Never miss an update

Dansko Tamara 36 Cordovan Leather Brown Leather Slip on Buckle Detail NEW Shoe 36 5.5 - 6 NEW 4486f94




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: Dansko
Material: Leather Style: Clogs
Heel Height: Med (1 3/4 in. to 2 3/4 in.) MPN: Does Not Apply
Color: Brown Width: Medium (B, M)
US Shoe Size (Women's): 6 UPC: Does not apply
Never miss an update

Dansko Tamara 36 Cordovan Leather Brown Leather Slip on Buckle Detail NEW Shoe 36 5.5 - 6 NEW 4486f94 - blurrypron.com

    Dansko Tamara 36 Cordovan Leather Brown Leather Slip on Buckle Detail NEW Shoe 36 5.5 - 6 NEW 4486f94
    Dansko Tamara 36 Cordovan Leather Brown Leather Slip on Buckle Detail NEW Shoe 36 5.5 - 6 NEW 4486f94
    NAOT Pleasure Mary Jane Shoe Black Madras Patent Leather Loop Tie Heels 36 5-5.5Women's Lauren Ralph Lauren Black White Coleena Loafers Size 11 , LKNW Women Black Robert Clergerie Slipon Flats loafers shoes 6.5 France , Stuart Weitzman Women's Metallic Gray Leather Slip-on Flat Size 6.5MSTEVEN BY STEVE MADDEN LEOPARD RHINESTONE FLATS SHOES SIZE 8 M - NEW , Sam Edelman Rae Women's Black Suede Flats Sz 8 1126 , Clarks Women's Leisa Cacti Q Black Leather Sandals 26100437NAOT 37 BLACK NUBUCK AND PATENT LEATHER MARY JANES US WOMEN SIZE 6Kenneth Cole Mercer Pointed Toe Slingback Flat 6 M Black/White New with Box , **Gwen Pickstitch Flat Leather-Women's Size 8.5M Cognac , STEVEN BY STEVE MADDEN BLACK RHINESTONE FLATS SIZE 8 M - NEW , Badgley Mischka Abella ll Size 8.5 New With Box Rhinestones Bridal Formal Flat , Jambu Sloane Biodegradable Oiled Black Leather Mary Jane Shoe 6 MSRP $129 NEW10018592 Ariat Women's Zebra Print Mesh Fuse Shoe Lime Accents NEWVince Corbin New Women's Slip On Skater Style Shoes Satin Blue Gentian Size 9 M , Charles David Mulley Suede Mules, Women's Size 8, TruffleStuart Weitzman Gilligan Black Suede Flat - Size 10 - EUC , Dr. Martens Women's US 6 1461 GLTR Oxford White Purple Glitter , Sperry Top Sider Women's Bootie Juniper Quay Black STS96153 , Ballet Leather Black Flats Shoes Rounded Toe Womens Nobuck Bow Accessory BrazilSalvatore Ferragamo Womens 8 B US Winter White Patent Pearlized Leather Ivory , Tory Burch Lowell 2 Driver Leather Shoes Flats 8 , SPERRY TOP SIDER WOMENS KOIFISH SPARKLE CROSSHATCH LINEN GOLD SIZE 11Ballet Leather Flats Shoes Point Toe Womens Pink Nude crystal Accessory Brazil$368 JCREW COLLECTION SNAKESKIN LOAFERS 6 Coastline Navy Blue Gray Shoes E1093VINCE CAMUTO BLACK KAYLENNA LEATHER SNEAKERS SIZE 9 M - NEW , SPERRY TOP SIDER WOMENS KOIFISH SPARKLE CROSSHATCH LINEN GOLD SIZE 10Joesef Seibel Pippa Ballet Flat Silver Black US 7.5 , NEW J. CREW Retail $238 LEATHER TONI TASSEL LOAFERS AUTHENTIC RED Sz 6.5 ITALY ,
