Never miss an update

Jack SZ/Color Rogers Women's Greer Suede Greer Boot - Choose SZ Choose/Color d449c77




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: Jack Rogers
Style: Ankle & Bootie Manufacturer: Jack Rogers
Size Type: Regular MPN: Greer Suede
US Shoe Size (Women's): Multiple Variations Model: Greer Suede
Never miss an update

Jack SZ/Color Rogers Women's Greer Suede Greer Boot - Choose SZ Choose/Color d449c77 - blurrypron.com

    Jack SZ/Color Rogers Women's Greer Suede Greer Boot - Choose SZ Choose/Color d449c77
    Jack SZ/Color Rogers Women's Greer Suede Greer Boot - Choose SZ Choose/Color d449c77
    United Nude Black Bubble Quilted Knee-High Nubuck Leather Knee Boots Shoes, SZ 6Via Spiga EUC animal print boots size 7 , LE SILLA BROWN STRETCH SUEDE MIRROR TRIMMED TALL PLATFORM BOOTS SZ.40FRYE Women's Lena Hiker Fashion Sneaker - Choose SZ/Color , New $400 Jeffrey Campbell Dominica Black Suede Cut Out OTK Boots Sz 6.5 , 80s Escada Red Purple and Green Gold Lamé Brocade Boots w Stacked Heel 36.5 6.5 , Women Vince Camuto Vanny Ankle Boots, Sizes 7-10 Chocolate Leather VC-Vanny LEECCO Womens Ecco Soft VII High Top Ankle Bootie 36- Pick SZ/Color.HUNTER Womens Original Insulated Pac Boots Burnt Sienna/Navy Water Repel Sz 10Jack Rogers Women's Maya Ankle Bootie - Choose SZ/ColorGuess by Marciano Reet Knee High Boots Black 8 M New in Box , COLE HAAN INDRIA BROWN LEATHER SIDE ZIP KNEE HIGH RIDING BOOTS WOMEN'S 9 BBottes GEO REINO Gifette noir FEMME taille 41 boots woman leather cuir dark NEUFSam Edelman Carolena Asphalt Sz 9.5 Gray Grey Womens Suede Leather Boots Shoes , NIB HUNTER Black Original Tall Gloss Back Adjustable Rain Boots US 5 , Huge Demonia 4.25" Platform Floral Buckle Knee Stud Boots Goth Gothic Club 6-12Steve Madden Northsde Quilted Tall Motorcycle Zip-Up Boots 549, Cognac, 9.5 USGianvito Rossi Women's Green Ankle Boots Size IT37/US7~RTL$895! , ROBERT CLERGERIE BLACK LEATHER RIDING BOOTS ITALY FULL ZIP 8 BMan/Woman Manolo Blahnik heels size 40.5 Cheap Let our products go to the world Excellent stretchingBlondo Waterproof Women's Olivia Knee High Boots Black Leather MM1 Size 8.5MCLARKS Boots NEVELLA DEVON Womens Ankle Moto Taupe Shimmer Shoes US 9 $160 , DR MARTENS VB1B99Z RED LEATHER 14 EYE SIDE ZIP MOTORCYCLE COMBAT BOOTS NOSNIB $198 Cole Haan Davenport Booties - Brown - size 6 , LOTTINI 57-2-10 Black Suede Platform Wedge Knee High Winter Boots size 40Womens Purple Casual Classic Western Style Cowboy Boots Plain Leather , Pikolinos Zaragoza W9H-8800 Black Womens Leather Zip Tassel Mid Heel Ankle Boots , Man's/Woman's Fly London Yip Wedge Bootie Elegant and sturdy set meal Affordable Modern and elegantEXCELLENT CONDITION! DR. MARTENS TRIUMPH LEATHER PLAID BOOTS ,
    Jack SZ/Color Rogers Women's Greer Suede Greer Boot - Choose SZ Choose/Color d449c77 - blurrypron.com>Jack SZ/Color Rogers Women's Greer Suede Greer Boot - Choose SZ Choose/Color d449c77 - blurrypron.com
    Ariat Women's Springfield Rubber Work Boot Dark Brown 8 M US , Propet Women's Tatum Ankle Bootie Black 8.5 W USWomen's Slip On Sneakers CHANGE! GattinoW Raso Bianco Glitter Argento Made Italy , Man/Woman Pleaser Pink Label JENNA-09 quality product quality Lightweight shoes , Sam Edelman Real Fur Ballet Flats Shoes Sz 7.5 M Animal Print Women’sMan's/Woman's prada women shoes 39 Fashion pattern New style unique , gaimo obi blue suede ankle strap espadrille heels shoes size 8Attilio Giusti Leombruni Women's Black Leather Stretch Pump Sz 36 , Mephisto Helen Twist Womens Gladiator Sandal- Choose SZ/Color.Sergio Rossi italian flats slide sandals in nude leather Size US 7 - , Frula Aurora T-Strap Flat Sandals 056, Petalo, 10 USNike Fragment Obsidian Air Trainer Blue Mens 806942 441 SIze 6Southern Tide Proper Vineyard College Party Patriotic USA Mens Sneakers Shoes 12Nike Lunar Fingertrap TR 898066 100 Mens Training Shoes White/Black NIB , Gentlemen/Ladies Nike Men's Free Rn Running Shoe Exquisite (middle) workmanship new Shopping promotion , Mens 11.5 Converse All Star CTAS Modern Hi Wolf Grey Leather Shoes 158843C $110 , NEW Mens Under Armour 10 Charged Controller Maryland Terrapins Black 1286379-600Nike Air Huarache Run Oreo Black/White 777330-991 Men's US 10AIR JORDAN 2 RETRO DECON 897521-707 mineral gold/mineral gold Size 9CUDAS MENS WATER SHOES TSUNAMI II BLACK SIZE 12 , Europe Mens Velvet Rivet Spike Studed Chic Punk Slip On Loafers Clubwear Shoes , BALLY SWISS Women's GOLD TOE CINTHIA pumps 9.5 FR 40 Excellent condition !NEW BALANCE W1260TW. MADE IN THE USA! NEW IN BOX. GREAT SHOE, VERY COMFORTABLE!nike air max 1 (GS) running trainers 653653 401 sneakers shoes , Vince Sneakers Atlas Black Size 8 100% calf skin in the back hip hop wow jeezyWomen's Z-COIL "Freedom 2000" Pain Relief leather shoes 10 US (42 EU)Skechers 22853 Sport Womens All in Fashion Sneaker- Choose SZ/Color.Women's Columbia Flurry Brown Suede Double Buckle Winter Boots Size 9 , Women Black Genuine Leather Round Toe Knee High Boots Winter Rivets Long Boots , J Crew Remi Womens Sz 10M Cognac Brown Leather Double Zip Ankle Booties A9867
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Jack SZ/Color Rogers Women's Greer Suede Greer Boot - Choose SZ Choose/Color d449c77 - 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.

    Jack SZ/Color Rogers Women's Greer Suede Greer Boot - Choose SZ Choose/Color d449c77 - 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
    Jack SZ/Color Rogers Women's Greer Suede Greer Boot - Choose SZ Choose/Color d449c77
    Boots
    >
    ;