Never miss an update

Gentlemen/Ladies Gentlemen/Ladies jujube Shoes 503811 Brown 37 Fashion wonderful pattern jujube Trendy wonderful dc55d25




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: Pumps, Classics
US Shoe Size (Women's): 6.5 Color: Brown
UPC: Does not apply
Never miss an update

Gentlemen/Ladies Gentlemen/Ladies jujube Shoes 503811 Brown 37 Fashion wonderful pattern jujube Trendy wonderful dc55d25 - blurrypron.com

    Gentlemen/Ladies Gentlemen/Ladies jujube Shoes 503811 Brown 37 Fashion wonderful pattern jujube Trendy wonderful dc55d25
    Gentlemen/Ladies Gentlemen/Ladies jujube Shoes 503811 Brown 37 Fashion wonderful pattern jujube Trendy wonderful dc55d25
    womens slipper embroidery bee pearl rivet studded flats bowknot loafers shoesWomens Ankle Strappy Stilettos 20cm High Heels Sequins Shining Platform Shoes szBlack Heels with Satin Finish from Le Chateau (Size 8.5) , New Women's Patent Slingbacks High Heel Stilettos Peep Toe Pumps Sandals Shoes , Ladies Fashion Open Toe High Heels Sandals Multicolor Party Nightclub Shoes Size , Spring Autumn Pumps Round Toe Platform Thick High Heels Women Shoes , MISSONI women shoes sz 8.5 Europe 39 black polished leather S6619 , new womens high heel stilettos peep toe platform pumps dress shoes size 4.5-10.5 , Flower Womens Wedding Round Toe Slim Very High Heels Pull On Party Shoes Ths01Womens Round Toe Patent Leather Platform Slip On Pumps Stiletto Heels Shoes NewWomens Red bride Wedding Chinese Style Pointy Toe Wedge High Heel Pumps ShoesPearl White Black Bow Wedding Ball Club Shoe High Heels Evening Party O , Wedding Pink Women Rhinestone Beads High Stiletto Heel Shoes Sweet Pump Pearl , Womens Lady Grace Flowers Party Pumps Slip on Stilettos Pointy Toe SHoes Heels L , Womens Peep toe Cut Out Strap Buckle Platform stiletto High heel Sandals shoes # , Frye 70410 Womens 8 Butterscotch Studded Inlay Mule Western Cowboy Shoes , Pearl White Bow Wedding Ball Club Shoe High Heels Evening Party O , Womens Spring Pointy Toe Pleuche Velvet High Block Heel Slip On Pumps Shoes szWomens Leather Round Toe Flower Block Heels Retro Shoes Slip On Casual Pumps SZ , Truffle collection Rose Gold metallic Sandals "truffle Barely there sandal' 8.5Jeffrey Campbell Brown Leather Strappy Sandal Multi Colour Sparkly Wedges , Womens Side Zip Ankle Boots Rhinestones High Stiletto Heels Pointy Toe Shoes NewWomen Pumps Sexy high heels Spring Wedding Party Shoes sapato feminino Blue , Women's High Block Heels Patent Leather Slip On Round Toe Pumps Party Shoes size , Womens High Heel Platform Open toe Slingback Clubwear Party Shoes Sandals US4-13 , Men's/Women's MILLIWM Shoes 892683 Beige 23cm Beautiful color special function Suitable for color , Handmade Pearl White Pink Wedding Ball Club Shoe High Heels Party L , Ladies Sexy Sandals Stilettos Open toe Cosplay 19cm Platform High heel Shoes HotNew Stylish Ladies Printing Satin Faux Leather Wedges Sandals Party Pumps Shoes ,
