Never miss an update

OLUKAI WOMENS WAIALUA MESH TRENCH BLUE 27323 SIZE WOMENS MESH 8 c7b06c9




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: Loafers & Moccasins
Color: BLUE US Shoe Size (Women's): 8
Brand: OLUKAI Width: Medium (B, M)
UPC: 883956311846
Never miss an update

OLUKAI WOMENS WAIALUA MESH TRENCH BLUE 27323 SIZE WOMENS MESH 8 c7b06c9 - blurrypron.com

    OLUKAI WOMENS WAIALUA MESH TRENCH BLUE 27323 SIZE WOMENS MESH 8 c7b06c9
    OLUKAI WOMENS WAIALUA MESH TRENCH BLUE 27323 SIZE WOMENS MESH 8 c7b06c9
    ROVERS BEAUTIFUL AND RARE BROWN LEATHER SHOES/BOOTIES MADE IN PORTUGAL SZ38/7 , New JCREW Gemma Cap Toe Flats G0878 $118 BRIGHT GROTTO BLUE 8 NEWMercedes Castillo Women's Blue Leather Flats Made in Brazil Slippers Size 7Donald J. Pliner Degree Cowhide Print Italian Shoes Women's size: 6 1/2 M , ABEO Abby 3 Dimensional Digital Design Pewter Mary Jane Shoes Women's Size 10 , NEW Anthropologie Shellys black Velvet Sequined Bow Slip On Flat Shoe 38/ 7-7.5 , OLUKAI WOMENS WAIALUA MESH TRENCH BLUE SIZE 9.5Donald J Pliner Rue Flat Slip-On Mules, Sand/Sand, 6 USGentleman/Lady Melissa - Panapana - Black Big clearance sale Trendy Clearance sale , EUC Pebbled Gold Leather HOGAN Ballet Flats Slip on Shoes, size 10 Made in Italy , Clarks Gracelin Lola Black Combi 26131536 Women's Shoe's , Sarah Jessica Parker SJP Gelsey Women Flats Nude Leather *NEW* Size 37 1/2 BB12 , EUC Metallic Brown Leather CAMPER Mary Jane Shoes, size 35 US women's 5NIB Auth Badgley Mischka 'SECRET' Black Silk/Sequin Leather Dressy Flats Size 6M , GUILLAUME HINFRAY Flats - LEOPARD Sz 6 () NEW! Made in Italy $350NEW Vince Camuto BELLAMY Tan Suede Ankle Strap Pump Rosewood Tie Strap 10MTHIERRY RABOTIN Black Solid Lena Comfort Loafer Shoes EUC Sz 9 Bin 3443MINT 37 7 DANSKO BROWN SIDE GORE LOAFER CLOG WOMENS SLIP ON SHOE BICYCLE TOE , Ecco Womens Shoes Size 39 US 8.5 Brown Leather Mary Jane Comfort Clogs 1 Strap , Man's/Woman's Bordello Women's Teeze 06R Strong heat and wear resistance Make full use of materials Popular recommendationPOUR LA VICTOIRE, NICIA PATENT OXFORD, GREY, WOMENS, US 7.5 M, EURO 37.5, NIBMunro Olympia Casual Slip On Shoes, Women's - Size 6 M, BlackStylish Women's Real Rabbit Fur Flat Slipper Metal Decor Shoes Mules Size , Women's Shoes BRIGHTON HEART Leather Ballet Flats Gold Size 6Tory Burch Tasmin Floral Espadrille Flat Shoes Navy blue Women's SZ 7B , Vintage SHOES PURSE Set! ESCADA ITALIAN HANDSEWN LEATHER Fur Gold Ivory 37.5 7.5Salomon Ellipse 2 CS WP Women's Hiking Shoes Size 7Tod's Gommini Brown Penny Loafer Driver Moccasin Flats Shoes Size 39 9Naot Wedge Slip Ons-Women's size 5 Black ,
