Never miss an update

FRYE Joy Womens 28824 10 M Brown Strap Leather Studded Platform Sandals Heels Ankle Strap Sandals 328dd95




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
US Shoe Size (Women's): 10
Material: Leather Color: Brown
Style: Platform Brand: Frye
Width: Medium (B, M) UPC: Does not apply
Never miss an update

FRYE Joy Womens 28824 10 M Brown Strap Leather Studded Platform Sandals Heels Ankle Strap Sandals 328dd95 - blurrypron.com

    FRYE Joy Womens 28824 10 M Brown Strap Leather Studded Platform Sandals Heels Ankle Strap Sandals 328dd95
    FRYE Joy Womens 28824 10 M Brown Strap Leather Studded Platform Sandals Heels Ankle Strap Sandals 328dd95
    Vionic Orthaheel Womens Amber Pearl Adjustable Sandals 7Earth Suede Peep-Toe Wedge Sandals Curvet Dark Khaki 5.5M NEW A288114Kenneth Cole REACTION Women's Fine Platform Wedge Slingback Jeweled SandalSperry Top-Sider Pink Leather Thong Flip Flop Sandals Women's Size 7.5 NWOBMuk Luks Women’s Malena Slipper, Light Grey, Large (9-10) M US , Mia Women's Elina Flat Sandal Black Leather Sandals , Merrell womens encore eclipse bug brown leather slip-on shoes 9.5 mSAM EDELMAN Gifford Snakeskin Gold Leather Beige Stones Sandals Sz 6M EUC! $120 , Josef Seibel Women's Bonnie 27 Dress Sandal, Brandy, 42 EU/11-11.5 M US , Reef Women's Cushion Breeze Flip Flop, Premium Waterproof Black Black 9 M US , American Eagle Cognac Open Toe Chunky Heel , OluKai Womens Anela T-strap Thong Sandals Shoes Sz 7.5 Gold leatherJBU by Jambu Women's Myrtle Wedge Sandal Charcoal 8 M US , Jambu Women's JBU Wildflower Sandal Red Microbuck SandalsNWOB Easy Street Carrigan Sandals Size 9M Black Mid Heel Peep Toe , Aerosoles Women's Buttercup Slide Bone Leather SandalsNIB $85 DV by DOLCE VITA KEONI Caramel Braided Multi Leather Sandals 8New Womens Worishofer Fatelli Leather Ankle Strap Sandals Shoes Size 6 Germany , FREE PEOPLE Vegan Redlands Footbed Retail: $78 (NWB) , Taos Womens Size 36 5-5.5 Carousel Gray Comfort Wedge Sandals , Charles by Charles David Women's Tazz Black Leather SandalMerrell Leather Sport Sandals-Women's Size 8 Aluminum , Wild MATIKO 'MONACCO' Sculpted PLATFORM Colorful SANDALS Linen Leather Size 7.5Overlapping Criss Cross Straps Platform Ankle Strap Sandals Adult Women SilverVia Spiga Women's Izett Espadrille Wedge Sandal, Beech Suede, 6 M US , Womens Strsppy Sandals Flats Patent Leather Casual Fashion Loafers Pumps ShoesAerosoles Women's Buttercup Slide Pink Leather Sandals , Women’s Wolky Black Leather “Jewel” Comfort Sandals Shoes Sz US 5.5-6Bearpaw Women's Viola Strappy Sandal Dark Brown Faux Leather Strappy Sandals
    FRYE Joy Womens 28824 10 M Brown Strap Leather Studded Platform Sandals Heels Ankle Strap Sandals 328dd95 - blurrypron.com>FRYE Joy Womens 28824 10 M Brown Strap Leather Studded Platform Sandals Heels Ankle Strap Sandals 328dd95 - blurrypron.com
    Steve Madden Women's Brisk Ankle Bootie - Choose SZ/Color , Prada Ankle Soft Leather Boots 35.5 (5.5) Calzature Nappa Stretch 1 Nero , CESARE PACIOTTI Black Canvas/Leather Casual shoes/Sneakers Size 5/As NewAsics Gel Lethal 18 Mens Lightweight Football Boots (0190) , Alexander McQueen Black Silver Heel Ankle Boot 485800 New in BoxPaul Mayer Attitudes Bingo Ballet Flats 351, Leopard, 6.5 US , Hot Womens Real Leather Flats Slip On Mules Ankle Boots Slippers Loafers OxfordsNIB Tory Burch LAILA Driver Ballet Flat Shoes Black Leather Size 8.5Betsey Johnson Jayce Floral Fabric Block Heel Sandals, Women's Size 10, PinkRockport Women's Comfort Craving Pilot Path Pump, Black, (Size: 7 W) , JEFFREY CAMPBELL California Platform Wedge SZ 6M Havana Last Leather Black Women , Cobb Hill Women's Abigail-Ch Dress Pump - Choose SZ/Color*GIANMARCO LORENZI * FOR BODYAMR NAVY SUEDE ANKLE CUFF STILETTO HEELS ()Painted German Shepherd Print Running Shoes For Women-Free Shipping , ASICS T778N Gel-Quantum 360 Running Shoes Womens Size 9.5Nike Air Max LTD 3 PREM , Gentlemen/Ladies Vans Old Skool Men's Black/Floral A38G1QC6 Moderate price Excellent performance Diversified new design , NIKE AIR PYTHON PREMIUM TEAM RED MAROON WHITE GUM SNAKE BASKETBALL 705066 601Men's Genuine Wild West Real Ostrich Leg Cowboy Leather BootsKlogs Dusty Unisex Clogs White - 8 NarrowNike Womens Internationalist Barely Rose Pink Trainers 828407 612 , Man's/Woman's adidas Women's Crazyflight X Volleyball Shoe Promotion New style Seasonal hot sale , Womens Nike Flyknit Lunar Lunar3 shoes 698182 302 sneakers size 7 , Womens ADIDAS SUPERNOVA SEQUENCE 9 Running Shoes Blue Adidas Boost NEWNEW Air Jordan 1 XX Rebel Retro Chicago Bulls DS Red White AT4151-100 Size 9.5New Balance Women's 696v1 Classic Sneaker - Choose SZ/Color , Mr/Ms KISS-200-46 Various goods High quality and economy TRUE , G by Guess Womens Hailee WC Round Toe Knee High Fashion Boots Brown Size 8.0 G , Durango Crush Brown Cowgirl Western Boots DCRD014 Women's 7.5 Pink Flowered , GRAY KNEE-HIGH BOOT BURNISHED,NEW, 70% OFF,BY MATISSE ,6.0,6.5,7.0,7.5,8.0,8.5,9 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    FRYE Joy Womens 28824 10 M Brown Strap Leather Studded Platform Sandals Heels Ankle Strap Sandals 328dd95 - 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.

    FRYE Joy Womens 28824 10 M Brown Strap Leather Studded Platform Sandals Heels Ankle Strap Sandals 328dd95 - 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
    FRYE Joy Womens 28824 10 M Brown Strap Leather Studded Platform Sandals Heels Ankle Strap Sandals 328dd95
    Sandals
    >
    ;