Never miss an update

Hush Puppies Women's Med Cyra Catelyn Chukka Embossed Women's Leather Chukka Boot Natural 7.5 Med 7f07a66




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: Hush Puppies
Heel Height: Low (3/4 in. to 1 1/2 in.) Style: Chukka Boots
Boot Shaft Height: 4" US Shoe Size (Women's): US 7.5
Pattern: Embossed Color: Natural
UK Shoe Size (Women's): 5.5 Material: Leather
Calf Circumference: 10" Model: Cyra Catelyn
Accents: Embossed Product Line: Ankle Boots
EUR Shoe Size (Women's): 38.5 Width: Medium (B, M)
Occasion: Casual, Outdoor, Work Heel Type: Chunky
UPC: 884547090829
Never miss an update

Hush Puppies Women's Med Cyra Catelyn Chukka Embossed Women's Leather Chukka Boot Natural 7.5 Med 7f07a66 - blurrypron.com

    Hush Puppies Women's Med Cyra Catelyn Chukka Embossed Women's Leather Chukka Boot Natural 7.5 Med 7f07a66
    Hush Puppies Women's Med Cyra Catelyn Chukka Embossed Women's Leather Chukka Boot Natural 7.5 Med 7f07a66
    Dirty Laundry by Chinese Laundry Women's Radix Combat BootMan's/Woman's Ariat Women’s Bristol Boots 7.5 the most convenient Price reduction Shopping promotionRag and Bone womens black hand made all leather short boots zip back closure 6 , Cole Haan Basel Shootie II Women's black leather booties sz. 10 , NWOB MARC FISHER LTD Sz 7 Praye Over the Knee Boots Black Faux Suede $230Aerosoles Women's Inevitable Ankle Bootie Black Leather 9 M US , BareTraps Women's Addye Snow Boot, Black, 7.5 M US Taupe 9 M USKendall + Kylie Blythe Women's Ankle High Block Heel Studded BootsDonald J Pliner Lisa Boots Brown Leather Pull On Size 9 ❤️Men's/Women's frye boots 7.5 online sale Latest styles Very good color , Cole Haan Cassidy Buckle Womens Brown Ankle Boots 10.5 B , Pajar Womens Boots Size US 10 / Genevieve Black Leather/Nylon Retail $185La Canadienne Hayes Black Shearling Engineer Ankle Boots Moto Waterproof 7.5 , Munro Women's Black Ankle Boots 5.5 MHUNTER ORIGINAL GLOSS VIOLET SZ 9 WOMENS W23616 , Five Worlds by Cordani Women's Sonia Western Boot, Copper, 10 M USNew PENNY LOVE KENNY Women Suede Wool Knee-High Heel Pull On Boot ShoeDONNA KARAN COLLECTION CALF BOOTIE LEATHER POINTED TOE BOOTS COGNAC TAN 8.5 39Lucky Brand Rayla NEW Over The Knee Boot Black Suede Tall Heeled 6 M NWOBVIA SPIGA TARNI BLACK NUBUCK GLITTER OPEN TOE BOOTIE 4.25" HEEL SZ 8M NEW $225 , Blowfish Women's Bonnie Ankle Bootie Brown Rancher Canvas/Whiskey DyecutPO Def Women's Tory Burch Eloise Tall Brown Leather Riding Boots $495 Brazil 6.5 , DONALD J PLINER 'Bixbi' black leather TALL FLAT RIDING boots 7.5 Classic NewATHE VANESSA BRUNO bottines mouton retourné véritable noir 40 EXCELLENT ETAT , Rachel Zoe Women's Stephanie Peep-Toe Heeled Sandal, Dark Rosewood, 5.5 M USMuk Luks Women's Nikki Belt Wrapped Boot Grey 8 M US , J / Slides AZALEA Boots, Zipper/Ruffled Back, Black Suede Womens US Sz 8.5MVia Spiga Daria High Rise Ankle Boots, Black, 10 US / 40 EU DisplayJustin Ladies Sorrel Apache Stampede Western Boots - L2552 - Size 6 ,
