Never miss an update

Men/Women Loeffler Randall varieties Women's Wilder Women's (Nappa) Many delivery varieties Preferred material Immediate delivery 9ade2a9

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Loeffler Randall
Pattern: Solid MPN: -Black/Cherry
Exact Heel Height: Not specified Style: Riding, Equestrian
Product ID: 884141456236 Main Colour: Black
Width: Standard (B)
Never miss an update

Men/Women Loeffler Randall varieties Women's Wilder Women's (Nappa) Many delivery varieties Preferred material Immediate delivery 9ade2a9 -

    Men/Women Loeffler Randall varieties Women's Wilder Women's (Nappa) Many delivery varieties Preferred material Immediate delivery 9ade2a9
    Men/Women Loeffler Randall varieties Women's Wilder Women's (Nappa) Many delivery varieties Preferred material Immediate delivery 9ade2a9
    Eva Turner Women's Boots Black Leather Shoes Buckles Np 469 New , Versace 19.69 B2374 VITELLO NERO Low Boots Women's Black AUWomens Ladies New Rock Boots Sexy Goth Punk Heel Fashion LeatherM.7943-C10 , DR MARTENS WOMEN'S 1460 PASCAL GLITTER, TURQUOISE MULTI, //US 8Womens Ladies New Rock Boots Sexy Goth Punk Heel Fashion LeatherM.7919-S1Women Boots Suede model BERENICE by HGilliane Design Aus 2 to 10.5Fivefingers Vibram FUROSHIKI RUSSIAN FELT MID BOOT 17UCH05 Grey mod. 17UCH05Gentlemen/Ladies Sam Edelman Women's Millard Ankle Boot economic International choice Different styles , Demonia Stack 301 Ladies Black Mat Punk Goth Wedge Platform Hell Vegan BootsNEW JEFFREY CAMPBELL LEGION Combat Boot Black ShineSteel Ground New Black Leather Ladies Platform Ankle Boots Block Heel Rock BikerBlundstone Womens' 500 Classic Brown Leather BootWomens Van Dal Knee High Boots Shelby , AUTHENTIC CHRISTIAN LOUBOUTIN ESOTERI BOOTIES SHORT BOOTS BEIGE GRADE B USED -AT , Demonia Trashville 205 Unisex Black Goth Punk Cyber Gogo Buckle Ankle BootsMen's/Women's Demonia DAMNED-318 online sale The highest quality material Lightweight shoes , Boots & Braces Unisex Black Leather 4 Buckles Boots 12 Hole Combat Punk Rock , Womens Office Kove Flat Slouch Suede Boots BLACK SUEDE BootsGENUINE WOMENS ARMANI JEANS HIGH BOOTS Z5546 BLACK LEATHER (B1) US 5.5 , Blundstone 1614 SIDE BOOT BLACK TARTAN black mod. 1614 , NWT Alice + Olivia 'Donnie' Black and Gold Haircalf Boots - 37.5 , Laura Vita Angelina 14 Womens Boots Khaki New Shoes , Kurt Geiger Tara Black Over the Knee Boots- Black rrp CH09 22Women boots leather model DEWI Aus 2 to 10.5Dr Martens Doc 14 Hole 1B99 Black Virginia Zip 11820008 the OriginalAUTHENTIC CHRISTIAN LOUBOUTIN POINTED TOE BOOTIES BLACK RED 37.5 GRADE B USED-AT , Men/Women Devious BALLET-2020 Reasonable price Sales Italy The first batch of customers' comprehensive specificationsNew Rock Women's Leather Punk Boots M.PUNK001-C1 NomadaMORI PLATFORM OVERKNEE HEELS ITALY STIEFEL BOOTS STRETCH LEATHER BLACK NERO 45 ,
    Men/Women Loeffler Randall varieties Women's Wilder Women's (Nappa) Many delivery varieties Preferred material Immediate delivery 9ade2a9 ->Men/Women Loeffler Randall varieties Women's Wilder Women's (Nappa) Many delivery varieties Preferred material Immediate delivery 9ade2a9 -
    Frye Women's Dark Brown Leather Shirley Strappy Boot 6420 Size 6.5B , Mizuno Sonic Rush White Black Men Running Racing Shoes Trainers J1GA1883-09Naturalizer dayln Womens Boots Modern Grey Microfiber 7.5 US / 5.5 UKnike womens air max 1 print trainers 528898 401 sneakers shoesSperry Top-Sider Katherine Driving Style Loafers 584, Black, 7.5 US / 38 EU , Man/Woman Stuart Weitzmann Turnover Size 38 We have won praise from our customers. Sufficient supply Outstanding functionMen's Air Jordan 1 Low Basketball Shoe 553558-005 , Munro American Women's Black Leather Mallory Slip-on Loafer Size 4MMen/Women Skechers Women's Bikers-Flare Ankle Bootie bargain Win the praise of customers Clearance saleStuart Weitzman Black Fabric Rhinestone Vamp Pointed Toe Heels Pumps 8 1/2 MKenneth Cole New York High Heel Booties Style Sandals Size 8 1/2, Black , Delight-1018FNSTAR 6" STAR FISHNET COVER CLASSIC POLE DANCE PLATFORM ANKLE BOOTBZ230 ISLO shoes burgundy velvet women pumps , Nike Flex Experience RN 6 PREM Women's Running Shoe 881804 400 Size 5.5 , Gentleman/Lady CRISTIAN Shoes 426288 Blue 35 Selling King of quantity a wide variety of goods , Adidas Essential Star 3 Running Shoes (BA8951) Athletic Sneakers Trainers Runner*Rare new Reebok insta pump fury x End Clothing US 9 100% authenticNIKE AIR ZOOM BLADE PRO MEN'S FOOTBALL CLEATS SIZE 10.5Nike Air Max Infuriate Low Size 12 Black/ Red Bred Trainer , DC ADYS300391 Mens Trase Le- Choose SZ/Color.Converse JP Jack Purcell M-Series OX Antique Sepia [151448C] Mens 6 Womens 7.5Adidas Stan Smith Update black mens shoes sneakers trainers B25849NIKE AIR HUARACHE DRIFT PREMIUM Black-Purple-Orange running training sneakersDICKIES Steel-Toe Black Suede / Leather Work Ankle Boots Men's Size 12Mark Nason Size 9 1/2 Dark Brown EUC Dragon Collection Harness Boots No InsoleBLACKSTONE SCM 001 NAVY BLUE SUEDE LEATHER SLIP ON CASUAL SHOES 13 NEW , ALLEN EDMONDS "DEVONSHIRE" OXBLOOD/BURGUNDY APRON/KILTIE LOAFERS (Sz 13B)Allen Edmonds brogues, black leather, men's shoe size US 8.5 $459 , Women High Stiletto Heel Strench Over Knee Thigh Boots Patent Leather Shoes sz , Madeline Women's Rue Bootie Black Textile Ankle Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men/Women Loeffler Randall varieties Women's Wilder Women's (Nappa) Many delivery varieties Preferred material Immediate delivery 9ade2a9 -

    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.

    Men/Women Loeffler Randall varieties Women's Wilder Women's (Nappa) Many delivery varieties Preferred material Immediate delivery 9ade2a9 -

    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.


    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
    Men/Women Loeffler Randall varieties Women's Wilder Women's (Nappa) Many delivery varieties Preferred material Immediate delivery 9ade2a9