Never miss an update

Troentorp Bastad Troentorp Swedish Clogs: Size restez-conne-26955 Raphael, Brown, Size 35-43 7a0d000




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
Color: Brown
Material: Leather Model: Raphael
Width: Medium (B, M) Modified Item: No
Brand: Troentorp Style: Clogs
UK Shoe Size (Women's): 35, 36, 37, 38, 39, 40, 41, 42, 43 US Shoe Size (Women's): 5, 6, 7, 8, 9, 10, 11, 12, 13
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Features: Wood, Non-Slip
Never miss an update

Troentorp Bastad Troentorp Swedish Clogs: Size restez-conne-26955 Raphael, Brown, Size 35-43 7a0d000 - blurrypron.com

    Troentorp Bastad Troentorp Swedish Clogs: Size restez-conne-26955 Raphael, Brown, Size 35-43 7a0d000
    Troentorp Bastad Troentorp Swedish Clogs: Size restez-conne-26955 Raphael, Brown, Size 35-43 7a0d000
    Steve Madden Women's Sabrinah Pointed Toe Pump White Patent Business ShoesSarto by Franco Sarto Women's Venna Mule Antique Metallic Leather Mules , Summit White Mountain Women's Anya Block Heel Slide Platinum Metallic Leather , Bates Women's High Gloss Duty Shoe Black 9 M US , Stuart Weitzman Women's Mrspats Oxford in Velvet Navy Velvet Oxfords , J. Renee Women's Malree Slingback Pearl Beige Lizard Print SyntheticNEW MAX MARA MM41 Nude Perforated Suede Leather Sneakers Shoes size 38.5 US 8.5Summit White Mountain Womens Bliss Slip On Flatform White Smooth Leather OxfordsROBERT CLERGERIE Vicolem VE Ocean Blue Raffia Platform Wedge Oxfords 40/10 , Alegria Comfort Clogs Black Embossed Rose Floral Leather Professional 41 ALG-531 , Ariat Women's Safety Toe Clog, Black 6.5 M USCherokee Women's Robin Work Shoe White 11 M USWomen's Red Wing Athletic Steel Toed Shoes. NIB! Size 7 DKEEN Utility Women's Sedona Low Safety Shoe Raven/Rose Dawn Synthetic , Dansko 806-020202 Womens Professional Pro Cabrio Leather Clog- Choose SZ/Color.Skechers Women's Work Synergy Algonac Alloy Toe Sneaker Charcoal/Purple , Allrounder by Mephisto Womens Nimbo Diamon Dark Olive (Petroleum) G Nubuck/Suede , Moxie Trades Women's Alice Work Boot Pink Nubuck Leather , Ride Tecs Women's 8547 10" Western Biker Boot Black LeatherFranco Sarto Women's Carolynn Tassel Loafer Silver Liquid Metallic Polyurethane , Walking Cradles Womens Zeno Bootie Brown Nappa Leather Slip-Resistant (Non-Skid)Dansko Women's Professional Planet Patent Clog/Mule 41Pleaser Women's Infinity 997 Platform Sandal Black Polyurethane/Black MatteVionic with Orthaheel Technology Women's Florence Slide Black Full Grain LeatherMan/Woman Birkenstock Manitoba Every item described is available Online Preferred boutiqueCaterpillar Women's Woodward Work Shoe Vintage Indigo Full Grain LeatherMerrell Work Women's Encore Slide Q2 Pro Black Full Grain Leather , Bernie Mev Women's Atlantis Slingback Sandal Endure Slip-Resistant (Non-Skid)Cole Haan Women NEW Zerogrand Stitchlite WingTip Oxford Shoes Blue Lightweight
    Troentorp Bastad Troentorp Swedish Clogs: Size restez-conne-26955 Raphael, Brown, Size 35-43 7a0d000 - blurrypron.com>Troentorp Bastad Troentorp Swedish Clogs: Size restez-conne-26955 Raphael, Brown, Size 35-43 7a0d000 - blurrypron.com
    New Hispanitas Womens Leather Wedge Boots Made In SpainPuma Womens Basket Heart Patent WNs Trainers Peach Beige, 7.5 UKBrooks Ghost 8 Womens Runner (B) (038) + Free Aus DeliveryThomas Cook Trentham Womens Dress Boots, Chestnut , Ten Points Chelsea Boots Women Pandora 124008 Yellow 601Sendra 7422 Cowboy Boots Brown Leather Western Biker Handmade Ladies Zip , Vintage Tan Heel Naturaliser Heel Leather sizes US8W US10W BNIBRon White Casual Shoes new without box made in Italy size 36$200 BCBG BCBGMAXAZRIA Womens Savannah Sequin Pointed Toe Shoe, Black, US 8ALEXANDER MCQUEEN SEQUIN SKULL-EMBELLISHED LTHR SHOES FLATS SIZE US 4.5 , Womens Back Zip Stilettos High Heels Patent Pointed Toes Party Open Toes ShoesFrench Connection Womens Linny Platform Dress Sandal Safari Sands 38.5 USCaterpillar CAT Women's Display Model Westwood Sandal Coffee Leather 9.5 M , Nike Dualtone Racer Woven Black Grey White NSW Mens Running Shoes AO0678-002 , Vans LA DODGERS Slip-On Mens Shoes (NEW) All Sizes LOS ANGELES LAD Baseball MLBKyrie 2 yellow black white Australia size 11 , NIKE AIR MAX 95 PREMIUM SE MEN'S SHOES VACHETTA TAN 924478 201 Size 13 NewAUTH LUXURY PRADA HIGH TOP SNEAKERS SHOES 4T2842 BROWN US 9Sperry STAR WARS Cloud Slip-on Droid Sneaker Shoes C3PO R2D2 MENS SIZE 11 M , Skechers Men's on-The-Go Glide-Premio Boat Shoe - Choose SZ/ColorConverse Malden Racer Ox SZ 11 Mens Suede Athletic Shoes Sneakers Brown BlackTommy Bahama Mens Linen Leather Slip-On LoaferMen real leather round toe block heel party tassel camouflage wedding shoes Sz , BOSTONIAN CLASSICS Mens Burgundy Leather Captoe Dress Oxford Shoe Size 8MSano By Mephisto Escape Walking Shoes - Women's Size 11 - BlackGentle Souls Women's Nydia T-Strap Wedge Black NubuckIvanka Trump Avali Pointed-Toe Booties 951, Black, 5 US , SC35 Adaline Knee High Riding Boots, Cognac, 6.5 USNIB -SPERRY TOP SIDER (ESSEX) WOMEN'S WINTER BOOTS- SIZE 8.5- KNEE HIGH-$100 OFFSUNDANCE Catalog Brown Tall Suede Moccasin Boots Sz 8 US 38 EU
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Troentorp Bastad Troentorp Swedish Clogs: Size restez-conne-26955 Raphael, Brown, Size 35-43 7a0d000 - 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.

    Troentorp Bastad Troentorp Swedish Clogs: Size restez-conne-26955 Raphael, Brown, Size 35-43 7a0d000 - 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
    Troentorp Bastad Troentorp Swedish Clogs: Size restez-conne-26955 Raphael, Brown, Size 35-43 7a0d000
    Comfort Shoes
    >
    ;