Never miss an update

$800 23360 Sutor Mantellassi 7 Green Shoes Size/ 7 (US)/ 6 (EU) 4b12dfc




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
Brand: Sutor Mantellassi
US Shoe Size (Men's): 7 Style: Casual/Comfort
Country/Region of Manufacture: Italy UPC: 702535219468
Never miss an update

$800 23360 Sutor Mantellassi 7 Green Shoes Size/ 7 (US)/ 6 (EU) 4b12dfc - blurrypron.com

    $800 23360 Sutor Mantellassi 7 Green Shoes Size/ 7 (US)/ 6 (EU) 4b12dfc
    $800 23360 Sutor Mantellassi 7 Green Shoes Size/ 7 (US)/ 6 (EU) 4b12dfc
    Ronnie Fieg x Asics Gel Lyte III 3 Gold KFE USA GL3 IN HAND (discount) 8.5-10 , C-1647140 New Bally Willet White Calf Plain Sneakers Shoes Size US 9 D , Lucasarts Lucien Piccard Mens Navona Stainless Steel Watch W/ Black Leather Band , AUTHENTIC JIMMY CHOO MEN'S CAMOUFLAGE SNEAKERS 41 MULTI COLOR GRADE B USED-AT , C-1648140 New Bally Willet White Calf Plain Sneakers Shoes Size US 9.5 D , $875 Sutor Mantellassi Blue Shoes Size 8 (US) / 7 (EU) , J-2260197 New Balenciaga Pella S. Gomme High Top Sneaker Shoes Size 40 US 7 , C-1644140 New Bally Willet White Calf Plain Sneakers Shoes Size US 7 D , $775 Sutor Mantellassi Brown Shoes Size 12.5 (US) / 11.5 (EU)C-1640140 New Bally Willet White Calf Plain Sneakers Shoes Size US 9 DNew $850 Sutor Mantellassi Dark Brown Suede Shoes - 7/6 - (SM5107743420) , C-1609100 New Bally Wabler Chocolate Calf Grained Moccasins Shoes Size US 11.5 DICON LAB man's loafer dark brown 100% leather MADE IN SPAIN mod. 604052 heel cm$775 Sutor Mantellassi Yellow Shoes Size 11.5 (US) / 10.5 (EU) , Belvedere Men's Vasco Genuine Hornback Crocodile Soft Calf Red Shoes 336122 , AUTHENTIC SAINT LAURENT CHECKERED LOW TOP SNEAKERS WHITE & BLACK GR B USED - HPAUTH LUXURY PRADA PENNY LOAFER SHOES 2DD001 BLACK SUEDE US 7 , men's shoes CHURCH'S 6 () desert boots blue suede AH479 , New In Box Bally 'Willet' Blue Leather Strap Low Top Sneakers Sz 6.5/7.5 $495.00AUTH LUXURY PRADA SLIPPER SHOES 2DD116 BLUE SUEDE NEW US 7 , Lucasarts Lucien Piccard Mens Montana Quartz Stainless Steel and Black LeatherGoodMan 41271 Black Laser Cut Leather Fashion Classic Shoes 42 / US 9 , C-1650140 New Bally Willet White Calf Plain Sneakers Shoes Size US 10.5 D , New $850 Sutor Mantellassi Brown Shoes - Loafers - 11/10 - (SM5107743433)AUTH LUXURY PRADA SLIPPER SHOES 2DD116 BLUE SUEDE NEW US 10.5 , Rainbow Retro Low Tops Sneakers by Brit Boss , $900 Sutor Mantellassi Brown Shoes Size 11 (US) / 10 (EU) , Bacco Bucci White Leather High Top Sneakers. Made in Italy SIze 13 US Teogiuseppe zanotti mens shoes, brand new, wear less than 5 times. ,
    $800 23360 Sutor Mantellassi 7 Green Shoes Size/ 7 (US)/ 6 (EU) 4b12dfc - blurrypron.com>$800 23360 Sutor Mantellassi 7 Green Shoes Size/ 7 (US)/ 6 (EU) 4b12dfc - blurrypron.com
    Men/Women Aldo Women's Koredia Ankle Bootie Long-term reputation Medium cost comfortableDurango Women's Crush Western Boots Style DCRD146 , Corral Women's Western Square Toe Cowboy Boots Sand Snake Inlay A3414ADIDAS ORIGINALS SUPERSTAR 80s Men's Leather Sneakers Shoes Trainers White Blue , ASICS MAN FREE TIME CASUAL SNEAKER SHOES SUEDE CODE HL6B1 GEL-LYTE IIIEUC Christian louboutin 39 Espadrilles Ladies Wedges Shoes , Ivanka Trump Carra Classic Dress Pumps 639, Light Green, 7 US , Fly London Mire Leather Flat, 36, Red , LADIES SHOES/FOOTWEAR - Naot Anika sandal graphic black , BED STU Cobbler Step FLATS Womens size 5 / 36 Coral Leather Shoes New in Box , STICO NEC-05 Mens BLACK Non-Slip Safety Chef Kitchen Toe-Cap Shoe , Men's/Women's BELGIAN SHOES-BLACK EMBOSSED LEATHER-SIZE-8.5AAA-WORN 1X-EXCELLENT CONDITION Various styles buy Immediate delivery , Madewell The Inez Stud Ankle-Strap Shoe heel pump size 6.5 (SH1000Man/Woman vans authentic size 11 Packaging diversity In short supply Authentic guaranteeNike Mens Lunarglide 8 Shoes Athletic Sneakers Blue AA8676 400 New All Sizes , Nike Men's Paul Rodriguez Renew Ankle-High Skateboarding Shoe , Skechers Men's TRONTOM - Quillin Athletic Shoe Size 9.5 , New Nike Kobe XI 11 TB White Navy 856485-141 Basketball Size 12.5 USA New Lakers , Vintage 90s Converse One Star Suede Navy w/ Black Label NOS Never Worn RARE 5 , 09 Nike Air Jordan VII 7 Retro DMP ORLANDO MAGIC WHITE BLUE 304775-161 Size 12 , Mens Lightweight Steel Toe Work Safety Shoes Mesh Sneakers Hiking Walking BootsMerrell World Legend Leather Loafer Slip On Brown Ortholite Shoes Size 10 US , NIB $1250 KITON Tomato Red Suede Low-Top Sneakers US 9 (It 8) ShoesASICS GT-1000 6 - Blue - WomensWomens Cow Leather Flower Fashion Sneakers Flat Heel Slingback New Mules Oxfords , New Balance Women's Fresh Foam Zantev2 Running Shoe, Pink/Black, 6.5 B US , FRYE Womens Gia Canvas Low - Choose SZ/ColorWomens Riding Butterfly Pointy Toe Cuban Heels Over Knee High Boots Knight ShoesMr/Ms Chinese Laundry Women's Kind Heart Boot Great variety Environmentally friendly Superb craftsmanshipChic Women Winter Warm Boots Suede Big Fur Platform Creepers Zipper Casual Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    $800 23360 Sutor Mantellassi 7 Green Shoes Size/ 7 (US)/ 6 (EU) 4b12dfc - 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.

    $800 23360 Sutor Mantellassi 7 Green Shoes Size/ 7 (US)/ 6 (EU) 4b12dfc - 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
    $800 23360 Sutor Mantellassi 7 Green Shoes Size/ 7 (US)/ 6 (EU) 4b12dfc
    Casual Shoes
    >
    ;