 6.0 , Gentleman/Lady TBS Calissa Bleu elegant Impeccable cheaper , Cole Haan Womens Kent Loafer II Closed Toe, Black/Black Ironstone, Size 6.0 , Cole Haan Womens Soreensam Closed Toe Loafers, Orange Multi, Size 6.0 , Cole Haan Womens Charlainesam Closed Toe Loafers, Dark Teal, Size 6.0Cole Haan Womens Auricasam Leather Closed Toe Loafers, Tawny Port, Size 6.0 , Vivienne Westwood Anglomania Melissa Queen II Gold Heart Flats US 9 , Cole Haan Womens Ella Grand Leather Round Toe, Black Leather/Black, Size 6.5Hush Puppies Womens HW06128-201 Almond Toe Loafers, Dark Brown, Size 7.5 , Cole Haan Womens Riverasam Closed Toe Loafers, Blue/White Stripes, Size 6.0 , J Slides Womens Raoul Closed Toe Espadrille Flats, Bronze, Size 6.0 , Cole Haan Womens Diannesam Closed Toe Boat Shoes, Tan/White Flowers, Size 6.0 , Cole Haan Womens Ashbysam Closed Toe Loafers, Brown, Size 6.0Cole Haan Womens Cortland Ballet Closed Toe Ballet Flats, Electra, Size 6.0Cole Haan Womens W03173 Canvas Closed Toe Loafers, Blue, Size 6.0Cole Haan Womens D43383 Canvas Closed Toe Boat Shoes, Silver Mist, Size 6.0Cole Haan Womens Gracesam Closed Toe Oxfords, Deep Blue, Size 6.0 , Mr/Ms ARMISTICE Fox Derby Cuivre Rose Various styles Quality and quantity guaranteed Rich on-time deliveryGentleman/Lady TBS Cerise Beige Metal High quality and cheap Moderate cost Famous store , Cole Haan Womens Valeriesam Closed Toe Boat Shoes, Tangerine, Size 6.0Cole Haan Womens Garnet II Closed Toe Boat Shoes, Rainstorm, Size 6.0Amalfi by Rangoni Womens Matta Closed Toe Loafers, Brown, Size 5.5Cole Haan Womens W02517 Closed Toe Boat Shoes, Black, Size 6.0 , Luxurious women black flat leather shoes with sparkling details, unique designMen/Women BIRKENSTOCK WOMEN RFSO8E037B1 NARROW FIT Durable service Settlement Price Very good color ,
    BIRKENSTOCK FIT WOMEN NARROW 22925 ARIZONA RFSO8E087WT NARROW FIT 5ab47f9 - blurrypron.com>BIRKENSTOCK FIT WOMEN NARROW 22925 ARIZONA RFSO8E087WT NARROW FIT 5ab47f9 - blurrypron.com
    RUSTIC FRYE HEATH HARNESS BOOTS SIZE 6.5 CHOCOLATE BROWN LEATHER READY TO RIDE! , rag & bone 'Shipley' Platform Bootie- Brown- Size 7.5 US/ 37.5 EU $598 (B7) , NEW PRADA Sport Moro Suede Leather Brown Knee High Wedge Boots Boot Sz 38 - 8Dr Martens Mens 939 Ben Chunky Sole Padded Collar Leather Ankle Doc BootsBrooks Launch 4 Mens Running Shoes (D) (037) New model + FREE ShippingLADIES SHOES/FOOTWEAR - Arcopedico L1 shoe cherryNEW Andre Assous Gray Suede Ballet Flats - 7.5MAISON MARGIELA SQUARE-TOE SUEDE WEDGES, Size: 7Street Women Faux Suede Shoes Strappy Block Heel Side Zip Pointy Toe Pumps Boots , Frye Corrina Campus Wedge Sandal Heel Shoes Leather Cognac Platform Brown 7 M , Prada SIZE 38.5 Brown & Cream Floral Abstract Print Heels , Roman Occident Womens High Block Heels Buckle Genuine Leather Summer Sandals newHaflinger Women's Snazzy Lori Sandals - Choose SZ/Color , Gentlemen/Ladies CH51060028 logo Flat Sandals (38)(black) Good design Sufficient supply British temperament , // Adidas Neo Men's Feetbed Gray / Blue Athletic Running Shoes Size 9.5 , STARFOS Mens Big Size Athletic Sports Sneakers Running Shoes Black 2432 a_R , NEW ADIDAS ORIGINALS MEN'S HEAT OF THE BULL SNEAKERS SHOES 9 9.5 10.5 11 11.5 13 , New Balance MRL247RN - Men's 247 Luxe Lifestyle Shoe , MENS NIKE JORDAN MELO M10 in colors BLACK / INFRARED 23 / DARK CONCORD SIZE 11 , Air Jordan 5 Retro Pre Grape Hornets 136027 405 Men's Size 17 New DS QSMens Nike Lebron XIII Low Lmtd Basketball Trainers 849783 999 , Nike Air Foamposite Pro Gym Red October Gold Yeezy Mens Size 11 624041-603 , Baby Jordan 2 pairs 9CM 12CM NIKE kids shoes Decorating interior kawaii M07ECCO MENS TRACK 25 HIGH LEATHER HIKING WORK BOOTS SHOES BLACK SIZE 44 10 10.5Men's Ariat Terrain H2O Boot - 10002183 , Lugz Men's Size 12 New in Box! Old stock BIRDMAN Black/Grey Rare!!Modello Ronemo - Handmade Colorful Italian Leather Oxford Dress Shoes BlueSaucony Hurricane ISO 2 Athletic Shoes 8.5, Blue/Pink , ASICS GT-2000 4 - Yellow - Womens , Vans OLD SKOOL Velvet Gray/Black Women's 9.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BIRKENSTOCK FIT WOMEN NARROW 22925 ARIZONA RFSO8E087WT NARROW FIT 5ab47f9 - 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.

    BIRKENSTOCK FIT WOMEN NARROW 22925 ARIZONA RFSO8E087WT NARROW FIT 5ab47f9 - 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
    BIRKENSTOCK FIT WOMEN NARROW 22925 ARIZONA RFSO8E087WT NARROW FIT 5ab47f9
    Flats
    >
    ;