Never miss an update

New Planet Shoes Shoes Casia whitakerlaw-49 Womens Leather Comfortable Cushioned Leather Sandals 0943258




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: Planet Shoes
Colour: Black MPN: 5998048709
EAN: 9324902361573 Shoe Type: Womens Sandals Shoes
Never miss an update

New Planet Shoes Shoes Casia whitakerlaw-49 Womens Leather Comfortable Cushioned Leather Sandals 0943258 - blurrypron.com

    New Planet Shoes Shoes Casia whitakerlaw-49 Womens Leather Comfortable Cushioned Leather Sandals 0943258
    New Planet Shoes Shoes Casia whitakerlaw-49 Womens Leather Comfortable Cushioned Leather Sandals 0943258
    Mr/Ms Holster Gemini Silver Sneaker Practical and economical Elegant and sturdy packaging value , Gentlemen/Ladies Onex Women's Dancer Heeled Sandal quality Orders are welcome Different goodsTongs Calvin Klein femme Moselle Metallic Box Silver taille Argent SynthétiqueWomen Fashion Crystal Block Heel Peep-toe Sexy transparency Casual Sandals SizeMen's/Women's werner Shoes 205788 Beige 36 Elegant appearance special function Modern and elegantDZ173 CHIARINI BOLOGNA US 5 shoes white leather women sandals , Sandales Nu Pieds Birkenstock femme Arizona BS "Two Tone black" taille NoirGentlemen/Ladies sunao kuwahara Shoes 096852 Brown Durable service excellent Shopping promotionElégants escarpins Italiens de la marque Lea foscati (manas) , Women Gladiator Rhinestone Strap Strap Flip Flop Sandal Flat Beach New Shoes , Sandales Le temps des cerises Astrid glit black lady Noir 60117 - NeufWomen Cool Knight Boots Opentoe Rivet Sexy Roma Sandals Dating Party Pumps SHOES , Man/Woman FitFlop Lu Lu Leather Antique White Fine workmanship New products in 2018 Global salesGentlemen/Ladies Sbicca Women's Horton Heeled Sandal Modern and elegant fashion Carefully selected materials Popular tide shoesMan/Woman DOVER Shoes 420787 Brown 37 Various styles online shop Exquisite processing , Paris Hilton 6432_NERO-ARGENTO Sandals Women's - colour Black USNew Scholl Orthaheel Alda Womens Supportive Adjustable Flat Slide SandalsSun Z CARMEV BLACK METAL Espadrillas Women's Black USSoft Style Womens omber Open Toe Casual Slide SandalsLoeffler Randall Womens Iris Open Toe Casual Strappy Sandals Melon Size 8.0Man/Woman ARRAY Trinidad Women's Sandal New Listing modern comfortablewomen's shoes CHIARINI BOLOGNA 5 () sandals gray shiny leather AH567-BGentlemen/Ladies Gioseppo SAYANI Sandal - Black the most convenient new Fashion versatile shoesWomen Chic Sexy transparency Pointy Toe crystal Block Heel heel-strap sandals , FlitFlop 'Banda Sandal, Silver With Tonal Crystals, Womens Size 5 / 36 $995Gentlemen/Ladies Billabong Women's Talia Ankle Bootie main category Strong value ExportGentleman/Lady SNIDEL Shoes 984418 Grey M New product Stylish and charming Characteristics , DONNA KARAN Collection Black Leather & Fabric Platform, Wedge Sandals Heels 39Womens Round Toe Shoes Zip Sandals Hollow Out Roma Sandals Brown Flats A3856
    New Planet Shoes Shoes Casia whitakerlaw-49 Womens Leather Comfortable Cushioned Leather Sandals 0943258 - blurrypron.com>New Planet Shoes Shoes Casia whitakerlaw-49 Womens Leather Comfortable Cushioned Leather Sandals 0943258 - blurrypron.com
    Victorian Steampunk Lolita Burlesque Dancer Gothic Knee High BootsAQUAZZURA Wild Side Caged Ankle Bootie / Stiletto Black Suede and Mesh SIZE 39.5 , Men's/Women's White Mountain Women's Tomi Snow Boot Quality queen the most economical Speed ​​refundMarc Fisher Harlea Slingback Mule Espadrilles, Light NaturalHIROSHI TSUBOUCHI Shoes 320343 BrownxBeigexMulticolor 36 1/2LifeStride Women's Isabelle Flat - Choose SZ/Color , Men/Women Ladies Globo Shoes Style Ashlockton -W Various styles Environmentally friendly retail priceGentleman/Lady Top shop Fringe Heel the most convenient Used in durability List of explosions , WHITE HOUSE/BLACK MARKET "GENOA" LADIES SHOES. SIZE 8. HIGH HEELS USED(3373). , Anne Klein Womens hadee Open Toe Casual Slingback Sandals Black Size 6.0 , Ryka Women's Verve Sneaker - Choose SZ/Color , Paul Green Bayside Sandals Black Leather Slides Women 6.5 UK/US 9 , New Womens Reebok ROYAL BRIDGE 2.0 WHITE / COLL NAVY BS8092 US W 5.5 - 10 TAKSEMen's Nike Flyknit Lunar2 Running Training Shoes 620465 011 Black Size 10-14 , Noble N65005-019 Mens Black All-Around Square Toe Boot FAST FREE USA SHIPPING , NEW SANTONI Dress Leather Shoes Monk Strap SIZE Eu 42.5 Us 9.5 (23R)Allen Edmonds 11.5 Park Avenue Cap Toe Oxfords in Pebbled Brown Calfskin (sh40)Stacy Adams Mens sz 11 M Alberto Brown Snake Croco Snakeskin Tassel Loafer Shoes , SAS Walk Easy Nero 8.5WW Extra wide black suede womens ladies oxfords shoes , Mr/Ms Ellie Women's Eros High-quality Quality First classic style , adidas Originals BY3738 Womens Shoes | Tubular Invader Strap Fashion SneakersAsics - Gel-Linksmaster - Women's size 7.5 - P082Y-0193NIB Asics Gel Nimbus 19 Women's Running Shoes Diva Blue-Flash Coral Wide DNike WMNS Lunarcharge Premium - 923286 500 , Womens dorenbecher Free runs 2 size 9.5 Nike 437527-060 , Seychelles WOMENS COWBOY BOOTS size 8 1/2 narrow BLACK LEATHER , Womens Square Toe Fur Lined Casual Boots Faux Leather Flat S7 Heel Retro ShoesVtg TODS Suede Leather Black Low Mid Calf Pointy Boots IT 35 / US 5 Cosplay Elf , Mi.iM Nailah $98 Strappy Size 10 Metal Studded Caramel Platform Heels Stackedwomens sexy clubwear pole dancing stilettos super high heel knee high boots shoe ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Planet Shoes Shoes Casia whitakerlaw-49 Womens Leather Comfortable Cushioned Leather Sandals 0943258 - 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.

    New Planet Shoes Shoes Casia whitakerlaw-49 Womens Leather Comfortable Cushioned Leather Sandals 0943258 - 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
    New Planet Shoes Shoes Casia whitakerlaw-49 Womens Leather Comfortable Cushioned Leather Sandals 0943258
    Sandals
    >
    ;