    Hush Puppies Women's Med Cyra Catelyn Chukka Embossed Women's Leather Chukka Boot Natural 7.5 Med 7f07a66 - blurrypron.com>Hush Puppies Women's Med Cyra Catelyn Chukka Embossed Women's Leather Chukka Boot Natural 7.5 Med 7f07a66 - blurrypron.com
    Muck Boot's Womens Woody Max Boot Real Tree Xtra - Size 6 , Gentlemen/Ladies Tod's Women's Suede Boots Sz 38 Year-end special promotions Quality First Popular recommendationPuma Smash V2 V Strap White Gold Men Casual Walking Shoes Sneakers 366910-03S-Naptik HM Diesel Shoes Fashion Off-White Men NewSteve Madden Cove Mule Sandals, Black MultiL'AUTRE CHOSE women shoes Thyme green patent leather court shoes golden buttonsMen's/Women's Wittner Ladies Shoes Nude Leather Heels Many varieties special promotion Official websiteSAM EDELMAN Felicia STORM BLUE Silk BALLET FLATS $100 NEW light blue sz 10 , NAOT Women's Miro Flat - Choose SZ/ColorSTEVE MADDEN "DAMAS" pewter metallic pointy toe strappy heels sz. 7.5 NEW! $140 , NEW Wedge Heels Platform Shoes Pu Leather Womens Pumps Oxfords Shoes Black US 8adidas Performance Women's Voloossage W Athletic Sandal , Adidas Adizero Prime Boost LTD Core Black White Grey CP8922 Sz 9.5 and 11 , Gentleman/Lady Nike Spiridon 9.5 Comfortable feeling Reliable performance Very good classificationBona Fide Mizuno Wave Rider 20 Mens Running Shoe (D) (07) , Nike Air Jordan Spizike Men's Basketballshoe Trainers 315371 406 Blue Leather , New Authentic Mens Nike Air More Money QS US Dollar Sequoia Gold AJ7383-300Nike Free Flyknit Mercurial 805554-400 Royal Marathon Running Shoes Men's 9.5Mens Leather Platform Shoes Oxford Side Zip Formal Dress Fur Lined Ankle BootsNEW w def Cole Haan Fur Slipper Slip On Loafer Shoe Leather Brown MENS Sz 9 $198chic mens loafer red floral rhinestone party nightclub shoes fashion hairdresserCESARE PACIOTTI 4US Sneakers Gray Suede Men 8 UK/US 9 M , Cole Haan Men's City Penny Loafers Size 10. 5 Black Leather Dress Shoes e9ELANROMAN Men's Metal Eagle Buckle Velvet Loafer Round Toes Smoking Slipper D... , BRAND NEW! New Balance 750 v1 Women's Running Shoes *size 8.5* Wide WidthATHLETA NEW $135 J SLIDES BLACK LEATHER ALEC SNEAKER SHOE 8.5 , NIKE WOMENS AIR HUARACHE RUN PREMIUM SZ 9.5 LINEN SAIL KHAKI SNAKE 683818 201 , NWOB Brooks Addiction Walker Linear Platform MoGo US 10 Women White New conditon , Adidas Tubular Shadow BY9739 Off White/Off White/Off White Womens Size 5FRYE Beige Suede Western / Harness Boots Women's Size 6.5 B
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Hush Puppies Women's Med Cyra Catelyn Chukka Embossed Women's Leather Chukka Boot Natural 7.5 Med 7f07a66 - 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.

    Hush Puppies Women's Med Cyra Catelyn Chukka Embossed Women's Leather Chukka Boot Natural 7.5 Med 7f07a66 - 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
    Hush Puppies Women's Med Cyra Catelyn Chukka Embossed Women's Leather Chukka Boot Natural 7.5 Med 7f07a66
    Boots
    >
    ;