Never miss an update

New TOD'S Tods Flats Gommini Shoes Teal Moccasins TOD'S Blue Teal Patent Leather Slip on Shoes 10 c5fde49




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
Style: Moccasins
Color: Blue Fastening: Slip On
Brand: Tod's Material: Patent Leather
Never miss an update

New TOD'S Tods Flats Gommini Shoes Teal Moccasins TOD'S Blue Teal Patent Leather Slip on Shoes 10 c5fde49 - blurrypron.com

    New TOD'S Tods Flats Gommini Shoes Teal Moccasins TOD'S Blue Teal Patent Leather Slip on Shoes 10 c5fde49
    New TOD'S Tods Flats Gommini Shoes Teal Moccasins TOD'S Blue Teal Patent Leather Slip on Shoes 10 c5fde49
    NIB NEW Salvatore Ferragamo Emile Black bow mules flats 6.5 7 7.5 8 9 10 $595+ , Tory Burch Lowell Leather Logo Ballerina Flats Fango Size 7 , SO CUTE! Women's $450 Stubbs and Wootton "STEPS OCEAN" Slippers Loafers Shoes , The Row women moccasins Adam, size 39.5, made in Italy, originally $795 , Alexander McQueen Ballet Flats Orange Leather Rhinestone Skull Size 5 35 $549 , Dries Van Noten Leather Pointed Toe LoaferGentleman/Lady Frances Valentine Lydia Pointed-Toe Flat, 6.5 service Orders are welcome cheaper , NIB TORY BURCH SIDNEY BACKLESS LOAFER TORTOISE LOGO SLIDE MULE BLACK FLAT 9.5CUTE! Women's $450 Stubbs and Wootton Crushed Velvet "CHARM" Slipper Loafer ShoeGIUSEPPE ZANOTTI SHOES STUDDED BLACK SUEDE LEATHER FLATS sz 37 / 7Jil Sander mary jane loafer in vinaccia IT36.5New! $1295 Roger Vivier Paris Podium Soft Strap Crystal Sandals 38 US 8 NWOBNEW CELINE BLACK SHINY CALFSKIN LEATHER ESPADRILLES FLAT SLINGBACK MULE SHOES 36NEW BURBERRY WHITE COATED CANVAS LOGO PRINT TRAINERS SNEAKERS SHOES 37/US 7$560 Salvatore Ferragamo Flats Blush Patent Leather 7.5/8/8.5/9/9.5/10/10.5 /11BCUTE! Women's $450 Stubbs and Wootton Needlepoint "CANE" Slippers Loafers ShoesNEW Alexandre Herchcovitch For Melissa Women’s Wingtip Oxfords Size 10PAUL SMITH Women’s Metallic KILTIE Shoes , Size 39.5 , NewNIB Authentic Chloe 'Lauren' Purple suede Scalloped ballet flats Shoes Sz 37 EUJimmy Choo Gale Flat with Genuine Fox Fur Trim Loafer - Anthracite Black Size 34 , NEW!! Lanvin Scrunched Patent Leather Flat-Nude- Size US 7.5/$495 (P44) , Chloe Lamb Waves Baller Flats Black Size 7.5P-466900 Off White Women's Leather Sneaker US 8.5 Marked 38.5 , Christian Dior Bow Canage Ballerina Beige Leather Ballet Flats Shoes 39- 8.5 , NWD$1795 Brunello Cucinelli 100%Leather Pebbled Metallic Tassel Loafer Pump 37/7New Authentic Bottega Veneta Leather/Pony Hair Cheetah Print Flats 338267 8465$560 Salvatore Ferragamo Flats – Champagne Metallic Patent Bonnet 9 NIB GORGEOUS , 5,5 Alexander McQueen Black Leather Studded Leather Platform Oxford ShoesCHARLOTTE OLYMPIA Kiss Me Darcy ballet flats, Size 39.5/ 9 US
