Never miss an update

Man/Woman mogochinese-24134 ras Shoes workmanship 411420 OrangexMulticolor 36 Moderate OrangexMulticolor price low cost Excellent workmanship 8c6a65b




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Item which there is little feeling of wearing, and is not worried about a dirt and damage
Brand: Unbranded Style: Not Specified
US Shoe Size (Women's): 55 Color: Orange
UPC: Does not apply
Never miss an update

Man/Woman mogochinese-24134 ras Shoes workmanship 411420 OrangexMulticolor 36 Moderate OrangexMulticolor price low cost Excellent workmanship 8c6a65b - blurrypron.com

    Man/Woman mogochinese-24134 ras Shoes workmanship 411420 OrangexMulticolor 36 Moderate OrangexMulticolor price low cost Excellent workmanship 8c6a65b
    Man/Woman mogochinese-24134 ras Shoes workmanship 411420 OrangexMulticolor 36 Moderate OrangexMulticolor price low cost Excellent workmanship 8c6a65b
    Gentleman/Lady Stephanie Shoes 871992 BluexMulticolor 38 Various goods Preferred material Diversified new designL'Autre Chose Shoes 284953 Black 35 , HARUMI 610 Shoes 334534 Multicolor 36 1/2Men/Women LOGAN Shoes 294334 GreyxBeige 36 Selling The highest quality material a wide variety of goodsGentlemen/Ladies Papillio Shoes 194231 Black 24cm Quality products excellent Quality and consumer first , BEAUTY&YOUTH UNITED ARROWS Shoes 237964 Black 36 , Man/Woman CYNTHIA VINCENT Shoes 820269 BrownxMulticolor 7 main category low cost ExportNew Scholl Orthaheel Foray Womens Comfortable Supportive Leather SandalsNew Andacco Miami Womens Comfort Flat Leather Slide Sandals Made In Brazil , CORSO ROMA 9 Shoes 697619 Brown 36 , Man's/Woman's Pippi Shoes 298653 Brown 36 wholesale First batch of customers Don't worry when shoppingNew Tsonga Kodwana Womens Leather Sandals Handmade In South AfricaCAR SHOE ( PRADA) Leather Buckle Bronze Glitter Sandal New W/o Tags Size 36.5Men/Women JILLSTUART Shoes 993958 Pink 23cm quality New in stock German Outlets , Gentleman/Lady Papillio Shoes 194248 Brown 23cm durability Modern and stylish fashion Speed ​​refundSchneider Camo Gray Womens MADE IN KOREA Sandal Shoes Stylish Summer Beach_Ec , Man/Woman Callisto Women's Zinnia Heeled Sandal Customer first First grade in its class Outstanding style , Men's/Women's Castaner Shoes 306445 Grey 36 Not so expensive Excellent performance Comfortable and natural , Gentleman/Lady Dalson Espadrilles Shoes 538135 Black 37 Beautiful color Won highly appreciated and widely trusted at home and abroad a wide variety of goodsMan/Woman Tsuru Shoes 745344 Pink 37 Good world reputation Excellent performance cheap price , Man's/Woman's MIA Women's Rosebud Ankle Bootie main category Cheaper than the price Modern mode , Gentlemen/Ladies gaimo Shoes 535795 Black 36 Rich design In short supply Modern and elegant , Gentleman/Lady Piche Abahouse Shoes 725664 Black 35 Beautiful design high quality valueMan's/Woman's gaimo Shoes 272547 WhitexMulticolor 35 Great variety Brand Reliable reputation , Gentleman/Lady CARRANO Shoes 036575 Beige 37 Wear resistant Affordable Maintenance capability , Meda Shoes 771414 Beige 22 1/2EXTRA ORDINARY Shoes 329602 BlackxWhite 38 , Gentleman/Lady Supreme.La.La. Shoes 274544 Beige M Consumer first Win highly appreciated Superb craftsmanshipMr/Ms KANNA Shoes 164048 Blue 36 New product Strong value Preferential price ,
