Never miss an update

VIA SPIGA Ophira Boots Brown Suede SPIGA Ophira Leather $495 Tall Over The Knee SZ 6.5 NEW $495 459f5d8




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Fastening: Zip
Material: Leather Model: Ophira
Width: Medium (B, M) Style: Over Knee Boots
Color: Brown Heel Height: High (3 in. and Up)
Brand: Via Spiga US Shoe Size (Women's): 6.5
Heel Type: Block UPC: Does not apply
Never miss an update

VIA SPIGA Ophira Boots Brown Suede SPIGA Ophira Leather $495 Tall Over The Knee SZ 6.5 NEW $495 459f5d8 - blurrypron.com

    VIA SPIGA Ophira Boots Brown Suede SPIGA Ophira Leather $495 Tall Over The Knee SZ 6.5 NEW $495 459f5d8
    VIA SPIGA Ophira Boots Brown Suede SPIGA Ophira Leather $495 Tall Over The Knee SZ 6.5 NEW $495 459f5d8
    New! Stuart Weitzman Apogeelo Stretch Bootie Brown Leather Size 9 MSRP $595 , RAG & BONE BLACK TEXTURED LEATHER ANKLE BOOTS SIZE 37New in Box Lane Ladies Sunshine Round Toe Boot Black LB0177B Size 8.5 MSRP $380 , Freebird by Steven Clive Womens Black Knee High Boots Sz 8 1067 *Gentleman/Lady frye celia stitch boots Outstanding features Strong value A balance between toughness and hardness , Gentlemen/Ladies Modern Vice MJ Band Bootie-39-$398 MSRP Easy to clean surface Medium cost Most practicalVia Spiga Black Crosta Suede Slouchy Russo Boot--Size 6 New In Box Slouch High , WOMEN LOS ALTOS SANDED RED LIZARD RANCH-SQUARE-TOE WESTERN BOOT , Nicole Women's Clooney Over the Knee BootGentleman/Lady Over the knee leather snake boots Customer first High quality and economy various kinds , Carolinna Espinosa Conner Lug Black Leather Boots Booties Chunky Heel 7.5 $365Frye Gail Womens Shearling Fur/Brown Suede Tall Boot 7.5M MSRP $548 , Womens FRYE brown / distressed style leather tall pull on boots sz. 6 B , Men's/Women's Aquatalia Luana Waterproof Suede Bootie Complete specification range Upper material Human borderBLONDO Womens Black Leather Knee High Boots Sz 6.5 M NEW! 220035 , Mally 4613 Brown Pebbled Leather Knee-High Riding Boots 38 / US 8 , BURBERRY Shearling Cuff Stove Pipe Leather Crepe Sole Boots Euro 39 US 9 RARE , Frye Clara Tassel Over-The-Knee Elephant MSRP:$548.00 Mult Sz , Womens FRYE VERONICA HARNESS 225919 dark brown leather ankle boots sz. 8.5Harley Davidson Ladies Black Summer Boot D83718 New , FREEBIRD BY STEVEN BELLE FRINGE BOOTIE SUEDE BOOTS WESTERN MOCCASIN GREY BOHO 7 , Corral Women's Western Wine Overlay Woven & Studs Square Toe Boots E1271Women's Black Python Snake Tall Leather Cowgirl Boots Flower Design Pointed , NEW RED WING Heritage sz 5D distressed amber steel toe 11” engineer boot , NIB RAG & BONE NEWBURY CLASSIC BLACK NUBUCK BACK ZIP ANKLE BOOTS 36.5 $495 , Fancy black studded Denver cowboy boots 8.5 Handmade Made in USA L4060 , TORY BURCH - SIENA RIVER ROCK SUEDE BOOTIE SZ 7, RETAIL $385 , Frye Sabrina Moto Engineer Chunky Heel Black Leather Made In USA Boots Sz 9.5 , Frye Shirley Artisan ❤ Tall Dark Brown Leather Riding Boots ❤ Size 6.5 New
