Never miss an update

Men's Monk Strap Strap Pu Leather SLippers Moccasins Slingbacks Oxford SLippers SHoes SHoes Slides 9fb0608




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: Unbranded
Material: Pu Style: Moccasin Slippers
Pattern: Solid Country/Region of Manufacture: China
Width: Medium (D, M) Euro Size: 37-44
Never miss an update

Men's Monk Strap Strap Pu Leather SLippers Moccasins Slingbacks Oxford SLippers SHoes SHoes Slides 9fb0608 - blurrypron.com

    Men's Monk Strap Strap Pu Leather SLippers Moccasins Slingbacks Oxford SLippers SHoes SHoes Slides 9fb0608
    Men's Monk Strap Strap Pu Leather SLippers Moccasins Slingbacks Oxford SLippers SHoes SHoes Slides 9fb0608
    Cotswold Chastleton Sheepskin Moccasin Mens Classic Leather Comfort Slippers , Bearpaw Moc II Slipper - Men's Hickory Suede 13.0 , Porsche Design Shoes Beverly Hills Suede leather moccasins slipper US 8Supersoft Men's Shoes Clogs Slippers Brown Classic Slippers Gardening ShoesFlats Men's Real Leather Strappy Sandals Slippers Shoes Flip-Flops Black White # , Man/Woman Glerups Boot Slipper Green 42.0 Many styles discount price Rich on-time deliveryAdelheid Men's Slippers Shoes 12251176105 Godsgather Grey Slippers NewAdelheid Men's Shoes " Drachenfänger " Raven Black House Slippers Mules WoolEV9502 LB Evans golden tan fleece pile lined slipperAdidas Adilette CF+ Campus Slides BY2614 Slide Sports Sandal Slippers Flip FlopsDOLCE & GABBANA Raffia Logo Moccasins Shoes AMALFI White Slippers 05180 , 2017 Rivet Studed Open Toe Platform Roma Beach Mens Slipper Leather Shoes SandalMahabis CLASSIC Men's Wool Slippers With Removable Rubber Sole Sz: /US 10.5 , Stacy Adams Men's Scalawag II 249231808 Nike Benassi JDI Chenille Men's Slides Slippers AO2805-800 , Birkenstock Boston Anthracite Microfiber Vegan Shoes US Women's 9.5-10 Regadidas Adilette CF Cloudfoam Plus Black White Men Sandal Slide Slipper AQ4935 , Rivieras Classic 20° - comfy airy Unisex Slipper Shoes Half-shoe Loafers - NEW , MEN'S ACORN CAMO CROSSROAD MULE MENS SLIPPERS SIZE 10 NWB , Slippers and clogs Moncler new basile Men - Fabric (1025800019ML) , Punk Mens Slip On Real Leather Rabbit Fur Flat Embroidered Horsebit Slipper Newankle strap open toe slip on sandals block heel women shoes low heel slipper new1806 Nike Benassi JDI Men's Slides Slippers 631261-005Men Trendy Embroidery Mule Slippers Slip On Genuine Leather Metallic Decor Shoes , 1806 Nike Benassi JDI Men's Slides Slippers AO2805-200L.B. Evans Alton - Brown - MensJobe Conflict Bindings Men's Brand New Size 6 ,7/ 7.5 , , Open Toe Knitted Embroidery Beach Sandals Leather Slippers Women Mens Flat Shoes , Australian Made Sheepskin Loafers Slippers Chestnut Brown Men's Size 7 ,
    Men's Monk Strap Strap Pu Leather SLippers Moccasins Slingbacks Oxford SLippers SHoes SHoes Slides 9fb0608 - blurrypron.com>Men's Monk Strap Strap Pu Leather SLippers Moccasins Slingbacks Oxford SLippers SHoes SHoes Slides 9fb0608 - blurrypron.com
    Authentic MANOLO BLAHNIK Brown Suede Knee High Boots Size 36.5Jimmy Choo Black Leather Slim Heel Boots Size 37.5 M , New Colorado C Coogee Mens Shoes Casual Sandals Sandals Flat , MENS ADIDAS ULTRA BOOST LTD MEN'S RUNNING/FITNESS/TRAINING/RUNNERS SHOESVery Rare! Charlotte Olympia pumps Size 36.5 NEW! , New Anthropologie Faryl Robin Ellison Suede Shearling Slip On Loafers Size 5New Balance NB 373 EVA Foam Women's Lifestyle Sneakers Shoes Beige WL373OIT SizeKlogs Natalie Women's Clogs Display Model Black Patent 7 WDaya by Zendaya Women's Kyle II Pump, Bronze, Size 9.5 , Men's/Women's Anne Klein Women's Expert Fabric Pump Guarantee quality and quantity Sales Italy Diversified new design , GUESS ESCARPINS TALONS 7.5 CM MARRON ET BEIGE SYLE VUITTON 39 ELEGANTS FEMININLOGO by Lori Goldstein Sz 10M Double Buckle Espadrille Sandals Womens TanUnder Armour Men's Speedform Gemini 3 Gr Re Ankle-High Running Shoe , NWOB Men's REEBOK Instapump Fury MTP - BD1501 - Hunter Green Size 11 , DS Nike Air Jordan 10 - Double Nickel - Size 13 Retro 45 Mens White Red BlackMen's Brand New Adidas Gazelle PK Juice Athletic Fashion Sneakers [DB1628]New Balance MRL247N2 D 247 Navy Black Men Running Shoes Sneakers MRL247N2D , Ariat Men's Hybrid All Weather Steel Toe Western Cowboy Boot Oiled Brown/Brow...KING EXOTIC MEN COGNAC SNIP TOE GENUINE EEL WESTERN COWBOY BOOT 94DRD0857 , Wolverine Men's Original 1000 Mile Black Leather Boots 3508 Size 8.5 M , NIKE Jordan Formula 23 Low mens fashion-sneakers 919724Jimmy Choo Black/Silver Patent Leather & Glitter Men's Sneakers Sz 42 , Skechers Performance Womens You-Inspire Bca 2017 Sneaker- Select SZ/Color. , Mizuno Women's Wave Paradox 3 Running Shoe, Black-Electric Green, Size6.5 B USNew Womens Nike free Rn flyknit 2017 Running Shoes 880844-200 Sz 12 Taupe Pinkadidas Originals DB0269 Adidas Womens CF QT Racer W- Choose SZ/Color.Adidas Originals Superstar Russian Bloom Sz:6.5 Floral B35441 Multicolor Rare , helmut lang padded low top sneakers upg sol 38 us 7.5 smooth soft leather , Brown Suede Women's Boots by Hush Puppies (Size 8) , MATIKO ANIMAL PRINT PONY HAIR WEDGE PLATFORM ANKLE BOOTS BOOTIES SIZE 10M C111
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's Monk Strap Strap Pu Leather SLippers Moccasins Slingbacks Oxford SLippers SHoes SHoes Slides 9fb0608 - 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.

    Men's Monk Strap Strap Pu Leather SLippers Moccasins Slingbacks Oxford SLippers SHoes SHoes Slides 9fb0608 - 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
    Men's Monk Strap Strap Pu Leather SLippers Moccasins Slingbacks Oxford SLippers SHoes SHoes Slides 9fb0608
    Slippers
    >
    ;