Never miss an update

$695 Platform Brian Atwood Faviera 29988 Tall Knee Tall Boot Black Suede Platform 9.5- 39.5 Bootie 5a39282




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Style: Booties
Main Color: Black Boot Shaft Height: 16
EUR Shoe Size (Women's): 39.5 Calf Width: Medium
Color: Black Heel Height: High (3 in. and Up)
Style 2: knee heigh boots US Shoe Size (Women's): 9.5
Fastening: Zip Material: Suede
UPC: Does not apply Width: Medium (B, M)
Occasion: Casual UK Shoe Size (Women's): 7.5
Calf Circumference: 14 Pattern: Solid
Brand: B Brian Atwood Features: Zip
Toe Type: Round Toe US Size: 9.5
Heel Type: Slim
Never miss an update

$695 Platform Brian Atwood Faviera 29988 Tall Knee Tall Boot Black Suede Platform 9.5- 39.5 Bootie 5a39282 - blurrypron.com

    $695 Platform Brian Atwood Faviera 29988 Tall Knee Tall Boot Black Suede Platform 9.5- 39.5 Bootie 5a39282
    $695 Platform Brian Atwood Faviera 29988 Tall Knee Tall Boot Black Suede Platform 9.5- 39.5 Bootie 5a39282
    WOMENS CORRAL R1345 BLACK/BRONZE LONG PULL STRAP SQ. TOE BOOTS US SIZE 9.5 (B177 , Womens L.A.M.B. BICARA mesh leather open toe booties sz. 7 M $375 , BED STU COBBLER SERIES BOOTS WITH BELTS BROWN COGNAC SIZE 7.5 NIB GORGEOUS! , Tory Burch Carlotta Black/Gold Nayan Brocade Embroidered Bootie Sz 7 NWB $528Womens COLE HAAN black leather knee high boots sz. 8.5 B NEW! , Yeezy Season 5 GOLD MID-HEIGHT BOOT STRETCH CANVAS 110MM KANYE WEST 35-41 AuthSTUART WEITZMAN WOMAN BOOTS BROWN SUEDE STRETCH SIZE US 9 B TALL KNEEGrey City Rebel Boot in Purple Haze Size 6 , Gentlemen/Ladies Toga Pulla~Monochrome Ankle Booties Boots~Slip-on~Black/White~39~US 8.5-9~$700 Special purchase a good reputation in the world Quality and consumer firstCorral Camel Netting Overlay and Studs Western Boot C3182 , Womens AQUATALIA ORALIE black leather knee high boots sz. 10 $595AUTHENTIC MANITOBAH HUMMINGBIRD & FLOWER GATHERER MUKLUK , FREEBIRD BY STEVEN PIKES BLACK MOTO ENGINEER MOTORCYCLE DISTRESSED LEATHER 8M , NIB TORY BURCH "SOFIA" Lug Sole Ankle Booties Boots Festival BROWN SZ.7 $428 , Corral Ladies Square Toe Cowboy Western Boots Brown Crater Bone Studs A1121SANDRO PARIS Womens Amara Leather Suede Ankle Boots Pointy Toe Booties NEW $595Frye Boots Women's Cece Jodhpur Wedge Booties Black Leather MM1 Size 8M , Harley-Davidson® Women's Emma-Lee Short Western Boot - D83508FreeLance Classics Black Genuine Leather Boots With Slip Resistant Sole Sz 38.5 , Donna Piu 9318 Black Leather Side-Zip / Elastic Insert Riding Boots 40 / US 105.5 6 35 DOLCE & GABBANA D&G Denim Suede Leather Tall Pointed Toe Stiletto BootsCorral Women's Embroidered/Studded Cowboy Western Boots Honey E1134 , NEW IN BOX FRYE Womens Lucinda Perf Slouch Black Vintage Veg Tanned Boot Size 10 , Stuart Weitzman Womens 5050 Over-the-knee Boot Black Leather & Stretch 2.5" heelWomens TARYN ROSE black leather / fabric knee high boots sz. 7.5 M NEW! , NIB Yippee Ki Yay Old Gringo Women's Nikka 17" Western Boots Tan YL2447-1 Sz 7 , Tall Frye OTK cuffable oiled leather riding boots 8.5 In Excell Cond! New Heels! , Roslin Buckle-Wrap Suede Boot Navy Size 8Women's Fly London Hace Bootie Diesel Suede Sizes 37 38 39 40 41 ,
