Never miss an update

NEW Paul Green 'Kendra' Knee Knee 5.5US High Buckle Nubuck Boot- Quartz Nubuck Leather- Size 5.5US 9ea6cf4




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: floor sample item, shows minimal wear from being tried on and handled in store
Brand: Paul Green Material: Nubuck Leather
Style: Fashion - Knee-High Country/Region of Manufacture: Austria
US Shoe Size (Women's): 5.5 Heel Type: Block
Width: Medium (B, M) Occasion: Casual
Color: Quartz Fastening: Zip
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Pattern: Solid
UPC: Does not apply
Never miss an update

NEW Paul Green 'Kendra' Knee Knee 5.5US High Buckle Nubuck Boot- Quartz Nubuck Leather- Size 5.5US 9ea6cf4 - blurrypron.com

    NEW Paul Green 'Kendra' Knee Knee 5.5US High Buckle Nubuck Boot- Quartz Nubuck Leather- Size 5.5US 9ea6cf4
    NEW Paul Green 'Kendra' Knee Knee 5.5US High Buckle Nubuck Boot- Quartz Nubuck Leather- Size 5.5US 9ea6cf4
    FREEBIRD BY STEVEN BROCK TALL OVER THE KNEE BOOTS WESTERN TAN BROWN BOHO 6 NEW , $755 BALENCIAGA STUDDED GRAY PATENT LEATHER ANKLE BOOTS BOTTIES Size 36Tory Burch Black Suede Jenna Tall Knee Riding Boots size 7 New Logo $495 Women'sJIMMY CHOO Black LEATHER EAGLE STUDDED WYLIE PULL ON BOOTS Sz 38.5 , FRYE Women's Melissa Button Short Ankle Boot Slate Washed Antique Pull-up-77908Jessica Simpson Women's Baiden Riding Boot Black 7.5 M US , FRYE Women's Lindsay Plate Knee-High Boot Dark Brown Stone Wash Leather-76975Cesare Paciotti Tall Boots Black Leather 38 / 8 Women , Stuart Weitzman Flatscrunchy Black Nappa Knee High Boot Size 8MFRYE Womens Valerie Shearling Lined OTK Riding Boot Black Size 6 M US , Aquatalia Rhumba Women's Black Suede Tall Weatherproof Boots Riding Sz 9VIA SPIGA Ophira Boots Black Leather Tall Over The Knee SZ 7 NEW $495 , Colorful Low Heel High Sleeve Winter BootsJustin Boots Women's 12" Stampede Boot Medium Brown 8.5 M US$495 NEW Tory Burch JUNCTION Black Pebbled Leather Riding Boots sz 5 / 35NWOB JEFFREY CAMPBELL Peggy Genuine Calf Hair Boots 1560190484504 BLACK US 8 , STUART WEITZMAN Black Nappa COVERALL Platform Stiletto Boots Booties sz 12M $470 , MELISSA BUTTON 2 REDWOOD RIDING BOOTS EXTENDED CALF 75448 , Handmade] Womens Boot Venus Calf Skin Leather Booties Ankle Shoes Mid Heel PumpNIB TORY BURCH MARLENE TUMBLED BLACK LEATHER REVA TALL RIDING BOOTS 5.5 $495IRO "LIEVE" STUDDED ANKLE BOOTS - BLACK - Size 8 (FR 39)The Office of Angela Scott MISS SCOTT Black Suede Ankle Boots with Gold Sparkle$675 Aquatalia by Marvin K ERIKA Weatherproof Block Heel Bootie Boot 8.5 Suede , FRYE Claude Tall Boots Black Oiled Suede size 7.5 Chunky HeelCorral vintage 6.5 M Aztec Embroidered leather WESTERN Boot snip toe C2872 $399Kenneth Cole New York Women's Francesca Combat Boot Pewter Patent Leather , GIVENCHY 36 Womens Boots Black Suede Western Cowboy 5.5 , Freebird By Steven Barra Beaded Distressed Leather Boots 10 $375FRYE Women's Natalie Flower Engineer boots ~ Size 8.5 ~ NIB!
