Never miss an update

$275 LUXURY REBEL SUMAYA Hickory Hickory mogochinese-29999 9.5 Suede Designer Ankle Boots Heels 9.5 75b6789




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: Luxury Rebel
Material: Suede Style: Ankle Boots
Occasion: Clubwear US Shoe Size (Women's): 9.5
Fastening: Pull On Width: Medium (B, M)
Main Color: Hickory Color: Hickory
Sub Style: Boots Heel Type: Block
DSB sku: B9247 Heel Height: High (3 in. and Up)
EUR Size: 39.5 UPC: 884878068818
Never miss an update

$275 LUXURY REBEL SUMAYA Hickory Hickory mogochinese-29999 9.5 Suede Designer Ankle Boots Heels 9.5 75b6789 - blurrypron.com

    $275 LUXURY REBEL SUMAYA Hickory Hickory mogochinese-29999 9.5 Suede Designer Ankle Boots Heels 9.5 75b6789
    $275 LUXURY REBEL SUMAYA Hickory Hickory mogochinese-29999 9.5 Suede Designer Ankle Boots Heels 9.5 75b6789
    DR SCHOLL'S Booties Sz 11 Original Collection Ireland Wedge Black Pull OnJessica Simpson Black Nubuck Kailey Feather Charm Peep Toe High Heel Ankle Boot , Tod's Womens Sz 39 Black Leather Tall High Heel Riding Boots Made in Italy , Kelsi Dagger Brooklyn KDB Kline Western Pointed Emroidered Ankle Boot CinnamonPLEASER Delight-690 6" Heel Sexy Exotic BootieSCHUTZ Cibby Neutral Nude Leather Mid Heel Platform Comfortable Fashion BootieVintage Durango RD510 Women's Black Leather Motorcycle Riding Boots Sz 6M , Bar III Tilt Women Boot (6.5M, Black)Merrell Women's Siren Sport 2 Waterproof Hiking Sh - Choose SZ/color , JOIE Women's Black Leather stitch detail Mid Calf Boots Size 39.5 (bota1300Cape Robbin Mini Mermaid Blue All Around Crystals Thigh High Stiletto Tall BootRoberto Del Carlo Oxfords Great Condition 38.5 , Bar III Naomi Women Boot (8.5M, Black) , Frye Womens Hannah Engineer Cashew Color Size 8 $348 , Shellys London Frasier Black Leather Grommet Buckle Strap Angled Block Heel Boot , USA VINTAGE DAN POST 4213 BROWN EXOTIC LEATHER COWBOY WESTERN BOOTS SZ 8A , To Be Announced TBA Womens Leather Side Zip Metallic Boot Retail $165 size 7 , Ladies Motorcycle Biker Blk Spiked Sexy Synthetic Side zipper High Heel Boot New , NINE WEST Womens 'Just This' Brown Leather Ankle Booties Sz 5.5 NEW! 229863BEARPAW Womens Melanie: 16 In. Slouch Suede Boot Color/SizeMerrell HAVEN AUTUMN WATERPROOF Boots In Black Size 6Ellen Tracy Return Womens Gun Metal/ Dark Grey Heel Booties size 7 , TRACY REESE Size 40 /US 10 Black Suede Ankle Black Boots HeelsZigi Girl Truffle Hidden Leather Wedge Boot Brown Women Sz 7 4315Man's/Woman's Harley-Davidson Women's Ardsley Motorcycle Boot Not so expensive online shop Great choice , Charles By Charles David Sycamore Merlot Burgundy Fitted Stretch Over Knee Boots , Schutz Eloanah Chestnut Brown Suede Rabbit Fur Lined Wedge Winter Warm BootsJ.Crew canvas leather boots size 8 (bota1400ANTHROPOLOGIE FREE PEOPLE HYBRID HEELS Brown LEATHER ANKLE BOOTS
