Never miss an update

Klogs Springfield mogochinese-28968 Closed Back Unisex 28959 Clogs 7 Navy Blue - 7 Wide 053f2b9




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: Klogs
Width: Wide (C, D, W) Style: Clogs
Shade: Navy Blue US Shoe Size (Men's): 7
UPC: 094763326026
Never miss an update

Klogs Springfield mogochinese-28968 Closed Back Unisex 28959 Clogs 7 Navy Blue - 7 Wide 053f2b9 - blurrypron.com

    Klogs Springfield mogochinese-28968 Closed Back Unisex 28959 Clogs 7 Navy Blue - 7 Wide 053f2b9
    Klogs Springfield mogochinese-28968 Closed Back Unisex 28959 Clogs 7 Navy Blue - 7 Wide 053f2b9
    Donald J Pliner Men's Aryo Sneaker Off White Size 10 M Sneaker Loafer Casual , Klogs Springfield Closed Back Unisex Clogs Chestnut - 9 Wide , Klogs Abilene - Comfort Unisex Clog - Made In The Usa. Black - 13 WideKlogs Boca Closed Back Unisex Clogs Navy Blue - 5 Narrow , Klogs Springfield Closed Back Unisex Clogs Navy Blue - 14 Wide , Klogs Boca Closed Back Unisex Clogs Black - 6 Medium , Jack Erwin Mens Suede Driving Loafers Shoes Mocs Brown Size 8DSanuk Mens What A Tripper Low Shoes Navy Mesh Size 9 New , Klogs Boca Closed Back Unisex Clogs Navy Blue - 7 Narrow , $128 Kenneth Cole Mens Western Sky Tapered Leather Oxford Shoes, Tan, US 10.5 , Klogs Boca Closed Back Unisex Clogs Navy Blue - 7 WideKlogs Edge - Men's Slip-resistant Comfort Clog - Usa M Chestnut - 11 , Klogs Boca Closed Back Unisex Comfort Clogs - M Enamel Blue - 6 WideKlogs Boca Closed Back Unisex Clogs White - 13 Medium , Klogs Dusty Unisex Clogs - Made In The Usa Papaya - 12 WideKlogs Dusty Unisex Clogs - Made In The Usa Purple Rain - 12 WideKlogs Boca Closed Back Unisex Comfort Clogs - Enamel Blue - 9 Medium , Klogs Boca Closed Back Unisex Comfort Clogs - Mahogany Buff - 9 Wide , Klogs Boca Closed Back Unisex Comfort Clogs - M Enamel Blue - 7 WideKlogs Boca Closed Back Unisex Clogs Navy Blue - 13 WideKlogs Springfield Closed Back Unisex Clogs Chestnut - 13 WideKlogs Dusty Unisex Clogs White - 9 NarrowKorean Mens High Top Hook&loop Athletic Sneakers Breathable Skateboard ShoesKlogs Boca Closed Back Unisex Comfort Clogs - Made Papaya - 5 NarrowKlogs Edge - Men's Slip-resistant Comfort Clog - Usa Made Chestnut - 7Klogs Boca Closed Back Unisex Comfort Clogs - Made Papaya - 12 Wide , Klogs Boca Closed Back Unisex Comfort Clog Mahogany Buff - 11 MediumGiorgio Brutini Cress Navy - Mens - Size 9.5 DDansko Mens Wynn Leather Loafers Size 42 8-8.5 Slip On Brown Clog U4B
    Klogs Springfield mogochinese-28968 Closed Back Unisex 28959 Clogs 7 Navy Blue - 7 Wide 053f2b9 - blurrypron.com>Klogs Springfield mogochinese-28968 Closed Back Unisex 28959 Clogs 7 Navy Blue - 7 Wide 053f2b9 - blurrypron.com
    John Fluevog Nannette Adrian Tall Riding Flat Boots Size 6 brown tan steampunk , Nine West Womens Boots Dark Brown 8.5 US / 6.5 UK , Carlos by Carlos Santana Java Strappy Sandals 300, Light Doe, 7.5 USPLEASER ASPIRE-608 CLEAR GOLD CHROME ANKLE STRAP 6" HEEL PLATFORM SANDALS , Via Roma 15 women boots, black leather ,quilted ,SZ.39 US 9 handmade in ItalyTory Burch Women's Black Suede Wedge Pumps Sz 6M 2231Free People Studded Tiger Eyes Shootie Bootie Shoe 41 $248Gentleman/Lady shoes pair 229 Excellent value Quality and quantity guaranteed German OutletsNew Nike Women's AIR MAX SIREN Running Training Shoes Gray/Purple 749510 001COLUMBIA WATERPROOF TRAIL HIKING SHOES WOMENS SZ 8 OUTDOOR HILLTOP TECHLITE EUC , Dunlop Mens Water resistance Running Shoes, Sneaker: MAX RUN Light, DM112, 4E , Nike Cortez Basic Nylon Men's Shoes Obsidian/White/Metallic Silver 819720-411 , Asics Gel Saga Womens' Shoes Fairy Red/White h462n-2301Nike Air Max LTD 3 Size 8.5 Bronze Iron Ore 687977-700 Mens , Nike 812939-400 Mens Lunar Ballistec 1.5 Legend Lunarlon Running Shoes Sneakers , Rare Nike Air Force 1 High 07 Blazer 315121-602 Fuchsia Pink Size 10.5 suede , Men's adidas Performance Adizero Discus / Hammer Weight Throw Shoes , Nike Air Jordan Flight Time 14.5 Black/Wht-Tropical Teal-Pink 654272-026 , Adidas Dikembe Mutombo Retro JS Q33018 ORIGINAL Size 9.5 , A673 Men's Converse Chuck Taylor Tekoa Waterproof Boots 153657C Size 9.5 NEW , Mens Size 8.5 D Medium CORCORAN 1525 10" Field Boots Military Combat Cap Toe USA , FRYE Men's Weston Harness Boot - Choose SZ/ColorMen's Yellow Vintage Leather Loafers GIRAUDON NEW YORK Sz 41.5 Nubuck PortugalBritish Printed Mens Retro Matel Pointy Toe Dress Formal Shoes Oxfords Jd_uk , Men/Women Steve Madden Womens Bossy Aesthetic appearance stable quality uniqueMen's/Women's NEW DANSKO WOMENS CHARLIE PERFORATED SNEAKER durability Make full use of materials CharacteristicsNot Rated Women's Moonshine Chelsea Boot Grey 8.5 M US , ASOLO STYNGER GORE TEX HIKING BACKPACKING BOOTS WOMEN BROWN/TAN SZ 6 1/2A35 Jemsey Knee-High Boots 539, Black, 10 US , Gentleman/Lady Faux Fur Stop War Now Boots for you to choose Ranked first in its class Most practical ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Klogs Springfield mogochinese-28968 Closed Back Unisex 28959 Clogs 7 Navy Blue - 7 Wide 053f2b9 - 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.

    Klogs Springfield mogochinese-28968 Closed Back Unisex 28959 Clogs 7 Navy Blue - 7 Wide 053f2b9 - 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
    Klogs Springfield mogochinese-28968 Closed Back Unisex 28959 Clogs 7 Navy Blue - 7 Wide 053f2b9
    Casual Shoes
    >
    ;