Never miss an update

LifeStride Women's Women's Giada Ankle 177, Boot, Black 177, Boot, 7 2W US 4c7068a




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
UPC: 736705464792
Weight: 1.54 lbs EAN: 0736705464792
Dimensions: L 11.4 x W 7.4 x H 4 inches Brand: LifeStride
PartNumber: D7595M1002-black 177-7 2W US MPN: D7595M1002
ProductGroup: Shoes Binding: Apparel
ISBN: Not Applicable Color: Black 177
US Shoe Size (Women's): 7 2W US Department: womens
Style: Not Applicable
Never miss an update

LifeStride Women's Women's Giada Ankle 177, Boot, Black 177, Boot, 7 2W US 4c7068a - blurrypron.com

    LifeStride Women's Women's Giada Ankle 177, Boot, Black 177, Boot, 7 2W US 4c7068a
    LifeStride Women's Women's Giada Ankle 177, Boot, Black 177, Boot, 7 2W US 4c7068a
    Summit by White Mountain Women's Pennilyn Black Leather BootOpportunity Shoes - Corso Como Women's Armando Fashion Boot, Black Worn Leather, , Dr. Scholl's Women's Encourage Gladiator Sandal - Choose SZ/color , NIB Dr. Martens Women Fur Lined LES 7-eye Boots Black Burnished Wyoming LeatherPrada Black Microfiber Ankle Boot Heel Shoe Size 36.5 6Dolce Vita Women's Melah Boot, Chestnut, 8 M US , Seychelles Women's Chaparral Ankle Bootie, Taupe, 7.5 M USNot Rated Women's Summer Boot, Taupe, 6.5 M US , BEARPAW Womens Kara: 10 in. Fur Boot HickoryII, 10Rock & Candy Women's Deane Fashion Boot, Black Faux, 6.5 Medium USWomen Clear Transparent Over Knee Boot Chunky Heel Sandal Shoes Gladiator Casual , HOT Women Genuine Leather Military Hiking Combat Sneaker Motorcycle Ankle Boots , CLARKS Women's Hidi Haze Nude Leather Boot , Cobb Hill Rockport Women's Genevieve Boot, Black, 6 M US , Men/Women Sporto Makela Cold-Weather Waterproof Black 7M Adequate supply and timely delivery Year-end sale negotiation , Massimo Matteo Women's Low Boot with Zipper Testa Di Moro BootEastland Women's Jezebel 1955 Chukka Boot, Tan, 10 M US , Nomad Women's Bobbi Boot, Black, 7 M USJack Rogers Women's Reagan Ankle Bootie, Oak, 11 M US , Blowfish Women's Seastie Ankle Bootie, Black Rancher Canvas, 6 M US , DV by Dolce Vita Landrie Women US 6 Brown Knee High Boot , Rocket Dog Women's Sam Coast Fabric Ankle Bootie, Sand, 6.5 M USSteve Madden Koma Women's Black Leather Over Knee Boots US Size 8 M ShoesFrye 76803 Wyatt Harness Brown Leather Cowgirl Western Boots Women's Size 6 B , Circus by Sam Edelman Women's Kilbourn Fashion Boo - Choose SZ/color , Madden Girl Women's Draaft Boot, Black Paris, 8.5 M USMan/Woman Bettie Page Women's BP588-Belladona Combat Boot Every item described is available Attractive fashion Preferential price , Retro Womens Suede Shoe Slouch Pointy Toe Pull On Cowboy Casual Ankle Boots Chic , Chinese Laundry Women's Jeopardy Mesh Boot, Nude, 8.5 M US ,
    LifeStride Women's Women's Giada Ankle 177, Boot, Black 177, Boot, 7 2W US 4c7068a - blurrypron.com>LifeStride Women's Women's Giada Ankle 177, Boot, Black 177, Boot, 7 2W US 4c7068a - blurrypron.com
    NWOB Born Cady Suede Gray Tall Boots SIZE 6 , New Nike Flex Supreme Tr3 Mens Cross Trainers/Sport ShoesNike Air Max LB Black White Anthracite Men Running Shoes Sneakers AH7336-004 , Man's/Woman's Zara AU Men Embroidered sneakers 5227/302/040 flagship store Let our goods go to the world best seller , Mustang Womens 1246-502 Hi-Top Trainers, Grey Grau, 4 UK , Bernie Mev Women's Shoes - Pop-Art Cut-Out Step-In Moccasins , Women's Sneaker Round Toe Slip on Casual Comfort Athletic Shoes Black Silver szDonald J Pliner 7.5 Black Snake Slingbacks , Vintage Rangoni Of Florence Women's White Multicolor Studs Sz 9AA NWOT No BoxNIB Cole Haan Air Margot Pump II Women's Patent Leather Pumps Size 10 , IVANKA TRUMP Dirent Metallic Fringe Bow Pointed Toe Pumps Size 7.5 Gold , BALLY Designer Premuda Sandals - Black, Size 7 , DOLCE & GABBANA light cream nude flat thong sandals gold logo buckle size 7 , Saucony Men's G9 CONTROL Premium Running Shoes Wine S70163-1 a1New Air Jordan Jump man Pro Quick Black Out Triple Black Size 10.5 (932687-010)Nike Flyknit Racer 2.0 Oreo size 10.5 , adidas Duramo Lite Trainers Mens Navy/Wht/Silver Sports Shoes Sneakers Footwear , Nike Air Force 1 Mid Mens 315123-205 Ridgerock Black Leather Shoes Size 8.5Men's/Women's ADlDAS PHARRELL HU - SIZE 5.5 fashion Sufficient supply leading the fashion , Justin 5175 Mens Sz 8 EE Cowboy Western Work Boots Brown Leather Round Toe 161-1Thom Mcan Black Leather Poron 4000 Lifetime Comfort Loafer Shoes Size 9 WMen's Fluevog Earth Angel Ezekiel White Casual Oxfords US10New Latest VIC slip on low heels shoes w/ gold and black bow leather sz 40 US 9adidas Stan Smith CF W White Black Leather Classic Women Shoes Sneakers BY2975 , ASICS Women's GEL Evate 3 Running Shoe - Choose SZ/ColorAdidas Mary Katrantzou Superstar Sneakers Shoes Womens US 6.5 / F 38 / NIBISABEL MARANT Wedge Sneakers Shoes Boots UK7 EU40 FR41 New , Adidas Originals Women's Rita Ora Superstar Slip-On Shoes Size 9 us S82793Womens Pull On Mixed Color Ankle Stilettos High Heels Shoes Point Toe ZsellSexy Platform Stilettos Over Knee Thigh High Boots Tassel Women Ladies High Boot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    LifeStride Women's Women's Giada Ankle 177, Boot, Black 177, Boot, 7 2W US 4c7068a - 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.

    LifeStride Women's Women's Giada Ankle 177, Boot, Black 177, Boot, 7 2W US 4c7068a - 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
    LifeStride Women's Women's Giada Ankle 177, Boot, Black 177, Boot, 7 2W US 4c7068a
    Boots
    >
    ;