Never miss an update

G.H.BASS LOAFERS, mogochinese-29999 1 WEEJUNS NED PENNY MEN'S NUBUCK PENNY LOAFERS, 9ae05f2




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: G.H. Bass & Co.
Material: Leather Width: Medium (D, M)
Color: GREY Style: Loafers & Slip Ons
Never miss an update

G.H.BASS LOAFERS, mogochinese-29999 1 WEEJUNS NED PENNY MEN'S NUBUCK PENNY LOAFERS, 9ae05f2 - blurrypron.com

    G.H.BASS LOAFERS, mogochinese-29999 1 WEEJUNS NED PENNY MEN'S NUBUCK PENNY LOAFERS, 9ae05f2
    G.H.BASS LOAFERS, mogochinese-29999 1 WEEJUNS NED PENNY MEN'S NUBUCK PENNY LOAFERS, 9ae05f2
    Men/Women Tods Men's Shoes Size7 Pre-owned for you to choose Orders are welcome List of explosions , Panelli Loafer Men's Size 10-1/2 D Black Penny Made in ItalyRockport V81872 Mens Premium Class Plaintoe Oxford- Choose SZ/Color.ALLEN EDMONDS SAGAMORE BLACK OXFORD MEN's DRESS SHOES 19760 SIZE 8 D,eucGentlemen/Ladies Salvatore Ferragamo para hombre Negro superior Won highly appreciated and widely trusted at home and abroad Most practicalSalvatore Ferragamo Mens Black Leather Oxford Cap Toe Loafer Dress Shoe Size 8 D , Men's Florsheim Black Leather Loafers Dress Shoes Slip On Size 10.5 , CESARE PACIOTTI men shoes sz 9 Europe 43 black leather S6892Mens Allen Edmonds Urbino 7.5 D Black Leather Tassel Dress Loafers A041 , Mens sz 7.5 D M Allen Edmonds Denton Black Leather Split Toe Derby Shoes Oxfords , Magnanni 9341 Vigo Kiltie Tassel Dress Formal Leather Moc Loafers Men's US 10NAllen Edmonds Cody Brown Leather, Great Dress Loafers Size 11 EEE (T1)Johnston & Murphy Mens Shoes Size 9 1/2 Optima Loafer Slip On Leather TasselTo Boot NY David Perf Cap Toe Medallion Oxford Black Dress Shoes Mens 9.5D ItalyALLEN EDMONDS MEN LEATHER GENTLEMEN SHOES US SZ 8.5Gentleman/Lady SANDRO MOSCOLONI LOAFER SIZE 13 Promotion Fine art Don't worry when shopping , CARROLL & CO. MAN SHOES PENNY LOAFERS SLIP ONS BROWN size US 9.5 D VTGALLEN EDMONDS BRIDGETON MEN'S KILTI LOAFER SHOE BLACK SIZE 11 B MADE IN USAMen's Allen Edmonds Norwalk Shoes Loafer Size 14E Wide Brown Leather Kilt Bow U4 , Bass Weejuns Loafers Shoes Mens Size 8.5 D Burgundy Leather Tassels Made USAnew classy mens ROBERT WAYNE taupe/sand suede loafers with tassels shoes 8 , Mens H By Hudson Pierre Tassel Office Smart Slip On Work Loafers Shoes US 7-13 , Allen Edmonds "Bradley" Calf Skin Leather Chili Brown Split Toe Mens 8.5 D , Magnanni Sz 11.5 Black Leather Apron Toe Stitched Oxford Dress Shoe , Allen Edmonds Sanford Mens 8.5 EEE Black Brogue Cap Toe Oxford Shoe USA 189-10J. MAcGill & Co. - Monk - / / US 12.5Stuart McGuire Spring Step Cordovan Wingtip Oxford Brogues Mens Size 10M , NWOB Calvin Klein RAMSES Men's Leather Dress Oxford Shoes sz 10.5 Black 34F0671 , Men's Chunky Heel shoes British style Pointy toe Buckle Bussiness dress Formal ,
