Never miss an update

New 28032 Mens Zip Boots Chelesa Ankle Boots Booties Chelesa mogochinese-28039 Leather Shoes England Retro US d2e50bc




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: Unbranded
Material: Leather Style: Ankle Boots
Pattern: Solid Country/Region of Manufacture: China
Width: Medium (D, M) Euro Size: 37-44
US Shoe Size (Men's): 8 Fastening: Zip
Never miss an update

New 28032 Mens Zip Boots Chelesa Ankle Boots Booties Chelesa mogochinese-28039 Leather Shoes England Retro US d2e50bc - blurrypron.com

    New 28032 Mens Zip Boots Chelesa Ankle Boots Booties Chelesa mogochinese-28039 Leather Shoes England Retro US d2e50bc
    New 28032 Mens Zip Boots Chelesa Ankle Boots Booties Chelesa mogochinese-28039 Leather Shoes England Retro US d2e50bc
    Retro Mens Real Leather Pointy Toe Cowboy Rivets Zip Mid Calf Combat Boots ShoesMens pointy toe chukka Riding Genuine Leather Boots Side Zipper Dress shoes NewFashion Men's Genuine Leather Pointy Toe Chukka High Top Formal Ankle Boots New , Mens Brogue Fashion Cow Leather Formal Dress Chelsea Boots Shoes Ankle Boots Sz , Man's/Woman's ARIAT Men's Shoes 580085 Brown 42 Wear resistant New style Outstanding styleVintage Side Zip Men Pointy Toe Wing Tip Carved Ankle Boots Leather Hi Top Shoes , Mens Leather Ankle Short Boots Stylish England Chelsea High Top Shoes Casual NewLeather Men Dress Formal Ankle Boots Embroidery Pointy Toes Nightclub New ShoesEurope Mens Pull On Fashion Ankle Boot Shoes Motor Retro Desert Chelsea Boots , Men's Real Leather Round Toe Cowboy High Top Formal Chelsea Pull On Dress Shoes , New Mens Shoes Leather Korea Dress Formal Chelsea Buckle Ankle Boots , British Cowboy Real Leather Men's High Top Chelsea Round Toe Pull On SHoes SizeMens Riding Pull On Ankle Boots Pointy Roe Block Heel Warm Roman Casual Shoes Sz , Men Pull On Shoes Heels Zipper British Style Leather High Top Riding Ankle Boots , Ariat 10020070/0072/0078/0079/0081 Intrepid VentTEK Waterproof 6"/8" Boot , Men's Leather side Zips Leather Ankle Boots Loafers Dress Formal Shoes Size 5-12 , british style hidden heel brogue pointy toe ankle boots side zip buckle shoes , Mens British Pointed Toe Black Chelsea Boots Real Leather Pull On Formal Shoes , MENS NIKE HYPERVENOM PHATAL FIRM GROUND MEN'S INDOOR FUTSAL FOOTBALL BOOTS SHOESAuthentic Asics Gel Lethal 18 Mens Football Boots (0190) , Hot Mens Black Real Leather Formal Dress Zip Round Toe Heel High Top Boots ShoesMen Vogue Pointy Metal Toe Club Dance Dress Sequin High Top Warm Ankle Boots hotmen leather shoes pointy toe british style hidden wedge heel rivet mid-calf boot , New Mens Round Toe Leather Pull On Chelesa Ankle Boots Shoes Booties England2017Old West Men's Western Boot - Square Toe - BSM1857Men Vogue Pointy Metal Toe Club Dance Dress Sequin High Top Warm Ankle Boots bFashion Mens Slip On Genuine Leather Metal Pointed Toe Low Heel Shoes BusinessWomen Real Suede Wool Lined Ankle Snow Boots Pompon Sweet Slip on Outdoor ShoesMens H By Hudson Watchley Suede Stone Suit Work Office Chelsea Boots All Sizes ,
    New 28032 Mens Zip Boots Chelesa Ankle Boots Booties Chelesa mogochinese-28039 Leather Shoes England Retro US d2e50bc - blurrypron.com>New 28032 Mens Zip Boots Chelesa Ankle Boots Booties Chelesa mogochinese-28039 Leather Shoes England Retro US d2e50bc - blurrypron.com
    Womens LL BEAN Boots 8" GORE TEX THINSULATE Snow Rain Mud Duck Tan/Brown 7MPuma Editor XL SALA US 9 CM 27AB692 VOILE BLANCHE shoes purple orange textile suede men sneakersCole Haan Sadie Peep Toe Wedge Pumps 760, Black, 10 USArche Laius Metallic Black Smooth Leather Slip-On Flat Comfort Shoe 7 New , PLEASER DEVIOUS SCREAM-01 12 14 18 Sexy 6" Spike Stell Heel Pump Size 5-14 , Via Spiga Selita Ankle Strap Pumps 900, Light Camel, 9 US / 39 EU , Christian Louboutin Twistissima Strass 85 Nude Patent Criss Cross Heel Pump 38New Womens Club Crystal Flip Flops Sandals Sequin Rhinestone Wedge heel PlatformWomen's Keen Rose Sandal color Aluminum/Neutral Gray size US 6.5Brooks Glycerin 15 Sneaker - Women's Size 11.5B Black/Pink , Polo Ralph Lauren Flip Flops thongs mens shoes Sullivan brown navy sz 12 No BoxNIB Men's Nike Reax 3 TR III SL Running Training Shoes Torch 333765 White , Puma Men's Suede Classic NEW AUTHENTIC Oatmeal/White 35656880 size 11Adidas Bankment Evolution Mens Shoe White/blue SzNIKE AIR OVERPLAY IX SIZE 10 WHITEMen's Converse CTAS 70 HI 156703C Size 7~11 , Nike Air Jordan Express Black/Black-Black Men's Cross Training Shoes 897988-011NIKE SB PORTMORE SKATE SUEDE SNEAKER MEN SHOES BLACK/GREY 725027-411 SIZE 13 NEWReef Surf Style Shoes - Spiniker Mid NB - Brown, Premium Leather UpperAir Jordan Retro 12 Black/Varsity Red-White. Size U.S. 11.5, Euro 45.5Womens NIKE AIR MAX 2017 Plum Fog Running Trainers 849560 555 , New Balance ML574BSL D Retro Surf Navy Indigo Men Vintage Running Shoe ML574BSLD , NIKE LUNAR FORCE 1 FUSE GAME ROYAL MEN SIZE 8.5 RARE NEW AUTHENTIC , Nike Air PENNY IV ORLANDO RETRO SZ 10.5***PRICE REDUCED** , men's shoes GUARDIANI 7 () desert boots brown suede ZX608 , WOMEN'S NIKE METCON 3 AMP CROSS TRAINERS SHOES SIZE: 12 BLACK GOLD 849808 003 , NIKE Womens Nike Free Rn 2018 Sun AH5208-001 VAST GREY/SUMMIT WHITE Size 9.5Ladies Ankle Boots Costumes High Heel High Top Platform Faux Suede Bowknot ShoesCliffs by White Mountain Women's Kassia Quilted Hiker Boots Stone Size 5.5 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New 28032 Mens Zip Boots Chelesa Ankle Boots Booties Chelesa mogochinese-28039 Leather Shoes England Retro US d2e50bc - 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.

    New 28032 Mens Zip Boots Chelesa Ankle Boots Booties Chelesa mogochinese-28039 Leather Shoes England Retro US d2e50bc - 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
    New 28032 Mens Zip Boots Chelesa Ankle Boots Booties Chelesa mogochinese-28039 Leather Shoes England Retro US d2e50bc
    Boots
    >
    ;