Never miss an update

Dansko Charlie Size Sneaker, Women's Size mogochinese-29941 Charlie 6.5-7, Mustard Suede 0a95519




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: Shoes are and show normal wear. The toes are scuffed.The sides and backs are scuffed.The insoles and inner lining are dirty.The bottoms are dirty.The border around the bottoms is dirty.
Modified Item: No Material: Suede
Style: sneaker Color: mustard
US Shoe Size (Women's): 6.5-7 Brand: Dansko
UPC: 0673088222789
Never miss an update

Dansko Charlie Size Sneaker, Women's Size mogochinese-29941 Charlie 6.5-7, Mustard Suede 0a95519 - blurrypron.com

    Dansko Charlie Size Sneaker, Women's Size mogochinese-29941 Charlie 6.5-7, Mustard Suede 0a95519
    Dansko Charlie Size Sneaker, Women's Size mogochinese-29941 Charlie 6.5-7, Mustard Suede 0a95519
    Birkenstock Women's Kleifar Oxford Black Style 1010775, , Sam Edelman Augusta Scalloped Edge Loafer 6 M Ink Blue Suede New with BoxAlegria PG Lite Wos Shoes EU39 US 8 Multicolor Floral Comic Slip-On Wedge Slides , Twisted X Boots Women's WDM0050 Boat ShoeMatt Bernson Copper Women's Gray Lizard Loafers Size 7 1/2NEW WOMEN'S FREE PEOPLE BRADY NATURAL LEATHER & SUEDE LOAFERS SIZE US 8 , Clarks Hope Roxanne Low Heel Shoes Leather Womens Casual Shoes , NEW Jack Rogers Waverly Platinum Leather Ballet Flats size 7.5 Shoes , OLUKAI SAMPLE 20208 WOMEN'S HELEUMA LEATHER SNEAKER SHOES CONVERTS TO SLIDE US 7Womens Adidas Adizero Boston 6 Boost Grey Athletic Running Shoes BB1729 Size 9.5Mr. Rogers 1970s KEDS Vintage Navy Champion Sneaker Shoe 9 M Womens BOXED , MEPHISTO MOBILS WOMEN SIZE US 6.5 NEWNEW! MAYPOL Anthropologie Black Leather TACHAS Stud Ankle Wrap Espadrille Sz 7.5 , Rachel Comey Kaki suede brogue flats mule sz 40 preownedTwisted X Boots Women's WDM0047 Boat Shoe , Franco Sarto Women's Martina 2 Slingback Camel Sahara Leopard Brahma Hair Size , Women's Shoes Vionic JUDITH Mary Jane Flats With Orthaheel Technology Black , WHYC001 Twisted X Women's Hooey Casual Canvas Shoe - Graphic Print NEWFidji Women's Green/Light Gray Leather Ribboned Mary Jane Shoes Size 8 MSRP $200PAUL GREEN Size 11 Brown Leather Walking Sneakers Loafers ShoesCole Haan GRAND CROSSCOURT HIGH TOP SNEAKER Shoes WOMEN'S SIZE 9 $150 NEWWomens ARIAT 10002368 Black Steel Toe Safety Clogs Size 8.5 BMen's/Women's T.U.K. . Womens Flat- Pick SZ/Color. bargain Optimal price Excellent functionTORY BURCH Gold Leather Moccasins Shoes SZ 6 M Women's , Man/Woman Cape Clogs Women's Solids New market Comfortable touch Valuable boutiqueSteve Madden Womens Scottee Black Fashion Loafers Shoes 9 Medium (B,M) BHFO 4283 , BIRKI'S BY BIRKENSTOCK DORIAN CORTINA WHITE WOMEN'S SIZE U. S. 5N , Womens AGL 200603 Black Leather Cap Toe / Pumps Shoes Sz. 39 , Man/Woman Lucky Women's LK-KADIAN Sandal Every item described is available Online export store Breathable shoes
    Dansko Charlie Size Sneaker, Women's Size mogochinese-29941 Charlie 6.5-7, Mustard Suede 0a95519 - blurrypron.com>Dansko Charlie Size Sneaker, Women's Size mogochinese-29941 Charlie 6.5-7, Mustard Suede 0a95519 - blurrypron.com
    Sam edelman womens boots brown leather sz7.5 nibPUMA CHAUSSURE BASKET PLATFORM EUPHORIA METALLIC - BLK - 6 1/2 (4059506404429)NEW J Crew James Suede Loafers SOFT FUCHSIA Sz 6.5 G0887 , AE372 JIMMY CHOO shoes silver textile glitter women slip onClarks Women's Valley Lounge Cobalt Loafer 6 B - MediumGorgeous Salvatore Ferragamo Women's Brown Leather Slip On Pumps 10 Narrow 2A , French Sole Womens Twosome Leather Closed Toe Ankle Strap Wedge Pumps , New Women Vans Authentic Black Skateboarding Shoes Classic Canvas size US 7.5Steve Madden Irenee Heeled Ankle Strap Sandals, Tan, 11 USPuma Trinomic Disc Blaze White Pink Blue Mens Trainers Slip On 358135 01 P1Brand New Nike Max 1 PRM SP Men's Athletic Fashion Sneakers [616169 300] , Adidas Mens 9.5 Ultra Boost energy continental 3 M Running Shoes White Silver , Nike Air Shake Ndestrukt Mens 880869-100 White Red Basketball Shoes Size 11Nike Air Max 97 Premium QS Japan Camo AJ2614-203 2017 New JapanMen's/Women's Off-white Cross Hi-top Sneakers wholesale Bright colors International big nameUSA NOCONA BROWN VINTAGE LEATHER WESTERN COWBOY BOOTS 8.5E , Harley-Davidson® Men's Manifold 7-Inch Black Leather Motorcycle Boots D91692 , CUSHIONED Men's Apt. 9® Channing Ankle Boots Shoes Size13 WHISKEY SUEDE UPPER , FLORSHEIM RAMBLER CREEK MEN'S SIZE 10.5EEE COMPOSITE TOE SAFETY WORK SHOES BROWNMens Lacoste Seefeld 4 SRM (7-22SRM3057007) Grey Suede Leather - FAST SHIPPING ! , men's shoes MBT 8 / 8,5 () sneakers black blue textile AC830-BHarpelunde Red Men Velvet Loafers Slippers Slip On Dress Shoes Size 7-14 , Women's Nike Air Zoom Elite 9 Running Shoes NEW Volt/white/Black , MSRP $120 , PUMA Women's Fierce Varsity Knit Wn Sneaker - Choose SZ/ColorADIDAS ORIGINALS TOP TEN HI SLEEK WOMEN'S SNEAKERS BLACK/PURPLE G63101 SIZE 9 , Nike Air Max 97 Premium Finish Line 25th Anniversary Edition Women's 9 Sean AM1 , Asics FuzeX [T6K8N-0120] Women Running Shoes White/Pink GlowMG35 Lexia Ankle Boots, Cognac, 7.5 USWomen's Abigail Bearpaw Black Boots Size US 7 TT33 , Not Rated Women's Crazy Crinoline Boot Tan 7.5 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dansko Charlie Size Sneaker, Women's Size mogochinese-29941 Charlie 6.5-7, Mustard Suede 0a95519 - 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.

    Dansko Charlie Size Sneaker, Women's Size mogochinese-29941 Charlie 6.5-7, Mustard Suede 0a95519 - 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
    Dansko Charlie Size Sneaker, Women's Size mogochinese-29941 Charlie 6.5-7, Mustard Suede 0a95519
    Flats
    >
    ;