Never miss an update

Softwalk US Women's Ivanhoe Boot 22694 - Cognac 11 - 11 M US 98f3096




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
US Shoe Size (Women's): 11 M US
UPC: 887246329993 Material: Leather
Brand: Softwalk Color: Cognac
MPN: Softwalk Women's Ivanhoe Style: Boot
Never miss an update

Softwalk US Women's Ivanhoe Boot 22694 - Cognac 11 - 11 M US 98f3096 - blurrypron.com

    Softwalk US Women's Ivanhoe Boot 22694 - Cognac 11 - 11 M US 98f3096
    Softwalk US Women's Ivanhoe Boot 22694 - Cognac 11 - 11 M US 98f3096
    NEW HELENS HEART BLACK SEQUIN COWBOY BOOTS SIZE 5, 6, 7, 8, 9, 10, 11, 12NEW KEEN DEPART GREEN LEATHER BOOTS KEEN DRY WOMEN USA SIZE 10 M , GENTLE SOULS $375 Oh Shucks Knee BOOTS Ladies size 6 M Brown Leather Heel NewHunter Women's Original Short Gloss Boots Yellow Waterproof , NEW Sam Edelman Johanna Over the Knee Espresso Brown Suede Leather Boot Size 6 , $265 DIESEL Black Grey Suede Designer Ankle Cowgirl Boots 9The North Face NWB Womens Shellista II Mid Frost Grey/Evening Sand Pink Size 7 , AIRSTEP AS98 Women`s Biker Boots NEW Gray Size 8.5 , ZARA PRINTED LEATHER ANKLE BOOTS REF.3104/201 EU37/USA 6,5/Frye Phillip Harness Tall Moto Boot Grey Soft Vintage Leather Size 5.5 , NIB Australia Luxe Collective Monk Strap Shearling Wedge Boots in Sand Sz US 9Dr. Martens US Women's 6 Aimilita Combat Boot Brown A39The North Face NWB Womens Shellista II Desert Palm Brown/Balsam Blue Size 7 , Womens Turquoise Plain Leather Western Cowgirl Boots Mid Calf Casual Square Toe , WOMENS VTG NOCONA TALL FULL GENUINE SNAKESKIN BRN COWBOY WESTERN BOOTS 7.5~1/2 C , NEW Frye 76980 LINDSAY PLATE Short Boot size 6 B Dark BrownJEFFREY CAMPBELL ZION GOLD STUDS HI WEDGE BLACK SUEDE WOMEN ANKLE BOOTS 10Donald J Pliner New Alie Blue Womens Shoes Size 6 M Boots MSRP $268Hunter Women's Original Tall Rain Boots Navy 7Black Suede Leather Jimmy Choo Knee High Pointed Toe Boots Sz 37 US 6.5 7 , Women's Calvin Klein Fiorella Ankle Boots, Size 9 () Dark Brown, 2½" HeelJimmy Choo Womens Tall Over the Knee Boots Size 37.5 7.5 Brown Patent Leather , Muck AHT-MOCT GWG Arctic Hunter Tall Camo Women's Boots Girls with Guns Hunting , Salvatore Ferragamo Boot Knee High Leather Low Heel Dark Brown Size 7.5 AA , FRYE Madeline Trim Short Boots Ankle Grigio Oiled Suede Leather Size 9FENDI ZUCCA LOGO RAIN BOOTS SHOES 36/6Frye Womens Jayden Button Graphite Tall Riding Boots Shoe Size 11 M , Pikolinos Ordino W8M-8919 Brandy Womens Leather Ankle Boots , New Women's BED STU Becca Rustic Red Leather Ankle Boots Size 7 ,
    Softwalk US Women's Ivanhoe Boot 22694 - Cognac 11 - 11 M US 98f3096 - blurrypron.com>Softwalk US Women's Ivanhoe Boot 22694 - Cognac 11 - 11 M US 98f3096 - blurrypron.com
    BCBGeneration Bianco Boot, Cornsilk Suede Crosta (Women) , Hunter Original Tall Rain Boots Black Matte Size 8 - New in BoxStuart Weitzman Womens Tazzie Suede Closed Toe Ankle, Walnut Suede, Size 10.0 , Hello Kitty x Converse One Star Low OX Black Pink Suede Men Women Shoes 162938C , Adrianna Papell Megan Strappy Dress Sandals, Platino, 8 US / 38 EU , BLACK LEATHER MULES Slides Block Heel Open Toe Party Shoes Sandals Womens SlipPleaser Shoes Sexy Formal Prom Evening 5 Inches Cream High Heels Ankle Straps St , Rare Russell and Bromley pointed flats aso KateKeds Black Leather Slip On Ankle Boots Ladies 8M NEVER WORN , NIB $395 Tory Burch Grove 100mm Open Toe Bootie Heels 7 , TAOS open toe slide sandal Metallic/Multi SIZE 7 , Vans Sk8 Hi Reissue (twill & Gnghm) Cornstalk Khaki/black Mens 8New Nike Mens Train Speed 4 AMP Trainer Shoes 844102-617 sz 11 FSU Florida stateNIKE Men's Revolution 4 4E Running Shoe, Black/White-Anthracite, 11 Wide US , ASICS GT-Cool Express Ronnie Fieg "Sterling" Size 8Nike Air Jordan Retro 13 He Got Game Sz 6.5Y flint altitude db playoff wheat , ASICS GEL-Kayano 24 - Grey - MensMan/Woman jordan retro 11 Online Shopping Quality and quantity guaranteed Fashion versatile shoes , Adidas Originals Men's Swift Run Summer Shoes Size 7 to 13 us CQ3085 , Adidas Enforcer Mid Wheat/Black-Legacy Q34163 Men's SZ 9.5 , Nike Jordan Horizon, Jordan 13 Sole, Gym Red/White/infrared 23, 823581 601 11.5 , Nike Air Jordan 3 Retro Golf Cleat White Cement Size 8-14 AJ3783-100 Brand New , Christian Louboutin white leather junior 6 40 6uk , ECCO Mens Soft 7 Retro Fashion Sneaker- Pick SZ/Color.Twisted X Boots Men's MDMSTM1 Safety Toe Metguard Driving Moc Bomber Leather , Women's Nike x SACAI Dunk Lux SP Sz 6.5 100% Authentic 776446 774 NikeLab VoltNike Dunk Sky High Hidden Wedge Maroon Suede Sz 6.5 , Nike Air Max 90 Women's Binary Blue/Binary Blue/Muslin/Sail 81105401 , Durango Women's Lady Rebel 10" Western Boots Rd3551 Rare Color & Design 8.5 MMan/Woman Kodiak Women's Brina Snow Boot Durable service King of quantity comfortable ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Softwalk US Women's Ivanhoe Boot 22694 - Cognac 11 - 11 M US 98f3096 - 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.

    Softwalk US Women's Ivanhoe Boot 22694 - Cognac 11 - 11 M US 98f3096 - 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
    Softwalk US Women's Ivanhoe Boot 22694 - Cognac 11 - 11 M US 98f3096
    Boots
    >
    ;