Never miss an update

Puma Size X Fenty by RIHANNA SB Wedge by Boots Fenty Size/ US 8 211382a




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
Style: Combat Boots
Country/Region of Manufacture: Romania Brand: PUMA
US Shoe Size (Women's): 40.5 Heel Type: Wedge
Heel Height: High (3 in. and Up) Color: Black
Product Line: SB Fastening: Lace Up
Never miss an update

Puma Size X Fenty by RIHANNA SB Wedge by Boots Fenty Size/ US 8 211382a - blurrypron.com

    Puma Size X Fenty by RIHANNA SB Wedge by Boots Fenty Size/ US 8 211382a
    Puma Size X Fenty by RIHANNA SB Wedge by Boots Fenty Size/ US 8 211382a
    Columbia Conspiracy Titanium Waterproof Trail Sneaker Womens Size 8 , Adidas Originals Stan Smith Women's shoes Tropical birds (bz0412) Size 8adidas Outdoor Terrex Agravic Speed W outdoor Womens- Choose SZ/Color. , Mizuno Wave Lightning Z WOMS BK-SL Volleyball Shoe, Black/Silver, 10 D US , Womens Nike Air Max 1 ID 823375-993 Black/White Brand New Size 7 , Puma Womens White Violet Formlite XT Ever Fit Mid Trainer Sneaker Shoes Size 7NEW Women's SZ 7.5 NIKE Air Zoom Hyperace Volleyball Shoe Black White 902367-001 , New Womens Nike Free 5.0 PHOTO BLUE Size 6.5 run black 3.0 4.0 flex 642199 400 B , Nike Cortez '72 SI 881205-400 Binary Blue/White Wmn Sz 6.5-9 Leather2008 Womens Nike Musique III Gray Cheer Dance Fitness Shoes! Size 9WL220RL New Balance Gray Color Trainers Running Athletic Shoes Womens Size -rc , Nike Air Max 1 Ultra SE Size 7.5 Light Bone Rose Gold Bronze 861711-001Puma Basket Heart Up Womens 364955-01 Natural Vachetta Leather Shoes Size 6.5 , Adidas WOMEN'S ORIGINALS EQT ADV RACING SHOES Sz 9 NIBNIKE AIR MAX 1 ESSENTIAL WOMEN'S SZ 7 NEW 599820-107 ANNIVERSARY LAB SP QS PRM , Men's/Women's adidas Women's Baseline Fashion Sneaker use low cost Known for its beautiful quality , Nike Womens Classic Cortez Leather Forrest Gump White/Red Size 10 807471 103 NewWMNS Nike AIR PEGASUS 83 LTHR 749666 200 Mens us-8.5 eur-42WMNS NIKE AIR MAX LD-ZERO ID 2009 2013 WHITE-BLUE SZ 8.5 [AA3174-992]PUMA Basket Pineapple Creepers Platform Sneakers Women's Size 8.5 Girls Sz 7cNEW WOMENS 6 NIKE FREE RN FLYKNIT 2017 RUNNING SHOES BLUE GREEN WHITE 880844 402 , Reebok Womens Running Shoes Size 6 M One Guide Black / Purple / White / BlueVIBRAM Women's Five fingers Spyridon MR Running Shoes 14W4204 Trail Blue Black , Mr/Ms Saucony S10370-2 Womens OmniRunning-Shoes- Choose SZ/Color. Guarantee quality and quantity Cheaper than the price Caramel, gentle , Nike Womens Roshe Two High Medium Olive Dk Loden Sz 6 NIB 861707-200 , ADIDAS EQT RACING ADV PK W OFF WHITE GREEN ORANGE WOMENS SIZE SNEAKERS CQ2239Merrell All Out Blaze Aero Sport Purple Black Women Outdoors Hiking Shoes J12726WOMEN'S NIKE AIR FORCE 1 '07 SE PREMIUM CASUAL SHOESNike Women's Air Force 1 Low "Corduroy"
    Puma Size X Fenty by RIHANNA SB Wedge by Boots Fenty Size/ US 8 211382a - blurrypron.com>Puma Size X Fenty by RIHANNA SB Wedge by Boots Fenty Size/ US 8 211382a - blurrypron.com
    $349 size 38 US 7 Charles David Clarice Over The Knee Black Leather Boots Italy , Frye Diana Cut & Studded Tall Black Distressed Leather Western Riding Boots 7.5Adidas Men Shoes Spikes Training Jumpstar Running Track & Field BB6686 NewNapapijri Womens Marit Low-Top Sneakers Grey Size 5 UKBIRKENSTOCK INGOLSTADT BROWN NARROW Fit Womens Casual Treiners Shoes 4 EU , A7EIJE Veda Block Heel Pull On Ankle Boots, Black, 9.5 US / 40.5 EUMr/Ms .•:***:•.Glitter High Heel Pump Shoes "Purples".•:***:•. New product Has a long reputation Different goodsYuu Elloise Slip-On Cushioned Mary Janes Womens Shoes Black Size 5M , Tory Burch Patent Leather/Canvas Woven Ballet Flats , Collection $248 ELIE TAHARI REGINA SEQUIN BALLET FLATS SLIP ON Women's 6 36 , JOAN & DAVID SEXY BLACK PATENT STILETTOS 37.5/ 7.5 NEW IN BOX , NIB! BALLIN RESORT~GOLD SHEEN FULL LINEN EXOTIC 3.5" HEELS~IT SIZE 41~US 10FENDI BLACK SUEDE SLINGBACK LOGO HEELS SIZE :39GB35 Claraa Block Heel T Strap Sandals 434, Hibisbus, 9 USGentlemen/Ladies Alegria Julie Gemboree Multi Leather JUL-582 New product the most economical Brand feast , Christian DIOR Trotter Diorisimmo Brown Logo Pointed Pumps Sise 36.5 , SERGIO ROSSI women shoes Edwige natural brown suede wedge sandal with platformMr/Ms AIR FORCE 1 Fashion pattern Impeccable fineNike Air Jordan 1 Retro '86, White / Kumquat / Pure Platinum 644490 115 Sz 11Gentleman/Lady Nike Mens Hyperdunk '08 Basketball Shoes Elegant and sturdy set meal the most economical Sales online store , AIR JORDAN 12 RETRO “PSNY” 2015 ITEM 27-22 STYLE 130690 003 , Vintage Tommy Hilfiger Flag Leather Sneakers Men’s 7 1/2 90S , Mr/Ms Propet Men's Commuterlite Black Comfort Shoes High quality and low overhead Excellent performance Fair price , 2 Dr Doc Martens 11198 Men's brown boots LOT black Loafer Pebbled Shoe size 13 MInvicta Mens Speedway Stainless Steel Watch W/ Black Band , Reebok A Keys Court Women's Shoes Size 5.5 , Women’s Merrell Capra Mid GTX Hiking Boots Sz 10 Waterproof Grey Purple J35442Men/Women Ariat Women’s boots 6.5 B feature First quality Fine wild , WOMENS DR. MARTENS SHOREDITCH CANVAS BOOTS CHERRY RED CANVAS 7 EYELa Canadienne Sharon Waterproof Black Leather Women's Ankle Boots Zipper 6.5 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Puma Size X Fenty by RIHANNA SB Wedge by Boots Fenty Size/ US 8 211382a - 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.

    Puma Size X Fenty by RIHANNA SB Wedge by Boots Fenty Size/ US 8 211382a - 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
    Puma Size X Fenty by RIHANNA SB Wedge by Boots Fenty Size/ US 8 211382a
    Athletic Shoes
    >
    ;