    OLUKAI WOMENS WAIALUA MESH TRENCH BLUE 27323 SIZE WOMENS MESH 8 c7b06c9 - blurrypron.com>OLUKAI WOMENS WAIALUA MESH TRENCH BLUE 27323 SIZE WOMENS MESH 8 c7b06c9 - blurrypron.com
    Jeffrey Campbell Reanya Heel Bootie Sz 10 $170Charles David Studio Leopard Print Women's Brown Calf Hair Bootie Sz 8.5 2812 * , Hunter Original Tour Canvas Boots Red Size US 5 (UK3) , 50% OFF-Bates Men's Soft Toe Delta ICS Side Zip Tactical/Police/ Swat Boots-12USLaura Vita Womens Burton 21 Trainers, Orange Orange Orange, 8 UKWomen's Skechers 76442 Navy/Gray Work Shoe Lightweight Safety Toe Slip Resistant16 CM Stiletto Heel Womens Platform Buckle Cross Strap Sandals Peep Toe Clubwear , RETAIL $225 Via Spiga Gold Honour 2 Copper Strappy Sandals Size 7M , MADDEN GIRL Beella Women Open Toe High Heel Shoes Blush Fabric TanYSL Yves Saint Laurent Road Grey Leather Janis 105 Pumps Platforms 40.5 10.5 , Rainbow Sandal Madison Narrow Strap With Braid and Rolled Strap,Black, X-Large , Womens Roman Shoes Sandals Strap Buckle Pumps High Heels Leather Open Toe Size #Rockabilly pin up pink and white polka dot sandals 8Sakroots Women's Calypso Platform Slide Black and White Spirit Desert Waterproof , HOGAN H257 WOMAN BANDS CROSSING FLATS SANDALS SHOES CODE HXW2570U450CYOM024 , 52399 Navy Skechers Shoe Men's Memory Foam Sport Mesh Casual Train Walk Training , SPORT BY SKECHERS ALIK SHOES / NAVY BLUE MEMORY FOAM ATHLETIC SNEAKERS MENS NWT! , Nike Mens Size 7 Train Speed 4 Camo White Grey Athletic Running Shoes $100 , Men Nike Air Max Infuriate Low Basketball Shoes Size 9Air Jordan Max Fusion Nike Retro 2012 Size 7 Red & WhiteMan's/Woman's Jordan DNA Men's Gym Red/Black/White A1539601 Long-term reputation Let our goods go to the world Clearance saleNike Air Max 90 Essential Black/Midnight Navy (AJ1285 007)Asics Tiger Gel-Respector x Patta H60UK-0509 Beige/Orange Men Sizes NEW Limited , Tony Lama Black Label 2809 Gray Exotic Skin Roper Cowboy Boots Mens size 11 B , Winter snow Mens Casual Warm Ankle Boots fur outdoor hike Sneakers Shoes NewKenneth Cole REACTION Men's Set Site Oxford - Choose SZ/ColorDE TOMMASO Clasic Solid Black Leather Captoe Oxford Dress Shoes - / US 9Stussy x Suicoke OG-056STU / MOTO-STU Summer Trip Fest Olive Camo Vibram SoleNIKE Womens Air Force 1 Hi Se 860544-301 VINTAGE GREEN/VINTAGE GREEN Size 11Dolce Vita Womens US 6 Black Leather Buckle Pull On Knee-High Casual Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    OLUKAI WOMENS WAIALUA MESH TRENCH BLUE 27323 SIZE WOMENS MESH 8 c7b06c9 - 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.

    OLUKAI WOMENS WAIALUA MESH TRENCH BLUE 27323 SIZE WOMENS MESH 8 c7b06c9 - 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
    OLUKAI WOMENS WAIALUA MESH TRENCH BLUE 27323 SIZE WOMENS MESH 8 c7b06c9
    Flats
    >
    ;