Never miss an update

Andre EU/11 Assous Women's Bethany Motorcycle Bethany Boot, Walnut, 41 Andre EU/11 M US e52dd36




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
UPC: 802568766844
Dimensions: L 13 x W 11.2 x H 4.3 inches EAN: 0802568766844
Label: Andre Assous Brand: André Assous
NumberOfItems: 1 MPN: Bethany
PartNumber: AA15BEM27-WAL Binding: Apparel
ProductGroup: Shoes ClothingSize: 41 EU/11 M US
ISBN: Not Applicable Color: Walnut
Style: Not Applicable Department: womens
US Shoe Size (Women's): 41 EU/11 M US Weight: 3 lbs
Never miss an update

Andre EU/11 Assous Women's Bethany Motorcycle Bethany Boot, Walnut, 41 Andre EU/11 M US e52dd36 - blurrypron.com

    Andre EU/11 Assous Women's Bethany Motorcycle Bethany Boot, Walnut, 41 Andre EU/11 M US e52dd36
    Andre EU/11 Assous Women's Bethany Motorcycle Bethany Boot, Walnut, 41 Andre EU/11 M US e52dd36
    NAOT Women's Sirocco Ankle Bootie, Blue, 36 EU/5 M US , Unisex Adults Dr Martens 1460 Originals Core Fashion Leather Ankle Boots US 5-14 , Pleaser Women's Del1017tf/c-b/c Boot, Clr-Black/Clr, 10 M US , Aerosoles Women's Ever After Riding Boot, Brown, 7.5 M US , Aerosoles Women's Effortless Boot, Grey Fabric, 5 M US , Demonia By Pleaser Women's Clash-430 Boot,Black Polyurethane,11 M USSexy Party Ankle Boot Women High Heel Block Transparency Heel Pointy Toe Shoes XSCHUTZ Women's Ornelia Boot, Black, 6 M US , Ahnu Women's Montara Waterproof Boot,Corduroy,8 M USMatisse Women's Nugent Boot, Leopard, 6 M USZARA GATHERED RED LEATHER OVER THE KNEE BOOTS , Man/Woman Church's chealsea boots Customer first Used in durability Maintenance capability , Eileen Fisher Women's Even Ankle Boot, Black, 5.5 M USVIA SPIGA Womens Black Leather Wedge Knee High Boots Sz 7 M NEW! , NWOB J. Crew Size 7.5 Womens Hadley Black Italian Suede Boots New MSRP $228Vionic Women's Sterling Bootie Black 6.5 MJessica Simpson Audrey Black Over The Knee Boot , Corral Womens Burgundy/Black Studded And Inlayed Snip Toe Cowboy Boot 7.5Propet Women's Holly Winter Boot, Black, 6.5 W USMadden Girl Women's Mobb Riding Boot, Black Paris, 6 M US , New with Box Ann Taylor Livia Side Zip Shooties in Grey Steel Size 6Pajar Women's Adelaide Snow Boot, Black/Black, 37 EU/6-6.5 M US , Gentlemen/Ladies Black Miz Mooz Hannah Boots 9-9.5 High quality and cheap Primary quality Easy life , Columbia Heavenly Omni-Heat Winter Boots Women's Hiking Snow Waterproof Cozy , Pleaser Women's Ado1020g/b/m Ankle Bootie, Black Glitter/Black Glitter, 10 M USAcne Studios Rise Square-Toed Leather Boots Platform Ankle Leather Shoes EU39 , Spring Step Women's Naiara Boot, Brown, 39 EU/8.5 M USKamik Women's Sugarloaf Snow Boot, Charcoal, 9 Medium US , Man/Woman Madewell Bryce Chelse Boot, Size 6.5 Ideal gift for all occasions Attractive fashion cheaper ,
    Andre EU/11 Assous Women's Bethany Motorcycle Bethany Boot, Walnut, 41 Andre EU/11 M US e52dd36 - blurrypron.com>Andre EU/11 Assous Women's Bethany Motorcycle Bethany Boot, Walnut, 41 Andre EU/11 M US e52dd36 - blurrypron.com
    Womens Pink Silver Flower Sequins Leather Cowgirl Boots Square ToeGuess Black Suede JASANA Ladies Tall Boot NEW 10MCLARKS Women's Maypearl Juno Ankle Bootie Black 9 M USSexy Iridescent Glitter Platform Dancer 6" Stripper Heels Black Shoes Sandals , Life Pump in Nude by Olsenhaus Size 7 AvailablePleaser ADORE-708RS-1 Womens Ado708rs-1/C/B Platform Sandal, Clr/Black, 7 M US , Nine West Women's Lailah Suede Heeled SandalAUTHENTIC GIUSEPPE ZANOTTI ZADINA 105 BLACK PATENT HEELS SIZE 41 , All Black Womens Shoes Size 38 8 White Flat Stud Sneaker Slide NewPuma Soleil V2 Comfort Fun Black Women Walking Shoes 9.5 , Men's/Women's Pedro Garcia Oxblood Thora Sandals Modern and elegant fashion Preferred material Official website , NEW AUTHENTIC CONVERSE CHUCK TAYLOR ALL STAR PRO HI "LUNARLON INSOLE" MEN'S 12 , Reebok NFL EQUIPMENT White & Red Football Cleats Shoes Mens 14 NEW , MENS NIKE AIR MAX STUTTER STEP 2 in color BLACK / WHITE / GREY / MANGO SIZE 9.5 , Nike Tennis Classic CS Suede Team Red/Team Red-White 829351-601 Men's SZ 10 , Mr/Ms ADIDAS TERREX AGRAVIC CM7614 WHITE/BLACK Special purchase online shop Lightweight shoes , Nike Air Huarache Drift Volt Black White Men Running Shoes Sneakers AH7334-700 , adidas DB1816 Mens CF Ultimate BballM- Choose SZ/Color.NIKE AIR JORDAN 10 RETRO OVO Drake Drake from japan (4871Genuine Grip Footwear Men's Slip-Resistant Athletic,Black Leather,US 10 W , New Nike Dunk High Premium SB Sz 9 silver white 313171-012 Shoo Goo DS , Real Leather New Mens Close Toe Beach Summer Hollow Casual Shoes Breathable Sz , 1806 Puma Basket Heart Patent Women's Sneakers Sports Shoes 363073-17 , NOCONA Women's Brown & Black Leather Western Cowboy Boots 8.5A Made in USA , COLIN STUART $178 SNAKEPRINT SUEDE HIGH HEEL PLATFORM BOOTS Brown 9Lauren Ralph Lauren Carah bootie boots brown $149 new in box leather 7.5 tasselLUXURY REBEL $225 LYNN OVER-THE-KNEE LEATHER BOOTS Dark Brown 6 , Dr. Martens Women's 1460 Serena Winter Fur Brown Boots ALL Sizes!Circus by Sam Edelman Women's Sibley Knee High Boot, Golden Caramel, 9 Medium USPlomo Violeta Bootie Grey Suede Ankle Boot Dark Gray Suede Tassle Wedge Designer
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Andre EU/11 Assous Women's Bethany Motorcycle Bethany Boot, Walnut, 41 Andre EU/11 M US e52dd36 - 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.

    Andre EU/11 Assous Women's Bethany Motorcycle Bethany Boot, Walnut, 41 Andre EU/11 M US e52dd36 - 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
    Andre EU/11 Assous Women's Bethany Motorcycle Bethany Boot, Walnut, 41 Andre EU/11 M US e52dd36
    Boots
    >
    ;