Never miss an update

Fashion Women's Snake Boots Stylish Stylish Leather Point Toe Women's Stilettos High Heel Shoes Boots fdbd045




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: Unbranded
Heel Height: High (3 in. and Up) Style: Knee High
Material: Leather Width: Medium (B, M)
Country/Region of Manufacture: China
Never miss an update

Fashion Women's Snake Boots Stylish Stylish Leather Point Toe Women's Stilettos High Heel Shoes Boots fdbd045 - blurrypron.com

    Fashion Women's Snake Boots Stylish Stylish Leather Point Toe Women's Stilettos High Heel Shoes Boots fdbd045
    Fashion Women's Snake Boots Stylish Stylish Leather Point Toe Women's Stilettos High Heel Shoes Boots fdbd045
    Made in Italia Shoes Woman Ankle Boots trendy Classic Red 73879 Outlet BDXWomen Fashion Real Leather Round Toe Block Heel Winter knee Length Boots Shoes , Genuine Leather Over Knee High Boots Womens High Heel Square Toe Zipper Shoes szGentleman/Lady ALBERTO FERMANI Shoes 258409 Brown 36 Not so expensive Elegant and sturdy packaging Known for its beautiful quality , Aquatalia Women's Fire Suede Ankle Boot Black Size 7.0 JwxrVintage Women's Winter Ankle Boots Warm Genuine Leather Buckles Zip Shoes 4-9_b , Punk Womens Retro Stylish Buckle Strap Shoes Combat Block Riding Ankle Boots , Vogue Ladies REAL LEATHER Pointy Toe Plaids Chelsea Ankle boots Pull On ShoesFashion Women's Knee High Boots Mid Heel Round Toe Buckle Strap Side Zip RivetWomen Knee High Boots Leather High Stiletto Heels Pointed Fur Trim Zipper Shoes , Caterpillar Women Dark Brown Boots US 10BX04 BRACCIALINI shoes brown leather women bootsBX05 BRACCIALINI shoes black suede women bootsAJ60 FABI shoes silver leather women bootsAD675 ANGELO BERVICATO shoes black leather women bootsPierre Cardin Shoes Women Ankle boots Brown 83294 moda1 SALEClassic Womens Sexy Retro Leather Over The Knee Thigh High Boot High Heels Shoes , BX858 BRACCIALINI shoes black leather textile women bootsWomens Suede Leather High Heels Zipper Shoes Pointed Chains Over Knee THigh Boot , Womens Pointy Toe Supper High Heels Stiletto Thigh Over Knee Boots Shoes Plus SzChic Women Real Leather Strappy Pull On casual Creeper Knee Length Boots Casual , 7" Spike High Heel Ankle High LOCKING Ballet Boots with STRAPS more colorsWomens Square Toe Patent Leather High Heels Over Knee Boots Shoes Patent LeatherWomens Ladies Retro Chunky Heel Leather Military Ankle Boots Tassels Shoes sIZE# , Luxury Designer Custom Women Boots Pointy Toe Embroidery Flower Heel Block Beads , Women Dance Thigh High Boots 22cm Heel Shoes Nightclub Party Patent Leather [email protected]One Teaspoon Women's Unique Le Rebel Boots Cheetah Print 40 RRP $240 BCF78 , Riccorona Womens boots heels sz 39 женские сапоги на каблуке 39 Frauenstiefel , Cowboy Knee High Leather Boots Vintage Womens Buckle Zipper Riding Shoes 2018 ,
    Fashion Women's Snake Boots Stylish Stylish Leather Point Toe Women's Stilettos High Heel Shoes Boots fdbd045 - blurrypron.com>Fashion Women's Snake Boots Stylish Stylish Leather Point Toe Women's Stilettos High Heel Shoes Boots fdbd045 - blurrypron.com
    ECCO Women's Touch 55 Ankle Boot - Choose SZ/ColorNew Silent D Gnomes Womens Shoes Casual Sandals Sandals Flat , Re: buckle strap black ankle boots SIZE / AU 8 / , Zimmermann Beach Sliders - Tan RRP $320 - Size 38 , SKINS WOMEN'S NOELLE SKINS SKIMMER COMFORT FLAT BLACK LEATHER US SIZE 7 MEDIUM , Tommy Hilfiger Women’s Shoes Size 10 Red Leather Sling Back Stacked Chunky HeelWomens Ecco Shape 55 Plateau Pump-Size 10-10.5PLEASER Sandals Rhinestone Studded Platform Chrome Mule STARDUST-701 Gold , NEW Keen Whisper Women´s Sports Sandals Shoes Size 10.5 Magnet Sangria 1018212FINN COMFORT WOMEN'S FLIP FLOPS JAMAIKA REAL LEATHER DARKBLUE , MARNI Fussbet Sandal FBMSW06G03 Brown Womens Shoes Size 6 M Sandals MSRP $640 , Man's/Woman's Pleaser Women's Sky 308 Clear/Cream Quality products New in stock List of explosionsNEW NIKE KD 8 MEN SIZE US 10.5 BLACK GREEN ORANGE BASKETBALL SHOES 749375-013 A6Puma Trinomic XT2 Plus Homegrown - Grey - MensGentlemen/Ladies Nike Flyknit Chukka size 13 Fashion pattern Optimal price Exquisite processing , Nike Vapor Speed Turf Trainer Shoes Black White Oreo SZ ( 833408-010 )Reebok Ventilator Mid Boot AOG Shoes Men's Sneakers Sports shoes new smb supreme , ASICS Gel-Lyte V 9090 Dn6k4 '30 Years Of Gel' Sneakers Black / Black msrp$119.99DVS DVF0000303016 Mens Aversa+ Skate Shoe- Choose SZ/Color. , VINTAGE 1995 NIKE AIR MAX 95 NEON WITH ORIGINAL BOX RARE SIZE 10Nike Womens Air Max Plus SE Running Trainers 830768 331 Sneakers Shoe CLEARANCENike Superfly 6 Pro CR7 FG Unisex Firm-Ground Soccer Cleat AJ3550-600 Crimson7416 Nike air jordan future premium 652141 006 orange multi US13 , Anatomic Life Outdoors Mens Shoes Loafer Slip-on Suede Leather Upper 11.5 M , Mark Nason Los Angeles Men's Tamar Chelsea Boot - Choose SZ/Color , Stacy Adams Raimondo Plum Cap Toe Oxford Shoes , New & Lingwood of London Black Velvet Pheasant SlippersADIDAS ECSTACY HI Womens sneakers size 8.5 UK , Vans Authentic Platform Velvet Tie Dye Multi Black Women's Size: 9 , Vans Sk8 Hi Toy Story Woody Boot Leather Shoe Brown Disney ANDY Sneakerboots NEW
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Fashion Women's Snake Boots Stylish Stylish Leather Point Toe Women's Stilettos High Heel Shoes Boots fdbd045 - 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.

    Fashion Women's Snake Boots Stylish Stylish Leather Point Toe Women's Stilettos High Heel Shoes Boots fdbd045 - 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
    Fashion Women's Snake Boots Stylish Stylish Leather Point Toe Women's Stilettos High Heel Shoes Boots fdbd045
    Boots
    >
    ;