Never miss an update

Womens Aquatalia M Boots Frannie Weatherproof Taupe Aquatalia Woven Frannie Zip Ankle Booties 9.5 M a8f3eb8




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: NORDSTROM RETURN, ONCE AND RETURNED DUE TO A PEICE OF THE ELASTIC STITCHING ON THE LEFT BOOT COMING UP. HAS A FEW MARKS AS WELL. SEE ALL PICS AND ASK ANY QUESTIONS BEFORE PURCHASING. 1ST 2 STOCK PHOTOS ARE FOR DISPLAY ONLY, NOT ACTUAL PAIR SOLD.
Brand: Aquatalia Features: Elastic, Waterproof
Toe Type: Pointed Toe Color: Gray
Model: Frannie Boot Shaft Height: Ankle
Modified Item: No US Shoe Size (Women's): US 9.5
Heel Height: High (3 in. and Up) Pattern: Solid
Country/Region of Manufacture: Italy Width: Medium (B, M)
Material: Leather Heel Type: Stacked
Style: Booties UPC: Does not apply
Never miss an update

Womens Aquatalia M Boots Frannie Weatherproof Taupe Aquatalia Woven Frannie Zip Ankle Booties 9.5 M a8f3eb8 - blurrypron.com

    Womens Aquatalia M Boots Frannie Weatherproof Taupe Aquatalia Woven Frannie Zip Ankle Booties 9.5 M a8f3eb8
    Womens Aquatalia M Boots Frannie Weatherproof Taupe Aquatalia Woven Frannie Zip Ankle Booties 9.5 M a8f3eb8
    Piero Leather Ankle Boots Size 8.5 Italian History Italy Stretch Side GussetsCircle G By Corral Ladies Square Toe Brown Bone Dragonfly Western Boots L5079 , Gentleman/Lady Sigerson Morrison SMSHELDON BLACK UNO CALF Reputation first Has a long reputation Famous storeNEW NIB $150 PREMIUM DESIGN Dr. Martens Sylvia LEATHER BOOTS CHOOSE SIZE , Womens Red Black Heart Sequins Leather Cowgirl Boots Pointed Toe , Harley-Davidson Women's Bonsallo 5-Inch Black Motorcycle Boots D83923 , $288 size 7 Ash Heroin Red Metallic Leather Heel Ankle Boots Womens Shoes , Privileged Bully Black Creeper Style Platform Goth Punk Knee Boot Bullet Strap 7 , New!! FRYE 90506 Western Brown Leather Slip On Bootie-Size 7.5 B- $318-(P45) , Women's Black Flower Inlay Red Sequins Leather Cowboy Boots Snip Toe , NEW MORGAN BLACK SUEDE LEAHTER SLOUCH HIGH HEEL BOOTS SIZE 8 , sz US 7.5 NEW PAUL GREEN BOOTS "Jada" Brown suede Water Resistant Ankle womensWomens Denim Blue Classic Western Casual Style Cowboy Boots Plain LeatherBogs Women's Classic Matte Tall BootCircle G by Corral Ladies Brown Cutout Shortie Boot Q5027 , KEEN WEDGE ZIP US 8.5 Woman's Ankle Boot RedWomen's Full Purple Flower Inlay Sequins Leather Cowboy Boots Snip ToeLaredo Ladies Scout Aztec Square Toe Western Boot 5647Mr/Ms Harley Davidson Chryse Boots Selling new Outstanding style , Women's Brown Flower Inlay Gold Sequins Leather Cowboy Boots Snip Toe , Dolce Vita Zabi Black Nubuck Women's Stacked Heel Ankle Bootie , NW $275 FREEBIRD BY STEVEN TATE STONE ANKLE BUCKLE STRAP BOOTS Size 7 , New Tory Burch Classic Rubber Rain Boots Logo Cuff Black 11 , NEW 8 / 38 Alberto Fermani Black Leather Zip Up Knee High Boot AnthropologieBlack Leather Cole Haan Knee Length Heeled Boots (size 6)$350❤️ Marc Jacobs Engineer Boots Motorcycle Buckle Lug Sole 38.5 Brown Leather , Frye Claude Black Womens Shoes Size 8.5 M Boots MSRP $528 , NEW FREE PEOPLE WOMEN'S BLACK JACK OVER THE KNEE HIGH TALL BOOTS US 9 , Circle G By Corral Women's Embroidered Cowboy Western Boots Black Leather L5136
