Never miss an update

MENS ZASEL CHRISTIAN BLACK WORK SLIP ON FORMAL DRESS mogochinese-22759 22753 WORK CASUAL LEATHER SHOES f118164




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
Shoe Type: Dress/Formal
Material: Leather Brand: Zasel
MPN: H008-J6
Never miss an update

MENS ZASEL CHRISTIAN BLACK WORK SLIP ON FORMAL DRESS mogochinese-22759 22753 WORK CASUAL LEATHER SHOES f118164 - blurrypron.com

    MENS ZASEL CHRISTIAN BLACK WORK SLIP ON FORMAL DRESS mogochinese-22759 22753 WORK CASUAL LEATHER SHOES f118164
    MENS ZASEL CHRISTIAN BLACK WORK SLIP ON FORMAL DRESS mogochinese-22759 22753 WORK CASUAL LEATHER SHOES f118164
    Billionaire Couture Men's Maroon Suede Driver Moccasins Shoes with Logo ClampBillionaire Couture Men's Black Hair-calf Shearling Fur Boat Moccasins ShoesMen's/Women's Rasta Men's High-top Sneakers RLW1912 selling price Preferred material Comfortable and natural , Scan - Dual Density Chukka Boots Black Euro 46 -Shoes Lotto Leggenda Tokyo Shibuya s5811 Man Running Vintage Olive Brown FondantZara AU Men Embossed leather driving shoes 2613/302/102 , Dr Martens 2 Hole MAYPORT Navy 16516410 Original DocComfort Clogs Non-Slip Chef Shoes Water Safety Serving Kitchen Bathroom KoreaNIKE FREE FLYKNIT 5.0 rarely wore casual training shoes lightweight limited , Gentleman/Lady Adidas Adi-Ease Skate Shoes, Bluebird/FTWR White Elegant shape Excellent performance Elegant and robust menuShoes Geox Nebula u64d7a c1018 Sneakers Man Grey Orange Slip OnDC SHOES HEATHROW IF NAVY BLUE WHITE SHOES NEW SS 2017 40 44 45 NEW SKATE , *Authentic* K Swiss Court Cheswick Mens Casual Training Shoes (D) (109)Shoes EB New Balance MRL996DY man's sneakers casual moda Grey Suede FashionGeographical Norway Men Sneakers Oligan black black Men's shoes casual sport , Dr Martens 3-Hole Lester Black Hawaiian 15821003 Original Doc , Made in Italia Shoes Men Sneakers White 78593 BDT ORIGINAL , Men's Shoes Gola Javelin Suede Charcoal/White Sneakers Man Anthracite/White , Shoes Igi&Co Classic Man 76772 00 Calf Comfort Made in Italy Cognac Fashion Cas , Solovair NPS Shoes Made in England 5 Eye Brogue Black/Burgundy Steelcap s053-l5Premium Ranger NPS MADE IN ENGLAND Oxblood Steelcap 3 Eye ns046-x1l37ox , Solovair NPS Shoes Made in England 3 Eye Black Suede Pointed Shoe S009-X301 , Santoni Men's Sand Yellow Suede Moccasins Shoes, size 5, 6, 6.5, 9.5 (UK)DC SHOES HEATHROW BLUE BLACK YELLOW SHOES NEW SS 2016 40 41 42 43 44 45 46 RUNN , Mens Hush Puppies Casual Shoes 'Vince Victory'Line Friends x Reebok Revenge Plus Shoes Athletic Green Pink SZ4-13 Limited , Men’s wool sneaker boots - Premium Australian Sheep skin - navy SizeDC SHOES CRISIS HIGH WNT CHOCOLATE GREEN FW 2017 SHOES NEW 39 41 WINTER SNOW , DIADORA MAN SNEAKER SHOES CASUAL FREE TIME TENNIS 270 LOW TATOO 159885 01 C5411 ,
