Never miss an update

Genuine Leather Sneakers Chic mogochinese-29985 Women Genuine Designer Rivet Rhinestone Leather Board Shoes White 6ecf746




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
Width: Medium (B, M)
Features: Waterresistant Brand: Unbranded
Heel Height: Low (3/4 in. to 1 1/2 in.) Style: Comfort
Heel Type: Wedge Country/Region of Manufacture: China
Material: Leather Fastening: Lace Up
Pattern: Rivet
Never miss an update

Genuine Leather Sneakers Chic mogochinese-29985 Women Genuine Designer Rivet Rhinestone Leather Board Shoes White 6ecf746 - blurrypron.com

    Genuine Leather Sneakers Chic mogochinese-29985 Women Genuine Designer Rivet Rhinestone Leather Board Shoes White 6ecf746
    Genuine Leather Sneakers Chic mogochinese-29985 Women Genuine Designer Rivet Rhinestone Leather Board Shoes White 6ecf746
    Nike Air Max Invigor Print Womens Running Shoe 749862 080 Size 10 , NIKE AIR MAX 1 ULTRA SE ATHLETIC SHOE WOMEN SIZE 9.5 , New Balance Men's CLASSIC 574'S multi color ML574SMG , Sperry Top-Sider Women's Crest Vibe Sneaker Light Purple Canvas Sneakers , Bearpaw Elle Tall Boot - Women's Charcoal 10.0NEW BALANCE FRESH FOAM CRUZ V1 BLACK WHITE WCRUZBK MEDIUM WOMENS US SIZES , Adidas Terrex Choleah Padded CP Women's Boot S80748 Size 8.5 , New Under Armour Women's Charged Lightning Running Shoes - Size 8.5 - FlintNike Flex 2017 RN Women's Running Shoe 898476 013 Size 5.5ASICS GT-2000 5 TRAIL RUNNING SHOES WOMENS SIZE 7 SIL/ORCHID NIB FREE SHIPPING , ASICS GT-1000 2 WOMENS RUNNING SHOES T3R5N-2130 SZ 6NIB Mizuno Wave Evo Cursoris Women's Size 9.5 Wide Running Shoes FAST, FLAT CUTENike Free RN Women's Running Shoe 831509 402 Size 12Nike Air Zoom Structure 20 Women's Running Shoe 849577 008 Size 7Steve Madden Women's Exsess Fashion Sneaker, Black/Multi, 5.5 M US , New Under Armour 1287345-100 Post Canyon Low Gray Women's Trail Shoes 8.5 USNike Metcon 2 Women's Cross Training Shoe 821913 002 Size 11.5 , Athletic Propulsion Labs Women's Ascend Sneakers Blush/Floral Red 10 NWB , Nike Zoom Fit Women's Running Shoe 704658 402 Size 12NIKE 833413-100 Women Free TR 6 White/ Metallic Silver size 8.5 , Nike Air Zoom Pegasus 33 Shield Women's Athletic Shoe 849567 001 Size 10.5New Balance 1260V7 Athletic Running Shoes For Women Size 11adidas Womens EQT RACING ADV W Cloud White/Chalk Coral/Core Black CQ2156 SZ 6.5Nike Air Zoom Vomero 10 Women's Running Shoes 717441 501 Size 5.5EUC Adidas Supernova Sequence Boost Endless Energy Stable Frame Gray Womens sz 9 , Cole Haan Zerogrand classic womens sneaker size 7.5 , Nike Air Force 1 07 PRM Suede 818595 001 Brand Size 10Bearpaw Elle Tall Boot - Women's Chocolate 11.0 , Women Vlado Footwear Shoes Atlas ll W'S Fashion Black Size 6.5 ,
    Genuine Leather Sneakers Chic mogochinese-29985 Women Genuine Designer Rivet Rhinestone Leather Board Shoes White 6ecf746 - blurrypron.com>Genuine Leather Sneakers Chic mogochinese-29985 Women Genuine Designer Rivet Rhinestone Leather Board Shoes White 6ecf746 - blurrypron.com
    Skechers Flex Advantage 2.0 [52125BKW] Men Training Shoes Black/White , NIKE SB AIR MAX BRUIN VAPOR BLACK/COOL GREY - SIZE 9 *Australian Seller , Nike Womens Ld Runner Se Running Trainers 917534 Sneakers Shoes 001Premium Sheepskin - Jumbo double toggle Grey size 6 Made In AustraliaTory Burch Daria 7 M Tori Black Suede Driving Loafers Shoes MoccasinWomens Slip On Comfy Pumps Casual Chinese Folk Flower genuine Leather Shoes Heel , Dansko Black Leather Split Toe Solstice Womens Slip On Heels Shoes 40 9.5 10 , STEPHANE KELIAN Black Leather and Beaded Heels size 10VIA SPIGA Lorena Classic Pump Heels, Black Suede, Almond Toe, 7.5M $225Yellow Box Womens Maxima Open Toe Casual Platform Sandals , Womens Pointy Toe Bownot Mules Bowknot Flat Fashion Sexy Bling Sandals Pump 2019 , NEW Nike Primo Court Winter Women's Mid-Top Black Sneakers Shoes sz 8.5 , VANS Authentic Hairy Suede Purple White Skateboarding Shoes VN0A38EMQ8S Size 8.5Asics Gel - Lyte V Casual Men's Shoes Size 8adidas Yeezy Powerphase Calabasas Core Black CG6420 Size 7.5  Kanye WestNike Air Jordan Trainer 2 Flyknit 921210-012 Anthracite Grey Orange Size 18 , Spira Wavewalker Black Mens Walking Size 122EMen Warm Casual Waterproof Snow Ankle Boots Winter Thicken Non-slip Zipper Shoes , MILWAUKEE LEATHER Men's BLACK MOTORCYCLE BOOTS w/ Box (11.5 Wide)Skechers USA Mens Moogen Holder Oxford- Pick SZ/Color.Geniune Leather Mens Slip On Loafers moccasins driving Dress shoes Casual Sz , Bruno Magli Italy Green Suede Leather Tassel Slip On Loafer Shoes Men's 9.5 MEngland Mens Patent Leather Business Pointy Toe Shoes Formal Dress Casual LoaferMen’s Rick Owens Slip-On Toe Ring Sandal Sz42 $1075Vans Authentic Checkerboard Port Royale/White Women's Skate Shoes Size 8.5 , Men/Women GYAKUSOU Shoes 362550 RedxMulticolor 24.5cm the most convenient Ranked first in its class Very practicalAHNU WOMENS SUGARPINE AIR MESH MEDIUM GREY SIZE 9.5Dr Scholl's Womens Winter Fall Flat Shoes Boots Beige Leather Faux Fur US Sz 9.5 , TS shoes TAKING SHAPE sz 37 / 6 Precision Long Boots leather wide calf NIB $280 , Liz Claiborne Flex Comfort Black Leather Knee High Boots Musket Sz 9.5 9-1/2 NEW
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Genuine Leather Sneakers Chic mogochinese-29985 Women Genuine Designer Rivet Rhinestone Leather Board Shoes White 6ecf746 - 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.

    Genuine Leather Sneakers Chic mogochinese-29985 Women Genuine Designer Rivet Rhinestone Leather Board Shoes White 6ecf746 - 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
    Genuine Leather Sneakers Chic mogochinese-29985 Women Genuine Designer Rivet Rhinestone Leather Board Shoes White 6ecf746
    Athletic Shoes
    >
    ;