Never miss an update

Ladies Remonte Ankle Boots Boots The Remonte Style Ankle D0274-W a4d7304




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Shoe Size: Various
Upper Material: Leather and Synthetic Brand: Remonte
Sole: Synthetic Main Colour: Various
Width: Various Fastening: Zip
Never miss an update

Ladies Remonte Ankle Boots Boots The Remonte Style Ankle D0274-W a4d7304 - blurrypron.com

    Ladies Remonte Ankle Boots Boots The Remonte Style Ankle D0274-W a4d7304
    Ladies Remonte Ankle Boots Boots The Remonte Style Ankle D0274-W a4d7304
    Ladies Clarks Leather Zip Ankle Boots Hope Track , Ladies Clarks Ankle Boots With Button Detail *Cheyn Anne*Man/Woman Ladies Remonte Boots The Style D7394-W Complete specification range fashionable Very practical , Man's/Woman's Ladies Rieker Casual Ankle Boots 74779 High quality and cheap Used in durability King of the crowdLadies Clarks Smart Ankle Boots Emslie MonetClarks Cloudsteppers by Clarks Casual Ankle Boots Style -Caddell SloaneMen's/Women's Womens Caterpillar Boots Allison superior Cheaper than the price Modern and elegantLadies Clarks Chelsea Boots The Style - Taylor ShineLadies Rieker Ankle Boots Style - 47674Ladies Rieker Multi Coloured Knitted Trim Ankle Boots * Z6743 *Men's/Women's Ladies Clarks Ankle Boots Matron Ella Outstanding features high quality Fair priceMen's/Women's Ladies Rieker Warmlined Ankle Boots 58351 Complete specification delicate Modern and elegant , Man/Woman Ladies Rieker Boots 74779-W Long-term reputation Moderate cost Official website , Ladies Clarks Leather Faux Fur Lined Casual Ankle Boots Style - Sharon PearlLadies Harley Davidson Biker Boots The Style Kira -WHarley Davidson Ladies Mid Calf Moter Cycle Boots Sicila D83972Clarks Unstructured Un Arlyn Leather Casual Zip Up Ankle Boots D FittingLadies Rieker Ankle Boots Style - L6052 , Man's/Woman's Ladies Rieker Boots Label 76961-W High grade Elegant and sturdy packaging At an affordable price , Gentlemen/Ladies Ladies Rieker Boots Label 70581-W Quality products Attractive fashion Exquisite processing , 'Ladies K's By Clarks' Rounded Toe Zip Up Ankle Boots - Merida Ella , Ladies Clarks Cloud Steppers Sillian Chell Casual Ankle Boots D FittingGentleman/Lady Ladies Rieker Ankle Boots Label L6090 Selling cheapest Excellent workmanshipLadies Clarks Ankle Boots The Style - Orinoco SashLadies Rieker Ankle Boots Style Z6782 -W , Men's/Women's Ladies Rieker Ankle Boots Label Y7273-W Customer first Selected materials various kindsGentleman/Lady Ladies Rieker Ankle Boots L6052 Economical and practical Highly praised and appreciated by the consumer audience Seasonal promotion , Man's/Woman's Ladies Rieker Boots Style L6540-W Queensland special function cheaperMen/Women Ladies Remonte Ankle Boots Label R9884 Good world reputation Sufficient supply Pick up at the boutique ,
    Ladies Remonte Ankle Boots Boots The Remonte Style Ankle D0274-W a4d7304 - blurrypron.com>Ladies Remonte Ankle Boots Boots The Remonte Style Ankle D0274-W a4d7304 - blurrypron.com
    Django & Juliette SLED Taupe Long Boots , NIKE MERCURIAL VICTORY V FIRM GROUND MEN'S INDOOR FUTSAL FOOTBALL BOOTS SHOESCESARE P. men shoes Blue denim and grey nubuk and tech fabric sneaker - S/S 2016Marc Joseph Madison Pump Kitten Heel Dress Pumps, Black CrocoMen's/Women's Ballet Flats Twin Set Classical Guarantee quality and quantity Win highly appreciated Popular tide shoes , Irregular Choice Jewel Pearl Flats Pumps Shoes 38 US 7 Good Condition IC160 , Man/Woman Aquazzura Crystal Spider Satin Mule the most convenient Preferred material Speed ​​refund , Cole Haan N-I-K-E Air Womens Size 6.5 B High Heel Classic Pump Gray Suede Shoe , Womens Retro British Buckle Strap Fur Trim Block Mid Heels Leather Oxford ShoesANNE KLEIN Black Reptile Embossed Leather Sandals size 9.5 MWanda Panda Women's Adele Leather Hook And Loop Strap Mary Janes Black/SilverDr. Scholl's Women's Day Slide Navy Action Leather SandalsSize 13 Men's Nike Shoes Rare Air Jordan's Max 41 white black yellow snakeskinNike Mercurial Victory VI 6 DF NJR FG Neymar JR Soccer Cleats SZ ( 921506-400 )Nike Zoom KD 10 Multi Color Men SZ 7.5 - 13 , Nike Air Force One 1 Low Sail Artic Pink Satin 314219 130 GS Women's Size 4Y-7YNIKE AIR MAX PPLUS TN 718071 300New JOHN VARVATOS Star USA Brown Leather Distressed Style Ankle Boots Size 12MNIKE DUNKS MENS SIZE 10  BROWN-BONE-CAROLINA BLUE DEADSTOCK RELEASED EARLY 2000s , New adidas Originals Mens ADICOURT AS Navy Blue White Green samba Q33098 x2Men's 11.5 D Johnston & Murphy Cap Toe Black Leather Dress Shoes Melton A044BOUTIQUE 9 TORRA Black Patent Designer Pumps Heels 7.0 MNike Air Zoom Fearless Flyknit Cool Grey/Black/Total Crimson/White 50426003Nike Air Pegasus 89 Premium Womens 844889-002 Black Tint Running Shoes Size 7.5Y-3 Yohji Yamamoto KANJA Women's L Flat Soft Sneakers Red Stretch Fibers Leather , NEW! NIB MATISSE Distressed Gold Leather KEEGAN Western Zip Ankle Boots 7 9 $239 , LUCIANO PADOVAN Silver Snake Print Leather Cowboy Boots Size 4020688 Womens Vintage ACME Black Western Riding BOOTS Shoe size 5.5 C equestrian , Ariat Women's Lindsley Open Toe Bootie - 10019941Mr/Ms SCARPA CLIMBING BOOTS SIZE 38 fashion new Clearance sale
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ladies Remonte Ankle Boots Boots The Remonte Style Ankle D0274-W a4d7304 - 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.

    Ladies Remonte Ankle Boots Boots The Remonte Style Ankle D0274-W a4d7304 - 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
    Ladies Remonte Ankle Boots Boots The Remonte Style Ankle D0274-W a4d7304
    Boots
    >
    ;