Never miss an update

Men's Sole Slip On Leather Driving Driving 29151 Shoes Moccasins Boat Shoes Soft Sole Shoes sgh1-5 0110572




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: Unbranded
Material: Synthetic Style: Boat Shoes
Pattern: Solid Country/Region of Manufacture: China
Width: Medium (D, M)
Never miss an update

Men's Sole Slip On Leather Driving Driving 29151 Shoes Moccasins Boat Shoes Soft Sole Shoes sgh1-5 0110572 - blurrypron.com

    Men's Sole Slip On Leather Driving Driving 29151 Shoes Moccasins Boat Shoes Soft Sole Shoes sgh1-5 0110572
    Men's Sole Slip On Leather Driving Driving 29151 Shoes Moccasins Boat Shoes Soft Sole Shoes sgh1-5 0110572
    Youth Men Metallic Stripe Fashion Sneakers Casual Walking Shoes High Top Shoes , Mens Driving Leather Breathable Comfy Loafers Casual Business Slip On Shoes New2018 Handmade Mens Velvet Loafers Slippers Gold Buckle Wedding Driving shoes NewMens Round Toe Suede Slip On Loafers Flat Business Dress Casual Shoes Sz 4.5 -14NIB! P.W. MINOR MENS NATURAL STRAP DX2 BLACK CALFSKIN ORTHOPEDIC SHOES 7W WIDE , Brooks Chariot Shoes (8.5) Turquoise / Purple / WhiteJapan New Breathable Baotou Men's Leather Slippers New Summer Fashion Shoes Size , Hush Puppies Roland Jester HM01330-021 Grey SuedeNew Bass Cornell 7 D black (1419)Lacoste Men's Carnaby Evo 2 Black Sneakers ShoesFashion Mens Spike suede pointy Punk Studded rivet Loafer casual dress shoes new , Brooks Chariot Shoes (8.5) Blue Depths / Quarry / Teal , Mens Leisure Black Suede Bowknot Slippers Flat Banquet Loafers Dress ShoesFashion Mens casual Sequins Spike Punk Studded rivet Street Loafers dress shoes , Nemesis Watch Inc. Skull Head Series Quartz Stainless Steel and LeatherRetro Mens Leather Loafers Bowtie Slip on Belgian Dress Shoes Driving Boat ShoesMens Flats Floral Pointed Toe Nightclub Loafers Slip On Driving Shoes NEW E337Punk Mens Loafers Pointed Toe Flats Slip On Snakeskin Pattern Nightclub Shoes sz , NEW Mens Suede Leather Loafers Formal Dress Business Shoes Slip on tassel Shoes , Florsheim Comfortech 30323 Men's 10.5 D Brown Dress Casual , Hot Mens Leather Floral Round Toe Loafers Slip On Singer Nightclub Casual ShoesGBritish Men's Leather Shoes Low Top Round Toe Cuban Heel Fashion NEW SIZE HOT , Men Fashion Slip On Rivet Punk Goth Round Toe Casual Sneaker Shoes , Vogue Mens Spike pointy Toe Punk Studded Rivet Loafers casual dress shoes Slip// , Allen Edmonds Hillside Golden Brown Leather Weave Woven Dress Shoe Mens Sz 9 d a , NICE *G.H. BASS* Hank Black Leather, Slip On, Dress Loafer, Shoes, S.11 M , Fashion Mens Pointed Toe Slip On Loafters Rivets Stars Gommino Driving Shoes SzFashion Men's Casual Round Toe Flat Heel Shoes Side Zip Motorcycle Punk Boots SzMens Dress Shoes Slip On Oxford Wedding Prom Tuxedo Black Loafers shoes Size
    Men's Sole Slip On Leather Driving Driving 29151 Shoes Moccasins Boat Shoes Soft Sole Shoes sgh1-5 0110572 - blurrypron.com>Men's Sole Slip On Leather Driving Driving 29151 Shoes Moccasins Boat Shoes Soft Sole Shoes sgh1-5 0110572 - blurrypron.com
    Womens Buckle Tassels Flat Fashion Round Toe Roma knee HIgh Boots Shoes 34-45Man/Woman Sbicca Women's Zepp Boot Exquisite (middle) workmanship New style Very practical , Diba True Womens Show Tunes Leather Pointed Toe Ankle, Cognac Leather, Size 6.5Adidas Duramo Lite 2.0 [CG4044] Men Running Shoes Black/Carbon-WhitePuma Sneakers Shoes El Rey Africa Mask Slippers Unisex Speed Cat Future 35 - 45 , Gentlemen/Ladies Air Jordan 6 “Maroon” 9.5 main category Affordable TRUESam Edelman Taye Womens Boots Black/Multi Venezia Metallic Jacquard 7.5 US / 5. , Mr/Ms EMU Platinum Esperance Chocolate Sheepskin Boots Packaging diversity the most economical Exquisite (processing) processing , PLEASER CLASSIQUE-20 METALLIC BLUE PUMPS SIZES US 5-16 , Bebe "Zarina" Purple Satin and Leather 5" Heel Satin Women Stilettos Size 9Ellie Shoes Sexy High Heel Black PU Peep Toe Calf High Boots 609-VANNA/BLKPWomens Sandals Very High Stilettos Heels Pumps Open Toes Cross Strap Shoes Club , Nine West Womens Vaidin Suede Dress Pump- Pick SZ/Color.Brand New Cole Haan Jacinda Grad Open Toe Pumps Roccia Snake Size 7.5Authentic with Box Christian Louboutin Maillot Black suede 37.5 , Vans Vault OG Style 43 LX Smoke Blue Canvas White VN0A3DPBQMFK-SWISS X Lite Athletic CMF Mens Black/White/Fie SneakersNIKE AIR JORDAN 1 RETRO BANNED 2011 DS 100% AUTHENTIC SIZE 12Justin Cowboy work Boots ASTM Comp Toe Size 8D WK 4821 BLACK BROWN COMPOSITION600$ Tod's Tan Desert Boots Sport Cassetta Corda Size US 11 Made in Italy , New DC SHOES ADYS300126 TRASE TX M Men's Royal Sneakers US Size 6~8 , Vans Unisex Old Skool (Logo Mix) Skate Sneakers , Men's/Women's Mens DC (Black/Black/White) Net Shoes New varieties are launched Medium cost Most practical , Christian Louboutin Men's linen red slip on slipper Shoes US 11 , mens tall knee high black leather gladiator sandals Greek Roman Cosplay warrior , Nike Classic Cortez Nylon Women's Fossil/Fossil/White 49864201PUMA 2018 Ribbon Basket Bow Wns White Sneakers Athletic Shoes PKI36731901 , Nike Women’s Dunk Sky Hi Was Essential Lava Glow Size 10 , New Tory Burch sz 9,10 Natasha Ballet Flat-Split suede/Raffia Shoes , Womens Black 2.5" Low Heel Ankle Straps Side Buckle Sexy Knee Boot Size 6.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's Sole Slip On Leather Driving Driving 29151 Shoes Moccasins Boat Shoes Soft Sole Shoes sgh1-5 0110572 - 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 Sole Slip On Leather Driving Driving 29151 Shoes Moccasins Boat Shoes Soft Sole Shoes sgh1-5 0110572 - 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 Sole Slip On Leather Driving Driving 29151 Shoes Moccasins Boat Shoes Soft Sole Shoes sgh1-5 0110572
    Casual Shoes
    >
    ;