Never miss an update

Sandal Oily Cow Comfortiva Riley 29992 Black Cow Oily Veg b7f703f




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: Comfortiva
Style: Sandal MPN: SP8818152
Never miss an update

Sandal Oily Cow Comfortiva Riley 29992 Black Cow Oily Veg b7f703f - blurrypron.com

    Sandal Oily Cow Comfortiva Riley 29992 Black Cow Oily Veg b7f703f
    Sandal Oily Cow Comfortiva Riley 29992 Black Cow Oily Veg b7f703f
    SANUK DONNA HEMP OLIVE GREY COLOR SIDEWALK SURFER SHOES SIZE 6 USGentleman/Lady shoes pair 106 Special price Attractive fashion Known for its excellent qualityNew Onex Gilda Women Sandals Size 11 - Made in USA (Runs Small)Tory Burch Womens Sandals Heels Size 9 Beige Patent Leather Gold Tone HardwareBirkenstock Gizeh Brown Patent Leather Sandals Women's Size 11C Wonder Khaki Perforated Suede Cork Wedge Sandals 10 NEWBASS BLACK/IRIDESCENT BEADED T-STRAP SANDALS SIZE 10 , VINCE CAMUTO Women's Stellima Suede Tasseled Ankle-Tie Sandals Size 6.5 Multi , New Schutz Black braided platform Suede wedge Shoes Sandal Ankle Strap Size 9 40NEW BORN B.O.C TOLLIVA BROWN SLIDE SANDALS WOMENS 10 FREE SHIP**Onex Sail Wedge Sandals - Women's Size 7 - PewterNEW BORN B.O.C TOLLIVA BROWN SLIDE SANDALS WOMENS 7 FREE SHIPClarks Brielle April Nude Leather Slingback Wedge Sandal 8 New , Naot Distressed Silver Slide Casual Wedge Sandals Size EU41 US 10 - 10.5PureSole Red Leather & Stretch Garner Slide Wedge Sandal 9 NEW , Merrell Terran Ari Wrap Women's Sandal Silver Lining J94472CAT by Caterpillar Women's Display Model Tiki Sandal Paprika Leather 7.5 MMERRELL EVERA CHASE LADIE 7.5-M38EURO RUST LEATHER SLINGACK HEELED CYCLING SHOESAdam Tucker Black Fringe Ankle Strap Nigella Flat Sandals 8.5 NEWVolatile "Parade" Bronze Brown High Wedge Thong Sequined Sides , Sam Edelman Ansley Embroidered Mule Black Velvet,size 7Lucky Brand Cafe Brown Suede Studded Kesey Ankle Strap Sandal 9 39 New , Farrutx black suede T striped sandals zs Eu 38.5 M rhinestones made in SpainAnne Klein Custom Wedge Slingbacks Tan/Gold Synthetic New with Box , Diane Von Furstenberg Opal Vacchetta Wedge Sandal Black DVF SIZE 8.5 , VERY VOLATILE ' Rocky' Ladies Contrast Blk/Multi Leather Sandal Sz. 10M NIBSam Edelman Tallulah Saddle Leather Sandal - Women's Size 9.5M, Saddle Leather , Womens 18cm High Heel Stilettos Ankle Strap Platform Open Toe Super Pumps ShoesBorn Black Leather Casma Ankle Tie Sandals 9 40.5 NEW ,
    Sandal Oily Cow Comfortiva Riley 29992 Black Cow Oily Veg b7f703f - blurrypron.com>Sandal Oily Cow Comfortiva Riley 29992 Black Cow Oily Veg b7f703f - blurrypron.com
    Men's/Women's Aravon Women's Peggy-AR Boot High quality and low overhead new professional designNWOB $1130 JASON WU BLACK LEATHER HEEL BOOTS W SUEDE & WHITE DETAIL , Rag & Bone Leather & Canvas Round Toe BootiesValentino Black Beige Rose petal floral booties ankle boots 38.5 8 1/2 NIB $1275 , Clarks MEN REEL COOL EBONY BOOTS 100% WARM LINING / true 10.5RIEKER 42150 MOCCASIN STYLE FLAT ROUND TOE SLIP ON SMART COMFY LOAFERS SHOES , Man's/Woman's Eastland Arianna Womens Boot- Choose SZ/Color. sell the most economical Quality and consumer firstVia Spiga Carole Heels, Women's Size 8 M, Black , Pour La Victoire Women's Amada Dress Sandal - Choose SZ/Color , PUMA FENTY BY RIHANNA SIZE 7 WOMENS SHOES 365794 01 PINK BOW CREEPER SANDALS , Nike SB Zoom Stefan Janoski QS Skate Mental Pizza Mens Skateboarding 845711-619Mens VANS Sneakers Sz 10.5 in SK8-HI Black Suede Red Trim Shoes , Gentleman/Lady Adidas Gazelles, Blue/Yellow, Mens 11.5 Innovative design Excellent performance Known for its excellent quality , KSWISS Court Frasco Gary Vee Vaynerchuk Colorway 002 Men's Size 10 , New Balance Men's FuelCore Sonic v2 Running Sneaker Flame/White Running Sneakers , NIKE SF-AF1 High Air Force 1University Red White Special Forces AR1955-100 Sz 13NEW Reebok Kamikaze I Mid M43287 Mens Shoes Trainers Sneakers SALE , UNDER ARMOR Men's FAT TIRE Govie Se 1302570-300 SIZE 9.5 , Brand New! adidas Yeezy Boost 350 v2 Triple White "Cream" Size 10 US CP9366 , Skechers Sport 51551 Mens Optimizer Fashion Sneaker- Choose SZ/Color.Mens Stylish Real Leather Tassel Slip On Loafers Formal Dress Brogue Shoes NewVGUC Jeffrey Campbell Women's Size 8 Brilliant Black Suede High Back SneakersWomen's Adidas Run Lux Clima - Black - Width: med - RunningWOMEN'S NEW BALANCE W530BAC CLASSICS TRADITIONNELS ATHLETIC RUNNING SHOES SIZE 9GREATS Brooklyn The Royale Blush Mono Leather Sneakers Women's 9 , Nike Wmns Air Max 97 Leather Summit White Women New Lifestyle Shoes AQ8760-100 , adidas Women's Aspire Tennis Shoe - Choose SZ/ColorSkechers Sport Women's Synergy 2.0 Simply Chic Fas - Choose SZ/colorWomens Block High Heels Mid-calf Boots Fall Suede Round Toe Casual Pull On Shoes , Gray Womens Slouch Leather Motorcycle Vintage Ankle Boot Pull On Low Heels Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Sandal Oily Cow Comfortiva Riley 29992 Black Cow Oily Veg b7f703f - 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.

    Sandal Oily Cow Comfortiva Riley 29992 Black Cow Oily Veg b7f703f - 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
    Sandal Oily Cow Comfortiva Riley 29992 Black Cow Oily Veg b7f703f
    Sandals
    >
    ;