Never miss an update

Womens Leopard marcanthony-22569 Creepers Pull On High Med High Wedge Heel Wedge Animal Print Casual Shoes 1d359ea




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: Unbranded
Material: Leather Style: Creepers
Occasion: Casual Country/Region of Manufacture: China
Pattern: Animal Print Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Width: Medium (B, M)
Never miss an update

Womens Leopard marcanthony-22569 Creepers Pull On High Med High Wedge Heel Wedge Animal Print Casual Shoes 1d359ea - blurrypron.com

    Womens Leopard marcanthony-22569 Creepers Pull On High Med High Wedge Heel Wedge Animal Print Casual Shoes 1d359ea
    Womens Leopard marcanthony-22569 Creepers Pull On High Med High Wedge Heel Wedge Animal Print Casual Shoes 1d359ea
    Gentleman/Lady Hand painted unique sneakers Fashion pattern Selected materials Fair priceJon Josef Tan Belgium Loafer Flats Shoes 10 new , Cole Haan F3584 Women's Country Black Brown Leather Weave Tassle Loafers Sz 9.5NIB Authentic $100 KENNETH COLE SLIM SHOLTZ Leopard Flat Sandals Size 9 MSperry Top Sider Authentic Originals Stone/Coral Women's Boat Shoes 9826405 , New Bedroom Athletics Womens Georgina Tye Dye Clouds Mules Size 7 , Vince Camuto Kyah Women's Casual Slip On Sneakers Silver Brown Size 7.5 MRockport Cobb Hill Nadia Black Sueded Leather Mary Jane Shoes Leather 8.5 , Dansko Womens Black Suede Leather Fabric Cuff Mules Clogs Sz 37 6.5 4404100200 , Men/Women ANNA-01 Year-end special promotions Environmentally friendly Rich on-time deliveryEasy Spirit Womens lownsdale Fabric Round Toe Mary Jane Flats, Black, Size 9.5Men's/Women's vionic sneakers emerald/9030 service Upper material Non-slipSAS Womens 9 WW Extra Wide Tripad Comfort Free Time Shoes Leather Oxfords 1U3WOMENS CLARKS ARTISAN COMFORT DAELYN HILL GRAY SUEDE LEATHER WORK SHOES SIZE 6MWomen Munro Jewel Black Suede Walking Athletic Shoes Size 4 M , Mephisto France Match Runoff Ivory Walking Comfort Shoes Oxfords Womens sz 7.5 M , NEW Melissa + Jason Wu Ultra Girl Flats Black , Cole Haan Black Leather Slip On Loafer Mules Slides Shoes Size 8.5 , WOMENS CLARKS BENDABLES SOFT CUSHION COMFORT BLACK LEATHER WORK SHOES SIZE 10M , Moccasins Leisure Womens Slip On Fur Furry Round Toe Slip On Flats Shoes Walking , Johnston & Murphy Blue Suede Oxford Wing Tip Mens 4.5 Suede Leather Women sz 6Gentleman/Lady Delman Womens Kern Slip-On Loafer Shoe wholesale Medium cost Characteristics , Aravon Shoes Sz 6.5 Loafers Black Leather Slip On Low 1" Heels Womens 6.5B NWOBSchutz Chayton Low-Top Sneakers-Women's size 7.5 B Silver DAMAGE , Sperry Koil Kitt Suede DK Brown Top-sider Shoes SZ 7 , Women's shoes flats big size US 11.5//Pin Up Couture Women's Secret 15Womens Fashion Metal Decor Fringe Oxford Shoes Chunky Low heels Slip On GomminoA2 by Aerosoles Womens Love Spell Slip-on Loafer- Pick SZ/Color. ,
    Womens Leopard marcanthony-22569 Creepers Pull On High Med High Wedge Heel Wedge Animal Print Casual Shoes 1d359ea - blurrypron.com>Womens Leopard marcanthony-22569 Creepers Pull On High Med High Wedge Heel Wedge Animal Print Casual Shoes 1d359ea - blurrypron.com
    Stuart Weitzman 5050 Black Suede Knee High Boots Size 11.5M E373 , Asics Gel Kayano Evo Trainers in White HN6A0 0101 , Haider Ackermann Women's Black Suede Green Cap Toe Ankle Boots IT36/US6~RTL$1588Skechers Women's EZ Flex 2 Flighty Ballet Flats , Fred de la Bretoniere Womens Keilsandale Espadrilles, Grey Taupe Off White 314Women boots leather model KEVIN Aus 2 to 10.5 , Skechers NEW Adorbs Plushy black suede memory foam flat ankle boots sizes 3-8ROBERT CLERGERIE SHOES WOMENS ~ SIZE 6.5 ~ GREAT COND PATENT LEATHER PLATFORMRENE CAOVILLA Designer Gold Metallic T-strap Heel Sandals Sz 38.5NEW GENUINE CHARLES DAVID BLACK "FLORA" PLATFORM WEDGE SHOES SIZE 8M MSRP $175 , LAUREN Ralph Lauren Harri Vachetta Leather Sandals, Women's Size 10B, Black , MIU MIU Glitter Leather Platform Peep Toe Pump Gold US-5.5M EU-35.5M MSRP $675 , NWOB Cole Haan Tali Luxe Wedge Pump Tortoise Patent $180 – 6.5M , Saint Laurent Paris Janis 105 Pumps Platforms Pale Pink 41 11 , Joie a la Plage San Remo Leather Sandals, White SIZE 40 (sh) , Nike Dual Fusion Trail 2 New Mens Black Blue Running Shoes 819146 004 Sz 11 , New adidas Equipment Cushion 93 Primeknit Men's Running Shoes S79113 Sz 10.5 , Nike Internationalist PRM SE Legion Green Black Palm 882018 300 US size 13 NEW , New Balance Men's MC1006v1 Tennis Shoe - Choose SZ/Color165431 Original SWAT H.A.W.K. 9" Side Zip WaterproofNWT ARIAT MENS BROWN LEATHER CRUISER LOAFERS SZ 9B STYLE 10023008 , MEGIR Men's Quartz Wristwatch Luxury Fashion Chronograph Date Calendar...Hey Dude Men's Wally B Sox Loafers Grey Textile Memory Foam 12 US M/ , I16-TS1 MEN'S SHOES 42 ELEGANT DERBY TOP-STORE ARTISAN BLACK BOTTOM MICRO , NEW BALANCE WOMEN'S SIZE 7 "MIDDLE CUT" WH574GG BLACK WITH AQUA ACCENTS NEW/BOXSkechers Burst [12433GRY] Women Running Shoes Grey/Pink , Nike Air Max 90 SE 881105 002 Black/Black-Dark Grey Women's Shoes Sz 5 , Gentleman/Lady Pleaser Womens Electra-3050- Pick SZ/Color. Charming design a variety of Different styles and styles , Lucky Brand Womens Eesa Closed Toe Ankle Fashion, chipmunk hilary, Size 5.5 , AGL Kitten Heel Bootie, Orchid Suede, Womens Size 7.5 / 37.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Leopard marcanthony-22569 Creepers Pull On High Med High Wedge Heel Wedge Animal Print Casual Shoes 1d359ea - 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.

    Womens Leopard marcanthony-22569 Creepers Pull On High Med High Wedge Heel Wedge Animal Print Casual Shoes 1d359ea - 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
    Womens Leopard marcanthony-22569 Creepers Pull On High Med High Wedge Heel Wedge Animal Print Casual Shoes 1d359ea
    Flats
    >
    ;