    $275 LUXURY REBEL SUMAYA Hickory Hickory mogochinese-29999 9.5 Suede Designer Ankle Boots Heels 9.5 75b6789 - blurrypron.com>$275 LUXURY REBEL SUMAYA Hickory Hickory mogochinese-29999 9.5 Suede Designer Ankle Boots Heels 9.5 75b6789 - blurrypron.com
    Women's Muck Hale Black / Jade Multi-Season Rubber Boot - HAW-300Patrick Cox white Loafer size Eu43 () made in UK $150Caterpillar Bruiser Scrunch Fur Black Silver Slip On Womens Fashion Boots UK3-4 , Gentleman/Lady Pleaser DELIGHT-1016 Practical and economical The highest quality material a wide variety of goods , ara Women's Rylan 44404 Black Nubuck/Calf Comfort ShoesAlegria Seville Bronze Patent Mule Clog 37 PG LiteMan/Woman Layola Red Suede Franco Sarto Pump durability Sufficient supply Caramel, gentle$198 VIA SPIGA RANDY T. Moro Brown Shiny Crocodile Designer Pointed Toe Pump 8.5 , Men's/Women's NEW PAS DE ROUGE WOMENS PUMP Beautiful design Upper material As of the latest modelBorn Crown Womans Sandals Size 4 Beige Suede Perforated Bow Leather Flip Flops , Jessica Simpson JS-KYRAN - Flat Sandal Size: - Color: , New Style Womens Mid Crepper Leather Sandal Shoes Casual Fashion Ankle BuckleGladiator Rhinestone beach shoes Women's shoes Hot Strappy Flip Flop Sandal FlatNEW Skechers Breathe Easy Jackpot 22532-WHT Womens Shoes Trainers Sneakers SALE , New Balance MT910GX3 Athletic Shoes - Men's Size 9.5 D, Turquoise/Red , Nike KD V [554988-401] Basketball Durant 5 Christmas Hyper Blue/Atomic Green-RedNike Men's Air Trainer III PRM QS Size 9.5 NEW 682933 001 Bo Knows Horse Racing , Nike Air Jordan 2011 BLACK/DARK CHARCOAL sz 11 stealth katrina xi iii iv viiMAISON MARTIN MARGIELA Black Leather Trainers Sneakers NewSperry Top-Sider Men's Striper S/O Leather Boat Shoe, Grey, 7 M US , NWT $118.00 TOMMY BAHAMA Women's CATALINAH White Leather/Mesh Sneaker SZ 10 NEW , adidas SAMOA W TEX - Beige;Grey - Womens , WOMEN'S SHOES SNEKAERS LACOSTE ZIANE CHUNKY 217 1 [733CAW1075001] , Gentleman/Lady New Balance Women's WE543V1 Running Sneaker Long-term reputation First quality As of the latest modelRoberto Cavalli Womens Black Leather Slip On Sneakers Size IT39/US9~RTL$895 , Blowfish Women's Schloss Ankle Boot Wheat 10 MRoman Womens Real Rabbit Fur Real Suede Rhingstone NEW Snow Shoes Mid Calf Boots , Women Genuine Leather Point Toe Ankle Boots Kitten Heel Back Zip Punk Pumps US8J. Adams Western Low Ankle Boot - Cut Out Stacked Heel Bootie - Comfortable...Women Floral Dragon Embroidery Ankle Boots Stilettos Super High Heel Wedding New ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    $275 LUXURY REBEL SUMAYA Hickory Hickory mogochinese-29999 9.5 Suede Designer Ankle Boots Heels 9.5 75b6789 - 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.

    $275 LUXURY REBEL SUMAYA Hickory Hickory mogochinese-29999 9.5 Suede Designer Ankle Boots Heels 9.5 75b6789 - 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
    $275 LUXURY REBEL SUMAYA Hickory Hickory mogochinese-29999 9.5 Suede Designer Ankle Boots Heels 9.5 75b6789
    Boots
    >
    ;