Never miss an update

Womens New ankle stylish mogochinese-19802 patent Leather ankle short Boots cuban low heel shoes pull on New 0b39a8b




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: Unbranded
Heel Type: Slim Style: Ankle Boots
Material: Synthetic Country/Region of Manufacture: China
Occasion: Casual Fastening: Pull On
Pattern: Solid Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Width: Medium (B, M)
Never miss an update

Womens New ankle stylish mogochinese-19802 patent Leather ankle short Boots cuban low heel shoes pull on New 0b39a8b - blurrypron.com

    Womens New ankle stylish mogochinese-19802 patent Leather ankle short Boots cuban low heel shoes pull on New 0b39a8b
    Womens New ankle stylish mogochinese-19802 patent Leather ankle short Boots cuban low heel shoes pull on New 0b39a8b
    Womens Fur Furry Warm Ankle Boots Platform Hidden Heels Pointed Toe Shoes E838 , Womens High Top studded mid Calf Boots zip Cuban Heels patent leather shoes New , Womens Leather Block Heels Pointed Toe Ankle Riding Boots Stilettos Shoes Sbox , Womens Pointy Toe Ankle Boots Bowknot Rhinestones Ladies Suede Wedge Heels Shoes , Womens Swan velvet pointed Toe Pull On Ankle Boots Party Casual Shoes Booties SzPointy Toe Leather Zipper Leopard High Heels Stilettos Women's Ankle Boots ShoesWomen's Faux Suede Ankle Boots Hidden Heel Korean Round Toe Buckle Shoes Pull on , Womens Patent Leather Over Knee Boots Shoes Clubwear Stilettos Shoes Plus Sz Y23Punk Womens Chains Metal Low Heel Roma Side Zip Riding Ankle Boots Shoes BlackWomens Pointy Toe Knee High Boots Suede Leather Black Zip Block Heels Solid Shoe , Winter Womens Point Toe Europe Ankle Boots Side Zip Faux Suede Mid Block Heel Sz , Womens Leather Cuban Heel Ankle Boots Side Zip Suede Retro Party British ShoesWomens Leather Pointed Toe Zipper Ankle Riding Boots Med Kitten HeelsShoes , Womens Ankle Boots Block Heel Zipper Buckle Shoes Casual Checks suede Booties , Grace Women's Pointy toe Match colour Flats shoes Hollow out Casual Ankle boots , Fashion Women's Pointed Toe High Heels Back Zip Platform Ankle Boots Party Shoes , Hot Stylish Vogue Womens Over the Thigh Boots Stretch High Block Heels Suede 18 , Spring Women Suede Zipper High Block Heels Pointy Toe Bowknot Ankle Boots ShoesWomens Sexy High Heels Platform Stilettos Round Toe Ankle Riding Boots ShoesChic Women Show High Top Transparent Boots High Block Rain Shoes Fashion Party , Women riding ankle boots tassels low heel rivet pull on stylish PU leather shoesMadden Girl Womens Klaim Closed Toe Ankle Fashion BootsVogue Womens Wedge High Heel Stitching Casual Shoes Tound Toe Over Knee Boots , New Womens Furry Lining Pull On Ankle Boots Shoes Plus Sz Prints US4-10.5 Suede , Sexy Womens Patent Leather Pointed Toe Ankle Boots High Heels Stilettos ShoesVogue Womens Mid Calf Thick Velvet Boot Shoes Solid Side Zip Round Toe Shoe SboxSexy Over Knee High Boot Pointed Toe High Heel Flower Print Fashion Synthetic T1 , Winter Womens Ankle Snow Boots Pu Leather Round Toe Pull On Casual Creeper ShoesSexy Ladies Pointy Toe Stilettos Super High Heels Printing Ankle Boots Party SZ
    Womens New ankle stylish mogochinese-19802 patent Leather ankle short Boots cuban low heel shoes pull on New 0b39a8b - blurrypron.com>Womens New ankle stylish mogochinese-19802 patent Leather ankle short Boots cuban low heel shoes pull on New 0b39a8b - blurrypron.com
    STUART WEITZMAN The COVERALL brown leather platform booties sz. 9 M $430Men's Shoes Loafers JUST CAVALLI S12WR0035 804 Snake Print Beige Made Italy New , MENS GRAFTERS COMBAT CADET BOOTS SIZE NON-METALLIC TACTICAL M489A KDUNDER ARMOUR MENS MICRO G PURSUIT STEEL GRAY RUNNING SHOES **ALL BEST SELLERRainbow Dash MLP Little Pony Women's Platform High Heels , Max Mara Women's Black Suede White Trim Textured Slip On Fashion Sneakers 37.5 , BADGLEY MISCHKA Womens Amber Stone Closed Toe Ballet Flats , Brand New Alegria Keli Disco Inferno , Size 37 (7-7.5)Dont Give Up - Women's Canvas Shoes - Free ShippingWomen Fashion Leather Metal Buckle Slip On Round Toe Flat Casual Loafers Shoes , L Sweet Womens Fashion Sneakers Paillette Decor Ladies Loafers Bowknot Round Toe , VGUC Badgley Mischka Women's Size 6 M Silver Silk () Open Toe D'Orsay Pumps , BLACK and White Saddle Shoes leather 50s style wms sz 5,5.5,6,10.5,12 ()SPLENDID Black Suede ASHER Ankle Boots Back Zip Size 10 M , OSCAR DE LA RENTA Brown Bow Pumps Size 9.5 Retail $700BORDELLO TEEZE-06R Gold Satin Iridescent Gem Jewel Platform 6" Heels Pumps ShoesRachel Comey Women's Asher Mule, Rosewood Patent Leather, 7.5 M USChic Women Open Toe Ankle Strap Flower High Block Heel Denim Sandal Shoe CasualVans OLD SKOOL Velvet Gray/Black Women's 10 , NIKE WOMENS AIR FORCE 1 '07 MID SEASONAL Sz 6-8.5 ENAMEL GREEN 818596-300 , Bogs Womens Amma Gladiator Leather Sandal, Toffee, 7 M USMr/Ms Saucony Men's Gold TIp Sneakers Attractive and durable excellent Exquisite (processing) processing , Nike Air Jordan Retro 1 High OG Black/Metallic Gold (555088 031) sz 10 new NIB , Altra Torin 3.5 Mens Road Running Shoes - Blue , Dan Post Mens DPP5202 Callahan Smooth Ostrich Western Boot BLACK Square 10 D , Skechers Men's Harsen Relago Sneaker Black/Black OxfordsReebok Womens Cardio Ultra Training Shoe- Pick SZ/Color. , MENS HANDMADE CROCODILE TEXTURE BROWN LEATHER SUEDE BUTTON BOOTSWomen's Running Shoes Saucony Progrid Omni 7 Size 5.5 Wide , Womens Nike Air Max 90 Sz 11 White/atom Red/argon Blue 312052-165 PRE-OWNED!!
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens New ankle stylish mogochinese-19802 patent Leather ankle short Boots cuban low heel shoes pull on New 0b39a8b - 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 New ankle stylish mogochinese-19802 patent Leather ankle short Boots cuban low heel shoes pull on New 0b39a8b - 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 New ankle stylish mogochinese-19802 patent Leather ankle short Boots cuban low heel shoes pull on New 0b39a8b
    Boots
    >
    ;