    Gentlemen/Ladies Gentlemen/Ladies jujube Shoes 503811 Brown 37 Fashion wonderful pattern jujube Trendy wonderful dc55d25 - blurrypron.com>Gentlemen/Ladies Gentlemen/Ladies jujube Shoes 503811 Brown 37 Fashion wonderful pattern jujube Trendy wonderful dc55d25 - blurrypron.com
    New COLE HAAN Women Leather Red Waterproof Rain Ankle Pull On Flat Boot Sz 6 M , VINCE 'Hallie' Round Toe Bootie Ankle Boot Leather NIB 10 PEAT Brown Italy $395 , AUTHENTIC PRADA ANKLE HALF BOOT 3T5524 BLACK NEW 830.- USD US 6 , Corral A3119 - Black & Silver Glitter Square Toe Boots, Women's Size: 7 M (AL03)MAX MARA Women's Tebaide Black Suede Ankle Booties US 8 / IT 38 $670 NIB , Reebok Furylite Mesh [CN0119] Women Casual Shoes Black/White , NEW SOFTWALK Imlay Short Bootie - Dark Grey Leather, Size Women 9 N, $149$248 Donald J Pliner 'Madi' Gold Cracked High Heel Platform Sandals Sz 7 WeddingSW-STUART WEITZMAN Brown Mesh Square Toe Suede Pumps Womens 7.5 Spain-B55 , V 1969 Italia Womens Ballerina E08 LAMINATO ARGENTONIB $850 Miu Miu Blue Denim & Crystal Slip-On Espadrilles size 36Womens Party Beads Rhinestones Stilettos Pumps Pearls High Heel Wedding ShoesJack Rogers Women's Georgica Jelly Thong Sandal Black/Black 7 M USMNX15 Women's Elevator Shoes BASIC NAVY Height Increase 6cm by FedEx Fast Ship , womens open toes stilettos super high heel platform sandal shoes nightclub crazy , Acorn Shoes Brown Shearling Sheepskin Suede Bootie Slippers 6 Women , Men's Nike Lunar Magista II Flyknit FC Training Shoes Size 8-10.5 876385 400 , Classic 2006 Used Worn Sz 11 Adidas Crazy 1 Kobe Shoes White Yellow Purpleadidas Neo VS Advantage CL CMF White Green Men Women Casual Shoes Sneaker AW5210Men's Nike Internationalist Mid Casual Shoes, 682844 003 Size 8.5 Photo Blue , NIKE Kyrie 3 (GS) 859466 101 Ivory/Pale Grey/Light Bone Kids Basketball (6.5Y)Nike Roshe Two Mens 844656-601 University Red Textile Running Shoes Size 8 , 2013 NIKE KEVIN DURANT KD VI 6 EXT GUM QS BROWN RASPBERRY RED 639046-900 NEW 9.5 , Vintage CAMPER Mens 'TWINS' Pelota Shoes - 42/ 9- Gently Used ! MOROCCO made ! , Man's/Woman's Rockport Mens 11(D)- Pick SZ/Color. elegant a wide range of products Maintenance capability , Mens Leather Flower Printed Pointed Toe Wedding Dress Formal Business Shoes new , Duca di Morrone Shoes Men Ankle boots Brown 83685 BDT SALE , Skechers Sport Womens E Z Flex 3.0 Swift N Sly Fashion Sneaker- Pick SZ/Color. , NIKE AIR MAX 95 LX WOMEN's CASUAL RED CRUSH - WHITE - BLACK AUTHENTIC NEW US SZNEW WOMEN SO BRAND CLASSIC TOW BOWS BOOT BLACK 3452 ORIGINAL
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gentlemen/Ladies Gentlemen/Ladies jujube Shoes 503811 Brown 37 Fashion wonderful pattern jujube Trendy wonderful dc55d25 - 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.

    Gentlemen/Ladies Gentlemen/Ladies jujube Shoes 503811 Brown 37 Fashion wonderful pattern jujube Trendy wonderful dc55d25 - 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
    Gentlemen/Ladies Gentlemen/Ladies jujube Shoes 503811 Brown 37 Fashion wonderful pattern jujube Trendy wonderful dc55d25
    Heels
    >
    ;