Never miss an update

NEW NIB LAREDO Women's Keyes 12" 25731 Stars & Stripes & & Tan Boot 52165 NIB cce69f7




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: Laredo
Occasion: Dress, Party,Casual Style: Cowboy, Western
Fastening: Pull On Material: Leather
Never miss an update

NEW NIB LAREDO Women's Keyes 12" 25731 Stars & Stripes & & Tan Boot 52165 NIB cce69f7 - blurrypron.com

    NEW NIB LAREDO Women's Keyes 12" 25731 Stars & Stripes & & Tan Boot 52165 NIB cce69f7
    NEW NIB LAREDO Women's Keyes 12" 25731 Stars & Stripes & & Tan Boot 52165 NIB cce69f7
    Ariat Womens Heritage Roughstock Western U-Toe Boot Size 6 1/2 10001594 (29324)LAREDO LUCRETIA WOMENS 12" COWBOY WESTERN SNIP TOE LEATHER BOOTS 52133 NIB , Sofft Women's Shoes Belfast Suede Ruched Boots Brown Size 7.5 NEW NWOB FREE SHIPTory Burch Black Canvas Sneaker Espadrille Size 850's Classic Cowboy Boots - Womens 8B Brown Inlaid Cloth Pulls Pee Wee Tex TanWomen's Jessica Simpson WEXTON Studded Block Heel Booties Suede Black Size 9Schutz - Tamarah Women's Shoes - Black - Size 9 MA.S. 98 Free People Leather Buckle Ankle Boots SZ 40/10-EUC , Womens Genuine Leather Embroidered Casual Western Cowgirl Boots Snip Toe , Barneys New York Flat Boot - Black Suede Knee Height - Size 36Frye Melissa Button Boot- Cognac- Size 7.5 B (B71) , NEW!! Stuart Weitzman 'Kent" Flatform Oxford - Grey-Size 10 M - $455-(J2) , Gentleman/Lady Frye Melissa Button Boots Cognac 8.5 Clearance price discount price Complete specifications , Tory Burch Black Crinkle Patent Leather Whitney Booties Size 6.5 M , Australia Luxe Collective Women's Earth Nylon Snow Boot, Multiple Colors , Donald J Pliner - Kaden-01D - Open Toe Bootie - Black Leather - 8.5M - NEW , Ariat Women's Darlin Western Fashion Boot 10017323 , Womens Brown Honey Leather Stitched Studded Cowboy Western Cowgirl Boots Ranch , Santana Canada Sarita Black Leather Waterproof Knee High Boots Size 7 MGentleman/Lady Lane Ladies Julie Honey Boot LB0209A flagship store Upper material TRUE , LAREDO KEYES 12" STARS & STRIPES WOMEN'S LEATHER WESTERN BOOTS 52165 * ALL SIZESBalenciaga Black Leather Almond Toe Side Zip Wedge Booties Size 6Franco Sarto Women's Carlano Black Leather Boots , New LD TUTTLE Women's Black Leather 'The Airy' Booties Size 8/38 , $400❤️ Henry Beguelin Brogue Ankle Booties Made In Italy Brown Leather Sz 40 10 , EUC JIM BARNIER Eternity Mid Calf Buckle Distressed Leather Boots OliveGray 9.5M , VOLATILE ROSEWELL BLACK LEATHER UPPERS COWGIRL BOOTS NEW TO THE MARKETWOMENS AQUATALIA BOOTS Claire Weatherproof Brown Wedge Ankle Bootie 8 M $395Sigerson Morrison DANICE Nubuck Leather Tall Boots Women 9.5 Tan MSRP $600 NEW ,
    NEW NIB LAREDO Women's Keyes 12>NEW NIB LAREDO Women's Keyes 12
    Man/Woman CRYPTO-06 Black High quality and low overhead Fast delivery Fair price , New Lot Studded Pump Rhinestone High Heels Faux Suede Black Red Blue PLATFORM , Calvin Klein Women's High Heels Sandals, Size 10 , WOmen's Roma High heels Stilettos Open Cut Out Sandals Buckle Ankle Boots ShoesGentleman/Lady Playboy Women shoes leather orange service Stylish and fun Direct business , Skechers Womens On The Go 600 Comfortable Cushioned Lightweight ThongsRomika Maddy Home 08 Slipper - Black Red , Brand New VANS Mens Alomar Leather/Nubuck Wren/Marsh SZ US M 7.5 US W 9 , Brand New VANS ERA Men's Athletic Fashion Sneakers [VN0A38FRU8H] , Ultraboost Uncaged Big Kids' Running Shoes Cloud WHITE/Crystal WHITE B 5.5 M USNike Zoom KD9 Elite TS Dark Grey 909139-013 Sz.10.5Nike SF Air Force 1 Mid Black/Black-Black (917753 005) , Nike Air Jordan Spike Forty PE Game Royal Orange Knicks 807541-405 7-13 5 11 6Vans x Peanuts Snoopy Sk8-Hi Charlie Brown Maize yellowClarks Originals Mens Wallabee Step Brown Leather Moc Toe Oxford Shoe Sz 12 M , Men’s Donald Pliner Alondro Leather Penny Loafer Brown Moccasins Size 10 NEW , Frye Owen Oxford - Men's Size 9 M, CognacVans Womens Black Ball Hi SF Leila Hurst 70's Floral sz 5 NIBNike Free 5.0 TR Fit 4 Wash hyper grape 653484- 500 wmns sz 7 RunningMan's/Woman's TOGA VIRILIS Men's Shoes 056815 Black Selling Low price Strong heat and heat resistance , REEBOK CLASSIC LEATHER DIAMOND Women's Shoes BD4422 Sz6-9 Fast Ship SNEW Birkenstock Sarina Boots size 7 - 7.5 US color Taupe MSRP $179Men's/Women's Dolce Vita Women's Braun Sneaker Modern and elegant fashion high quality Immediate deliveryAdidas Tubular Defiant S80486 Casual Shoes White Gray Medium (B,M) WomenAdidas Forum Lo women's low-top sneakers gray white casual trainers leather NEW , Pointed Toes Punk Women's Suede Leather Low Heel Pull On Ankle Boots Shoes BlackSONOMA ANKLE BOOTS LEATHER SUEDE WOMEN'S WEDGE LEEZA 8N US TAN FAUX FUR NEW TAGS , $199 BCBG Max Azria Womens Lexy Moc Toe Knee High Shoes, Dark Caramel, US 8 , Womens STEVE MADDEN black leather ankle booties sz. 10 NEW!A2 by Aerosoles STROLE ALONG Womens Strole Along Boot- Choose SZ/Color.
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW NIB LAREDO Women's Keyes 12

    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 NIB LAREDO Women's Keyes 12" 25731 Stars & Stripes & & Tan Boot 52165 NIB cce69f7 - 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 NIB LAREDO Women's Keyes 12" 25731 Stars & Stripes & & Tan Boot 52165 NIB cce69f7
    Boots
    >
    ;