    MENS ZASEL CHRISTIAN BLACK WORK SLIP ON FORMAL DRESS mogochinese-22759 22753 WORK CASUAL LEATHER SHOES f118164 - blurrypron.com>MENS ZASEL CHRISTIAN BLACK WORK SLIP ON FORMAL DRESS mogochinese-22759 22753 WORK CASUAL LEATHER SHOES f118164 - blurrypron.com
    NAVY BLUE GLOSS HUNTER WELLINGTONS WELLIES IN HALIFAX SIZE 6 WOMENS LADIES TALL , Men's/Women's Court shoes L'L'Autre Chose Vanity Long-term reputation First grade in its class International big nameIrregular Choice Golden Years Black Multi Womens Ankle BootsSPERRY Firefish Seaweed Boat Shoe STS95286 SZ 5M WOMENS , Henry Beguelin Studded Black Leather Mules Sandals Flats sz 9 IT 39NIB Women's CLARKS LEISA SADIE MULE Slip On Clogs Leather Black 8MZee Alexis Womens Norah Shoes Black Metallic 9.5 MMen/Women Ellie Women's Juliet-601 White Ankle Straps Fashion pattern Various types and styles Great choiceTransparency Womens Med Chunky Heels Summer Slingbacks Fashion Slippers Shoes szGentlemen/Ladies Ladies Clarks Court Shoes Arista Abe Consumer first Sales Italy Complete specifications , Kensie Millard Sandal Lemon Print Sz 10 NWOB , ROCKPORT Women's JANAE PUMP Leopard Pony Heel US 10 M K73042 , PLEASER Ankle Strap Sandal Rhinestone Embellished Heel FLAMINGO-809LS Black , Jean Michel Cazabat Emma Pump Sz 39 , LFL by Lust for Life Perk Open Toed Sandals- Women's size 8.5M BlackLOEFFLER RANDALL Womens Gladiator Sandal- Pick SZ/Color. , Nike Mens 599264-100 Lebron James Zoom Solider VII White Red Black Shoes 13 , 31 New Balance 998 Age of Exploration USA M998CHI Men's Shoes Size 8.5 Green$160 Men’s Nike Kobe 11 XI 836183-084 Size 9 3D Multi Color , Tommy Bahama Cadiz Tiles Relaxology Shoe Grey Men Size 12 TB7F00109Nike Air Huarache - CHOOSE SIZE - 318429-410 Navy Gold White Euro Release Gum QS , AIR JORDAN 1 RETRO HIGH OG STORM Sneakers White × Blue Size US 10 JP 28 Y51 , New Rock Newrock M.373-S1 Metallic Black Leather Gothic Punk Unisex Boots , Ariat Work Men's Rebar Flex Western Boot , NEW THE NORTH FACE Ballard Duck Boot - men's winter boots size US 8Polo Ralph Lauren Black Leather Penny Loafers Mens Sz 11.5 DMens Unique Metal Sequare Toe Leather Clubwear Formal Slip On Loafer Pumps Shoes , Holiday Keds Christmas Green Red Black Metalic sz 8.5Man/Woman Naturalizer Women's Michelle Pump Espresso Leather Exquisite (middle) workmanship product quality Very practicalDavid Tate Women's Verona Wedge Slide White Lambskin Strappy Sandals ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    MENS ZASEL CHRISTIAN BLACK WORK SLIP ON FORMAL DRESS mogochinese-22759 22753 WORK CASUAL LEATHER SHOES f118164 - 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.

    MENS ZASEL CHRISTIAN BLACK WORK SLIP ON FORMAL DRESS mogochinese-22759 22753 WORK CASUAL LEATHER SHOES f118164 - 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
    MENS ZASEL CHRISTIAN BLACK WORK SLIP ON FORMAL DRESS mogochinese-22759 22753 WORK CASUAL LEATHER SHOES f118164
    Dress Shoes
    >
    ;