Never miss an update

NEIMAN Zip MARCUS Brown Back Zip 29567 Riding Boots Size 8.5 mogochinese-29574 Retail $950 913dae2




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: In Gently Condition! These boots are made from fine Italian leather and are very good quality. Heels have been replaced recently. Signs of wear include creases in the leather and scuff marks as seen in pictures. Please ask questions before buying.
Modified Item: No EUR Shoe Size (Women's): EUR 38.5
Style: Riding Boots Color: Brown
Boot Shaft Height: Mid-Calf Calf Circumference: 15
Calf Width: Medium Occasion: Work
US Shoe Size (Women's): US 8.5 Brand: Neiman Marcus
Heel Height: Low (3/4 in. to 1 1/2 in.) Toe Type: Round Toe
Material: Leather Heel Type: Block
Width: Medium (B, M) UPC: Does not apply
Never miss an update

NEIMAN Zip MARCUS Brown Back Zip 29567 Riding Boots Size 8.5 mogochinese-29574 Retail $950 913dae2 - blurrypron.com

    NEIMAN Zip MARCUS Brown Back Zip 29567 Riding Boots Size 8.5 mogochinese-29574 Retail $950 913dae2
    NEIMAN Zip MARCUS Brown Back Zip 29567 Riding Boots Size 8.5 mogochinese-29574 Retail $950 913dae2
    ALDO Women's Mihaela Equestrian Boot Black Leather Size 6.0Women Over The Knee Boots High Heel Back Zip Pointed Toe Platform Sexy Shoes NEWWomens Chic Tassels High Heel Stilettos Rivet Roma Leather Knee High Boots Shoes , Womens Fashion Party Leather Rhinestone Crystal Knee High Slouch Boots Shoes NEWWomens Sequins Glitter Over Knee High Boots Side Zipper Stiletto Heels Shoes szWomens Open Toe Knee High Hollow Leather Rome Gladiator Stilettos Shoes Party , HADES FALINE Brown Black Green Steampunk Gothic Chains Spikes Ankle Calf BootsWomens over Knee High Boots Ripped Denim Fashion Shoes High heel Plateform PumpsVINTAGE Womens Punk Rivet Ankle Boots Genuine Leather Combat Military Boots MOTO , HADES BLADE Black Faux Suede Chrome Metal Studded Goth Alternative Wedges BootsWomens Europe Over the Knee Low Heel Back Zip Pointed Toe Thigh High Boots Plus , women patent leather pointy toe ankle boots pull on block high heel shoes 11RAG & BONE ASHFORD BLACK LEATHER MOTO BOOTS STUD ZIPPER CLOSURE SHOES~39/9 , Authentic PRADA Heeled Leather Sneakers Size 37.5Luxury Bandage Womens 100% Cow Leather Shoes High Heels Over Knee Thigh Boots SZ , Women's Shoes Ankle Boots Heels BIKKEMBERGS Arno Leather Black Exclusive Luxury , Womens Buckle Knee High Boot Gladiator Casual Retro Real Leather Roma Zip ShoesWomens Over The Knee High Boots Platform Super High Stiletto Heeled NightclubRetro Womens Winter Genuine Leather Zip Punk Ride Long Knee Roman Boots Shoes Sz , Penelope Chilvers Women's Alpine Suede Brogue Boots - NavyOver The Knee Stretch Thigh Boots Pointed Toe Women's Pull On Stiletto Sz 4.5-12Vintage Womens Western Buckle Belt Retro Brogue Mid Calf Boots Cowboy Shoes SizeSequins Womens Thigh High Boots Gols Open Toe Gladiator Roam Shoes Stilettos HotWomen Over Knee Boot Pointed Toe Stiletto Fashion NEW Waist High Long Boot Sexy2017 Autumn Winter Womens Buckle Mental Pointy toe Low block Heel Ankle Boots , Bottes Vintage "Bordeaux" - CHARLIE ZAN --- T. 37Andrew Charles C92 CAMOSCIO NERO boots Women's Black US , Euro Ladies Leather Pointy Toe Knee High Boots Tassles Buckle Casual Riding Boot , Ethnic Retro Womens Tassels Leather Motor Over Knee Boots Fringe Shoes Cowboy