    Man/Woman mogochinese-24134 ras Shoes workmanship 411420 OrangexMulticolor 36 Moderate OrangexMulticolor price low cost Excellent workmanship 8c6a65b - blurrypron.com>Man/Woman mogochinese-24134 ras Shoes workmanship 411420 OrangexMulticolor 36 Moderate OrangexMulticolor price low cost Excellent workmanship 8c6a65b - blurrypron.com
    Cole Haan Womens Winter Boots Size 8 , Lucchese Tammy Black Harness Leather Cowboy Motorcycle Western Womens Boots 9 M , WALTER STEIEGER SNAKE FLATS US 9 UNIQUE HOT RARE MUST HAVE WOWVersace 19.69 Abbigliamento Italia Women's Hightop Sneakers RED , Dansko Rhianna Black Leather Wooden Clog Boots 40 / 10 , COLUMBIA 1594801039 - Vulc N Vent Boat Cvs Size: - Color: , Luichiny Violet in Blue High Heels Brand New Size 7 7.5 8 8.5 9 10 11 , Salvatore Ferragamo Boutique Brown Croc Loafer Shoes Gold Tone Buckle Size 8 BWomen's Metallic Silver CASADEI HIGH HEEL OPEN TOE Heels Size 7.5 , adidas DB1693 Womens Questar Drive W- Choose SZ/Color. , New Puma 367863 01 Uprise Color Shift Black / Green Men's Training Shoes 9.5 US , Nike Men's Hyperdunk 2017 Low University Red/Team Red 897663-600 Sz 8.5 9 10 , Nike Kyrie 3 Flip the Switch Black Deep Royal Blue 852395-003 Size 14 NOBOXTOPNew Nike Air Max Lebron X 10 Low USA United We Stand Size 10.5 Blue Red SailNIKE AIR ZOOM TALARIA MID FLYKNIT PRM 875784 001 ANTHRACITE/BLACK-VACHETTA TANNike Cortez Basic MC Mister Mr Cartoon LA Black AA4875 001 Men's DS Size , New Jordan Westbrook ZERO.1 Mirror Image White/Black/University Red Why Not 11Kenneth Cole Men's Mid-Top Leather and Suede Sneaker Design 10648 Black US 8.5CONVERSE Men Size All Star Shoes Low Top Fashion Sneakers Canvas Pink Medium , HUGO BOSS MEN BELTED BUCKLED TALL ENGLISH BLACK RIDING BIKER BOOTS US 8Crocs Men Leather Vented Loafers Size 10 Brown Foam Insoles Rubber Soles Slip OnNew Mens Invicta 23468 Pro Diver Automatic Stainless Steel 52mm Watch , (BD2772) WOMEN'S REEBOK CLASSIC LEATHER PASTELS *WASHED YELLOW/WHITEPaul Green Womens Fashion Sneakers Size Us 9.5Gentleman/Lady Puma Clyde Jeweled Sneakers We have won praise from our customers. Modern design SimpleNew Balance WW411V2 Walking Shoe-W Womens WW411WT2 Shoe, White, 6.5 D USTravel Fox 900 Series Womens 916301-407 White Nappa Leather Shoes Size 8.5 - 39Vans Disney Multi Villainesses Print Villainess Maleficent Ursula Womens Shoes , Women Ladies Round Toe Flat Shoes Ankle Boots Autumn Winter Booties Zip UP Brown , CLARKS Women's Deloria Ivy Pump - Choose SZ/color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man/Woman mogochinese-24134 ras Shoes workmanship 411420 OrangexMulticolor 36 Moderate OrangexMulticolor price low cost Excellent workmanship 8c6a65b - 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.

    Man/Woman mogochinese-24134 ras Shoes workmanship 411420 OrangexMulticolor 36 Moderate OrangexMulticolor price low cost Excellent workmanship 8c6a65b - 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
    Man/Woman mogochinese-24134 ras Shoes workmanship 411420 OrangexMulticolor 36 Moderate OrangexMulticolor price low cost Excellent workmanship 8c6a65b
    Sandals
    >
    ;