Never miss an update

Nine Owen West Women's Shoe Owen Nine Suede Ankle-High Leather Flat Shoe 63d3f5b




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
Catalog: 1681981085
MPN: NWOS7591612 Brand: Nine West
Style: Flat Shoe Gender: Women's
Model: Owen Suede
Never miss an update

Nine Owen West Women's Shoe Owen Nine Suede Ankle-High Leather Flat Shoe 63d3f5b - blurrypron.com

    Nine Owen West Women's Shoe Owen Nine Suede Ankle-High Leather Flat Shoe 63d3f5b
    Nine Owen West Women's Shoe Owen Nine Suede Ankle-High Leather Flat Shoe 63d3f5b
    Dansko Womens Clogs Sz 11.5 - 12 / 42 Black Leather Casual Professional ShoesSalvatore Ferragamo Women's Size 9.5 3 A Brown Leather Dress Shoes BOWSTrotters Arianna Dress Shoes - Women's Size 9M, BlackTory Burch Black & Blue Quilted Leather Captoe Ballet Flats Women's Size 7.5Clarks Sillian Bella On Shoe Womens Casual ShoesGentlemen/Ladies Donald Pliner Penn Suede Slip-On Crazy price, Birmingham discount price Diversified new designSperry Top-Sider Women's A/O BLUE 2-Eye Liberty Floral Size 7.5 MATHLETA VIDI By YOSI SAMRA SLIP ON MULE- BLACK Sz 6 , Vionic Women's Snug Adeline Premium Leather Orthotic Loafers NavyNine West Womens Marie Casual Perforated Round Toe Ballet Flats Shoes BHFO 4919Clarks Purple Leather Gracelin Mara Slip On Comfort Ballet Flats 8.5 NEWMarc Jacobs (Sz 38.5) Polka Dot Pointy Toe Side-Buckle Ballet Flats SlidesNEW Cobb Hill CBR12 Izzy Perforated Suede Booties, Women's Size 9M, TaupeAttilio Giusti Leombruni Navy Blue Shimmer Suede Loafers Flats sz: 40 | US 10 , Clarks Women's Hedge Poole Slip on Shoes Black Style 02339 , Rockport Cobb Hill Laila Mary Janes, Women's Size 8.5 M, BlackCC Corso Como Galaxy Oxfords, Women's Size 8 M, NudeSkechers Empress Looking Good On Shoes Womens Casual ShoesJambu Blossom Encore On Shoes Womens Casual Shoes Flat Heel , Womens Report NIB Elisabeth Gold Flats 6 MTHINK! Leather Sandals Women shoes Red & Pink Cork comfort Size US 9-9.5 , NINE WEST Womens 'Saxxen' Black Leather Pointy Toe Flats Sz 13 M - 231753 , Clarks Leisa Lacole Sandals Leather Womens Slide Shoes Low Heel , Naot Taupe Suede Criss Cross Strap Flats in Size 38/US 7-EUC RAREBernie Mev Women's Demure Slip-On Woven Flat Shoes Black Sizes 37-41Women's Skechers Slip on - Microburst-ONE UP - Black - New!Dansko Womens Burgundy Wine Red, Mary Jane Clogs, Shoes Size US 6.5 - 7Miz Mooz Maria Women's Flats - Women's size 7.5/8 - BlackCole Haan Sz 6 Monroe Teal Suede Leather Penny Loafer Flats Slip On
    Nine Owen West Women's Shoe Owen Nine Suede Ankle-High Leather Flat Shoe 63d3f5b - blurrypron.com>Nine Owen West Women's Shoe Owen Nine Suede Ankle-High Leather Flat Shoe 63d3f5b - blurrypron.com
    Pleaser Womens Ado1018uv/Nhp/m Ankle BootieM- Pick SZ/Color. , L.A.M.B. Gwen Stefani Doroata Oxford bootie Size 7.5 NEW with Box* , STUART WEITZMAN Womens Black Suede Ankle Booties Sz 7 M , STEEL BLUE 332152 Argyle Zip Safety Work Boots Steel Toe Cap Wheat Sz 3 , Puma Blaze Classic Mens Running Trainers 361334 Sneakers Shoes 03 , Boots PIKOLINOS Brown Leather T 37 VERY GOOD CONDITION , PUMA CHAUSSURE HEART SUEDE - 01BLK - 3 1/2 (4059505320256) , Women's Nicholas Kirkwood IT 41 Cobalt Blue Suede Alona Slip On Loafers Shoes 11 , Indigo Rd. Babel Black Womens Heels 7.5M (7.5, Black)women's pointy toes slip on block heel leather British shoes party fashion pumpsSCHUTZ Women's Damila Heeled Sandal, Black Multi, 7 M USMan's/Woman's Sundowner Radar White Heels Clearance price auction Superb craftsmanship , New Summer Womens Mules T-Strap Fashion Low Heels Sandals Casual Leather Shoesadidas Superstar 80S Pk - Grey - MensNike Air Max 180 Ultramarine White Solar Red OG Retro (615287-100) - Sz 11 , Men's Brand New Classic Traditionnels Athletic Fashion Sneakers [U520CL] , Ralph Lauren Ian Smooth Sport Black Mens Trainers , NEW SUPRA SKYTOP BLACK CAYMAN SURF SKATEBOARD HIP HOP SPORTS SHOES 10NIKE AIR DIAMOND TURF GYM RED-GYM RED-WHITE SZ 10 [309434-600] , Nike Air Max Flyknit Running Shoe Multi Color Black Blue Size 12.5HARLEY DAVIDSON Black Men's Steel Toe Motorcycle Boots, Size:9Mens Pointy Toe Rivet Slip On Nightclub Evening Party Dress Shoes Leather sz Hot , K-Swiss Clean Court Womens Fashion Sneaker- Choose SZ/Color. , ECCO Womens 'Mobile II' Shadow White Leather Fashion Sneakers Sz 41 NEW! 229837adidas Women's W Adipure DC Golf Shoe - Choose SZ/ColorDansko Women's Delphina Peep Toe Bootie Black Milled Nubuck Zipper , 1710 adidas Aerobounce ST Women's Training Running Shoes BW0317 , DONALD J. PLINER Gray Leather "Cissy" Ankle Bootie Size 7.5Fashion Women Suede Block Round Toe Fringe Pull On Warm Knee High Boots Winter99sexy women's pole dance stilettos patent leather knee high boots nightclub shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nine Owen West Women's Shoe Owen Nine Suede Ankle-High Leather Flat Shoe 63d3f5b - 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.

    Nine Owen West Women's Shoe Owen Nine Suede Ankle-High Leather Flat Shoe 63d3f5b - 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
    Nine Owen West Women's Shoe Owen Nine Suede Ankle-High Leather Flat Shoe 63d3f5b
    Flats
    >
    ;