Never miss an update

Skechers Women's mogochinese-27168 Skechers Woodsy Engineer 27152 BootBrown10 M US 953e9eb




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
Department: womens
US Shoe Size (Women's): Does not apply Color: Brown
MPN: 48352-DSCH Size: 10 M US
Model: 48352-DSCH Style: Does not apply
Brand: Skechers UPC: 888222590031
EAN: 0888222590031
Never miss an update

Skechers Women's mogochinese-27168 Skechers Woodsy Engineer 27152 BootBrown10 M US 953e9eb - blurrypron.com

    Skechers Women's mogochinese-27168 Skechers Woodsy Engineer 27152 BootBrown10 M US 953e9eb
    Skechers Women's mogochinese-27168 Skechers Woodsy Engineer 27152 BootBrown10 M US 953e9eb
    Frye Womens Heath Harness BootB (M)- Pick SZ/Color. , Steve Madden Women's Emotions Boot Taupe 9.5 M US , Twisted X Women's Driving Moccasins Bomber/Neon Blue - Authentic Leather Outd...Laredo Mesquite 5627 Womens Gaucho/Blue Western Boots , Teva Women's Figueroa Waterproof Boot,Black,5 M US , B.O.C. Womens Barrera Closed Toe Ankle Fashion Boots Coffee Size 6.0 , Miz Mooz Women's Dale Ankle Boot - Choose SZ/ColorDansko Womens Peep-Toe Bootie /-- Pick SZ/Color.Roper Crossed Out Womens Crystal Cross Square Toe Boot M- Choose SZ/Color. , Nine West 25027578 Womens Carensa Ankle Boot- Choose SZ/Color.Naughty Monkey Women's Poncho Boot Tan 6 M USAsh Womens Zazie Boot 37EU/7 US- Pick SZ/Color.Ariat Womens Fatbaby Cowgirl Composite Toe Work Boot, Fireside/Tan, 7 M USBareTraps Women's Susanna Riding Boot Brush Brown 6 M US , Merrell Women's Tremblant Mid Polar Waterproof Snow Boot, Oak, 5.5 M US , Womens Fly London Yoss Colmar Brown Leather Chelsea Wedge Heel Boots Shu Sizetotes Women's Judy with Toggles Snow Boot Black 8 M USHelens Heart Helen's Heart Women's Sparkle Sequin Bling Short Western Cowgirl...Roma Women's Evol Rain Boot Navy 11 M USSkechers Women's Laramie 2 Engineer Boot - Choose SZ/Color , Josef Seibel Sienna 03 Womens Boot 39 BR/8-- Choose SZ/Color. , NEW FRYE Women's Madeline Tall Western Boot Suede Khaki Size 8.5 B $398 , Frye Womens FRYE Dorado Buckle Riding Boot- Pick SZ/Color.Jessica Simpson Womens Calvey Ankle Bootie- Pick SZ/Color. , Kenneth Cole REACTION Women's Vin Win Ankle Bootie Boot black 10 M US , Durango Lady Rebel RD3471 Womens Light Blue/Brown Saddle 10" Western BootsJustin Boots Women's Gypsy BootAged Bark6.5 B USVery Volatile Womens Braya Ankle Bootie- Pick SZ/Color.Cole Haan Women's Elion Boot Chestnut Leather 7 B US ,
    Skechers Women's mogochinese-27168 Skechers Woodsy Engineer 27152 BootBrown10 M US 953e9eb - blurrypron.com>Skechers Women's mogochinese-27168 Skechers Woodsy Engineer 27152 BootBrown10 M US 953e9eb - blurrypron.com
    Bandolino Ferver Knee-High Pointed Toe Boots, Black/Black, 9 US , Stuart Weitzman Bacari Black Suede Booties Size 11M D2630/Versace 19.69 S01 CAMOSCIO T. MORO boots Women's Brown AU , SCHOLL WOMEN'S BUCKLE'S FLIP FLOPS TAUPE SUEDE LEATHERCalvin Klein Hope Slide Sandals 929, Black, 7 US / 37 EUNEW Womens SUEDE WOVEN LOAFER SLIDE Footwear Shoes , Gentleman/Lady ENGINEER BOOT Black Innovative design Attractive fashion Different goods , Pleaser - CUTIEPIE-02/R Womens Cutiepie-02/R Mary Jane Pump- Choose SZ/Color.Clarks Women's UN Voltra Walking Shoe - Choose SZ/Color , Pablo Cardi size 4.5 womens Red Leather 4 in. Stiletto ShoesPunk Womens 12cm Super High Heel Patent Leather Stiletto Clubwear Ankle Boots szTaos Shoes Esteem - leather comfort dress heelsRoman Womens Flats Suede Tassels Strappy Flip Flop Sandals Summer Ankle Boot NewDYEABLES Womens PEG Silver Faux Leather Open Toe Wedge Rhinestone Sandal US 8 DNew Balance Concepts 575 M80 4th of July Size 11.5Nike LeBron 14 Low 4th July USA Midnight Navy Gold Red 878636-400 Msrp $150 BK , Asics Gel Kayano Trainer Knit Carbon/Black HN7M4 9790 Men's SZ 8.5Merrell All Out Crush Light J35549 Mens Red Trail Running Shoes Cross TrainingMan/Woman Air Jordan XXX 2015 Comfortable feeling Environmentally friendly Brand feast , NIKE Kobe 9 IX EM POP ART 646701-508 Purple Grey Mango Basketball Shoes 10.5Sperry Top Sider Slip On Leather Boat Shoes Brown Sz 9.5 M 1899PUMA Fenty Rihanna Women Bow Creeper Sandal Oatmeal Cream Pink Tint Size 6DIESEL WOMEN FASHION SNEAKER LEATHER AND DENIM SHINNY PATTERN NWOT SIZE 8 $229Clorts Women's Lightweight Athletic Sandal Outdoor Seaside Water Sneaker Pink... , 2018 WMNS Nike Air Jordan 13 XIII Retro SZ 6 Phantom Moon Particle AQ1757-004Man/Woman Spira Aquarius Running Women's Shoes Clever and practical Low price Acknowledgement feedback2019 Womens Stiletto Floral High Heels Round Toe Side Zip Knee High Boots ShoesCaterpillar Boot US5 | UK3 | EUR3612CM Super High Heel Stiletto Pointed Toe Over Knee Boots Black US11.5 Bt15BIONICA RUMER LEATHER INSULATED SHEARLING WINTER BOOTS WOMEN'S 6 M RTL $190
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers Women's mogochinese-27168 Skechers Woodsy Engineer 27152 BootBrown10 M US 953e9eb - 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.

    Skechers Women's mogochinese-27168 Skechers Woodsy Engineer 27152 BootBrown10 M US 953e9eb - 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
    Skechers Women's mogochinese-27168 Skechers Woodsy Engineer 27152 BootBrown10 M US 953e9eb
    Boots
    >
    ;