    NEIMAN Zip MARCUS Brown Back Zip 29567 Riding Boots Size 8.5 mogochinese-29574 Retail $950 913dae2 - blurrypron.com>NEIMAN Zip MARCUS Brown Back Zip 29567 Riding Boots Size 8.5 mogochinese-29574 Retail $950 913dae2 - blurrypron.com
    Kelsi Dagger Brooklyn Women's Kadi Ankle Bootie, Fog, 7 M USNew STUART WEITZMAN Size 8.5 GLOVE Topo Gray Suede Bootie Boots 8 1/2 NIB , Gentleman/Lady Common Projects Achilles Low Adequate supply and timely delivery special function valueKlogs Bristol Women's Leather Comfort Clog - Sl Mustang - 7.5 MediumAUTH Salvatore Ferragamo Women Varina Flat Shoes 9.5C , J.CREW BEIGE COLOR LEATHER STRAP LADIES WEDGE SANDALS/SHOES 9 MINTITALY2018 Paillette High Block Heels Womens Ankle Straps Pumps Summer Party Shoes sz$175 New VIA SPIGA EVELINA Cinnamon Brown Leather Designer Platform Wedges 11Calvin Klein Womens Cice Open Toe Mules, Salmon Rose, Size 6.0NIKE AIR SHOX TURBO OZ Hot Pink White Running Shoes Sneakers Women Sz 9 M , Men/Women CLARKS Women's Wave Skip Oxford Good world reputation New style Famous store , Nike Zoom TJ Elite Track Triple Jump Track Shoes Rio Mens Size 9 882025 999 , Nike Air Zoom Talaria '16 OG WOLF GREY US MENS SHOE 844695-003 Size 11 , NEW adidas SM D Lillard 2 - Black Basketball Shoes (Men's 16) , Puma 2015 Neon Lite 2.0 Casual / Training Soccer Shoes White / Blue / BlackUnder Armour Men's Speedform AMP 2.0 Valor Sneaker Black/Overcast Gray,PRADA MEN SNEAKERS SHOES DESIGN SIZE 9, US SIZE 10.5 - 11 MADE IN ITALY. , OFF-WHITE x Nike Air Presto 2.0 Black White THE TEN 10 Virgil Abloh AA3830-002Bruno Magli Mens Tristin Casual Dress Ankle Boots Blue Suede 8 NEW IN BOXLaredo Men's Luke Cowboy Boot 68439Puma Mens Size 11 Basket Classic B&W Black Casual Walking Athletic Shoes NewSalvatore Ferragamo Leather Rubber 9 Men's Luxury Rain Street Motorcycle Boots , Mens Formal Leather Tassel pull on loafers Dress wedding Business shoes formal S , L.B. Evans Men's Aristocrat Opera Black SlippersWomen's Hoka One One Infinite Acid/Mulberry Purple 1009649 Stability Running NewNEW BALANCE WL574NEB - Wl574 Size: - Color: , BX189 SKECHERS shoes black textile women sneakers , Hush Puppies 5.5 M Milieu Dark Brown Knee High Boots New Womens Shoes , New Clarks MAZLYN MILL Leather Women Boots Size 9 (MSRP $200) , Steve Madden Women's Jaydun Boot, Black Nubuck, 8.5 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEIMAN Zip MARCUS Brown Back Zip 29567 Riding Boots Size 8.5 mogochinese-29574 Retail $950 913dae2 - 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.

    NEIMAN Zip MARCUS Brown Back Zip 29567 Riding Boots Size 8.5 mogochinese-29574 Retail $950 913dae2 - 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
    NEIMAN Zip MARCUS Brown Back Zip 29567 Riding Boots Size 8.5 mogochinese-29574 Retail $950 913dae2
    Boots
    >
    ;