    Dansko Tamara 36 Cordovan Leather Brown Leather Slip on Buckle Detail NEW Shoe 36 5.5 - 6 NEW 4486f94 - blurrypron.com>Dansko Tamara 36 Cordovan Leather Brown Leather Slip on Buckle Detail NEW Shoe 36 5.5 - 6 NEW 4486f94 - blurrypron.com
    NIB AUTHENTIC PRADA MILANO LEATHER BLACK BIKER BOOTS sz 40/10 Made in Italy , SUPPER SEXY!!! ROBERTO CAVALLI FAUX FEATHER BROWN SUEDE WOMEN BOOTS US 8Men's/Women's RENAISSANCE-104 Microfibre Black Online Shopping Let our products go to the world Sales online store , CONVERSE ALL STAR OX LOW 147120c [Size 36] Ladies Sneaker ChucksSTUART WEITZMAN Gold Suede Leather Embellished Espadrille Flats - WOMEN'S 6FitFlop Women's Sola Slide Caramel Leather SlidesCHUCK TAYLOR ALL STAR DAINTY LOW TOP WOMEN FASHION SNEAKERS BRAND NEW 530057FVictorian Trading Co Sz 9 Ruthie's Edwardian Tie Oxfords Shoes BlackPURA LOPEZ Escarpins Très Pointus Tout Cuir Marron T 41 C TBE , Ralph Lauren Woman's Black Patent Leather Snake Skin Heels Pumps Size 7.5 New , Pleaser CHLOE-11 Womens Black-White Ankle Bootie Platform Pump Stiletto HeelsGUESS Ara Studded Fringe Peep Toe Mule Pumps 979, Black Suede, 7.5 USMen's/Women's Pleaser SEXY-23 Reasonable price Fast delivery Tide shoes list , Nike Dunk Low White/White-Varsity Red-Team Red 317813-114 Women's SZ 6NIKE FOOTSCAPE FLYKNIT DM SZ 13 TRIPLE BLACK AO2611 003 , Men's Brand New Air Jordan 11 Retro Low "Closing Ceremony" Sneakers [528895 103] , TONY LAMA Snake Skin Black Cowboy Boots Size 8 1/2 EE Extra Wide , Harley-Davidson® Men's Manifold 7-Inch Black Leather Motorcycle Boots D91692MOMA Men's Shoes Ankle Boots 56801-2A Cusna Nero Leather Vintage Made In Italy , PUMA Mens MCQ Move Low - Choose SZ/ColorJohnston & Murphy Mens 9.5 M Dress Shoes Burgundy Kiltie Tassel Wingtip LoafersNEW IN BOX New Balance 846 Women's US 5.5//WW846WB D Wide White/BlueWomens Fly London Salo Blue Lightweight Retro Trainers Shoes Shu Sizeadidas Duramo 9 Trace Maroon White Women Running Casual Shoes Sneakers BB7069 , Gentleman/Lady WOMEN'S SHOES SNEAKERS NEW BALANCE [WL574NBM] Various styles fashionable Popular tide shoes , Nike Zoom All Out Low Womens Running Shoes Pink Black Size 11 , Vintage Vasque 7534 Skywalk Women's GoreTex Hiking Boots-Italian Made- Size 6MNike Metcon 3 Womens 849807-400 Mica Glacier Blue Cross Training Shoes Size 8.5 , Ariat M90201 Leather Black Ankle Boots Sz 8.5 M , Skechers Womens Keepsakes Leatherette Mid Button Winter Boot- Select SZ/Color. ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dansko Tamara 36 Cordovan Leather Brown Leather Slip on Buckle Detail NEW Shoe 36 5.5 - 6 NEW 4486f94 - 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 Tamara 36 Cordovan Leather Brown Leather Slip on Buckle Detail NEW Shoe 36 5.5 - 6 NEW 4486f94 - 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 Tamara 36 Cordovan Leather Brown Leather Slip on Buckle Detail NEW Shoe 36 5.5 - 6 NEW 4486f94
    Flats
    >
    ;