Never miss an update

Merlutti Blue Velvet With Blue Red Merlutti Velvet Tassel Flat 585167c




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: "Handmade"
Material: velvet Width: Medium (D, M)
Color: Blue Style: Loafers & Slip Ons
Pattern: Solid
Never miss an update

Merlutti Blue Velvet With Blue Red Merlutti Velvet Tassel Flat 585167c - blurrypron.com

    Merlutti Blue Velvet With Blue Red Merlutti Velvet Tassel Flat 585167c
    Merlutti Blue Velvet With Blue Red Merlutti Velvet Tassel Flat 585167c
    Florsheim Mens shoes Noble Burgundy leather plain toe Dressy Elegant 17080-05 , Florsheim Men's Riva leather slip-on Brown Shoes 17088-02 , 31 New Cole Haan ZeroGrand Wingtip Oxford Shoes Dark Roast Brown Red SZ 8 C26224sz 9.5 mens black lizard skin leather LORENZO BANFI loafers shoes MilanoFRYE 81353 Mens Allen Woven MoccasinD US- Choose SZ/Color. , Prada penny loafers, black leather, men's shoe size US 9 , DE TOMMASO Clasic Solid Black Leather Captoe Oxford Dress Shoes - / US 9New Display Model Allen Edmonds Paxton 7 D oakCOLE HAAN GRANDEVOLUTION WINGTIP OXFORDS SUEDE MEN SIZE 10 NEW WITHOUT BOX!!!!Magnanni Santiago Cap Toe Oxford Cognac Brown Shoes Size 10 D $325+ , Polo Ralph Lauren Brown Italian Leather Loafers Sz 8D Handsome Shoes!BT245 ARMANI JEANS shoes blue suede men elegant , NEW Bates Men's LEATHER UNIFORM OXFORD Black Shoes E00968 Made in the USA 12D , Men's Winter Leather Business Boots Pointed Toe High Top Fleece Lined ShoesRancourt & Co. Blake Wingtips In Tan Italian Calfskin $395 Made In Maine USA , Salvatore Ferragamo Mens Black Suede Lavorazone Originale 9.5 DRockport Men's Essential Details Waterproof AprOnToe Oxford - Choose SZ/Color , BOSS Hugo Boss C-Dresspat Patent Leather Oxfords, Men's Size 10.5, BlackMan/Woman Rockport Men's Style Purpose Wing Tip Clever and practical Modern and stylish fashion AmoyCarrucci Penny Loafer, Men's Dress/Casual Slip-on Leather Shoes, TanCHAUSSURE ITALIENNE LUXE HOMME NEUF BI-COLOR MARRON ET BLANC COUSU MAINBrown and White Vintage style Wingtip Spectator shoes with Thin leather solesMens Nunn Bush Brown Dress Career Church Tie Closure Shoes Size 8.5 , Stacy Adams Men's LaVine Wingtip Double Monk-Strap Loafer - Navy/Saddle TanChurchs Mens Sz 8.5D Canon Custom Grade Brown Leather Monk Strap Dress ShoesFlorsheim Truman Wingtip Oxford shoes Cognac Leather Formal dressy 13303-221 , Stacy Adams Men's Kason Cap Toe Double Monk Strap Side Zipper Chukka Boot-BlackNew NIB Allen Edmonds Manchester 10C 10 C men's black dress shoesVintage Florsheim Brown Leather Tassel Loafer Size 13 B
    Merlutti Blue Velvet With Blue Red Merlutti Velvet Tassel Flat 585167c - blurrypron.com>Merlutti Blue Velvet With Blue Red Merlutti Velvet Tassel Flat 585167c - blurrypron.com
    NIB MIZ MOOZ JANESSA VICTORIAN BUTTON KNEE HIGH BOOTS COGNAC - SIZE 6.5Corso Como Women's Brown Tan Leather Knee High Boots Shoes Size 9.5 1100 , Mizuno Wave Rider 17 Womens Running (B) (301) RRP $200.00 + Free AU Delivery , Man's/Woman's Fabulicious CHIC-09 Comfortable feeling product quality Excellent stretching , JCrew $238 Mary Jane Pumps Ratti Graphic Diamond Print 7.5 Green Brown G8171 AVL , Gatsby Pierre Snake Jon Josef Loafer FlatMan's/Woman's Jollys Women's Picture Clog Sunflower Clogs selling price Various types and styles Popular tide shoesBlack Birki Super Clog Birkenstock Slip Resistant Chef Clogs , JIMMY CHOO Shoes 621658 BlackxWhitexMulticolor 36 1/2 , Womens Roman Gladiator Pumps Strappy Ankle Boots High Heel Party Sandals ShoesNIB MIU MIU PRADA OLIVE GREEN LEATHER CLASSIC PLATFORM PUMPS 39.5 8.5 ITALY , Katy Perry The Alexann Heel Covered Ankle Strap Sandals, BlackHANDMADE Brown Real Crocodile Alligator Skin Comfort Loafers Size 6.5 M Italy! , Balance Men's MRL247OF Mid Running Shoes 10.5 DM US, Black , Nike Men Air Jordan Fly'89 Sport Shoe wolf grey 940267-014 US7-11 04'Anderson Bean Boot Company Men's 7074L Boots BRUNET/BOMBSHELL SIZE 10.5DBugatti Men's Hook loop Shoes Low Real Leather GreySanuk Men's M Donny Flat - Choose SZ/ColorMen's/Women's Steve Madden Men's Arrowe Sneaker Every item described is available Affordable Good quality , DONALD J PLINER Roy Camel Hi Top Men Leather Sneakers $245 Retail Size 9.5 , Wolverine Waterproof-Electric Proof Steel Toe Boots Men's 10w , Cole Haan Men's Original Grand Plain Toe Oxford , Rockport Men's Essential Details Waterproof Plain-Toe Oxford - Choose SZ/Color , Mens Metallic Pointed Toe Pull On Leather Loafers Party Nightclub Casual Shoes$395 MAISON MARGIELA Future Red Puffy Leather Slides Pool Sandals Mens SZ 41 NEW , Women's Adidas CC Gazelle Boost Pink White Running Shoes Sneakers (S77245)Baskets model 81025 Inello - Matter - Shoes , ASICS GEL KAYANO 23 Womens Performance Running Shoes White / Silver Size 6 New! , NIB Marc Joseph BROADWAY Wine SUEDE Bootie Driver Moccasin Ankle Boots 6.5 MSkechers Women's Flex Appeal 2.0-New GEM Sneaker, - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Merlutti Blue Velvet With Blue Red Merlutti Velvet Tassel Flat 585167c - 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.

    Merlutti Blue Velvet With Blue Red Merlutti Velvet Tassel Flat 585167c - 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
    Merlutti Blue Velvet With Blue Red Merlutti Velvet Tassel Flat 585167c
    Dress Shoes
    >
    ;