Never miss an update

Fashion shoes Pronto Men shoes 100%genuine brown leather leather brown color 9d02674




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
Modified Item: No
US Shoe Size (Men's): 8 Style: Platform Shoes
Brand: Fashion pronto UPC: Does not apply
Never miss an update

Fashion shoes Pronto Men shoes 100%genuine brown leather leather brown color 9d02674 - blurrypron.com

    Fashion shoes Pronto Men shoes 100%genuine brown leather leather brown color 9d02674
    Fashion shoes Pronto Men shoes 100%genuine brown leather leather brown color 9d02674
    Clarks Padmore II Lo Mens Stinson Lo- Choose SZ/Color.MERRELL MENS ENCORE REXTON SLIDE AC+ CASTLEROCK SIZE 10Clarks 26130644 Mens Vanek Apron Loafer 1- Choose SZ/Color.Lacoste Men's Lerond Fashion Sneaker - Choose SZ/Color , crocs Mens Beach Line CanvasBoat ShoeUS- Pick SZ/Color. , Lacoste Men’s Lt Fit Sneakers - Choose SZ/ColorMens stylish ankle short high Top Boots leather fur lined winter warm shoes hotOLUKAI MENS SHOES NOHEA MOKU DARK SHADOW SIZE 11.5COLE HAAN TUCKER GRAND MEN'S CHESTNUT LEATHER SLIP ON SHOES SZ 13, #C20044Nautilus Men's Brown Leather Steel Toe SR SD Slip On Work Shoe N1620 , VISVIM x Cabane De Zucca Purple US10 (28cm) UWOB 2001 100% Authentic FIL Cubism , Calvin Klein Men's Piper Oily Suede Slip-On Loafer, - Choose SZ/ColorSperry Top-Sider Men's Sahara Original 2-Eye Boat Shoes, Genuine All LeatherDonald J Pliner “Victor” 2 Tone White Ivory Suede Leather Loafers Shoes 14 EXCNew Mens Converse DR. SEUSS 'How The Grinch Stole Christmas' CT 119104F Shoes , MCRAE OCP COYOTE HOT WEATHER BOOTS US ARMY ISSUE 9.5 REG VIBRAM SOLE , New Designer Winter Men Boots Shoes Warm Zapatos Hombre Motorcycle Zipper BootsBen Sherman Men's Percy Suede Fashion Sneaker - Choose SZ/Color , Nike MEN'S SB Zoom Dunk High Pro SIZE 11 BRAND NEW Red White Blue Skateboarding , CAMPER MAN CASUAL FREE TIME SNEAKER SHOES SUEDE CODE 18873-002 , Man's/Woman's Rocky AlphaForce Oxford Shoe flagship store First grade in its class A balance between toughness and hardnessRockport Men's Style Future Plain Toe Oxford - Choose SZ/ColorCole Hann Grand.OS Size 9 Brown Leather Loafers New Mens ShoesTRASK BROWN DISTRESSED SLIP ON POWER SHOES 9 M , Dr. MARTENS R16544601 - Dante Size: - Color: , Brooks Brothers Mens Tie Driving Moccasins Size 10 NWTNike SB Zoom Blazer Mid Black White Mens Suede Skateboard ShoesOsiris D3 2001 WHITE BLACK RED Skate Shoes CLASSIC , Dr Martens Air Wave Green boots Size 12 Made In England.
    Fashion shoes Pronto Men shoes 100%genuine brown leather leather brown color 9d02674 - blurrypron.com>Fashion shoes Pronto Men shoes 100%genuine brown leather leather brown color 9d02674 - blurrypron.com
    l Womens Low Heel Suede Leather riding Round Toe D6 Knee-High Boots US4.5-10.5DOC DR. MARTENS PURPLE UNION JACK FLAG BOOTS RARE VINTAGE MADE IN ENGLAND 6UKNew In Box B Brian Atwood Snake Sole Ankle Booties 6NIKE MENS AIR ZOOM PEGASUS 35 COBALT BLAZE BLUE VOID SHOES 2018 **FREE POST AUST , * NEW * Asics Gel Venture 6 Womens Running Shoe (B) (9097)adidas ClimaWarm Choleah Climaproof High Boots Womens Grey/Green Winter Shoes , Legero Tanaro, Womens Low-Top Sneakers, Grey Metall 92, 7.5 EUBrown Suede & Textile DANSKO Low Shoes w/Stretchy Cord Lacing US 8.5 - 9BADGLEY MISCHKA BRONZE GOLD GLITTER STRAPPY STILETTOS Sz 5.5MDemonia 5" skeleton heel platform studded pumpSchutz Kay Leopard Dyed Calf Fur Pump Micro Studded Platform Size 8 MSRP: $220Women's Burberry Black Slingback Heels Buckle Sandals Size 39.5 8.5Nike Air Max Thea Mid Size 9 Women's Lifestyle Shoes Boots 859550-002 Black NEW , Mr/Ms Spring Step Men Men's Fudge Slipper sell Let our goods go to the world Vintage tide shoes , Nike Lunarestoa 2 SE Bright Crimson/Anthracite-Fuchsia Flash 821772-600 SZ 10.5Z-Coil Anniversary Edition Mens Comfort Pain Relief Shoes Sz 9 -EUCAdidas x Pharrell Williams Human Race NMD Hu Solar Orange BB9528 Sz 9.5 nerdHot Sale Leather Slip On buckle Loafers Men's Driving moccasin shoes SZ US 39-45 , Fashion Men's Fringe Tassel Patent Leather Casual Driving Loafer Pull On Shoes , Sperry Top-Sider Size 10 Halyard 2-Eye Black Canvas Boat Shoe New Mens ShoesMen's Born Casual Moc Toe SlipOn Shoe Luis Dark Brown Leather H42423 , BZ762 FDF SHOES shoes blue suede men elegantNike Dual Tone Racer SE Women Shoes 940418-200 Size 10.5 , Nike Women's Free 5.0 TR FIT iD White-Grey-Green Running Shoe 10 (747447-996) , Hoka One One Clayton 2 Women's Running Shoes Dubarry Blue Topaz 1014777 Tennis , Topo Athletic Cor Running Shoes - Women's Black/Black 7 , New Balance W1540WB2 Women's 1540v2 Optimum Control White Running Sneakers ShoesWomen Nike Air Force1 Women Size 8.5 Shoes High Premium Suede Obsidian Pink 1428 , Vintage Arche Women's Boots Size 41 Made in France , Jimmy Choo Womens Booties Heels Size 38 US 8 Beige Leather Pointed Toe
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Fashion shoes Pronto Men shoes 100%genuine brown leather leather brown color 9d02674 - 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.

    Fashion shoes Pronto Men shoes 100%genuine brown leather leather brown color 9d02674 - 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
    Fashion shoes Pronto Men shoes 100%genuine brown leather leather brown color 9d02674
    Casual Shoes
    >
    ;