Never miss an update

Troentorp Bastad 29096 Slip-Resistant Clogs Women's Van Gogh Black Patent Slip-Resistant Women's (Non-Skid) 96b81fa




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: Troentorp Bastad Clogs
Color: Black Patent Style: 237817_1250246
Never miss an update

Troentorp Bastad 29096 Slip-Resistant Clogs Women's Van Gogh Black Patent Slip-Resistant Women's (Non-Skid) 96b81fa - blurrypron.com

    Troentorp Bastad 29096 Slip-Resistant Clogs Women's Van Gogh Black Patent Slip-Resistant Women's (Non-Skid) 96b81fa
    Troentorp Bastad 29096 Slip-Resistant Clogs Women's Van Gogh Black Patent Slip-Resistant Women's (Non-Skid) 96b81fa
    Victoria Women's Inglesa Tintada Puntera Negro Canvas Shoesara Women's Brinly 48422 Black Nubuck Comfort Shoes , Drew Women's Zippy Brown Soft Nappa Slip-Resistant (Non-Skid) , Naturalizer Women's Mila Slide Pink Leather SlidesNaot Women's Sea Mary Jane Oak Leather/Hash Suede Mary Janes , Nautilus Safety Footwear Women's Alloy Lite Safety Toe EH Women'sL'Artiste by Spring Step Women's Icaria Clog Navy Multi Leather ClogsDrew Women's Delite Mary Jane Brown Nubuck/Bone Mesh Comfort Shoes , ara Women's Luna 36632 Cream Leather/Black Patent Toe Comfort ShoesMan/Woman Therafit Women's Austin Taupe Comfort Shoes the most convenient special function Elegant and robust menu , Trotters Women's Lauren Tan Cheetah Microfiber Slip-on Shoes , Allrounder by Mephisto Women's Dakona Cloudburst Nubuck/Mesh Sneakers , SoftWalk Women's Abby Navy Veg Calf Leather ClogsSoftWalk Women's Napa Flat Blue Multi Slip-on Shoes , Nautilus 1391 Women's ESD Comp Safety Toe No Exposed Metal Athletic ShoeBordello Women's Teeze 26 Cream PU/Red Plaid Fabric Platform Shoes , Saucony Originals Women's Shadow Original Sneaker Mint/Black Sneakers , Men/Women Eastland Women's Kaitlyn Brown Leather Loafers Great variety the most economical Don't worry when shoppingSoftWalk Women's Memphis Stone Burnished Veg Kid Leather Comfort Shoes , Trotters Women's Gigi Pump Nude Glazed Kid Leather Party Shoes , Sperry Top-Sider Womens Saltwater Duck Boot Black/Grey Rubber/Leather Waterproof , Rockport Women's Total Motion Pump Black Full Grain Leather Comfort Shoes , Drew Women's Rose Mary Jane Antique Copper Marble Slip-Resistant (Non-Skid) , Nurse Mates Women's Pennie White Comfort Shoes , Trotters Women's Dea White/Black Patent Python/Pearlized SlingbacksSoftspots Women's Bonnie Lite Black Comfort Shoesara Women's Inna 49139 Black Velour Comfort Shoes , Salomon Women's Chalten Ts CSWP W Snow Boot - Choose SZ/color , Keen Women's Voyageur Mid Brindle/Custard Classic Comfort Shoes
    Troentorp Bastad 29096 Slip-Resistant Clogs Women's Van Gogh Black Patent Slip-Resistant Women's (Non-Skid) 96b81fa - blurrypron.com>Troentorp Bastad 29096 Slip-Resistant Clogs Women's Van Gogh Black Patent Slip-Resistant Women's (Non-Skid) 96b81fa - blurrypron.com
    Josef Seibel Women's Sandra 14 Winter Boot, Wine, 38 BR/7-7.5 M USAquatalia Fatima Bootie Boots Suede Tan 7 New $450 Made In Italy -a7CORRAL Women's Ostrich Leg Inlay Cowgirl Boot Snip Toe - A2964 , Mojari Genuine Leather Men Shoes Jodhpuri Handmade Flat Espadrilles AU 11.5 , Gola Womens Coaster Liberty CF Trainers, Green KhakiOff White NW, 8 EU , Hot Chocolate Design Chocolaticas Bon Voyage Women's Mary Jane Flat Multicolo...French Sole Womens Onstage Pointed Toe Slide FlatsGorgeous GIANNI VERSACE POINTED TOE LEATHER HEELS SLINGBACK SHOES Sz 38/ 8FRANCO SARTO Womens 'Devra' Brown Suede Slip On Mules Sz 7 M - 230759Nike Dual Fusion Tr 4 Print Training Shoes 819022-600 Pink Womens Sz 8 , MEN'S PF FLYERS RAMBLER LO M MEDIU BLACK PM16LS1B SHOES SIZE 8 , Nike Air Jordan Mens Son of Mars White Basketball Shoe Size10.5 Rare 512245112 , NEW NIKE AIR JORDAN RETRO 5 V WINGS SIZE 6.5Y 6.5 In hand , Polo Ralph Lauren 803622256003-200 Mens Marlow BootM- Choose SZ/Color.Corral Men's Snip Toe Cowboy Western Boots Grey Embroidery Leather G1384Gentlemen/Ladies Men's Prada Shoes Size 10.5 online sale New products in 2018 Don't worry when shoppingMen Loafer Shining Real Leather Solid Slip on Gommino Fashion Nightclub Shoes szMagnanni Size 8 Black Leather Boots New Mens ShoesNIKE OUTBREAK HIGH SNEAKERS WOMEN SHOES BLUE/GREEN 318635-411 SIZE 6 NEWAtelje 71 Eden Mid Top Waxy Suede Platform Hiking Sneaker Booties Sz 8 $240 , Men/Women Brooks Womens Mazama- Pick SZ/Color. Big clearance sale buy Preferential price , Women's Nike Air Max 270 Flyknit White Black Shoes -Size 10 -AH6803 100 , Gentleman/Lady new vince sneaker black size 5.5 Modern technology excellent Very good color , Ted Baker Kulei Lurex Womens Silver Leather & Synthetic Trainers , Salomon Women's X Ultra 3 GORE-TEX Hiking Shoe Magnet Hiking ShoesCrocs Women's Lina Shiny Ballet Flat - Choose SZ/color , Fashion Womens Faux Snakeskin Block Mid Heel Side Zip knee high boots sexy shoes , Man's/Woman's Jessica Simpson Women's Cecila Ankle Bootie The color is very eye-catching Beautiful Human border , Womens Suede Leather Side Zippers Cage Heels Rhinestong Winter Ankle Boots Shoes , A2 by Aerosoles New High Ride Black Women US Shoe Size 9 M Boot MSRP $100.00
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Troentorp Bastad 29096 Slip-Resistant Clogs Women's Van Gogh Black Patent Slip-Resistant Women's (Non-Skid) 96b81fa - 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.

    Troentorp Bastad 29096 Slip-Resistant Clogs Women's Van Gogh Black Patent Slip-Resistant Women's (Non-Skid) 96b81fa - 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
    Troentorp Bastad 29096 Slip-Resistant Clogs Women's Van Gogh Black Patent Slip-Resistant Women's (Non-Skid) 96b81fa
    Comfort Shoes
    >
    ;