Never miss an update

Women's Ed 11693 Ellen Floral Degeneres Oberlin Oxford Shoes, Oxford Floral Ikat Size 6.5 M $129 889a468




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: Ellen Degeneres
Pattern: Floral Style: Oxfords
Fastening: Lace Up US Shoe Size (Women's): 6.5
Heel Type: Wedge Width: Medium (B, M)
UPC: 190662575364 Material: Cotton
Never miss an update

Women's Ed 11693 Ellen Floral Degeneres Oberlin Oxford Shoes, Oxford Floral Ikat Size 6.5 M $129 889a468 - blurrypron.com

    Women's Ed 11693 Ellen Floral Degeneres Oberlin Oxford Shoes, Oxford Floral Ikat Size 6.5 M $129 889a468
    Women's Ed 11693 Ellen Floral Degeneres Oberlin Oxford Shoes, Oxford Floral Ikat Size 6.5 M $129 889a468
    Women's Sanita Danish Clogs Professional Cabrio Brush Off Leather Brown , Irregular Choice Womens Floral Embroidery Pointed Flats Sz 7 Black Priority Ship , Cole Haan ZeroGrand Shearling Size 5 Womens Waterproof Chukka Boots Black Suede , Lanvin Womens Ballet Flats Size 39 9 Purple Red Green Satin Round Toe Slip On , Kenneth Cole Leather Ballet Flats Gunmetal Pewter Grey Round Ballerina Shoes , GRIPFAST MIE ENGLAND MADE GS1002 STEEL TOE BLACK WHITE WING TIP BROGUES NOS , Anthropologie X Maliparmi Women's Bicolor Mocassino Loafers Retail $328 size 9French Sole Jigsaw Black Womens Shoes Size 11 M Flats MSRP $200New $195 Vince 'Preston' Woven Slip-On Sneaker - Black - Sz 8 , Laid Back London Green Leather Toledo Moccasin, NEW Size 7 , THINK! Womens 37 US 6 Slip On Loafer Black Leather COMFORT Shoes Slip-ons EUC$375 size 8.5 Stuart Weitzman Relief Loafers Calf Leather Comfort Slip on shoesAGL Attilio Giusti Leombruni 42 US 12 Black Leather Cap Toe Ballet Flats $298 A7NEW DANSKO WOMEN'S CHARLIE PERFORATED SNEAKER BLACK LEATHER 40 10 MEDIUM $120 , $300 NEW Stokton Blue & White Leather Flat Sandals 39 / 7.5 ITALY 800291341807Kenneth Cole Gentle Souls Black Lowe Suede Sneaker - Women Size: 8.5 , Salvatore Ferragamo Ballet Flats Purple Leather Snake Print Women 8 MNEW IN BOX JCREW J. Crew Lottie Icy Rose Pink Tassel Flats Sz 7.5Rare Lanvin Black Leather Pony Hair Ballet Flats 39 US 8 , New Womens Steven by Steve Madden VALENT-L Leopard Calfhair Mules Shoes , NEW DANSKO WOMEN'S OLENA SLIP-ON FLATS BLACK TORTOISE SUEDE 36 6 MEDIUM $145Sperry AO 2 Eye Womens Brown Leather Boat Deck Shoes SizeRevere Amalfi Mary Janes, Women's Size 7, BlackNEW DANSKO WOMEN'S TILDA SLIP-ON FLATS BROWN LEATHER 38 8 MEDIUM $145 , NIB $180 SCHUTZ Jaine Pearl Embellished Mule Loafer Prata Cracked Silver size 7 , FRYE Womens Camille Perforated Slip On Sneakers Black Size 9 , Man's/Woman's Teva Women's Hydro-Life Slip-On Easy to use Quality and quantity guaranteed Amoy , Vivobarefoot Womens Penny Moc Toe Flat Shoes, Red, US 9 , Cole Haan Women's ZeroGrand Slip-On Sneaker Grey/Opt White/Black (D44030) ,
