Never miss an update

Marni Black Marni Linen Jon Black Josef Jon Slingback Flat 26181a8




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: Jon Josef
Material: fabric-and-leather Color: Black
MPN: I-1-110287 Heel Height: Flat (0 to 1/2 in.)
Style: Default
Never miss an update

Marni Black Marni Linen Jon Black Josef Jon Slingback Flat 26181a8 - blurrypron.com

    Marni Black Marni Linen Jon Black Josef Jon Slingback Flat 26181a8
    Marni Black Marni Linen Jon Black Josef Jon Slingback Flat 26181a8
    LARTISTE APRIL-BM - Two Tone Brown Leather Heels sz 37 - U S 6.5 -7 NWOB , VALENTINO GARAVANI Denim Navy Crystal Peep Toe Flat Shoe Size 38.5Mephisto Runoff Air Jet System Mary Jane Womens Size 8.5USTUK MIE UK MADE 2" TALL 2 EYE LEOPARD PINK STAR ROCKABILLY CREEPERS UNISEX 4 6Sanuk Chiba Quest Knit - Men's Women's Multi - Men's 12 / Women's 13JCrew Velvet Bow Gladiator Flats Shoes $198 6 black glitter e4669 NEWNEW Alice & Olivia Frieda Napa Blue Leather Espadrille Shoes Flats Sz 40 US Sz 9New Francesco V. Black Leather Moccasin Size 40 US 10Womens Ramon DOLLY Evening Shoes with Crystal size 10, NEW , Gentle souls shoes size 8.5 pearl NWB , Cole Haan Women's Black Leather Slip On Flats Sz 8.5B 2658Womens Clarks Evianna Mix NIB Red Loafer 6.5 MDANSKO Womens 'Bess' Black Leather Mary Jane Pumps Sz 41 NEW! 229432Womens STUART WEITZMAN gold leather espadrilles shoes sz. 8.5 M $225 , Jon Josef Womens Belgian Natural White Leather Loafer Flat , Stuart Weitzman Pan Nappa Chainolo Flats Size 6M , Rockport Cobb Hill Women's Paulette Loafer Size 7.5 Blk Leather CAG01BLK 32 NWOB , Man's/Woman's Bottega Veneta Flats economic First batch of customers Contrary to the same paragraph , BOHO Eco Summer Ankle Boots Shoes Hand Crochet Cotton Bland Exclusive Lady Sz 7 , Stuart Weitzman Womens Black Suede w/Tortoise Slides Loafers 7 A *Sharp Must C* , Puma Womens Zandy Casual Patent Flats Shoes Steel GreyANTHROPOLOGIE MAYPOL SHOES sz 7.5 ORANGE SHERBERT SANDALS STRAP FLATS SPAINNew Women's Shoe Donald J Pliner Lianna 22 Taupe Snake Print Size 6 7.5 198.00Man's/Woman's Munro Almond 10M 'Wellesley' Oxford Sneaker High grade real Global salesWomen's Shoes French Connection EDITH Ankle Strap City Sandal Leather Black/WhtShoes Vibram FiveFingers Gray Mesh Aqua Fabric Rubberized Sole 42 9.5-10 US , Womens Naturalizer NIB Leana Black Flats 6 N , SAM EDELMAN Black Leather Shiny Snake Print CARMEN Gold Chained Flats Size 9.5 MMally 5664 Gray Soft Suede / Leather Comfortable Ballet Flats 35 / US 5 ,
    Marni Black Marni Linen Jon Black Josef Jon Slingback Flat 26181a8 - blurrypron.com>Marni Black Marni Linen Jon Black Josef Jon Slingback Flat 26181a8 - blurrypron.com
    New Balance CRT300FO D Black Beige Men Court Classic Shoes Sneakers CRT300FODLadies Down To Earth F50799 Suede Boots Style ~ K , Nike Womens Dual Fusion Tr 4 Print Running Trainers 819022 Sneakers Shoes 600 , Ladies Clarks Waterproof Gore-Tex Ankle Boots 'Legal Eagle GTX' Style ~ K , Men's/Women's B.O.C. Born Manona Wedge Sandals, Black Ideal gift for all occasions comfortability Contrary to the same paragraphLadies Clarks Heeled Court Shoes 'Dalia Rose' , Camper Shoes size 38 Taupe Tan leather Court Heels WomensTo Die For Christian Louboutin Vendom Glitter Silver 120 Pumps Heels 38 NEW , NEW DANSKO BLACK PATENT LEATHER PLATFORM SANDALS US SIZE 8,5MSteve Madden GRACE BLACK Women's Flat Leather Slide SandalsSize 7 Wedge Sandals Flip Flop Thong Teva Mush Womens Teal Multi-Color , Men Diesel Shoes SA-Maral Fashion Red Size 10.5 , Aqua Trekking Shoes Athletic Shoes Water Cool Sneakers Sport Shoes , NIKE AIR FOOTSCAPE NM HYPER COBALT BLUE BLACK SAMPLE SIZE 852629 400 sz 9 , New Merrell J12559 Bare Access Flex Vapor Men's Hiking Shoes 7 USNEW Mens NIKE JORDAN Prime.Fly 599582 004 Dark Grey Basketball Sneakers Shoes , Adidas Original Forum Low (AQ1261) Classic Shoes Basketball Athletic SneakersNike Air Pippen i Retro White Silver jordan xii xiii xi iv vi 325001-101 new 11Rus Army JUNGLE BOOTS 0108 MO "TACTICS LUX MULTICAM" NOVELTY by GARSING , PROPET Tyler MBA003L Comfort Orthopedics Boot Walking Shoes MENS SZ 10 X(3E)Acne Studios Men's Red Leather Sneakers Shoes 45 , Skechers Performance Women's Go 4-14922 Walking ShoeBlack/Multi8 M USGentleman/Lady Skechers Women's You Walking Shoe Complete specification Online Quality and consumer first29 New Nike Flyknit Racer Womens 9, 9.5 526628 607 Fireberry Pink Flash Shoes , New Nike Women Free RN Motion Flyknit Athletic Shoes White/Black 834585-100 (10) , WMNS NIKE LUNARTEMPO 2 in colors RACER BLUE / WHITE / BLACK / CHLK BL SIZE 6.5Nike Womens Free TR Focus Flyknit Mica Blue / Electro Green 844817-402 (8.5)ANDERSON BEAN BLACK VINTAGE WESTERN COWBOY BOOTS 6.5 B , Punk Women Leather Retro Ankle Boots Round Toe Warm Side Zip Shoes ZsellWomens Round Toe Side Zipper Retro Riding Knee High Boots Genuine Leather Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Marni Black Marni Linen Jon Black Josef Jon Slingback Flat 26181a8 - 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.

    Marni Black Marni Linen Jon Black Josef Jon Slingback Flat 26181a8 - 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
    Marni Black Marni Linen Jon Black Josef Jon Slingback Flat 26181a8
    Flats
    >
    ;