Never miss an update

NEW WOMEN BOOT SO BOOT BRAND CLASSIC SHORT BLACK 1232 1232 BRAND ORIGINAL 9b332bf




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
Style: Boots
Width: Medium (B, M) Brand: So
Material: Cashmere Wool Color: Black / Black
Country/Region of Manufacture: China
Never miss an update

NEW WOMEN BOOT SO BOOT BRAND CLASSIC SHORT BLACK 1232 1232 BRAND ORIGINAL 9b332bf - blurrypron.com

    NEW WOMEN BOOT SO BOOT BRAND CLASSIC SHORT BLACK 1232 1232 BRAND ORIGINAL 9b332bf
    NEW WOMEN BOOT SO BOOT BRAND CLASSIC SHORT BLACK 1232 1232 BRAND ORIGINAL 9b332bf
    Man/Woman Steve Madden Boots excellent quality Comfortable touch Very good color , JOIE Morrison Tan Suede Leather Ankle Boots 7.5 , Men's/Women's DELIGHT-690 Consumer first Selected materials Direct businessAriat Women's Unbridled Jaycee Leather Ankle-High Boot , Womens Hale Muck Boots Sporty Multi Season Black & Pink Size 6 NEW NIB , Gentlemen/Ladies Carribean-216 Costume Shoes Adult Beautiful color stable quality Excellent functionMen's/Women's DELIGHT-3029 Elegant and sturdy set meal Known for its good quality Complete specifications , Man/Woman Kookaburra Boots Modern technology First quality Pick up at the boutiqueWomens Size 7.5 Arita Leather Heritage Cowgirl BootsArturo Chiang Siz 6 M Fionia Brown Leather Knee High Boots New Womens Shoes NWOBGentleman/Lady DELIGHT-3092 feature Beautiful appearance Direct businessRebecca Minkoff Suede Bootie - Women's Size 7.5 M, BlackSam Edelman Size 9 Paloma Over The Knee Black Boots Faux Suede New , Men's/Women's DELIGHT-1016 Guarantee quality and quantity Preferred material Selling new products , Man's/Woman's DELIGHT-1016 Attractive and durable Win highly appreciated Perfect processingMen/Women Women's Sport Boots Exquisite (middle) workmanship Elegant and sturdy packaging Famous store , Jessica Simpson Pumella Thigh Fashion Chocolate Leather Pointed Block Heel BootSkechers Womens DLites Rhinestud Ankle Bootie- Select SZ/Color.Le Chameau Women 40 8 Green Rain Boot Foul Weather Lined Wellington Vierzon MuckGentlemen/Ladies Betsey Johnson Women's Kacey Ankle Bootie service New style Famous store , Gentlemen/Ladies BEYOND-060 Durable service Quality First business , Men's/Women's womens corral boots size 7 Elegant shape the most economical Outstanding function , Gentlemen/Ladies Joules Women's Molly Welly Rain Boot High quality and cheap First batch of customers King of the crowdAnne Klein Women's Heward Suede Fashion Boot - Choose SZ/Color , Hussar Style Ladies Riding Boot size 8.5 NewSteve Madden Maxine Perforated Peep Toe Bootie in Cognac Suede- Brand New w/ BoxMan's/Woman's Ankle Snap Boot excellent quality Elegant style Explosive good goods , Gentleman/Lady Vionic Women's Agile Kea Slip-on Guarantee quality and quantity excellent Cheap orderMen's/Women's Skechers Women's Keepsakes-Sole Seeker Boot Quality queen First grade in its class Valuable boutique ,
    NEW WOMEN BOOT SO BOOT BRAND CLASSIC SHORT BLACK 1232 1232 BRAND ORIGINAL 9b332bf - blurrypron.com>NEW WOMEN BOOT SO BOOT BRAND CLASSIC SHORT BLACK 1232 1232 BRAND ORIGINAL 9b332bf - blurrypron.com
    BY623 MOMA shoes brown leather women ankle bootsALEXANDER MCQUEEN black leather silver texture studded zip biker boot shoe EU37Shoes Nike Zoom Stefan Janoski Mens Dark Obsidian White , Nike Air Max 1 Ultra Flyknit Mens Running Trainers 856958 566 Sneakers Shoes , ADIDAS MENS CF EXECUTOR BLACK WHITE BASKETBALL SHOES 2018 **BEST SELLERGentlemen/Ladies Pierre Cardin Slip Ons Women Leather Diverse new design Modern and stylish fashion uniqueJimmy Choo Glitter Leather Romy 85MM Pumps Womens Size M , FABULICIOUS Cocktail-509 Series 5" Heel Party Prom Bridal Ankle-Strap Sandal , NWOB Born Black Wedge Platform Sandals - 7 European 38Aerosoles Women's Push Ups Penny Loafer , Nike Blazer Mid Premium Quickstrike Allstar Area 72Nike Vandal High Supreme Leather White NIB Size US 12 Men AH8518 100 VERY RARE , adidas Ace 16.2 Primemesh FG/AG prime mesh men soccer cleats football NEW AQ3448NIKE AIR MAX MUSE VOLT MEN SIZE 12.0 VOLT NEW RARE RUNNING COMFORTABLE , AIR JORDAN J23 J 23 854557 011 BLACK/ANTHRACITE GREY/CROCODILE PRINT/MESH/STRAPAir Jordan Retro 11 VNDS “Bred” 2012 Release 100% Authentic Size 11.5 Nike , Air Jordan 1 High OG Royal Black ✳️ 555088-007 100% Deadstock DS ✳️Baffin Mens Hunter-M Green Knee Boots Size 9 (275053) , Caterpillar Men's Trey Fashion Boot - Choose SZ/ColorHush Puppies Asea Brown Leather Cushioned Strap Shoes Size 11 EW, 13 Extra Wide , MAGNANNI Men's Brown Plain Toe Leather Oxfords 11 MMens stylish Woven slip on Moccasins Leather Loafers Driving Flat shoes chic 18G.H. Bass Signature Oxford Saddle Shoe Pomona Taupe Suede Size U.S. 8.5 , Nike Flex Trainer 7 Womens Crosstrainer Shoe (B) (001) | SAVE $$$ , Gentlemen/Ladies Ana Lublin - EIVOR Beautiful color Good market high quality product , Hush Puppies Women's White Leather Walking Shoes 9.5 , adidas PureBoost DPR Women's White/White/Chalk Coral B75670Nike Romaleos 3 Weight Lifting Training Shoes 878557 001 Women Sz 12 NEW , Khombu Anne Waterproof Women Boots Sz 7 (MSRP $110) bp , TEVA FOXY BLACK WATERPROOF LEATHER ANKLE BOOTS BOOTIES SIZE US 6.5 WOMENS ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW WOMEN BOOT SO BOOT BRAND CLASSIC SHORT BLACK 1232 1232 BRAND ORIGINAL 9b332bf - 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.

    NEW WOMEN BOOT SO BOOT BRAND CLASSIC SHORT BLACK 1232 1232 BRAND ORIGINAL 9b332bf - 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
    NEW WOMEN BOOT SO BOOT BRAND CLASSIC SHORT BLACK 1232 1232 BRAND ORIGINAL 9b332bf
    Boots
    >
    ;