Never miss an update

Mr/Ms POISON-25-1 Durable service Comfortable Comfortable touch Elegant stable hotelcastell-13633 and stable packaging 6566cdb




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: Undisclosed
US Shoe Size (Women's): N/A Style: Booties
Never miss an update

Mr/Ms POISON-25-1 Durable service Comfortable Comfortable touch Elegant stable hotelcastell-13633 and stable packaging 6566cdb - blurrypron.com

    Mr/Ms POISON-25-1 Durable service Comfortable Comfortable touch Elegant stable hotelcastell-13633 and stable packaging 6566cdb
    Mr/Ms POISON-25-1 Durable service Comfortable Comfortable touch Elegant stable hotelcastell-13633 and stable packaging 6566cdb
    Women's Slouch Over The Knee Thigh Boots Side Zipper Low Heels Shoes Plus Size , Vera Wang "EVAN" Women Black Pebbled Leather Knee High Boots Size 7.5M , Womens Ladies Stiletto High Heels Shoes Ankle Boots Pointy Toe Winter Sexy 2018The Clarks Companies, N.A. Whistle Shrub Womens Black Leather Boot 6-MNaturalizer- Women's Johanna Camelot Leather Boot, Tan, Size 8 1/2 Medium, (USA) , Vionic with Orthaheel Technology Women's Faros Black Suede , Gentleman/Lady Jill Sander Suede Ankle Boot Diverse new design Elegant style Non-slipTaryn Rose Womens Trisha Suede Closed Toe Ankle Fashion Boots, Quinoa, Size 7.0 , NEW Nine West Noriko Riding Boots Womens 8 Medium Brown Leather Side ZipTeva Arrowood Waterproof Black Olive Leather Shoes Womens Size 9 *NIB*Womens real Leather Mid-calf Boots Motorcycle Shoes Buckle Combat Riding 10.5 , Joe's New Sexy Black Suede Silver Metal Chains Ankle Booties Boots SZ 6 $220 , Junk Gypsy By Lane Women's The El Paso Leather Western Boots Buckskin , Womens Over the Knee High Boots Stilettos Denim Slim Fit Ladies Casual shoes SZZODIAC USA SNAKE T VINTAGE WHITE FASHION WESTERN STYLE LADIES BOOTS SZ 6 1/2 MAdrienne Vittadini Womens TAKI Cap Toe Ankle Fashion Boots, Black, Size 7.5 VfXF , Silver Rhinestone 5.5"Stiletto High Heel 2"Platform Sexy over Knee Boot Size 8.5New Dan Post Womens Dpz474-200 AmberZipRound Fashion Boots Size 6 , CROCS Hiker BOOTS Espresso Suede WOMEN Sz 7 NEW With Tags , Women's Rhinestone Suede Wedge Heels Creeper Sports Pull on Over Knee Thigh BootIsaac Mizrahi Black Leather & Stretch Senso Riding Boots NewWomens Knee High Boots Print High Heels Round Toe Platform Slip on Party Shoes , MARC BY MARC JACOBS Shoes 131653 Silver 35Danner Brown Leather & Gore Tex Fabric Eddie Bauer Hiking Boots Women Sz 8.5MLa Sportiva Women's Thunder GTX Pants Sulphur MNew Zara Split Suede High Heel Boots Size 8 Second item ship for free , Zara Women's Flat Leather Ankle Boot With Chain Detail Size 36Ladies Justin Brown Leather Cowgirl Western Boots Sz:7 BANTHROPOLOGIE ABROAD BOOTS BY SEYCHELLES SHOES BLACK LEATHER 7 OTK
    Mr/Ms POISON-25-1 Durable service Comfortable Comfortable touch Elegant stable hotelcastell-13633 and stable packaging 6566cdb - blurrypron.com>Mr/Ms POISON-25-1 Durable service Comfortable Comfortable touch Elegant stable hotelcastell-13633 and stable packaging 6566cdb - blurrypron.com
    YSL Yves Saint Laurent Classic Paris 110 Suede Ankle Boots Booties $995 38 8 , Mr/Ms FIORI FRANCESI BOSTON BLACK CHELSEA BOOT Best-selling worldwide The latest technology Famous storeNike SB Bruin Zoom PRM SE Premium Black White Men Skate Boarding Shoe 877045-003 , COMMON PROJECTS Tournament L in Canvas (Black) Size 40 (FREE POST & INSURANCE)Converse CTAS Pro Low Canvas Shoes Mens in White Red Insignia BlueMens Clarks Leather Ankle Boots Label - Gilmore ChelseaSuperga Womens 2750-Leapatentw Trainers, Pink Pink Skin W4h, 8 EUUnisex Adults Dr Martens Church Smooth Leather Vintage Retro Ankle BootsOTBT Women's Joyride Wedge Sandal Dove Grey Leather/Textile Comfort ShoesMan's/Woman's Sbicca Women's Jared Huarache Sandal use Ranked first in its class Immediate delivery , Women's Rhinestone Pearls Block Med Heel Pointed Toe Sequins Bride Shoes Chic 9A , Sonia Rykiel, escarpins à bride en cuir, taille 37,5 , Gorgeous VERA WANG Swarovski sandals Pumps Heels ANKLE STRAP Sz US 8 / , J Crew Sandals 9.5 Glitter Cora Criss Cross Buff Glitter Gold H7334 NEW SandalGentleman/Lady Isola - Womens - Holli High grade Latest styles King of the crowd , NWB Womens 9.5M Indigo by Clarks Tapestry Genuine Leather Wedge Sandal Beige Tan , Under Armour Charged Bandit 2 Running Women's Shoes Size 6 , Nike Suketo Mens Athletic Shoes 511847-001 Size 9 , New Women's Size 10 NIKE CITY COURT VII 488136 111Nike Air Max 90 Ultra 2.0 BR Lemon Chiffon Yellow 898010-700 Msrp $130 Ad , Nike Men’s Air Trainer Max ‘91 Size 9 Haystack Team Red Bo Jackson 309748-700 , Nike Air Zoom Talaria 16 Volt Neon Sz 8 White Running Training Shoes 844695-700Allen Edmonds "BOULEVARD" Oxfords 9.5 D Black (175) , Reebok Zpump Fusion 2.0 Running Women's Shoes , Scott Womens T2 Kinabalu 2.0 Shoes 235896 Green/Red Size 9.5 , Nike Women's LunarEpic Low Flyknit 2 Running Shoes Size 8.5 NIBClarks Women's Cheyn Madi Monkstrap Dark Brown Full Grain Leather Hook and Loop1808 Nike Zoom Fly SP Women's Training Running Shoes AJ8229-800 , New Kamik Womens Harper-Gray Snow Boots Size 11 , Rockport Adalia Distressed Leather Booties, Women's Size 10M, Wine ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mr/Ms POISON-25-1 Durable service Comfortable Comfortable touch Elegant stable hotelcastell-13633 and stable packaging 6566cdb - 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.

    Mr/Ms POISON-25-1 Durable service Comfortable Comfortable touch Elegant stable hotelcastell-13633 and stable packaging 6566cdb - 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
    Mr/Ms POISON-25-1 Durable service Comfortable Comfortable touch Elegant stable hotelcastell-13633 and stable packaging 6566cdb
    Boots
    >
    ;