    $695 Platform Brian Atwood Faviera 29988 Tall Knee Tall Boot Black Suede Platform 9.5- 39.5 Bootie 5a39282 - blurrypron.com>$695 Platform Brian Atwood Faviera 29988 Tall Knee Tall Boot Black Suede Platform 9.5- 39.5 Bootie 5a39282 - blurrypron.com
    VIA SPIGA SHELDON black leather riding boots sz. 7 M MSRP $299H.S Trask Buttery Soft Brown Leather Ankle Boot Women's US 6M , Asics Gel-Rocket 8 VIII White Black Gum Men Badminton Volleyball B706Y-0190NEW IN BOX Stuart Weitzman Funland Over The Knee Boots Black Suede SZ 8M TIELAND$1545 DSQUARED2 Snakeskin python knee-high boots Size 37 & 38 Brand NewAdidas Pure Boost Training 3.0 Shoes Running Brown CQ3527 SZ 4-11 , Elissara Women's High Heel Zip Pointed Toe Over Knee Boots Shoes AU Size 2-13 , Geox Womens D Shahira A Trainers, Black Black C9999, 8 UKadidas Stan Smith CF W White Black Leather Classic Women Shoes Sneakers BY2975 , Sperry's Top Sider Women's Brown Alligator Style Loafer Shoe Size 10M - EUC , 100%authentic Prada Patent Leather Flats shoes sz 37.5 / 7.5US , Ladies Flower Velvet Pointy Toe Oxford Style Fashion Loafer Chunky Pumps Shoesann taylor Womans Heels Size 6.5 Black Italian Leather Snakeskin Print MulesSexy Women Over the Knee High Summer Boots Gladiator High Heels Sandals Shoes SzSanita Grit Basic Flex Womens Shoes Sandals Clogs wooden sole flexible - NEWadidas B TORSION 34138 ZX FLUX sneakers black/ gray canvas mens Size 10.5 , New Sz 11.5 Men Nike Alpha Huarache 6 ELT Turf LAX Lacrosse Wolf Grey 923426-012 , Nike Air Max Defy RN M Mens Us Size 10 ( No Box cover) , Nike Air Max Zero Premium Men's Shoes Grey Purple 881982-004 Size 8-14Nike SB Dunk High Silver Box Men's Sz 7 , 2016 ADIDAS STAN SMITH ADICOLOR BLUE ROYAL PHARRELL SUPERSTAR S80246 NEW 8 , AIR JORDAN 4 RETRO GS IV FEAR PACK OREO COOL GREY CEMENT 626969-030 SIZE 6y NRDS NIKE 2010 DUNK DENIM M 7.5 / WMN 9 SB SUPREME LUCKY WHAT THE LONDON B PRO , Gentleman/Lady PIERRE HARDY High-cut sneakers leather Beige Special price Trendy high quality product , Men Open-toe Sports Sandals Casual Synthetic Leather Beach Sandals Roman Shoes , Merrell Womens performance footwear shoes vibram size 9.5 , NEW Newton Distance U Universal Lightweight Trainer Womens Size 9.5 41 EUR PINK , NEW Adidas Originals EQT ADV Purple Ice BB2327 Women size 10 , ASH Black Leather Riding Knee High Boots W/ Strap On The Top Shaft US 5.5 , Nine West Women's Verwin Leather Oxford Flat - Choose SZ/color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    $695 Platform Brian Atwood Faviera 29988 Tall Knee Tall Boot Black Suede Platform 9.5- 39.5 Bootie 5a39282 - 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.

    $695 Platform Brian Atwood Faviera 29988 Tall Knee Tall Boot Black Suede Platform 9.5- 39.5 Bootie 5a39282 - 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
    $695 Platform Brian Atwood Faviera 29988 Tall Knee Tall Boot Black Suede Platform 9.5- 39.5 Bootie 5a39282
    Boots
    >
    ;