Never miss an update

La Canadienne Phinn Boots Boots - - Women's Size 5.5 M, 5.5 Black 3e05771




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Shoes are with normal wear. There are is lint across the tops and along the sides of shoes. Fading and discolorations on the toes, sides, and back of shoes. Light scuff marks along the sides of shoes. Insoles are fairly clean and shows light wear. Bottom soles are slightly dirty and shows light wear. Shoes are still in good condition.
US Shoe Size (Women's): 5.5 Style: boots
Color: Black Fastening: Slip On
Width: M Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Brand: La Canadienne UPC: 628994272229
Never miss an update

La Canadienne Phinn Boots Boots - - Women's Size 5.5 M, 5.5 Black 3e05771 - blurrypron.com

    La Canadienne Phinn Boots Boots - - Women's Size 5.5 M, 5.5 Black 3e05771
    La Canadienne Phinn Boots Boots - - Women's Size 5.5 M, 5.5 Black 3e05771
    Lucchese HY5500.W8 Susana Womens Chocolate Goat Leather Cowboy Western BootsNew Womens Corral A2801 Laser Overlay Taupe / Black Leather cowboy boot , Twisted X Boots Women's WRS0028 Ruff Stock Cowgirl Boot Tooled/Brown TooledCHIE MIHARA SHOES HEBBE ANKLE BOOTS 7.5 color blocked CHELSEA booties $495 , Scarpa Zodiac Plus GTX Backpacking Boot - Women'sFerragamo Nando Chain-Trimmed Brown Leather Knee Boots 37/7 c (4147) $1290 , Rebecca Minkoff Bardot Western Fringes Boot Size 7 $525 , Via Spiga Philippa Women's Black Wide Calf Riding Boot Sz 7 3086 * , $450 RACHEL ROY MESA Black Multi Snake Designer Pointed Toe Ankle Boots 7.5Elena by Vera Pelle Custom Black Tie-Up Boot with 100% real Rabbit Fur , Man/Woman Christian Louboutin Leather Boots Strong heat and wear resistance Carefully selected materials cheap price , FRYE Womens Cognac Leather Ankle Boots Sz 6 B , MOT-CLe 687 Black Leather / Stretch Knee-High Side-Zip Wedge Boots 39 / US 9 , Authentic Tory Burch Joanna Riding Boot Size 8 M $495 , Old Gringo Women's Lunares Western Ankle Boot BLACK Studded 5.5M MSRP $500Corral Ladies Snip Toe Brown Multi Color Swan Overlay Western Boots R1383Corral Ladies Mariah White Glitter Inlay & Crystals Ankle Boots A3550 , Gentleman/Lady Acne 7 Boots Customer first auction Characteristics , Frye Women’s Pia Chelsea Leather Short Boots, Brown (9.5M) , L 126-08-SS OLD GRINGO SHARPEI 13" RUST /BLACK COWGIRL BOOTSAuthentic Tory Burch Blossom 70 Leather Ankle Boots Size 9 M $506 , LOS ALTOS WOMEN BROWN GENUINE TEJU LIZARD SNIP TOE WESTERN COWBOY BOOT 340707 , Sterling Rivers Burgundy Cowboy Boots Women's Size 8 Snip Toe Riding HeelTory Burch Broome Distressed Black Leather Combat Boots Fur Lining Zip 9 NIB$475Via Spiga New Ophira Brown Womens Shoes Size 8.5 M Boots MSRP $495 , Women's AB Black Square Toe Boots w/Pink Cancer Ribbon , Lucchese HL5500.W8 Susana Womens Chocolate Goat Leather Cowboy Western BootsAuthentic Loriblu Suede Italian Designer Boots Size 8Aquatalia New Rochelle Gray Womens Shoes Size 11 M Boots MSRP $495
    La Canadienne Phinn Boots Boots - - Women's Size 5.5 M, 5.5 Black 3e05771 - blurrypron.com>La Canadienne Phinn Boots Boots - - Women's Size 5.5 M, 5.5 Black 3e05771 - blurrypron.com
    Teva Womens W Willow Chukka Boot- Pick SZ/Color. , JCrew $268 Leather Side-Zip Ankle Boots with Calf Hair Heels 9 Black F8500Chloe Leather Women's Black Heels Knee High Boots Block Heel Size 40 , BoNavi NA1322X-1 Black Leather Thick Heel Dress Knee High BootsJimmy Choo Black Suede Pointed Toe Knee High Heel Boot Shoe Size 41 , ACERBIS 0017719.274.044 Boots X-MOVE 2.0 YELLOW/BLUE T.44CIRCA JOAN & DAVID Black Brown Leather Tall Flat Riding Style Boots SZ 8 , Gentleman/Lady TOPO TERRAVENTURE Womens Many styles a wide range of products Fair priceMan/Woman Dover moccasin, sole rubber light Guarantee quality and quantity discount cheap price , Dubarry Roscommon Short Country Boot - Size 41 - Brand new in box - Walnut Ariat , Nanette Lepore Dominik Espadrille Wedge Sandals 545, Dusty Pink, 8 USPleaser Shoes Amuse-20 Party Evening Green Neon Sexy 5" Heels Stilettos Size 10Essence Menbur Women's Pumps Classic Shoes Taupe Tan Glitter Size 39 M , 100% Authentic! MIU MIU BEIGE suede Wedge Espadrille Size 39!!! OLGACRES , NEW Kelsi Dagger Brooklyn KDB Gemma Peep-Toe Heels Size 8.5 Fog GraySteve Madden Womens dress Sandal- Pick SZ/Color. , ALEGRIA VINELAND LEATHER KENDRA SANDALS SHOES NEW 35 FITS 5 TO 5 1/2Brunello Cucinelli Womens Pink Leather Mink Fur Flat Sandals IT37/US7~RTL$1545Unstitched Utilities Men's Next Day Low Bright Green Sneakers , Adidas BB6764 Men Campus STITCH AND TURN Running shoes blue sneakers , Nike Lunar Fingertrap TR Mens 898066-010 Anthracite Black Training Shoes Sz 9.5Nike Mens Air Pegasus 89 13 PRM SE Black White 857935-100 Retro Shoes size 13 , Nike Zoom Lebron II 2 Dunkman One Hand US 11 PE Player Exclusive Air JordanDr Doc Martens Men's Vintage Wingtip MADE IN ENGLAND 11 Brown , NEW Mens Males Dandy Outdoor Fashion Sneakers Casual Oxford Shoes Navy 4707Man/Woman SNAKE K MESH ANTHRACITE NAVY Complete specification Lush design Perfect processingNike Women's Free 5.0 Tr Fit 5 Prt Rcr Blue/Brght Crmsn/Blk/White Training ShoeBrooks Women's Adrenaline GTS 18 Running Shoe Navy/Teal/MintBorn Vivi Womens Taupe Phard Distressed Leather Heel Booties Size 10 NIB , SPORTO Womens Boot 9M Black Suede Faux Fur Waterproof Lila
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    La Canadienne Phinn Boots Boots - - Women's Size 5.5 M, 5.5 Black 3e05771 - 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.

    La Canadienne Phinn Boots Boots - - Women's Size 5.5 M, 5.5 Black 3e05771 - 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
    La Canadienne Phinn Boots Boots - - Women's Size 5.5 M, 5.5 Black 3e05771
    Boots
    >
    ;