Never miss an update

Nine West Womens Oakima SZ/Color. Suede Dress Pump- Pump- West Pick SZ/Color. fa39d9d




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
UPC: 0604992219732
Style: Causal Brand: Nine West
US Shoe Size (Women's): Multiple Variations Model: 25021856
Size Type: Regular MPN: 25021856
Material Type: Suede
Never miss an update

Nine West Womens Oakima SZ/Color. Suede Dress Pump- Pump- West Pick SZ/Color. fa39d9d - blurrypron.com

    Nine West Womens Oakima SZ/Color. Suede Dress Pump- Pump- West Pick SZ/Color. fa39d9d
    Nine West Womens Oakima SZ/Color. Suede Dress Pump- Pump- West Pick SZ/Color. fa39d9d
    Original Car Shoe Women's Brown Suede Gold Buckle Pumps Size 39/9~RTL$395~NIBIvanka Trump ITKATIE-960 Womens Katie Pump- Choose SZ/Color. , Imagine Vince Camuto IM-OLSON Womens Im-Olson Dress Pump 6- Choose SZ/Color. , Pleaser Womens Rbow1017rsf-7/Mc/Nmc Ankle Bootie- Pick SZ/Color. , Franco Sarto Women's Mailya - Choose SZ/Color , Donald J Pliner Womens Ryleysp-KS Fashion Sneaker- Pick SZ/Color.NEW Klokers KLINK-01-MC1 Satin Black Leather Strap | KLINK-01-MC1 , Jeffrey Campbell Women's WiFi Trainers, Silver Multi, 8.5 M USIvanka Trump ITKELLSEE Womens Kellsee Dress Pump- Choose SZ/Color.Nine West 25021558 Womens Brielyn Suede Platform Pump- Choose SZ/Color.Sam Edelman F4289F1 Womens Haide Pump- Choose SZ/Color.TOD'S Women's Sandalo+Paillettes Vertigo Donna Lime Green Heels Shoes US 9 /39Lauren by Ralph Women's Ronna - Choose SZ/ColorBadgley Mischka Women's Tabby Wedge Sandal, Light Pink, 6 M USPour La Victoire Women's Aimee Dress Sandal - Choose SZ/Color , Ivanka Trump Women's Katie Dress Pump, Black Leather, 8 M US , Dune London Womens Platform Pump- Pick SZ/Color.Clarks 26127936 Womens Chryssa Ari Dress Pump- Choose SZ/Color. , Clarks Womens Mayra Blossom Peep Toe Slingback- Pick SZ/Color. , Emu Australia Women Wedge Block Heel Nutbush Sand W11448 US Women SizePleaser Pink Label DREAM-438 Womens Dre438/Spu Ankle Bootie- Choose SZ/Color.Cobb Hill Rockport Women's Joy Boot Stone 8.5 M USVGUC Genuine Fendi Women's /2 US 7 Black Patent Leather Ankle Strap PumpsNwob Anthropologie Jeffrey Cambell Sparkly Mary Jane Pointy Shoes 7.5 , Cole Haan Women's Sadie Ankle Strap Wedge 85mm Platform - Choose SZ/ColorAriat 10023106 Sport Mule Timber Casual Outdoor Round Toe Slip On Mule ShoesPleaser FDANCE701/C/M Womens Flashdance-701 Sandal- Choose SZ/Color. , French Sole FS/NY Women's Welcome Wedge Pump, Natural Snake, 8 M USCole Haan Women's Juliana 75 Dress Pump - Choose SZ/Color ,
    Nine West Womens Oakima SZ/Color. Suede Dress Pump- Pump- West Pick SZ/Color. fa39d9d - blurrypron.com>Nine West Womens Oakima SZ/Color. Suede Dress Pump- Pump- West Pick SZ/Color. fa39d9d - blurrypron.com
    DC Men's Court Graffik 300529 3BK Skateboard ShoesAdidas Ace 15.4 in Football Boot (Indoor) (S83204) , NIKE AIR MAX 90 GAME RED GOLD TEAM RED SAIL MENS RUNNING SHOES **FREE POST AUST , Gentleman/Lady Sperry Top-Sider Women's Walker Wisp Boot Quality queen Comfortable touch British temperament , DESIGNER VINTAGE HANDMADE LEATHER ANKLE BOOTS TAN BROWN COUNTRY WESTERNGentlemen/Ladies Ladies Gabor Shoes The Style 62652-W Excellent craft Beautiful appearance List of explosions , Cole Haan Womens Amela Grand Pump Pointed Toe gunmetal glitter Size 8.0 , Linea Paolo Grey Wedge Shoes Sz 5 M NWOBGentleman/Lady Heel Born Bima Brown Full Grain Long-term reputation Skilled manufacturing Maintenance capability , Adore 1016 White 7" High Heel Platform Ankle Boot Open Toe Side Zipper 5-11Hot Womens Ankle Strap Mixed Colors Demin Stilettos High Heels Pointed Toe Shoes , Stuart Weitzman Tiz you Glitter Platform Ankle Strap Sandals Size 7 , NEW 11.5 / 41.5 Jimmy Choo Black Sparkly Slingback Open Toe Platform Heel $675Shoes Rockport Romilly Perforated Slide Red Size 5.5M Women V79040 NEW , Converse CTAS 147346C Varvatos Low Blk Slip On Mens 6-Womens 8 Mfg Ret $100 , ASICS Onitsuka Tiger MEXICO 66 Slip On Casual ShoesNIKE ZOOM VICTORY ELITE TRACK SPIKES SIZE 7.5 HYPERPUNCH GREEN BLACK 526627-603 , Nike Air Jordan 2012 A Zoom Air white black black size 11 DS NEW NIB , Nike Air Max Penny 1 (White/White-Metallic Silver) Men's Shoes 685153-100FRYE Phillip Harness Leather Boot Black Men Sz 11.5 D 5133 *Tommy Hilfiger Mens TMMARCUS Marcus Fashion- Choose SZ/Color.New! Puma Clyde Women's Classic Leather White/Olive/Gold Sneaker Shoes Size 8NEW PUMA BASKETPLATFORM PATENT LEATHER SHOES Size 6.5 Mint Green 363558-02 , Gianni - Style- Andrew, Leather Men's Shoes, Slip on, Size 9 worn once.Asics Women's Dynaflyte Tokyo Running Training Size 8 Mandarin Red WhiteAdidas Terrex Choleah Padded CP Women's Boot S80748 Size 9New Nike Womens Air Force 1 Upstep PRM Shoes 917590-003 Sz 7 Mtlc pewter premiumZARA BASIC Block Heel Leather stretch top boots sz Us 9*NWT*~fall~office wearOlukai Holo Lio ll Gray Leather Boots Knee High Harness Zip Back Sz 7.5Diba Womens lake land Closed Toe Ankle Fashion Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nine West Womens Oakima SZ/Color. Suede Dress Pump- Pump- West Pick SZ/Color. fa39d9d - 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.

    Nine West Womens Oakima SZ/Color. Suede Dress Pump- Pump- West Pick SZ/Color. fa39d9d - 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
    Nine West Womens Oakima SZ/Color. Suede Dress Pump- Pump- West Pick SZ/Color. fa39d9d
    Heels
    >
    ;