Never miss an update

New Shoes Miz Mooz Alexi 4262 Sandals Womens Shoes Casual Sandals Sandals Flat 20354bf




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: MIZ MOOZ
Size Scale: USW Gender: WOMENS
GTIN: 886547960478 Material: LEATHER
Heel Height: 1 CM
Never miss an update

New Shoes Miz Mooz Alexi 4262 Sandals Womens Shoes Casual Sandals Sandals Flat 20354bf - blurrypron.com

    New Shoes Miz Mooz Alexi 4262 Sandals Womens Shoes Casual Sandals Sandals Flat 20354bf
    New Shoes Miz Mooz Alexi 4262 Sandals Womens Shoes Casual Sandals Sandals Flat 20354bf
    New Django & Juliette 407 Womens Shoes Casual Sandals Sandals Flat , New Taos Encore Ts Womens Shoes Casual Shoes FlatNew Gamins Holey Black Patent Fabric Black Black Black Womens Shoes DressLADIES SHOES/FOOTWEAR - Klouds Nicki Mary jane style shoe blackNew Django & Juliette Odessa Bright Multi Womens Shoes Dress , New Django & Juliette Pacca Womens Shoes Casual Shoes Flat , LADIES SHOES/FOOTWEAR - Cassini Mews black/pewter shoeNew Eos Lauren W Black Womens Shoes Casual Sandals Sandals FlatWomens Ladies Jimmy Choo Flats Shoes Size US 6 Floral Print Pink NEWNew Django & Juliette Juzz Champagne Womens Shoes Casual Sandals Sandals Flat , New Supersoft Embark Dark Blue Womens Shoes Casual Shoes FlatNew Womens DKNY Brown Laura Mocassin Synthetic Shoes Loafers And Slip Ons On , Prada Mirror Slip On Derby Shoes Size 6UK/38.5EUGentlemen/Ladies Paul Green Chunky Loafer 2424 Easy to use In short supply Famous storeKENZO WOMEN'S COTTON ESPADRILLES SLIP ON SHOES NEW TIGER BORDEAUX 230Melissa Women's Ultragirl 20 Triple Bow Plastic Flat Rose Glitter , LADIES SHOES/FOOTWEAR - Cabello 341 black floral shoeNew Stegmann Peppa Camel Womens Shoes Casual Shoes FlatPaul Smith Newlyn Leather Women's Derby Shoes , New Supersoft Kelso Womens Shoes Casual Shoes FlatNew Django & Juliette Prickles Tan Womens Shoes Casual Sandals Sandals FlatNew Top End Peddler Womens Shoes Casual Shoes FlatNew Top End Morsel Womens Shoes Casual Shoes FlatNew Django & Juliette Juzz Apple Womens Shoes Casual Sandals Sandals Flat , Dr Martens Ladies 1461 Black Virginia Soft Nappa Leather Shoes , LADIES SHOES/FOOTWEAR -Rieker slip on shoe L1751 greyNew Walnut Amelia Womens Shoes Casual Shoes FlatNew Supersoft Phantom Black Womens Shoes Casual Shoes FlatNew Django & Juliette Belin Leopard Womens Shoes Casual Shoes Flat ,
    New Shoes Miz Mooz Alexi 4262 Sandals Womens Shoes Casual Sandals Sandals Flat 20354bf - blurrypron.com>New Shoes Miz Mooz Alexi 4262 Sandals Womens Shoes Casual Sandals Sandals Flat 20354bf - blurrypron.com
    Reebok Classic Npc Leather Men's Sneakers Shoes Workout Rbk plus TrainersBrand New Genuine NIKE SB BLAZER ZOOM LOW XT 864348 019 Casual Shoe AUS Stock , NIKE PG1 PROTOTYPE SHINING PRE HEAT BASKETBALL SHOES SZ11 JORDAN PG2 PLAYSTATIONWOMEN’S LEATHER BALLET FLATS, WALDLÄUFER HAMIKI SIZE H , AGL Mary Jane Flat Black Patent Leather With Bow, Womens Size 9 / 39 , Zee Alexis Women's Stella Woven Slip On Shoe Black Metallic 41 US 10.5 , ara Women's Nisha 45812 Pump Black Suede Comfort ShoesDrew Women's Antwerp Black Nubuck Slip-Resistant (Non-Skid) , COLE HAAN WOMEN'S ZERØGRAND WINGTIP OXFORDS (W00945) BLAZER BLUE 7 MEDIUM $230Men's/Women's Black Floral Pumps Fine workmanship New style Known for its beautiful qualityVince Taye Pink Womens Shoes Size 6.5 M Sandals MSRP $295NIKE NIKE LUNAR FINGERTRAP TR ANTHRACITE BLACK 898066-010 MENS US SIZES , NIKE ZOOM Maxcat 4 Track Running Shoe Spikes 549150 603 Mens 11.5 Hyper PUNCH , Man/Woman Rare Maroon nike roshe run Quality products Medium cost British temperamentConverse Pro 76 Low Top Leather Lunarlon Shoes size Men's 11 $80 155319CMens Nike Zoom Train Toranada Gamma Blue/Electric SZ 11.5 MSRP $140Nike SB Zoom Dunk High GINO IANNUCCI BLACK GRAPHITE OBSIDIAN 881758-001 sz 13 , Brand New Nike Jordan Retro 5 Pre Grapes Size 7 NEW Boys , Sale Shoes Under Armour 3020972 Hovr Phantom Man Running Sport Sneakers Black Cr , San Marina Brown Mirlo Derbies (Sz 40) , Rockport H79818 Mens Trail Technique 3 Strap Flat Sandal- Choose SZ/Color. , Guy Laroche handmade shoes size eu 41 dark brown (never worn/polished)New Olukai 20271 40ER Pehuea Black / Palm Women's Slip On Shoes 9 USWOMENS REEBOK FREESTYLE HI CN2964 White/Blue/Primal Red/GreySneakers and Athletic Nine West Onyeka Slip On Sneaker White Fez Nappa PUGentlemen/Ladies GEOX J KILWI Womens shoes J82D5H-007DW-C8011 Clearance price high quality Outstanding functionSaucony Men's Excursion TR11 GTX - Choose SZ/ColorBottega Veneta Mouton Enamel Boots 37 Japanese 24.0Cm (117482 , MAMZELLE Bottines Boots Cuir Bronze Motifs Brillants T 37 ETAT NEUFStelle Monelle Ankle Woven Short Boots Leather Made in Italy Italian New 38 7
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Shoes Miz Mooz Alexi 4262 Sandals Womens Shoes Casual Sandals Sandals Flat 20354bf - 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 Shoes Miz Mooz Alexi 4262 Sandals Womens Shoes Casual Sandals Sandals Flat 20354bf - 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 Shoes Miz Mooz Alexi 4262 Sandals Womens Shoes Casual Sandals Sandals Flat 20354bf
    Flats
    >
    ;