    VIA SPIGA Ophira Boots Brown Suede SPIGA Ophira Leather $495 Tall Over The Knee SZ 6.5 NEW $495 459f5d8 - blurrypron.com>VIA SPIGA Ophira Boots Brown Suede SPIGA Ophira Leather $495 Tall Over The Knee SZ 6.5 NEW $495 459f5d8 - blurrypron.com
    Nike SF AF1 Mid Special Field Suede Obsidian Blue Men Shoes Sneakers 917753-400Asics Onitsuka Tiger Mexico 66 Peacoat Honey Ginger Men Vintage Shoes D4J2L-5831Vogue womens side zip ankle boots black ethnic style high heels shoes size 35-42Guess Alexea Casual Platform Fashion Sneakers 485, Black Multi, 8.5 US , New Top End Gotgot Womens Shoes Casual Boots AnkleNew BEBE Shoes Deena Beige Gold Leather Lopard 10 Neu braun absatzschuhe , Manolo Blahnik Womens Suede Cinnamon Brown Kitten Heels Shoes Mules Size 8.5Cole Haan Juliana Pump Women Silver Heels Size 8.5 , Diane Von Furstenberg Natural Beige Cork Pointy Toe Pump $325 high heels 9.5 NEW , Marino Fabiani 9025 Rose Leather Pump, New in BoxSpring Step L'Artiste Collection Danube Women's Sandals Navy Multi US 7 , New Olukai 20343 4040 Kalapu Black / Black Women's Sandals 9 USJOE N JOYCE London nappa Soft-footbed - White - Sandals , VANS New Aqua Blue Slim Womens Hi-tops Shoes 7Nike Air Max Shpere Woven Vintage Size 8 US 26 cm Mazy Presto TN TL 96 98 360 , Men's ADIDAS CLOUDFOAM SUPERFLEX Gray Casual Sneakers Shoes BB9757 NEWJordan 23 Flight 4 PREM 10.5 Mens Hi Top 838818-100 White New , Nike Soon Stefan Janoski 12 Khaki Gorge Green 33824 233 , NIKE AIR UNLIMITED RETRO DAVID ROBINSON BLACK SLATE ULTRAMARINE 889013 013 sz 7Nike Men's Size 12 Air Max LD-Zero Sneakers 848624 101 Shoes White/Black/Grey , Jordan Retro 13 Men's Elemental Gold/Baroque Brown/Gum Yellow 14571705New Polo Ralph Lauren Ballards High Men Canvas Chukka Boots Sz 8 (MSRP $110)Los Altos Genuine BROWN Ostrich Square Toe Western Cowboy Boot D , Punk Mens Slip on Shiny Leather Leopard Printed Loafers Clubwear Dress Shoes sz , Mens MASON Executive Imperial Leather Wingtip Dress Oxford Shoes. Size 11 , Women's Adidas originals I-5923 Casual Shoes Grey/White/Gum BB6865 size 5 , BCBG Girls Black Calf High Pointy Toe High Stiletto Women's BG-KARLA Boots US7.5 , BX797 OLGA RUBINI shoes black glitter patent leather women ankle boots EUMr/Ms SKY-1023 Aesthetic appearance real have fun , Isaac Mizrahi New York Women's Amit Boot, Black Patent, Size 8.5 o7Ac
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    VIA SPIGA Ophira Boots Brown Suede SPIGA Ophira Leather $495 Tall Over The Knee SZ 6.5 NEW $495 459f5d8 - 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.

    VIA SPIGA Ophira Boots Brown Suede SPIGA Ophira Leather $495 Tall Over The Knee SZ 6.5 NEW $495 459f5d8 - 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
    VIA SPIGA Ophira Boots Brown Suede SPIGA Ophira Leather $495 Tall Over The Knee SZ 6.5 NEW $495 459f5d8
    Boots
    >
    ;