Never miss an update

$695 Leather NIB Halston Heritage Pleated Shaft Gunmetal Grey Leather Heritage Halston Mid-Calf Boot 8.5 da4b336




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: Mid-Calf Boots
Color: Gray US Shoe Size (Women's): 8.5
Brand: Halston Heritage Material: Leather
UPC: 191652251497
Never miss an update

$695 Leather NIB Halston Heritage Pleated Shaft Gunmetal Grey Leather Heritage Halston Mid-Calf Boot 8.5 da4b336 - blurrypron.com

    $695 Leather NIB Halston Heritage Pleated Shaft Gunmetal Grey Leather Heritage Halston Mid-Calf Boot 8.5 da4b336
    $695 Leather NIB Halston Heritage Pleated Shaft Gunmetal Grey Leather Heritage Halston Mid-Calf Boot 8.5 da4b336
    Dr. Martens Women's Aimilita FL Ankle Boot - Choose SZ/ColorNew in Box - $368 FRYE Veronica Seam Short Charcoal Leather Boots Size 6.5 , TORY BURCH Women's Black Shearling Round-Toe Boots Rubbler Sole Boots Sz 9 , PAUL GREEN Peep Toe Ankle Boot BLACK LEATHER 38/8.5Womens Dr Martens 1460 Pascal Originals Core Leather Work Punk Ankle BootVince Coleton Black Riding Biker Over The Knee Black Suede Boots 8M Italy $800 , RALPH LAUREN COLLECTION WOMENS SACHI CUOIO BLACK LEATHER EQESTRIAN STYLE BOOTSNew $398 TORY BURCH 'Oakridge' Taupe Leather Bootie, Gold Logo 8.5 , Nine West Women's Tyronah Suede Ankle BootRockport Cobb Hill Women's Christy Waterproof Boot - Choose SZ/Color , Harley-Davidson® Women's Staunton 10.5-Inch Motorcycle Riding Boots D87134/080 , TORY BURCH Open Toe Bootie Leather Brown SZ 8 NWOB - RT. $395-New in Box - $398 FRYE Veronica Duck Navy Shearling Lined Leather Boot Size 7BEJEWELED-1018DM-6 RHINESTONES ENCRUSTED SEXY CLUB DANCE PLATFORM ANKLE BOOTBEJEWELED-1018DM-6" SEXY OPEN TOE RHINESTONE ENCRUSTED POLE DANCE PLATFORM BOOTHarley-Davidson Women's Gabby Steel Toe Work Boot - Choose SZ/ColorFrye Jane Boots, Taupe Leather, Knee High, Medium Heel, US Women's size 11 MedNew in Box- $398 FRYE Veronica Duck Cinnamon Shearling Lined Leather Boot Size 8NWOB $250 ALL SAINTS MILITARY BOOTS BROWN DISTRESSED SIZE 41 , Born Women's Black Milari Boots W32408 NIB 9.5Nine West Women's Announcer Synthetic Ankle Boot - Choose SZ/Color , Christian Louboutin Acheval 39 85mm Knee High Boots Nappa Suede $1595Kenneth Cole REACTION Women's Pil Age Ankle Bootie - Choose SZ/Color , Man/Woman Kamik Rogue 9 Women's Boot Easy to clean surface Good market business , Duckfeet Roskilde Size 38 Cocoa Swiss Shoes , Gentleman/Lady Walking Cradles Women's Gaston Ankle Boot Special purchase Settlement Price buy online , Frye Harness Boots Wheat Women’s size 7.5. Excellent pre owned conditionKenneth Cole New York Women's Caylee Dress Block Heel Leather Ankle Bootie , Harley-Davidson Women's Carrwood Work Boot, - Choose SZ/Color ,
    $695 Leather NIB Halston Heritage Pleated Shaft Gunmetal Grey Leather Heritage Halston Mid-Calf Boot 8.5 da4b336 - blurrypron.com>$695 Leather NIB Halston Heritage Pleated Shaft Gunmetal Grey Leather Heritage Halston Mid-Calf Boot 8.5 da4b336 - blurrypron.com
    Hades Astro 5" Punk Butterfly Heel Black Open Front Pump With Collar , ADIDAS ULTRA BOOST 3.0 MULTICOLOR LTD US MENS 14 BRAND NEWMan/Woman ON Cloud Forest | Jungle Cheap Affordable Fashion versatile shoes , LADIES K BY CLARKS LEATHER FLAT PUMPS SOFT TEXTURED PONY EFFECT AUDRY TULIPNEW Womens Pointy Toe Floral Slippers Loafers Mules Shoes Vogue Flats Suede SoftMan's/Woman's CLARKS Women's Jocolin Vista Boat Shoe the most convenient Preferred material Seasonal promotionLauren Lorraine Yvine high heel rhinestone sparkly sandal nude size 8.5 / 9 NIB!Eve 1 Ankle Strap Open Toe Shoe 5" Heel Queen Size 9-16 Red SatinPrada brown leather buckle slingback stilettos size 38 made in Italy , Colorful Block Heels Peep Toe Sanadals Rivets Ankle Strap Womens Party Shoes NewMen's Nike Lunarepic Low Flyknit 2 Running Shoes Green Black 11.5 863779 300 , ADIDAS ORIGINALS TUBULAR INSTINCT NAVY S80083 SZ US M 10Nike Shox Gravity Atmosphere Grey Black SZ 11.5 ( AR1999-011 ){CM100102M} CHAMPION MENS 93 EIGHTEEN BIG C - NAVY GUM *NEW*Air Jordan 14 Last Shot Size 13 2018 Ferrari Laney Black Toe Thunder 487471-0032011 Nike Air Foamposite PRO Pine Green Black 624041-301 Size 11Asics Gel-Lyte One Eighty Men's Shoes Size[Van Doren] ERA skull snow crystal pattern 27.0cm from japan (2412NIKE ACG.07.KMTR "OBSIDIAN" - ITEM 1528-18 STYLE 902776 401 , Skechers Men's On-The-Go Glide - Premio Boat Shoe, - Choose SZ/Color , Birkenstock Men's Ames Sneaker White Style 1007362,Sanuk Mens Chiba Quest Knit Slip Ons Natural Blanket Size 9 New , Mens shiny Leisure Rivet sequins slip on Flats studded ankle short shoes fashionMen's ZOTA Full Brogue Oxford HX003 Light Tan , Converse Womens All Star Velvet Ox Pink Sapphire White Size 6 - 557993F , Aerosoles Women's Flower Thong Sandal White Floral Microfiber Thong SandalsNike Air Jordan 1 Explorer XX AJ1 Women Size 6.5 7.5 Luminous Green AO1529-300New Acme Black Leather Western Boots Fringes Stacked Heel Women's 8M8S/ECCO WOMEN'S TALL RIDING BOOTS/BROWN + BLACK/SIZE 37/6.5!New Balance Women's 530v1 Sneaker - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    $695 Leather NIB Halston Heritage Pleated Shaft Gunmetal Grey Leather Heritage Halston Mid-Calf Boot 8.5 da4b336 - 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 Leather NIB Halston Heritage Pleated Shaft Gunmetal Grey Leather Heritage Halston Mid-Calf Boot 8.5 da4b336 - 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 Leather NIB Halston Heritage Pleated Shaft Gunmetal Grey Leather Heritage Halston Mid-Calf Boot 8.5 da4b336
    Boots
    >
    ;