    G.H.BASS LOAFERS, mogochinese-29999 1 WEEJUNS NED PENNY MEN'S NUBUCK PENNY LOAFERS, 9ae05f2 - blurrypron.com>G.H.BASS LOAFERS, mogochinese-29999 1 WEEJUNS NED PENNY MEN'S NUBUCK PENNY LOAFERS, 9ae05f2 - blurrypron.com
    Circle G Women's Silver Overlay Cut Out Booties - Round Toe - Q5056 , Men's/Women's Red wing classic moc 3374 7.5US Comfortable feeling New style A balance between toughness and hardness , Rare Burberry Mid Black Rubber Winter Rain Boots Front Zipper Warm US10 EU40Saucony Hurricane ISO 2 [S20293-1] Running Black/Silver-GreenSoludos Women's Platform Smoking Slipper Dis Co Glitter FlatNIB Tory Burch Minnie Floral Travel Logo Ballerina Flats Shoes Painted Iris 7 M , New Aerosloes Womans Flats Size 7.5 Beccarat Tan Gold Suede Horsebit BalletNew Womens Floral Low Heel Real Leather Pointy Toe Zip Up Fashion Party ShoesPRADA Womens Shoes Size 6.5 Brown Suede Leather Open Toe Pumps HeelsNIB $610 PIERRE HARDY white/silver open-toe small wedge shoes 36.5 6.5 6*Omg!*Pedro Garcia Sofia Pumps, Pebbled leather Black Size 39.5 Eur/9 Us $595JIBS CLASSIC LEATHER SNEAKER GREY WOMEN'S SIZE 10 MEN'S SIZE 8 NEW WITH BOXMen's Nike Air Max Prime Running Shoes Wolf Grey/White NIB 876068-002Nike Zoom Evidence II EP White Black Men Basketball Shoes Sneakers 908978-100 , 718948-600 Men's Air Jordan Future Gym Red/Black/White New In Box , Converse X UNDFTD Men Star Player EV High bronze green , Man/Woman Nike Kobe 10 - 705317 002 Special purchase discount price King of the crowd , Jordan AIR JORDAN 1 RETRO HIGH OG Gum Yellow Size 7 8 9 10 11 12 15 Mens ShoesAdidas x Pharrell Williams NMD Human Race Hu Holi US 6/Blank Canvas/BBCNike Air Jordan 10 X Retro OVO Drake Summit White 819955-100 Size 11 , Sanuk Mens You Got my Back II Chill Slip Ons Charcoal Wool Fleck Size 14 New , Ted Baker Men's Azzlan Chukka Boot - Choose SZ/Color , Man's/Woman's GIUSEPPE ZANOTTI Grey Hightop sneakers 41 Reliable quality Orders are welcome Most practicalCalvin Klein Men's Lenn Leather Dark Brown Oxford Dress ShoesHOKA ONE Bondi 3 Running Shoes Purple Fuchsia Women's 9.5 Barely worn. EXC!Mizuno Womens Wave Catalyst 2 Running Shoe- Pick SZ/Color.Kenneth Cole New York Kam Fashion Sneakers, Black , New! Sports shoes, for women, size 7.5 , WOMENS BERGHAUS HILLWALKER II GTX LADIES TECH WALKING BOOTS SHOES , Boho Tassel Mid Calf Boots Metal Decor Side Zip Faux Suede Women Low Heel Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    G.H.BASS LOAFERS, mogochinese-29999 1 WEEJUNS NED PENNY MEN'S NUBUCK PENNY LOAFERS, 9ae05f2 - 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.

    G.H.BASS LOAFERS, mogochinese-29999 1 WEEJUNS NED PENNY MEN'S NUBUCK PENNY LOAFERS, 9ae05f2 - 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
    G.H.BASS LOAFERS, mogochinese-29999 1 WEEJUNS NED PENNY MEN'S NUBUCK PENNY LOAFERS, 9ae05f2
    Dress Shoes
    >
    ;