Never miss an update

NIB Sam Edelman PAIGE PUTTY M SUEDE Bootie PUTTY Bootie FRINGED Ankle Boots Womens 8.5 M 3e35b49




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
Style: Ankle Boots
Width: Medium (B, M) Material: Leather
Color: PUTTY Brand: Sam Edelman
Heel Height: Med (1 3/4 in. to 2 3/4 in.) US Shoe Size (Women's): 8.5
Fastening: Zip UPC: Does not apply
Never miss an update

NIB Sam Edelman PAIGE PUTTY M SUEDE Bootie PUTTY Bootie FRINGED Ankle Boots Womens 8.5 M 3e35b49 - blurrypron.com

    NIB Sam Edelman PAIGE PUTTY M SUEDE Bootie PUTTY Bootie FRINGED Ankle Boots Womens 8.5 M 3e35b49
    NIB Sam Edelman PAIGE PUTTY M SUEDE Bootie PUTTY Bootie FRINGED Ankle Boots Womens 8.5 M 3e35b49
    Women's New Leather Cowboy Western Cowgirl Rodeo Biker Boots Square Toe PurpuleNIB JOIE Black Suede LOREN Fringed Ankle Bootie Boots Sz 36 220454ELATITUDE FEMME 204231 dark gray leather mid calf boots sz. 38 NEW!Womens ALBERTO FERMANI MORO Dark Brown Suede Short Boots Sz. 37 $495Saks Fifth Avenue Cognac Leather OTK Boots-8.5Louise Et Cie Vinn Women's Oxblood Velvet Imitation Pearl Boot Sz 6.5M 1116 *JOE'S Womens Black Suede Ankle Boots Sz 8 MBogs Womens Classic Paisley Snow Boot- Pick SZ/Color. , DANSKO Womens Black Leather Sz 7 Ankle Boots NEW! 132240 , NEW DIESEL WOMEN’S D-KINLEY BOOTS BROWN LEATHER TALL ANKLE BOOTS Sz 7 $340JOIE Womens Beige Suede Mid Calf Sz 9.5 Boots NEW! 216234 , Paul Green Ross Fashion Ankle Boots, Black, Size US 6 , MSRP $380 , NWB JUSTIN SVL4001 Size 7 M Crafted Western Women’s Leather Boots RETAIL $199AQUATALIA VIANNA women WEDGE BOOTIES (9 M, TAUPE) , Harley-Davidson Women Black Noir ALIVIA HARNESS BOOT STYLE D84269 SIZE 9.5 ,10 , ENZO ANGIOLINI Womens 'Holdyn' Black Over The Knee Sz. 5.5 Boots NEW! 229015Via Spiga Storm Black Leather Boot Size 6.5 , Vince Camuto Duke Leather Boot Black Women Sz 8.5 B 5416 * , Cole Haan Mismatch Adler Leather Riding Boot Black Women Sz 8 L 8.5 R 6815 *Sam Edelman Elina Black Suede Over the Knee OTK Womens Boots Size 10.5Designer Italian VeroCuoio Fine Brown Leather/ Python Bronze Color Boot Ret$900Baffin Coco Insulated Waterproof Winter Snow Boots Taupe Womens Size 7 , BOUTIQUE 9 RANDEN Black Leather Designer Boots Knee High Boots 7.0 MSchutz Carla Rubi Wine Smooth Leather Boot Size 8 MSRP: $320Donald J Pliner Brown Suede Elastic Pointy Toe Boots 7336 Size 6.5 MBoot Born Winema Natural (Mais) Distressed Leather-Womens Dansko black leather tall pull-on boots/ shoes sz. 36Womens TROTTERS POSH TOO brown leather tall boots sz. 7 $275Sam Edelman Paradox Leather Boot Brown Women Sz 9 M 5794 * ,
    NIB Sam Edelman PAIGE PUTTY M SUEDE Bootie PUTTY Bootie FRINGED Ankle Boots Womens 8.5 M 3e35b49 - blurrypron.com>NIB Sam Edelman PAIGE PUTTY M SUEDE Bootie PUTTY Bootie FRINGED Ankle Boots Womens 8.5 M 3e35b49 - blurrypron.com
    Pleaser Women's Gothika-209/B/PU Black Polyurethene 9 M US , Frye Women's Melissa Button Black Boots Style 77167 New With Box!ADIDAS ADIZERO TAKUMI-REN WOMENS CORAL RUNNERS SIZE US 10 , TARYN ROSE Black Stretch Fabric Loafer Flats SIZE 41.5 , Apex Women's Regina Black Leather Slip-on ShoesBadgley Mischka jeannie navy heels size 7.5 new in box bridalNEW J.Crew Avery Velvet Pumps with Bow Sz 10 VINTAGE QUARTZ Pink ShoesNew Womens Suede Block Heels Pointy Toe Pump Shoes Multi Colors Slip On Shoes , On Running Cloudster Running Shoes Women's Size US 8 M (B) Purple Fuschia , Man's/Woman's Lily Brown Shoes 728245 BeigexMulticolor L Special purchase online shop Brand feastGibellieri 72b Navy / Yellow Suede Open Toe Slide Sandals 38 / US 8DC SHOES YOUTH COUNCIL GREEN GREY WHITE SHOES SS 2017 28 CHILD , New Nike Mens Hyperlive Lmtd Shoes Paul George 820230-670 sz 11 All Star Red , NEW MEN NIKE ROSHE TWO BLACK ANTHRACITE SAIL WHITE SOLE 844656003 FREE SSHIPPING , Nike Free Hypervenom 2 Hyper Turquoise/Hyper Turquoise-Black 747139-300MENS NIKE AIR MAX 24-7 BLACK-BLACK-SPRINTER GREEN SZ 6 [397252-004] , Air Max 1/97 Sean Wotherspoon - size 11.5 , Brown Renaissance Fair Medieval Peasant Peter Pan Costume Boots Shoes Mens 12 13Nike Air Jordan 12 Retro The Master XII Playoff Bred 130690-013 Flu Game AMaison Margiela Men's Shoes 696444 Brown 40CAT Men's Boots Caterpillar Second Shift Steel Toe Tan Size 12 Medium Built ForMerrell Annex GTX Mens Gore-tex Waterproof Walking Hiking Shoes Size 7-13NEW New Balance Lifestyle MS574CA Mens Shoes Trainers Sneakers SALEJohnston and Murphy Aristocraft Burgundy Wing Tip Tassel Kiltie Shoes 11 BVasque Breeze III Low GTX Hiking Shoe - Women's Size 6M, Grey/Teal , Nike Benassi Duo Ultra Slide Womens Style : 819717 BLACK/WHITE Womens Size 8 , 2Star Gold IT Shoes Women's 41 Low-Top Silver , Nike Studio Wrap 3 Women's Training Shoe Dance Yoga Light Magenta 684861 500 , Naturalizer Jakes Women's Black Wide Shaft Boot 5.5MWomens Genuine Leather Platform Wedge Ankle Boots Slip On Oxfords Creepers Punk
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIB Sam Edelman PAIGE PUTTY M SUEDE Bootie PUTTY Bootie FRINGED Ankle Boots Womens 8.5 M 3e35b49 - 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.

    NIB Sam Edelman PAIGE PUTTY M SUEDE Bootie PUTTY Bootie FRINGED Ankle Boots Womens 8.5 M 3e35b49 - 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
    NIB Sam Edelman PAIGE PUTTY M SUEDE Bootie PUTTY Bootie FRINGED Ankle Boots Womens 8.5 M 3e35b49
    Boots
    >
    ;