Never miss an update

Nicole Women's Reiny Ankle Boot 13253 Ankle Boot 0351bcf




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: Nicole
Style: Boots
Never miss an update

Nicole Women's Reiny Ankle Boot 13253 Ankle Boot 0351bcf - blurrypron.com

    Nicole Women's Reiny Ankle Boot 13253 Ankle Boot 0351bcf
    Nicole Women's Reiny Ankle Boot 13253 Ankle Boot 0351bcf
    Lucky Brand Motto Boot Ondalucia Dual Zipper Buckle Black Leather Size 9.5/39 , Bella Vita Transit II Knee High Boot 8.5 M Taupe Faux Suede New w/ BoxKendall + Kylie Gretchen Beige Womens Shoes Size 8.5 M Boots MSRP $199 , Elizabeth and James grey booties size 9.5Cougar Bistro Womens Bronze Faux Fur Snow Boots Shoes 8 Medium 2 Side Zip CloseMen/Women Dingo Tan Fiona Booties feature the most economical renewed on time , GEOX TEX 130218 BLACK LEATHER TALL RIDING BOOTS SZ 41 , Dan Post Leather Harness Western Cowboy Boots Shoes Size 8NEW SAM EDELMAN PEDRA COGNAC SUEDE LEATHER ANKLE BOOTIES BOOTS WOMENS 8.5 , NEW SAM EDELMAN PEDRA COGNAC SUEDE LEATHER ANKLE BOOTIES BOOTS WOMENS 7.5 , NINE WEST Women's Platform Ankle Boot Leather Tan Size 8MLamo Women's Melanie Fashion Boot, Black, Size: 8STEVEN Black Leather Ankle Boots New Bone sz 7.5-8R2 by Report "Clermont" Knee High Boots Black 8 M Synthetic Upper New with BoxKenneth Cole.06 New Nikki Black Womens Shoes Size 8.5 M Boots MSRP $170CABELA'S XPG WOMEN’S SNOW HIKERS GREY/PINK SIZE 6 NIB $130 LISTRalph Lauren Genna Women's Boots Dk Chocolate , Sam Edelman Wilson Womens Booties Black Velvet Size 9.5 MWomen's Bandolino Lethia Bootie Brown Size 10 #NKVI3-841CABELA'S XPG WOMEN’S SNOW HIKERS BROWN/MIST SIZE 6 NIB $130 LIST , WOMENS JAMA OLD WEST 9.5 9 1/2 B M COWGIRL BROWN CANYON LF1534 COWBOY BOOTSIvanka Trump Kellyn Gray Womens Shoes Size 7.5 M Boots MSRP $179SAM EDELMAN Womens Ankle Boots 10 Michelle Suede Putty Beige Booties Heels New , Cole Haan Women's Brown Boots Size 7 , Easy Spirit Snoozes Womens Black Suede Cold Weather Ankle Booties size 6.5 , Madison Harding Women's Size 11 M US Richie Wedge Ankle Boot, Black Suede , ANTHROPOLOGIE FREE PEOPLE RUST SUEDE FAIRFAX HEELED BOOTIES BOOTS US 10 , Katy Perry - Miranda Light Up Sneakers Black Patent Leather - Size 8 .5 NIB , Harley Davidson D83582 women’s Celia Black leather cycle Boot sz 9 M
    Nicole Women's Reiny Ankle Boot 13253 Ankle Boot 0351bcf - blurrypron.com>Nicole Women's Reiny Ankle Boot 13253 Ankle Boot 0351bcf - blurrypron.com
    Frye Melissa Button Boots Size 8 Women Black Leather Riding $398 Retail , Circus by Sam Edelman Women's Dawson 2 Fashion Boot, Black Velvet, 9 Medium USMichael Antonio Women's Sugar Ankle Bootie, Wheat, 10 W US , Men's/Women's Brando Mens Shoes Quality products discount Don't worry when shopping , Rieker Womens N5653 Slip on Trainers, Blue PazifikPazifikNavy 14, 4 UK , Rachel Zoe 255 LINDSEY Hair Calf Skimmer Italian Made Flats Size 8M , Tory Burch Lawrence Gold Loafers *Retail $275* Size 7 , Womens Casual Ballet Flats Ankle Strap Shoe Classic Ballerina Mary Jane SlipperNIB WOMEN 7.5, 7 1/2 MERRELL DASSIE FOLD MOC NUBUCK SLIP ON SHOES , Tahoe Max Black Grey White JSports Fashion SneakerINC International Concepts Womens Eloraa Suede Pointed Toe Classic PumpsNew Antonio Melani Avett Burgundy Red Velvet Sandal Heel Size 7.5BRUNO MAGLI KRISTY Beige Perforated Leather Designer Square Toe NARROW Pumps 9.5Irregular Choice Pearl Necture Silver Womens Ankle BootsWomens Wedding Bridal Low Heel Glitter Rhinestone Dress Casual New Sandal Shoes , NIKE MENS SB ZOOM JANOSKI HT SLIP ON LEATHER SNEAKERS SHOE SZ 5.5Mizuno Wave Sky Size US 9.5 M (D) Men's Running Shoes Blue Gray , Adidas Y-3 Yohji Yamamoto High Gold Boost Ankle Boots Sneakers Shoes Sz 8Under Armour UA Curry 1 Lux Mid Suede 1296617-330 Basketball Shoes Men's 9 new , New asics Running shoes GEL-DS TRAINER 23 TJR464 Wide Freeshipping!! , Ride Tecs Men's 1440 13" Engineer Motorcycle Boot Black Full Grain StonewashedSkechers USA Men's Men's Relaxed Fit-Soven-Lorado Sneaker7 M USTaupe , Gentleman/Lady Wolverine 1883 by Men's Kirk Oxford Queensland High quality and economy At an affordable price , Allen Edmonds CRANDON Brown Woven Leather Captoe Oxford Dress Shoe Sz 11.5 ANIKE Son Of Force Mid Womens Sz 8 Rose Particle Blush Pink 616303-603 , 844740 999 "New"WOMEN NIKE LUNARDTELOS Cross Training CrossFit Running Shoes , Altra Women's Lone Peak 3 Trail Runner , Womens High Heels Platform Over Knee Riding Boots Zip Side Stilettos Shoes A343NIB COUGAR WAGU THINSULATE SNOW BOOT WATERPROOF FLEECE LINED INSULATED SHOES * 8 , NWB BCBGMaxzria Collin Slip-On Low Boot Cognac-Black Com Cow Leather 8M Ori $278
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nicole Women's Reiny Ankle Boot 13253 Ankle Boot 0351bcf - 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.

    Nicole Women's Reiny Ankle Boot 13253 Ankle Boot 0351bcf - 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
    Nicole Women's Reiny Ankle Boot 13253 Ankle Boot 0351bcf
    Boots
    >
    ;