Never miss an update

BUSSOLA Reikiavik Black 39 Low Suede Reikiavik Bootie Size Euro Euro 39 c02d13c




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Style: Suede Booties
Heel Type: Block Color: Black
Fastening: Zip Material: Suede
US Shoe Size (Women's): US 9 Brand: Bussola
Features: Zip Heel Height: High (3 in. and Up)
EUR Shoe Size (Women's): EUR 39 Width: Medium (B, M)
Toe Type: Closed UPC: Does not apply
Never miss an update

BUSSOLA Reikiavik Black 39 Low Suede Reikiavik Bootie Size Euro Euro 39 c02d13c - blurrypron.com

    BUSSOLA Reikiavik Black 39 Low Suede Reikiavik Bootie Size Euro Euro 39 c02d13c
    BUSSOLA Reikiavik Black 39 Low Suede Reikiavik Bootie Size Euro Euro 39 c02d13c
    $170 size 8.5 Kenneth Cole Randii Indigo Velvet Heel Ankle Booties Womens Shoes , Arturo Chiang Black Leather Riding Boots 6 NWOBJESSICA BENNETT Black Below Knee Boot Size 8 , OLD WEST CCY21526 WOMENS COWBOY BOOTS 6.5New Steve Madden Daisia Open Toe Booties women's size 10 , CARLOS SANTANA Fitz Women Knee High Boots (9.5M, BLACK) , Franco Sarto L.Scalo Womens Black Over The Knee Riding Boots Size 7 M , Zara Embossed Genuine Leather Flat Ankle Boot, Bloggers !!!! Size 37Nautica Women's Lovise Rain Boot, Black/Navy, 9 M USRoxy Women's Torrey II Shoe Flat - Choose SZ/colorNaturalizer Women's Falza Taupe Tan Leather Ankle Boot Round Toe Size 9 WideMUSSE & CLOUD Metallic Silver Cutout Leather ATHENA Ankle Boots Sz US 6Nine West Women's Metalina Hidden Wedge Ankle Booties, Cognac, Size 6.00Women's Ariat Inch Sq.toe With 1 inch Heels Boots Size 6.5 B (BXTNever Worn L.A.M.B stilletos new without box 5.5Woolrich Beebe Wool Women's Boots FIRE 6" Boot $180 Authentic Size 6 , AMERICAN RAG (IKEY BROWN KNEE HIGH BOOT) WOMENS SIZE 5.5 BRAND NEW!!!! , Skechers BOBS Women's Pureflex3 - Wonderer Mary Ja - Choose SZ/colorVINTAGE STYLE SPAT DESIGN ANKLE BOOTS! NINE WEST! NEW IN BOX! 10M , NEW BEARPAW DOMINIQUE BOOTS HICKORY/TAN SUEDE WOOL SHEARLING CUFF & LINING ~ 9M , New Sperry STS82412 Crest Zone Tan Brown Women's Boots 8 USDr. Scholl's Women's Barely Wedge Sandal - Choose SZ/colorLUMIANI BOOTS LEATHER SIZE 5.5 ITALY , INC International Concepts Hadli Women Boot (6.5M, Black) , NINA PERFECT SATIN BOOTIES IN BLACK WITH LITTLE RHINESTONE CHAIN ON THE SIDE, ELPLEASER Adore-1017RSFT Series 7" Heel Sexy Exotic Ankle-High Boot , Franco Sarto Kacey Leather Ankle Boot - Dark Khaki US 5 |Penny Kenny Western HARNESS Boots Black Leather Cowboy - 9.5HAKAI SPAIN Ankle Boot Leather Women Shoe Platform 38 Black Leather Stiletto
    BUSSOLA Reikiavik Black 39 Low Suede Reikiavik Bootie Size Euro Euro 39 c02d13c - blurrypron.com>BUSSOLA Reikiavik Black 39 Low Suede Reikiavik Bootie Size Euro Euro 39 c02d13c - blurrypron.com
    Frye Company Women's Melissa Button Boot - Size 6.5 B, BlackMuck Boot's Womens Reign Tall Boot Black/Hot Pink - Size 11 , Man/Woman Saucony Echelon LE2 Black Every item described is available Known for its good quality Good quality , Globe Mens Dover Shoes- Walnut Pull On Elastic Skate Suede Boots , || BARGAIN || Asics Gel Kayano 24 Mens Running Shoes (D) (9590)Cole Haan Nke air Gold peep toe mary Janes 7 New , Ann Taylor Brown Leather Strappy High Heels Size 9 Platform ShoesChristian Louboutin LADY MOC Tassel Flat Smoking Slipper Shoes Loafers Blue $845 , Miz Mooz Women's Carissa Brown Dress Pump , Flamingo 808 MG Black Platform Ankle Strap Shoe 8" Iridescent Glitter 5-12 , RARE CHRISTIAN LOUBOUTIN Pink Altadama Watersnake 140mm Pumps Heels Shoes 36Grasshoppers Women's Cleo Wedge Sneaker - Choose SZ/Color , Birkenstock Gizeh 043381 size 42 L11-11.5 R Beige Birko-Flor Thong Sandals , Sarto by Franco Sarto Women's Delana Loafer Greystone Lux Brushed Suede Size 6 , Etnies Fader LS 4101000416001 Black Canvas Skateboarding Shoes Medium (D, M) MenNike Air Max Sequent 3 921694-012 Black Total Orange Volt NO BX TOPMan's/Woman's Adidas Men's Alphabounce Blk/Grey Good design First quality Rich on-time delivery , Nike Air Jordan Future Dark Green 656503 305 MenCESARE P. MAN SNEAKER SHOES CASUAL FREE TIME CODE SW01 DEFECT , adidas Womens W Adistar Sport Golf Spikeless- Pick SZ/Color. , Pleaser Pink Label Womens Dream 412 Ankle Strap Sandal Taupe Nubuck PolyurethaneNEW ASICS Gel-Flux 5 Women's Running Shoe Blue Print/Soothing Sea 6.5 US T861N , ASICS Gel-Quantum 360 CM Womens Size: 7.5M Color: Blue / White / Coral RETURN!ECCO Women's Aspina High Gore-Tex Hiking Shoe Moonless/Dark Shadow Size 5.0 , Justin L4714 western boots - Women's sz 6.5 B - Leather Beige , Womens PU Leather Strench Over Knee High Boots Black Winter Warm Pull On Boot SZ , Women Fashion Martin Boot New Suede Tassels Short Boots Hot Round Toe Rivet ShoeMichael Antonio Women's Cerras-sue2 Ankle Bootie, Plum, 5.5 M USSam Edelman Penny Boots Tall Riding Boots Brown Whiskey Leather 8.5 8.5WFRYE Jenna Cut Stud Short Moto Black Distressed Boot Size 5.5 NEW IN BOX $428.00
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BUSSOLA Reikiavik Black 39 Low Suede Reikiavik Bootie Size Euro Euro 39 c02d13c - 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.

    BUSSOLA Reikiavik Black 39 Low Suede Reikiavik Bootie Size Euro Euro 39 c02d13c - 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
    BUSSOLA Reikiavik Black 39 Low Suede Reikiavik Bootie Size Euro Euro 39 c02d13c
    Boots
    >
    ;