Never miss an update

Circle G By By Corral Ladies Embroidered Western Circle Boots Brown Boots Turquoise L5239 003d9e9




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: Corral Boots
Style: Cowboy, Western Material: Leather
Never miss an update

Circle G By By Corral Ladies Embroidered Western Circle Boots Brown Boots Turquoise L5239 003d9e9 - blurrypron.com

    Circle G By By Corral Ladies Embroidered Western Circle Boots Brown Boots Turquoise L5239 003d9e9
    Circle G By By Corral Ladies Embroidered Western Circle Boots Brown Boots Turquoise L5239 003d9e9
    GEORGIA Women's Blue Collar Waterproof Work Boot GB00159 NIBWomens Black Mid Calf Leather Western Cowboy Boots Ankle Short Square , BORN Belindah Knee High Riding Boot Leather Cognac US 8/F07816 NEW , NEW Harley-Davidson Women's Balsa Riding Boot - Sandstone Style: D83855 , CONCORD-110 BIKER COMBAT FLOWER EMBROIDERY STUDDED KNEE HIGH WEDGE PLATFORM BOOTWomen's HUNTER Original Tall Matte Black Pull On Rain Boots NEWWomen's Black Cross Wings Inlay Red Sequins Leather Cowboy Boots Snip ToeMerrell Women's Taiga Buckle Waterproof Opti-Warm Leather Snow Boots Black Sz.11Twisted X Women's SZ 9.5 M PINK Ez Rider WESTERN Work Boot Steel Toe - WEZS001 , Piero Leather Ankle Boots Size 8.5 Italian History Italy Stretch Side Gussets , Circle G By Corral Ladies Square Toe Brown Bone Dragonfly Western Boots L5079 , Gentleman/Lady Sigerson Morrison SMSHELDON BLACK UNO CALF Reputation first Has a long reputation Famous storeNEW NIB $150 PREMIUM DESIGN Dr. Martens Sylvia LEATHER BOOTS CHOOSE SIZE , Womens Red Black Heart Sequins Leather Cowgirl Boots Pointed Toe , Harley-Davidson Women's Bonsallo 5-Inch Black Motorcycle Boots D83923$288 size 7 Ash Heroin Red Metallic Leather Heel Ankle Boots Womens Shoes , Privileged Bully Black Creeper Style Platform Goth Punk Knee Boot Bullet Strap 7New!! FRYE 90506 Western Brown Leather Slip On Bootie-Size 7.5 B- $318-(P45) , Women's Black Flower Inlay Red Sequins Leather Cowboy Boots Snip Toe , NEW MORGAN BLACK SUEDE LEAHTER SLOUCH HIGH HEEL BOOTS SIZE 8 , sz US 7.5 NEW PAUL GREEN BOOTS "Jada" Brown suede Water Resistant Ankle womens , Womens Denim Blue Classic Western Casual Style Cowboy Boots Plain LeatherBogs Women's Classic Matte Tall Boot , Circle G by Corral Ladies Brown Cutout Shortie Boot Q5027 , KEEN WEDGE ZIP US 8.5 Woman's Ankle Boot RedWomen's Full Purple Flower Inlay Sequins Leather Cowboy Boots Snip Toe , Laredo Ladies Scout Aztec Square Toe Western Boot 5647Mr/Ms Harley Davidson Chryse Boots Selling new Outstanding styleWomen's Brown Flower Inlay Gold Sequins Leather Cowboy Boots Snip Toe ,
    Circle G By By Corral Ladies Embroidered Western Circle Boots Brown Boots Turquoise L5239 003d9e9 - blurrypron.com>Circle G By By Corral Ladies Embroidered Western Circle Boots Brown Boots Turquoise L5239 003d9e9 - blurrypron.com
    New~Frye Leather Melissa Button Short 2~Zip Ankle Boots~Redwood~7.5RAG & BONE Black ankle leather HARROW BOOTS 38.5 booties 8 1/2 , Women's Green Leather Cowgirl Boots Floral Butterfly Embroidered Pointed ToeMen's/Women's BOTTINES SONIA RYKIEL EN STRASS SVAROSWSKY Diverse new design Online Official website , Man/Woman Corral Women's Cleff Embroidery Western Boots Beautiful design Modern and stylish fashion General productBRITISH ARMY - FEMALE ALTBERG COMBAT LEATHER BOOTS - SIZE 9M - BRAND NEW - 13964SAS San Antonio Shoes Simple Antique Wine size 7 N Narrow Slip On Leather Shoes , Handamde] Womens Point Toe Flat Shoes Leopard Animal Print Ballet Ballerinas Cal , SANTONI WOMENS CLARA BLACK LEATHER SHOES NEW SZ 7 , Bella Vita Black Leather Casual Slip On Comfort Walking Women's US 8.5M NEWADORE-708MG GLITTER BOTTOM CLEAR ANKLE STRAP 7" POLE DANCING PLATFORM SANDAL2017 New Womens Round teo Platform Block High heel Rhinestone Wedding Shoes BlueBally Heels Size 7.5 Black Leather Blue Suede Pointed Toe Pumps Office Wear DarkMANOLO BLAHNIK PONY HAIR PUMPS 36.5 Black White Cutout Heel 6.5Man's/Woman's Presto New product product quality Rich on-time deliveryBig Nike High Lux men’s basketball shoes size 11 blue 854165 400 , Gentleman/Lady Adidas Superstar Pharrell SUPERSH - S83350 Long-term reputation high quality King of the crowdNike Magista Orden II FG Men's Soccer Cleats Football Shoes University Red 1711 , Adidas Ultra Boost 3.0 Parley Coral Bleach size 9 , Thermal Men's Super Fiber Leather Safety Shoes Steel Toe Work Boots Ankle BootsHEY DUDE MENS WALLY L SOX BLACK SIZE 9Men's Merrell Moab Waterproof Hiking Walking Shoe Beluga Grey J88629 , Asics Gel-Lyte III H6T1L-9090 Black White Leather Casual Shoes Medium (D, M) Men , Mens AFTER MIDNIGHT Formal Stage Prom Award Tux shoes Slip on 6660 Black Velvet , Bruno Magli Randy Black Leather Cap Toe Oxfords Men's Size 7.5 MSkechers On-The-Go 600-Regal Navy Grey Men Sandal Slides Slippers 55355-NVYKeen Newport H2 Mens Comfort Sports Wide Fit Sandals , Skechers Performance Womens Go Run Mojo-Mania Sneaker- Select SZ/Color. , New $135 ECCO Intrinsic Karma Ballerina Sulphur Lemon Neon Yellow Slip On sz 10 , NEW LADIES Tan 1"Block Low Heel Side Buckle KNEE Sexy Boot Size 9
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Circle G By By Corral Ladies Embroidered Western Circle Boots Brown Boots Turquoise L5239 003d9e9 - 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.

    Circle G By By Corral Ladies Embroidered Western Circle Boots Brown Boots Turquoise L5239 003d9e9 - 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
    Circle G By By Corral Ladies Embroidered Western Circle Boots Brown Boots Turquoise L5239 003d9e9
    Boots
    >
    ;