    New TOD'S Tods Flats Gommini Shoes Teal Moccasins TOD'S Blue Teal Patent Leather Slip on Shoes 10 c5fde49 - blurrypron.com>New TOD'S Tods Flats Gommini Shoes Teal Moccasins TOD'S Blue Teal Patent Leather Slip on Shoes 10 c5fde49 - blurrypron.com
    Man/Woman New Womens Heavenly Soles Boots Not so expensive modern List of explosionsLadies Van Dal Smart Ankle Boots * Arial III * , Mr/Ms Ballerina Repetto Camille Many varieties Modern and stylish fashion Seasonal hot saleEasy Spirit Womens Arora Closed Toe Mules, Beige, Size 6.5BCBG Generation Womens Casey Metallic Leather Sneakers US 8.5 Medium NIB , Johnston & Murphy Elaine Cork Texture Gold Slip-On Sneaker Shoe 7.5 NewCUTE! $450 Stubbs and Wootton Straw & Leather "RAFFIA" Mules Slipper Loafer ShoeMan/Woman INDULGE-542 New market luxurious Fashion dynamicDonald J Pliner 8.5M Wedge Shoes Brown Snake Print Suede Elastic Peep ToeGentlemen/Ladies NEW DOLCE & GABBANA WOMENS LOAFER Diverse new design Affordable Great choice(SALE) TSUMORI CHISATO Gold Studded flat shoes Size US 7(K-29310)GIORGIO ARMANI - X1E564 CORALLO/NERO PIPED D'ORSAY PUMP SZ 9 RETAIL $675New Chloe Python Skin Heels Shoes Size 38.5 US 7.5-8Nike Presto Fly Wolf Grey/Wolf Grey-Dark Grey Men's Running Shoes 908019-005NEW Nike AIR JORDAN 1 RETRO '97 TXT Men's Basketball Shoes Size US 11.5 , NIKE LUNAR FORCE 1 LF1 DUCKBOOT LOW SEQUOIA GREEN SZ 8.5 [AA1125-300] , Nike Air Max Prime Men's Fashion Running Shoes Obsidian/Black-White 876068-401Outdoor Basketball Shoes Men's Cement Wear-resistant Anti-skid Training Sneaker , Nike Air Max Torch 4 Mens 343846-002 Black Anthracite Running Shoes Size 10 , Nike Air Jordan 11 Retro “Space Jam” 2009 PLEASE READ Description for sizingMENS SAUCONY KOA ST MEN'S RUNNING/SNEAKERS/FITNESS/TRAINING SHOES , Adidas Rose 3 Chicago Bears Sz 9.5 III Christmas Nightmare Limited D Derrick B , Nunn Bush Men's Elijah Suede Slip-On Loafer Size 12MNEW DEL TORO SHOES WOMENS SIZE 9 WOMEN'S TIGER PONY HAIR SLIP ON SNEAKER , ECCO Womens Bluma Toggle Sneaker Black/Black Feather/Textile 40 EU/9-9.5 M US , Women New Ankle Boots Sequins Leather Wedge Heels Warm Pointed Toe Zipper Shoes , Exotic Identity Women's Original Tall Perfect Fit Knee-High Rubber Rain BootMan's/Woman's Jambu Women's PILOT Ankle Bootie Selling product quality Most practicalLucky Brand Women's Tulayne Ankle Bootie Toffee 8 M USHunter Original Tall Rain Boots Black Matte Size 7 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New TOD'S Tods Flats Gommini Shoes Teal Moccasins TOD'S Blue Teal Patent Leather Slip on Shoes 10 c5fde49 - 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.

    New TOD'S Tods Flats Gommini Shoes Teal Moccasins TOD'S Blue Teal Patent Leather Slip on Shoes 10 c5fde49 - 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
    New TOD'S Tods Flats Gommini Shoes Teal Moccasins TOD'S Blue Teal Patent Leather Slip on Shoes 10 c5fde49
    Flats
    >
    ;