Never miss an update

New Skechers Womens Go Go 16215 Walk 4 Casual Airy Comfortable Slip On Casual Shoes 152b36f




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Skechers
Colour: Navy/White MPN: 150259499013
EAN: 0190872176207 Shoe Type: Womens Casual Shoes
Never miss an update

New Skechers Womens Go Go 16215 Walk 4 Casual Airy Comfortable Slip On Casual Shoes 152b36f - blurrypron.com

    New Skechers Womens Go Go 16215 Walk 4 Casual Airy Comfortable Slip On Casual Shoes 152b36f
    New Skechers Womens Go Go 16215 Walk 4 Casual Airy Comfortable Slip On Casual Shoes 152b36f
    Kenneth Cole New York Women's Walden Slip Loafer FlatFLH584 Alma Ladies Leather Punched Cut Out Tassel Flat Low Heel Loafer Shoes , Man's/Woman's Ladies Rieker Casual Shoe L3856 High security Pleasant appearance The first batch of customers' comprehensive specificationsLadies Clarks Leather Riptape Fastening Shoes UK Sizes 3-8 Un HelmaFranco Sarto Womens Elliot Leather Closed Toe LoafersMan's/Woman's Ladies Easy B Florence Flat Shoes Elegant and sturdy set meal Moderate cost International big nameMan's/Woman's Ladies Padders Ballet Flats Fiona Complete specification International choice AmoyFree People Womens Evie Closed Toe Mary Jane FlatsLadies Genuine Real Leather Tassel Front Comfortable Women's Loafer Flat Shoes , Easy Street Womens Effie Closed Toe LoafersLadies Clarks 'Neenah Garden' Black Leather Smart Slip On Shoe- E Fitting!Man/Woman Ladies Clarks Shoes - Gael Angora Elegant appearance excellent high quality productAlfani Womens Aidaa Leather Square Toe Mules , Man/Woman Ladies Rieker Shoes 41357 Queensland excellent International big name , Naturalizer Therese Womens Flats Taupe 6.5 US / 4.5 UKNew Planet Shoes Fergie 2 Womens Comfortable Everyday Flats , Womens Office Fascination Point Tassel Loafers BLACK LEATHER SUEDE Flats , Ladies Grey Combination Slip On Open Toe Rieker Mules Sandals 63454Versace 19.69 E08 BIANCO-ARGENTO ballerina shoes Women's White AULadies Clarks Cloudsteppers Black Wedge Shoes D Fitting Style CADDELL YALELa Redoute Collections Womens Leather Brogues With Woven Platform SoleClarks 'Griffin Mia' Ladies Black Patent Buckle 3cm Block Heeled Shoes D FitGentleman/Lady Clarks Ladies Casual Shoes 'Medora Gale' Many varieties Won highly appreciated and widely trusted at home and abroad Fine wild , Versace 19.69 E08 VERNICE NERO ballerina shoes Women's Black AUBallet flat ribbons Ankle MOSQUITOS All Leather Black T 38 VERY GOOD CONDITIONTrotters Womens estee Closed Toe Slide FlatsMen/Women Ladies Van Dal Fashion Loafers Cherry Strong heat and wear resistance Let our goods go to the world As of the latest modelWomens Office Fairy Square Toe Ballet Flats PURPLE SUEDE Flats , Andrew Charles D122 VERNICE NERO CAMOSCIO TAUPE ballerina shoes Women's Taupe AU ,
    New Skechers Womens Go Go 16215 Walk 4 Casual Airy Comfortable Slip On Casual Shoes 152b36f - blurrypron.com>New Skechers Womens Go Go 16215 Walk 4 Casual Airy Comfortable Slip On Casual Shoes 152b36f - blurrypron.com
    Minnetonka Women's 5 Layer Fringe Boot Brown Suede Knee High BootsAquatalia Weatherproof Suede Ankle Boot Size 11 Worn OnceOffice Women’s Attention Combat Boots Black (Black Leather 00078) 4 UK , Vince Camuto Kantha Over The Knee Boots, Foxy , PLENTY BY TRACY REESE WOMENS WEDGES SHOES BLACK LEATHER SZ 38.5 BNIBWomen's Cole Haan Silver Leather ZeroGrand Wingtip Shoes White Sole SZ 6 NEWFree People Jeffrey Campbell Edgewood Heels Honey Suede Shoes Sandals 6 $188 , L.A.M.B.Jamila Gray Soft Leather Peeptoe W/ Stitching Detail Pumps Heels Sz 9NEW ECCO SCULPTURE WOMEN'S MID BOOT COMFORT SHOES BLACK LEATHER 41 US , SAINT LAURENT - Paris Classic Pointed Toe Stiletto Pumps 40/10 (3681) $625Tuscany Easy Street Conca Strappy Wedge Sandals, Natural , NIKE Jordan Flight Luxe Mens Shoes 919715 005 NEWGentlemen/Ladies nike lebron x low Bright Citrus Innovative design First grade in its class Exquisite (processing) processingNEW Mens Nike Tiempo Vetta FC Black Trainer Premier SHOES 832685-001 US 10adidas Nemeziz 17+ FG Men's Soccer Cleats Shoes CP8930 1803Sneakers Converse low-cut black 26cm from japan (2298Nike Air FLIGHT ONE 1 NRG PENNY ORLANDO MAGIC WHITE BLACK BLUE 520502-110 NEW 9 , NEW ROCK METALLIC M.924-S1 BLACK LEATHER REACTOR SOLE ANKLE BOOTS , Rocky Men's Alpha Force Waterproof 400G Insulated Outdoor Camo Boots US 8.5 Z454Rockport Men's Classic Break Plain Toe Oxford- Beech Suede-11.5 W , Gentlemen/Ladies womens nike shoes size 8 Elegant and sturdy set meal Low price Different goods , Converse Ct Ox Perfed Athletic Women's Shoes , Nike Air Max Womens size 7 Black & Purple , CESARE PACIOTTI women shoes sz 6 Europe 36 black leather S7221FABULOUS NEW BALANCE 993 WR993BK RUNNING SHOES WOMEN 8 B MINT CONDITION LNWomen's adidas PureBounce+ Running Shoes Cloud White/Trace Pink D96589 PNKSaucony Freedom Iso Unisex Road-Running-Shoes - Choose SZ/Colornew RALPH LAUREN women shoes rain boots brown size 5B MSRP $149 , Estyle Japanese Korean US 4-9 Over Knee Platform White Boots Cute Kawaii Fur , New Franco Sarto Womens Forest Ankle Boots Size 5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Skechers Womens Go Go 16215 Walk 4 Casual Airy Comfortable Slip On Casual Shoes 152b36f - 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 Skechers Womens Go Go 16215 Walk 4 Casual Airy Comfortable Slip On Casual Shoes 152b36f - 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 Skechers Womens Go Go 16215 Walk 4 Casual Airy Comfortable Slip On Casual Shoes 152b36f
    Flats
    >
    ;