Never miss an update

Reebok Boot Work Women's Rapid Response RB RB897 490 RB897 Stealth 8" Tactical Boot Coyote 1607a73




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: Reebok Work
Color: Coyote Style: 777604_1653901
Never miss an update

Reebok Boot Work Women's Rapid Response RB RB897 490 RB897 Stealth 8" Tactical Boot Coyote 1607a73 - blurrypron.com

    Reebok Boot Work Women's Rapid Response RB RB897 490 RB897 Stealth 8" Tactical Boot Coyote 1607a73
    Reebok Boot Work Women's Rapid Response RB RB897 490 RB897 Stealth 8" Tactical Boot Coyote 1607a73
    Gentlemen/Ladies Boot Born Copper Aztec (Light Brown) Clever and practical Settlement Price best seller , Senso - Quillon Calf Suede - Ebony , Man's/Woman's Boot Born Madyson Mousse/Marmotta Combo Modern technology Strong value Tide shoes list , FitFlop Women's Loaff Slouchy Knee Suede Slouch Bo - Choose SZ/color , Merrell Women's Whisper Post Gladiator Sandal - Choose SZ/colorClarks Black Leather Wide Shaft Boots - Ingalls Vicky 2 , ECCO Women's Women's Bluma Toggle Gladiator Sandal - Choose SZ/color , Boot Johnston & Murphy Rochelle Black Glove LeatherDr.Martens Zarela Black Womens Virginia Leather Wedge Zip-up Boots , Pleaser Women's Adore 1020 Ankle Boot Black Leather/Black Ankle BootsSTEVEN by Steve Madden Women's Bambu Dress Pump - Choose SZ/color , Donald Pliner Women's Lasse Black and Taupe Suede Ankle Boot , Women's Taupe Suede Ankle Boot With Fringe/ US Sizes 6-8.5CLARKS Women's Pita Topeka Riding Boot - Choose SZ/colorSteve Madden Women's Gabbie Over The Knee Boot - Choose SZ/color , STEVEN by Steve Madden Women's Coal Fashion Sneake - Choose SZ/colorSam Edelman Women's Francis Ballet Flat - Choose SZ/colorTed Baker Women's Iela Synt Af Shoes Ballet Flat - Choose SZ/colorSalomon Women's X-Chase Mid CS Waterproof W-W Hiki - Choose SZ/colorTeva Women's W Foxy Leather Boot - Choose SZ/colorIvanka Trump Women's Wareen Loafer Flat - Choose SZ/color , ASICS Women's Dynaflyte Running Shoe - Choose SZ/colorASH GENIAL WOMEN CLAY LEATEHR NEW IN THE BOX SIZE EU35-EU36Men's/Women's Boot Nine West Dale Black/Pewter Leather Elegant appearance buy A balance between toughness and hardnessSalomon Women's XA Pro 3D CS Waterproof W Trail Ru - Choose SZ/colorGentlemen/Ladies Boot Born Sopris Red/Grey Wool Combo Promotion In short supply Excellent workmanship , Merrell Women's Dassie Buckle Slip-On Shoe - Choose SZ/color , PUMA Women's Fierce Knit Cross-Trainer Shoe - Choose SZ/colorCalvin Klein Women's Irena Sneaker - Choose SZ/color ,
    Reebok Boot Work Women's Rapid Response RB RB897 490 RB897 Stealth 8>Reebok Boot Work Women's Rapid Response RB RB897 490 RB897 Stealth 8
    NEW!! Paul Green Bootie- Grey- Size 6.5 US/ 4 AU $380 (B32)GANT Marvel Mens Cognac Leather & Nylon Chukka Boots , Skechers Mens Folten Orego Boots Chelsea Leather Comfy Casual Ankle TrainersBatz High Quality Leather Womens Slip-on Clogs White Size NH02 51 , Aquatalia Womens Winnie Ballet Flat Peep Toe Melon Patent Leather Size 8.5 MGentleman/Lady Stuart Weitzman Women's Linedrive Flat Sandal We have won praise from our customers. International choice Good qualityEUC HENRY FERRERA womens black leather "Kero" oxfords shoes sz.9.5Christian louboutin flat black leather loafers 39.5 6.5 6.5uk , PELUSO White Yellow Striped Leather Textile Open Toe Classic Pump Heels Italy 35 , SEXY NINE WEST Women’s high heel Boots Black Fashion Suede Size 9M , Splendid Women's Bates Platforms Black Size 8.5 M , Carlos BY Carlos Santana Women's Kingston brown Gladiator sandals sz. 9.5 M , Man's/Woman's Hermes Paris Sandals Good world reputation Win highly appreciated Tide shoes list , Reebok FuryLite Woven women shoes gray trainer Running V68869 , 2012 Mens Under Armour TB Spine Bionic 1240728 501 White/Purple Shoes! Size 14 , Men's Keen Newport Hydro Shoe/Sandal color Bronze size 7New Balance Gore-Tex Boots Natural Sail Sz 10.5 MLNBMBENew Balance Men's M1540V2 Running Shoe Grey/Navy 12 6E USNike Air Jordan Retro 3 III DB Doernbecher Size 15 Red Suede Black Silver 2010TSUBO PROSPERO MENS BROWN SUEDE LEATHER SLIP ON CASUAL SHOES 13 NEWNIKE SB ZOOM STEFAN JANOSKI L - BLACK / GORGE GREEN TWEED - 616490 030 SZ 8.5Mr/Ms Timex Ironman Classic 50 Full-Size Watch Excellent craft Upper material Cheap orderCAMPER 17665-139 Camper Peu Cami Mens Shoes - 45 EU- Choose SZ/Color. , Women's Skechers Work Shape-Ups Shoes Sneaker Size 10 Black Strapped Nursing Z13 , *NEW* Womens Nike Sneakers (size 6) Flex Adapt Atheletic Training Shoes TennisWOMEN 2012 NIKE ZOOM ELITE+ JP JAPAN CANNON GREY BURGUNDY GREEN 524277-006 NEW 8 , WMNS NIKE AIR MAX 90 HYPERFUSE PREMIUM ID PINK-VOLT SZ 8 [822578-997]Nike WMNS Air Zoom Elite 9 [863770-500] Women Running Shoes Violet/Silver-BlackGentleman/Lady Adidas S75791 Women's Sneakers sell New in stock Complete specificationsRara Avis by Iris Apfel Mongolian Fur Boots Brown Size 6 M Nwb ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Reebok Boot Work Women's Rapid Response RB RB897 490 RB897 Stealth 8

    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.

    Reebok Boot Work Women's Rapid Response RB RB897 490 RB897 Stealth 8" Tactical Boot Coyote 1607a73 - 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
    Reebok Boot Work Women's Rapid Response RB RB897 490 RB897 Stealth 8" Tactical Boot Coyote 1607a73
    Boots
    >
    ;