    NEW Paul Green 'Kendra' Knee Knee 5.5US High Buckle Nubuck Boot- Quartz Nubuck Leather- Size 5.5US 9ea6cf4 - blurrypron.com>NEW Paul Green 'Kendra' Knee Knee 5.5US High Buckle Nubuck Boot- Quartz Nubuck Leather- Size 5.5US 9ea6cf4 - blurrypron.com
    Corral Boot Women's L5070 Red Leather Boots 10 B(M) USFly London Women's Phil Diesel Suede Slip On Chelsea Wedge Booties Sizes 36-40New in Box FRYE Women's Martina Engineer Short Boot Grey Size 11 MSRP $ 348new MARSELL grey suede leather round toe boho ankle boots shoes EU39 US9 UK6 , Hi Tec Winter Boots Snow Peak 200 WP Womens , Puma Rush Wns Pink White Women Training Shoes Sneakers Trainers 189467-06SAS Viva Teak Leather Ladies Loafer Made in USAChloe Gabes Suede Women's Blue Lagoon Flats Sz 38 , MAISON MARGIELA SQUARE-TOE SUEDE WEDGES, Size: 7Sexy Womens Patent Leather Pointy Toe Pumps Cross Strappy High Heels Club Shoes , J. Renee Womens Alivia Wedge Slingback Blue/Silver/Cuoio Synthetic/Shimmer Denim , LIU JO Women's Decolletè Shoes Heels Marilyn Decollete 100 Nappa Black Leather , JIMMY CHOO Sz 39 Red Suede Platform Peep Toe Slingbacks w/ Inlay Block Heels , Keen Women's Whisper Sport Sandal - Coffee Liqueur / KEEN Yellow 7.5 , Saucony Women's Omni 15 Running Shoe - Choose SZ/ColorRockport Womens Weekend Casuals Keona Gore Thong 11(B)- Pick SZ/Color.Saucony Men's Guide 10 Running Shoes, Grey Black, 12.5 D(M) USNEW Men Vans Peanuts SK8-HI Reissue Joe Snoopy Bones/Blk ALL SIZES LIMITED QUANT , Adidas Adiease Universal ADV LE B72588 Skateboarding Skate Shoes Men's 10.5 newNike Air Max Motion LW SE Mens 844836-602 Team Red Navy Running Shoes Size 8 , 12 New NIKE AIR MAX PLUS TN Tuned Air White Cool Gray Tuned Air Shoes 604133-139 , Clarks - Mens Unmaslow Easy Loafer- Pick SZ/Color. , Salomon Men's Quest Winter GORE-TEX Hiking Boot Phantom/Black/Vapor Blue , Grinders Renegade Lo Black Unisex Leather Boot Cowboy Western Biker Ankle BootsChic Mens Pointed Toe Hand-made Ankle Boots Leather Business Formal Dress Shoes , Nike Air Max Tavas Shoes Men (724768 005) 100% Authentic Size 8 - 41 NewLAKAI FLACO BLACK / GUM SUEDE NEW SKATEBOARD SHOES AUST SELLER SHOES FOOTWEAR , Little Giant F20-2700 566725 Wet Rotor Pond Pump with 20-Feet Cord, 2700GPHMan's/Woman's Drew Women's Naples Wedge Vino Leather feature discount AmoyDemonia 2.75" Platform Silver Hologram Strappy Mary Jane Stud Buckle Shoes 6-11 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW Paul Green 'Kendra' Knee Knee 5.5US High Buckle Nubuck Boot- Quartz Nubuck Leather- Size 5.5US 9ea6cf4 - 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 Paul Green 'Kendra' Knee Knee 5.5US High Buckle Nubuck Boot- Quartz Nubuck Leather- Size 5.5US 9ea6cf4 - 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 Paul Green 'Kendra' Knee Knee 5.5US High Buckle Nubuck Boot- Quartz Nubuck Leather- Size 5.5US 9ea6cf4
    Boots
    >
    ;