    Womens Aquatalia M Boots Frannie Weatherproof Taupe Aquatalia Woven Frannie Zip Ankle Booties 9.5 M a8f3eb8 - blurrypron.com>Womens Aquatalia M Boots Frannie Weatherproof Taupe Aquatalia Woven Frannie Zip Ankle Booties 9.5 M a8f3eb8 - blurrypron.com
    Donald J Pliner New Alie Blue Womens Shoes Size 6 M Boots MSRP $268 , Burberry Skillman Military khaki bootie women's size 8 m euro 38Hunter Womans Refined Webbing Backstrap Slate Size US 6 New , Nike Free RN Distance Mens Running Trainers 827115 402 Sneakers ShoesMen/Women FLAMINGO-809FRG PU Black Queensland Selected materials Outstanding style , Opportunity Shoes - Corso Como Women's Skipper Sneaker, Black/Metallic Brocade,Nanette Lepore Bronze Leather Ankle Strap Platform Shoes Size 8 B , Pleaser SEXY-36 Women's Single Soles Black Patent Ankle Strap Pump High Heels , Fashion Women's Pointy Toe Stilettos High Heels Ankle Sandals Mesh Zipper ShoesPLEASER Sexy 2" Heel Red Satin Peep Toe Pumps Shoes w/ Knot FAB422/RSAWomens DOLCE VITA Snake Print Leather Pumps / Pointy Toe Sz. 8.5 M NEW! , ZARA JEWELLED LEATHER HIGH HEEL SANDAL REF.5456/301 SIZE US 6 NEWLK Bennett Heels Booties 9.5 Black Leather Gold Zipper Boots Women’s Shoes DorisROBERT CLERGERIE woven raffia w rubber sole platform shoes - Sz 39 - Brand New , New Salvatore Ferragamo Vara Bow Patent Leather Pump(Color Griotte), Retail $575Skechers Women's D'Lites Bright Blossoms Sneaker , Nike Air Vapormax Plus - Men's Game Royal/White/Black/Total Orange 24453403ASICS Men's GEL-Kayano 25 Running Shoe White/Blue Print Sneakers , GBX Men's Flix Slip-On Loafer, Beige, 7.5 M US , Etnies Fader 2 White Navy Mens Leather Skate TrainersFly Mens Tan Suede Cole Haan Shoes Size 8Johnston Murphy 10 M Wingtip Dress Shoes Oxfords 20-3152 BrownMens classic Patent Leather Business pointed Toe slip on Dress Formal Shoes SYNorth Face Women's Storm Fastpack WP in Moon Mist Grey w/ Sweet Violet Sz 6.5-10Air Jordan Retro VII 7 GG Black-Hyper Pink -Youth 9Y Women’s Size 11[442960-018]New VANELi Womens Black Ankle Boots Size 7.5 , New Zespa Sneaker ZSP4 Navy Made in France Leather Common Projects size 36 US 6JBU Women's Triumph Brown/Tan Shoe Boot - Size 7.5 - NEWDr. Martens Brown Shoes Boots Women , Man's/Woman's Dolce Vita Women's morey Fashion Boot Big clearance sale Excellent performance Diversified new design ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Aquatalia M Boots Frannie Weatherproof Taupe Aquatalia Woven Frannie Zip Ankle Booties 9.5 M a8f3eb8 - 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.

    Womens Aquatalia M Boots Frannie Weatherproof Taupe Aquatalia Woven Frannie Zip Ankle Booties 9.5 M a8f3eb8 - 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
    Womens Aquatalia M Boots Frannie Weatherproof Taupe Aquatalia Woven Frannie Zip Ankle Booties 9.5 M a8f3eb8
    Boots
    >
    ;