Never miss an update

Rampage Women's Knee-High Black Estafania Knee-High Boots Black Size 23259 8.5 M 7ddbccb




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Floor/Previously Displayed. You will receive the same photographed pair
Brand: Rampage Heel Height: High (3 in. and Up)
Style: Fashion - Knee-High Material: Synthetic
US Shoe Size (Women's): 8.5 Pattern: Other
Width: Medium (B, M) Country/Region of Manufacture: China
Color: Black Occasion: Casual or Dress
UPC: Does not apply
Never miss an update

Rampage Women's Knee-High Black Estafania Knee-High Boots Black Size 23259 8.5 M 7ddbccb - blurrypron.com

    Rampage Women's Knee-High Black Estafania Knee-High Boots Black Size 23259 8.5 M 7ddbccb
    Rampage Women's Knee-High Black Estafania Knee-High Boots Black Size 23259 8.5 M 7ddbccb
    Man's/Woman's Seychelles Black Leather Boots Size 7 Modern technology discount price Very good classification , Womens KURT GEIGER black / pewter leather high top sneakers / boots sz. 38 NEW!$468 Frye Jane Tall Boot Cuff Slate Burnished Antique Leather 77594 Size 8 BNEW Off-white Peep-toe High Heel Boots (Original Retail Price $132)Alfani Women's Junipper Dress Boots BLACK , Donald J Pliner Pull On Black Fabric Animal Print Knee High Boots Size 6 , Man/Woman Ladies Fashion Boots Size 8 Pre-Owned Selling comfortability At an affordable priceL.A.M.B. Gwen Stefani 'Jaycee' Bootie shoes size 7.5 (taco800)*Womens NINE WEST VINTAGE AMERICA black leather urban boots sz. 5 M NEW!EUC Ariat Western Womens US 11 B Medium Tracey Pull On Dust Brown Boots 10008628Jeffrey Campbell Perabo Light Grey Silver Capped Toe Flared Heel Ankle Bootie 8 , Cole Haan Janet Air Boots Women S Size 9B Brown Leather Fabric Pull Up , KELSI DAGGER Charmer Beige Python Leather Over The Knee Boots Size 10M (bota140NEW! FRANCO SARTO Burgundy Suede HIGHLAND Fur Ankle Trail Hiker Boots 7.5 $129 , Clarks Artisan Leather Slouch Boots - Volara Dina 6 m (BROWN) NO BoxDV By Dolce Vita Solvae Womens Black Leather Mid-Calf Biker Look Boots 8.5 NEWShellys London Frasier Black Leather Studded Buckle Pointed Chunky Heel Bootie , Gentlemen/Ladies Franco Sarto Women's Kolette Fashion Boot Consumer first Win the praise of customers professional design , Schutz Krosbie Neutral Nude Suede High Block Pointed Fomo Toe Cut Out Bootie , LUCKY BRAND WOMEN'S "LAUREEN" ANKLE BOOTS TUSCANY LEATHER US SIZE 10 MEDIUM (B)M , Gentleman/Lady Jambu Women's Spirit Bootie Vegan Ankle Attractive and durable Impeccable Very good colorwomen brown western style with brass tip Dingo size 9 1/2D bootsSpring Step Women's Vanish Snow Boot 5 1/2-6 color black 40 EU / 9 US , Women's Minnetonka Boots 3-Layer Grey Suede Mid-Calf , BCBGENERATION Womens 'Dreya' Black Leather Mid Calf Sz 9.5 M Boots NEW! 229007ALDO Men's Vianello-r Ankle Bootie, Dark Brown, 12 D US , Giani Bernini Size 6.5 M ALLCOTT Nut Brown Leather Boots New Womens Shoes NWOBMen's/Women's Restricted Womens Derby Fashion Riding Boots Exquisite (middle) workmanship Cheaper than the price List of explosions , New Women's Kenneth Cole Brown Suede Knee High "Go for it" Boots Size 6.5 M ,
    Rampage Women's Knee-High Black Estafania Knee-High Boots Black Size 23259 8.5 M 7ddbccb - blurrypron.com>Rampage Women's Knee-High Black Estafania Knee-High Boots Black Size 23259 8.5 M 7ddbccb - blurrypron.com
    Hunter Black Stripe Wellies Tall Rain Boot Galoshes US 7 Shoes RARE , FRYE MELISSA BUTTON EXTENDED CALF COGNAC BOOTS ~ 3477167 ~ SIZE 11 M ~NEW IN BOXMan/Woman Pleaser BEYOND-1020 High grade First quality Recommended today , EOFY SALE DR MARTENS Rare Black Leather Slip on sandal shoes PLATFORM , HUSH PUPPIES FARRAH WOMENS LADIES LEATHER SANDALS SMART/CASUAL COMFORTABLE , Prada Womens Shoes Black Ballet Flats Satin Casual Loafers Slip On Sz 37**Christian Louboutin** Black Leather Ostri Gold Eyelet Ballerina Flats , Womens Shoes - Ivanka Trump - Filipas - Size 6M - NWBGentlemen/Ladies PROGETTO Shoes 457530 Black 23cm New market Let our goods go to the world Famous storeYSL Yves Saint Laurent Black White Janis Flash Pumps Shoes Heels 40.5 10.5 $975FitFlop Women's Swoop Slide Sandal - Choose SZ/ColorKeds Women's Topkick Wool Sneaker, Black, 7 M US , Skechers 14921 Performance Womens Go 4 Walking Shoe- Choose SZ/Color. , 1999 Dunk High Men's Size 8 304717 141Mr/Ms Authentic Air Jordan Retro 10s GS Charming design Sales Italy Export , Saucony Men's Omni 16 Running Shoe, Grey Navy, 10.5 W USNew Nike Men's Free Flyknit Chukka Training Shoe Crimson/Lt Ash 639700-600 ** , Adidas C75206_8 Mens Mutombo 2 Originals Basketball Shoe 8- Choose SZ/Color.AUTHENTIC PRADA SNEAKERS SHOES 4E2860 GREY SUEDE NEW US 10.5Men's/Women's Hogan HXM2800T49011PO0Y31 sneaker Men's White US superior High quality and economy Rich on-time deliveryMen's/Women's Nike Kobe 6 “Gradient” Adequate supply and timely delivery International choice Brand feast1901 Men's Brown Suede Leather Moccassins Size-45 M , Women's Asics GEL-Nimbus 19 Lite-Show Running Athletic Shoes Dark Grey Size 9.5 , Ryka Women's Devotion Plus 2 Cross Trainer BlueDS Nike Roshe Run Nagoya Marathon sz 11.5 599432-006 Asia Exclusive Violet PinkGentleman/Lady Mudd Boots Size 7 durable modern Non-slipChelsea Womens Leather Retro High Top Brogue Shoes Wingtip Ankle Boots GothicStudded Suede Almond Toe Chunky Heeled Ankle Booties , MIA Women's Kori Ankle Boot, Black, 6.5 Medium US , Teva Women's W Foxy Ankle Boot Buffed Leather NWOT Size 9 Black Nubuck
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Rampage Women's Knee-High Black Estafania Knee-High Boots Black Size 23259 8.5 M 7ddbccb - 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.

    Rampage Women's Knee-High Black Estafania Knee-High Boots Black Size 23259 8.5 M 7ddbccb - 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
    Rampage Women's Knee-High Black Estafania Knee-High Boots Black Size 23259 8.5 M 7ddbccb
    Boots
    >
    ;