Never miss an update

Men's Bolano Moc Loafers Black Exotic Snake Print Moc Men's Toe 13 Buckle US Sizes 9 - 13 9d5b940




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
Color: Black
Width: Medium (D, M) Modified Item: No
Brand: Bolano Country/Region of Manufacture: China
Pattern: Solid Style: Loafers & Slip Ons
Features: Buckle Material: Man Made
Never miss an update

Men's Bolano Moc Loafers Black Exotic Snake Print Moc Men's Toe 13 Buckle US Sizes 9 - 13 9d5b940 - blurrypron.com

    Men's Bolano Moc Loafers Black Exotic Snake Print Moc Men's Toe 13 Buckle US Sizes 9 - 13 9d5b940
    Men's Bolano Moc Loafers Black Exotic Snake Print Moc Men's Toe 13 Buckle US Sizes 9 - 13 9d5b940
    Demonia Black/White Leather Creepers Saddle Shoes 4 5 6 7 8 9 10 11 12 13MENS ADIDAS COLORVANTAGE ADICOLOR in colors HALBLU / HALBLU / HALBLU SZ 10NIB VANS OFF THE WALL BLACK BALL HI SF (MTE) BLACK MENS 11.5 VN00019ABLK , Funtasma Disco Costume Oxford Shoes Black Silver Glitter 8 9 10 11 12 13 14Demonia 2" Platform Vegan White Creepers Shoes Gothic 4 5 6 7 8 9 10 11 12 13 14 , NEW LACOSTE MANS SHOES, Sz. 10.5 and 11 , NEW Converse Jack Purcell JP Ox Mens 10 11.5 Fiberglass Green Shoes Sneakers NIBNEW Converse Jack Purcell JP Ox Mens 11 Shoes Sneakers Sunset Glow White 155634CNew Premium Sperry Top Sider Boat Shoes Bahama Fabric Nautical Anchor Size 11Tempur-Pedic MARKIS Loafer Moccasin Slip-On Shoes - Mens 9.5 - Black LeatherDemonia Men's SNEEKER-201 250 252 255 256 266 270 Platform Creeper High TopCREATIVE RECREATION Mens Forlano White Diamonds CR3170006 Shoes FASHION SNEAKERS , L.B. Evans Men's Vernan Moc Toe SlipperCole Haan Mens Black Executive Dress Slip On Loafers Shoes Size 11.5 M Italy , Men's Converse CTAS Vintage Slip 150179C Size 7.5Vans VN-0EYEBLK: Classic Slip-on Black White Canvas MensNike Air Jordans White 414588-01 Men's size 13Naturalizer Mens Saban Leather Closed Toe Penny LoaferNEW Converse CTAS Ox 7.5 9.5 Light Fawn Brown/White Fur Shoes Sneakers 157665CSkechers Men's Work Relaxed Fit Hobbes Frat SRPuma El Rey FUN Urban White Grey Men Casual Shoes Slip-On Sneakers 362371-04Cole Haan Men's Brown Leather Loafers Moc Toe Slip On Strap Driving Shoes 9.5 M , Brooks Men's Regent Sz US 10.5 M Multi Mesh & Synthetic Sneakers Shoes $125.00 , Clarks Allston Edge (Men's) Olive Nubuck Size 7.5M M95 , Mens 9.5 M Donald J Pliner Front Sneaker Sport Shoes Gray Leather Sneakers Italy , Merrell Realm Moc Loafers Chocolate Brown Leather Shoes 13 48 Slip On , NEW Converse CT Asylum Mid Midnight Blue Mens Size 11 Shoes Sneakers 147110C , MENS ADIDAS COLORVANTAGE ADICOLOR in colors HALBLU / HALBLU / HALBLU SIZE 11 , ROCKPORT CG8395 RYDLEY UP MEN'S CASUAL SHOES sz 9.5 W(WIDE) ,
    Men's Bolano Moc Loafers Black Exotic Snake Print Moc Men's Toe 13 Buckle US Sizes 9 - 13 9d5b940 - blurrypron.com>Men's Bolano Moc Loafers Black Exotic Snake Print Moc Men's Toe 13 Buckle US Sizes 9 - 13 9d5b940 - blurrypron.com
    Dr Martens Men's Hardy Chelsea Boots - Butterscotch$1200 Gianmarco Lorenzi Moss Green Velvet Knee High Heeled Rider Boots 8.5 39J1DG160113 | MIZUNO WOMENS WAVE CREATION 18 RRP $260 - FREE AUS SHIPPING , Camper Shoes Womens Right Nina 21595 Ballet Flat Leather Pumps Size 5-8BOGS Tacoma Equestrian Styled Womens Insulated Gumboots in TealNEW NINE WEST BEAUTIFUL WHITE LEATHER SANDALS SIZE 12.Men's/Women's Boohoo Womens Slogan Strappy Heels The color is very eye-catching Settlement Price Fashion dynamicVERA WANG Silver Sandals size 6 , Crocs Women's Isabella Block Heel W Wedge Sandal, Bronze/Gold, 9 M US , Rose Petals by Walking Cradles Women's Mulberry Slip On , TEVA KAYENTA WOMEN SANDALS SUEDE BLACK US 7 ///JP 24 , K-SWISS HOKE C CMF Low Men Sneakers Grey White 03614-087-M Sz7-12 Fast Shipping , Converse Men's Star Player Ox Trainers, Green , ADIDAS ORIGINALS TOPANGA S75500 MENS SNEAKERS SHOES SIZE US9 , Air Jordan XXXII 32 Mid Mens AA1253-007 Pure Platinum Basketball Sz 8;9;10.5 , Giuseppe Zanotti Raso Nero Crystal Sneaker- Grey/Crystal- Size US 12LUCCHESE BROWN LEATHER WESTERN COWBOY BOOTS 9 D , KING EXOTIC GRAY SNIP TOE GENUINE OSTRICH WESTERN COWBOY BOOT EE+ 94RD0338 , Zota Mens Shoes Crinkled Leather 3 tone Shiny Sharp Metal Toe G908-20 Brown Rust , Aldo Mens Trempe Slip-on Loafer, Black Leather, 10 D US , ASICS GEL COURT BELLA Womens Berry Plum Cotton Candy E655Y NEW Size 7 , Gentleman/Lady Converse Womens Ctas Hi Canvas Trainers Packaging diversity discount price Tide shoes listPUMA FIERCE evoKNIT Women Sneakers (8.5 M, BLACK/WHITE)5.11 Tactical 16002 Womens Recon Scope Orange Running, Cross Training Shoes 9.5 , NIKE Womens Nike Tanjun Racer 921668-200 MUSHROOM/MUSHROOM-SAIL-MUSLIN Size 9Womens NIKE HYPERVENOM PHANTOM 2 AG Soccer Football Cleats Shoes White SIZE 7.5 , 74% OFF NEW Womens LUCKY BRAND May riding Boots Distressed Brown sz 6m Ret $220 , C Wonder Black Suede Willa Fringe Ankle Boot New , Donald J Pliner Sandora Black Suede Boot Size 7M , adidas Women's adistar Tour 6-spike Golf Shoe - Choose SZ/Color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's Bolano Moc Loafers Black Exotic Snake Print Moc Men's Toe 13 Buckle US Sizes 9 - 13 9d5b940 - 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.

    Men's Bolano Moc Loafers Black Exotic Snake Print Moc Men's Toe 13 Buckle US Sizes 9 - 13 9d5b940 - 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
    Men's Bolano Moc Loafers Black Exotic Snake Print Moc Men's Toe 13 Buckle US Sizes 9 - 13 9d5b940
    Casual Shoes
    >
    ;