Never miss an update

Pleaser 5" 8 Heel Shiny White Thigh 19364 Thigh High Zip Up Boots 6 7 8 9 10 11 12 13 14 15 16 9998af6




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
Modified Item: No
Width: Medium (B, M) Style: Thigh High Boots
Color: White Heel Height: High (3 in. and Up)
Brand: Pleaser Material: Synthetic
Never miss an update

Pleaser 5" 8 Heel Shiny White Thigh 19364 Thigh High Zip Up Boots 6 7 8 9 10 11 12 13 14 15 16 9998af6 - blurrypron.com

    Pleaser 5" 8 Heel Shiny White Thigh 19364 Thigh High Zip Up Boots 6 7 8 9 10 11 12 13 14 15 16 9998af6
    Pleaser 5" 8 Heel Shiny White Thigh 19364 Thigh High Zip Up Boots 6 7 8 9 10 11 12 13 14 15 16 9998af6
    Dolce Vita Pele Black Suede Booties Size 9New Womens Ariat 10011863 Fatbaby Starstruck Cowboy Boot , Clark's Everlay Dixey Black Leather 26128300 U.S. 7 N New With Box Free Shipping , Calvin Klein Julietta Women's Leather Knee-High Dress Pointed Toe Boots Shoes , New Ladies Ariat 10010195 Unbridled Pro Crepe Brown Leather Cowboy BootThe North Face Womens ThermoBall II Quilted Winter Boots Shoes BHFO 3225 , Tundra Women's Alpine II Winter BootSofft Barbourne Black Suede Boots Size 6 , Men's/Women's Naturalizer Hitch Booties Women's Boots Black Innovative design Bright colors Maintenance capability , Bordello 2" Heel Button Spat Victorian Ankle Boots White/Black 6 7 8 9 10 11 12Aravon Women's Florinda Waterproof Insulated Boots Black , Earth Origins Natalie Boots Womens Ankle Boots Low Heel , New Authentic Black NIKE Faux Fur Boots Bootie 7.5 , Brand New Born Bowlen Women's Black Leather ZipUp Ankle Booties Boots Size 7.5 , Pleaser 5" Heel Shiny Black Knee High Zip Up Boots 6 7 8 9 10 11 12 13 14 15 16 , Handmade Ladies Brown Square Toe Western Boots - 2621 - Size 9Born Western Style Pull on Lined Short Leather Boot size 7-1/2 Brown , Ariat Womens Heritage III Zip Paddock Dark Brown Cap Toe Ankle Boots Sz 8.5Women's Black Leather Boots size 8.5 , Green Glitter Poison Ivy Cosplay 70s GoGo Dancer Costume Boots size 7 8 9 10 11Maiyet Black Leather Chelsea Boot Block Heel Barney’s Boots Size 38.5 $795sz 8.5 NEW SESTO MEUCCI Ankle Boots Womens dark brown Shimmer ShoesFRYE BOOTS Women's BLACK Tumbled LEATHER Knee-High BOOTS Frye Size 7.5 Pre-OwnedLadies Genuine Cowhide Leather Western Cow Boy/girl Boots Style-721 , Sam Edelman Women's Boots Short Black Round Toe Side Zipper NWOB , New Womens Wolverine Fairmont Mid W10387 steel Toe work Boot , CRYPTO-06 4" DOUBLE BAND T-STRAP GOTH BIKER SKULL ACCENT CASUAL PLATFORM PUMPGentleman/Lady BOGS Women's Insulated Winter Boots High-quality Bright colors Speed ​​refund , TEVA DELAVINA Black LEATHER Suede ANKLE WOMEN'S BOOTS Booties SIZES
    Pleaser 5>Pleaser 5
    Donald J. Pliner Black MidCalf Boots Chunky Heal Square Toe - 6 M , COLUMBIA BUGABOOT PLUS TITANIUM OMNI-HEAT OUTDRY Winter Boots Women's 8.5 , New A.S.98 Lennie Free People Johnnie Work Boot Sz 39 Brown LeatherVictoria Inglesa Lona, Womens Hi-Top Sneakers,Blue Petroleo,43 EU , I35 Beverley Riding Boots 481, Black, 8.5 USWomen Winter Warm Real Rabbit Fur Slipper Fashion Flat Shoe Casual Suede Sandals , Nina Armando Dannah – Black Mid Low HeelsSeychelles Women's Research Pointed Toe Flat - Choose SZ/Color , $680 Black Woven Intrecciato Bottega Veneta Flats Size 40 , NIB Donald J Pliner Silver "Elama" Metallic Screen Ballet Flats Size 5 Ret$248 , NICE! LEMON 'N LIME ELENA BALLET SHOES . ROMANIA Sz 41Jeffrey Campbell Havana Last Snake Skin Leather Platform High Heels Shoes Size 7 , NEW! NIB MATIKO Black Natural Leather TRESSA Wood Wedge Heels Sandals 6.5 7 $202AUTHENTIC VERSACE PALAZZO FLAT THONG WHITE LATHER HUGE GOLD MEDUSA SANDALS, 37.5Lebron X 10 “Cutting Jade” Size 8 , ADIDAS ZX FLUX SZ 12 BLUSH BLUE AQ3100Adidas Tubular Runner Primeknit Black Runner Men's Originals B25571 SZ 8.5 USAdidas crazy 8 adv mens sneakers Size 13 , Nike '09 AIR JORDAN 6 RETRO Black/Fire Red {384664 061} Sz 10 M Basketball ShoesNike Lebron XI 11 Miami Nights Carbon Fiber SIZE 12 , Ben Sherman Men's Conall Lo Fashion Sneaker - Choose SZ/ColorCaterpillar Men's RIDGEMONT Slip Resistant Dark Brown Work Shoes P73238Mr/Ms ECCO Men's Seattle Apron-Toe Derby Shoe Ideal gift for all occasions Make full use of materials Outstanding functionWomen’s Vans Authentic Size 8.5 Sparkly Sneakers , ASICS 33-FA-W Womens 33-FA Running Shoe- Choose SZ/Color. , naturalizer Reagan Ankle Booties 498, Bronze Crackle, 6.5 US / 36.5 EUWomens Ankle Boots Combat Buckles Size Zip Leather Low Heels Rivet Pumk ShoesSO® Women's Sweater-Knit Wedge Ankle Boots Black, 8 M , Mr/Ms Dr. Martens Women's Shoreditch-R13524002 Ankle Bootie Various goods fashionable Strong heat and heat resistance , Khombu Marker Snow Boots Black Winter Waterproof US Ski Team New Warm ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Pleaser 5

    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.

    Pleaser 5" 8 Heel Shiny White Thigh 19364 Thigh High Zip Up Boots 6 7 8 9 10 11 12 13 14 15 16 9998af6 - 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
    Pleaser 5" 8 Heel Shiny White Thigh 19364 Thigh High Zip Up Boots 6 7 8 9 10 11 12 13 14 15 16 9998af6
    Boots
    >
    ;