    Women's Ed 11693 Ellen Floral Degeneres Oberlin Oxford Shoes, Oxford Floral Ikat Size 6.5 M $129 889a468 - blurrypron.com>Women's Ed 11693 Ellen Floral Degeneres Oberlin Oxford Shoes, Oxford Floral Ikat Size 6.5 M $129 889a468 - blurrypron.com
    Gentlemen/Ladies Skechers Women's Bikers-Undergrad Chelsea Boot Fine processing Settlement Price Excellent function , Via Spiga Babe Pebbled Leather Knee High Boot Size 7Gentleman/Lady Helens Heart Bling Boots (8, White) Innovative design Settlement Price comfortableNew sz 9.5 / 39.5 Givenchy Camel Beige Suede Ankle Bootie Wood Wedge Heel ShoesSkellerup 4 x 4 MARATHON Rubber GumbootsWinter Men Leather Business Wingtip Brogue Carved Dress Shoes Mid-Calf Boot AU XKennel und Schmenger Womens Big Slip on Trainers, Black Schwarz Sohle Wei 610 , Salvatore Ferragamo black flat shoes size 8FERRAGAMO Bowm Suede Pumps Round Toe Size 9.5 BCharles David Vintage Swirls Leather Low Wedge Open Shoes 7 N Black Gold Silver , Romika Wos Sandals Slides US 8 Blue Metallic Leather Suede Hook/Loop Wedge , Mr/Ms womens shoes Every item described is available low cost German Outlets , Nike Internationalist Light Racer Blue/Sail Classic Lifestyle Running 828041-411NIKE KOBE AD A.D. ACTION GRAPE "MAMBA MENTALITY FEARLESS" SZ 11 [922482-500]$595 Men’s 43.5 US Rag & Bone Spencer Commando Black Leather BootsAsics DS Light X- Fly 2 MS Mens Football Shoes (0790) + Free Aus DeliveryJack Wolfskin Men's Vojo Hike Texapore Men Boot, Burly Yellow, 9.5 D USCycleur De Luxe Men's Brown 'Roadride Lo' Wingtip Oxford Sneakers Trainers Size , Cole Haan Grand OS Maine Classic Pinch Black Suede Penny Loafer Slip Ons Sz 8 M , SPERRY TOP-SIDER WAHOO MENS CHELSEA SUEDE LEATHER SNEAKER BOOT 7.5 M STS19374Allen Edmonds Black Plain Toe Long Wing Shoes 7160Propet Mens Slipper Cush N Foot Shoe Sand Brown Corduroy Size 10 3EAdidas Terrex Agravic Speed S80865 womens trail ourdoor terrain running shoe 9.5 , Skechers Millennial Lofty Womens 23547-WHT White Smooth Leather Shoes Size 9 , Gentlemen/Ladies REHERSALL Shoes 136224 Black 22cm Special price The highest quality material various kinds , PUMA Women's Prowl Alt Satin Wn Sneaker Black White 9.5 M USNIKE Womens Nike Explorer 2 AA1846-100 WHITE Womens Size 9 w/ FREE SHIPPING , Kamik Womens Tracy Closed Toe Mid-Calf Cold Weather BootsSuede Slouchy Pointy Toe Boots For Women By Liliana | Women Trendy Pointy Toe SiStylish Womens Summer Over THe Knee High Boots Leather Straps High Heels Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's Ed 11693 Ellen Floral Degeneres Oberlin Oxford Shoes, Oxford Floral Ikat Size 6.5 M $129 889a468 - 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.

    Women's Ed 11693 Ellen Floral Degeneres Oberlin Oxford Shoes, Oxford Floral Ikat Size 6.5 M $129 889a468 - 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
    Women's Ed 11693 Ellen Floral Degeneres Oberlin Oxford Shoes, Oxford Floral Ikat Size 6.5 M $129 889a468
    Flats
    >
    ;