Never miss an update

Corral Women's - Inlay Western Boot Snip - Western Snip Toe - A1970 df1b44e




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: Corral
Color: No Color Style: Inlay
Material: Leather MPN: A1970
Never miss an update

Corral Women's - Inlay Western Boot Snip - Western Snip Toe - A1970 df1b44e - blurrypron.com

    Corral Women's - Inlay Western Boot Snip - Western Snip Toe - A1970 df1b44e
    Corral Women's - Inlay Western Boot Snip - Western Snip Toe - A1970 df1b44e
    Corral Women's Studded Floral Embroidery Cowgirl Boot - Square Toe - R1373 , Gameday Southern Methodist University Cowgirl Boot - Pointed Toe - SMU L006-2 , Liberty Women's Chita Turquesa Fringe Booties - Round Toe Turquoise 7 M , Corral Women's Leopard Stud and Fringe Cowgirl Boot - Snip Toe - A3618 , Corral Women's Orix Glitter Inlay and Studded Cowgirl Boot - Square Toe - C3275Corral Studded Fringe Cowgirl Boot - Snip Toe - A3149Stetson Women's Kate Embroidered Wingtip Western Boot Snip Toe -Frye Women's Cognac Diana Chelsea Booties - Round Toe - 77970-COGLane Women's Plain Jane Dark Cognac Cowgirl Boot - Round Toe - LB0350IBoulet Torino Tooled Saddle Cowgirl Boot - Square Toe - 5167 , Tin Haul Conquer the World Cowgirl Boot - Square Toe - 14-021-0007-1295Australia Luxe Collective Women's Sexy Hatchet Wedge Boots + Rabbit Fur Beva , Liberty Women's Cheetah Fiona Studded Zipper Booties - Pointed Toe - LB71301 , Corral Women's Mint Glitter Inlay Western Boot - Snip Toe - C3332 , Corral Women's Studded Patch Cowgirl Boot - Square Toe - C3010 , Australia Luxe Collective Women's Sexy Hatchet Wedge Boots + Rabbit Fur BlackFrye Women's Veronica Combat Boot - Round Toe - 76276-GRY , Junk Gypsy by Lane Women's Vagabond Harness Western Boot - Snip Toe - JG0030A , Dan Post Blue Bird Wingtip Cowgirl Boot - Snip Toe - DP3544 , Corral Women's Wings and Heart Inlay Boot - Snip Toe - A3409 , Lane Women's Junk Gypsy By Day Dreamer Strawberry Cowgirl Boot Snip Toe - , Corral Women's Braided Fringe Cowgirl Boot - Snip Toe - A3147 , Corral Women's Sand Floral Overlay Embroidered Stud And Crystals Cowgirl Boot , Liberty Women's Chita Turquesa Fringe Booties - Round Toe - LB-712320 , Boulet Hand Tooled Dankan Ranger Cowgirl Boot - Square Toe - 2050Liberty Black Women's Micro Jaguart T-Moro Tall Fringe Boot Narrow Square ToeCorral Women's Tall Studded Overlay and Crystals Cowgirl Boot - Snip Toe Black , Tin Haul Arrowhead Cowgirl Boot - Square Toe - 14-021-0007-1282Corral Women's Distressed With White Cross And Wing Inlay Cowgirl Boot Square
    Corral Women's - Inlay Western Boot Snip - Western Snip Toe - A1970 df1b44e - blurrypron.com>Corral Women's - Inlay Western Boot Snip - Western Snip Toe - A1970 df1b44e - blurrypron.com
    NEW Tony Bianco Brown Taj Suede Thigh High Boots/Booties Over the Knee Sz 8Corral Women's Studded Patch Cowgirl Boot - Square Toe - C2991 , New Urge Men's Peniche Shoe Rubber Pu Brown , Mens Nike Air - US 10.5; Blue , Merrell Tetrex Crest Strap Granite Purple Women Amphibious Outdoors Shoes J12862 , New Mollini Morris Tan Womens Shoes Dress Sandals Heeled , A2 by Aerosoles Womens Lavish Slip-on Loafer- Select SZ/Color.ORTHOFEET Serene 896 Flats Tan T Strap Leather Sz 8.5 Wide Womens Diabetic Shoes , STEVEN by Steve Madden Women's Kava Pump, Black Leather, Size 9.5Louise et Cie "Jeph" Ankle Tie Suede Pump in Yellow Size: 5.5 , $298 Cole Haan Womens Hana Leather Pump Heel Dress Shoes 7 NEW IN BOX , EJECT 13323 SLINGBACK PUMP WOMEN'S BLACK US SIZE 9M EURO 40 NEW/ DISPLAYBOUTIQUE 9 NICKEYA PUMP ~ TWO TONE BLACK & GOLD~SIZE 9~NEW CONDITION! WORN 2HRS!Patricia Green - Cable-knit Scuff Slipper - Vail - Size 8Nike 628533 Mens Air Rival III Golf Leather Low Top Shoes Cleats , Air Jordan 10 X Retro “Lady Liberty 30th Anniversary” - Size 14Nike Jordan Men's Jordan Grind 2 Training Shoe , Stone Island Sample footwear 42IT 5015 VERY RARE , Nike Air More Money AS QS Los Angeles All Star 90/10 vast grey AQ0112 001 LA 10Palladium Men's Pampa Cuff WP Lux Black/Black Boots , COLE HAAN Mens 12 Red Leather Moccasin Driving Loafers Casual ShoesAsics Onitsuka Tiger Mens 8 Mexico 66 Lauta Shoes 60 Years Animal TH9E3L ~RARE~PUMA FUNIST LO NU-M Mens Funist NU Fashion Sneaker- Choose SZ/Color.MILITARY ISSUE DESERT Boots UFCW ASTMF2413-05 MI/75 C/75 Size 16 XW EE+ Mondo PtStacy Adams Venice Burgundy Gold Elegant Tapestry Slip On Loafer Shoe Size 11 , Women's Hoka One One Clifton 4 Running Shoes Sz 10.5 US , nike womens zoom elite 7 running trainers 654444 302 sneakers shoes , Women Over The Knee Boots Spring Stretchy Pull On High Chunky Heels Shoes Party , Women Sexy Over Knee 12CM High Pointed Toe Stiletto Heel Dance Boots Sz Jd_ukNew Womens Pointy Toe Warm Winter Ankle Boots Snow Shoes Wedge High Heel 2019 yh ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Corral Women's - Inlay Western Boot Snip - Western Snip Toe - A1970 df1b44e - 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.

    Corral Women's - Inlay Western Boot Snip - Western Snip Toe - A1970 df1b44e - 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
    Corral Women's - Inlay Western Boot Snip - Western Snip Toe - A1970 df1b44e
    Boots
    >
    ;