Never miss an update

Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292




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: Clarks
Model Number: 26128367-75 Color: Black
Style: Casual Boots Manufacturer: Clarks
US Shoe Size (Women's): 7.5 Manufacturer Part Number: 26128367-75
UPC: 889306648549
Never miss an update

Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292 - blurrypron.com

    Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292
    Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292
    New Women Suede Pull On Block Heel Over The Knee Knight Boots Sexy Slouch ShoesSexy Women's Block Heel Suede Over Knee Thigh Riding Boots Poined Toe Party Shoe , Womens Punk Studded Leather Round Toe Flat Shoes Rivet Knight Ankle Boots Sexy#Fashion sexy women super high heel over the knee thigh boots platform party shoeSexy Furry Womens Shoes Ankle Boots Stiletto High Heels Bandage Pointy Toe newWomen's Over Knee Thigh Boots Block High Heel Party Sexy Pointed Toe Suede Shoes , Sexy Ladies Pointy Toe Shiny Ankle Boots Stilettos High Heel Zipper Shoes SizeWomens Retro Side Zip Block Low Suede Warm Comfy England Heel Knee High BootsOvation Girls' Euroweave Pull-on Breeches Tan 8 , Dr. Scholl's Womens Casey Closed Toe Ankle Fashion Boots Whiskey Size 9.0 ZrAxWhite Mountain Womens Tivia Fabric Closed Toe Mid-Calf Cold Cognac Size 9.5 SR , Sperry Womens DASHER LILLE Leather Almond Toe Ankle Fashion, Brown, Size 6.5 TdqSmoky Mountain Women's Lucky Western Boot - Snip Toe - 6636 , Crown Vintage Womens carly Leather Closed Toe Ankle sparrow taupe Size 11.0 j2 , Womens Over The Knee High Boots Block High Heel Side Zip Stretchy Solid ShoesLamo Footwear Women's Wembley Tweed Boot - EW1737-CHO , INC International Concepts Womens rikkie Suede Almond Toe soft taupe Size 6.0Bare Traps Womens Dallia Closed Toe Mid-Calf Fashion Boots Dark Brown Size 6.5Nine West Womens Nicolah Leather Pointed Toe Knee High Fashion Cognac Size 7.0 , White Mountain Womens BEHARI Fabric Closed Toe Ankle Fashion Chestnut Size 6.5Womens Boots Winter Rivet Motorcycle Knee High Boots British Knight Boots BuckleWomen Fashion Satin Pointy Toe Pull On High Heels Solid Knee High Boot Shoes NewUnisa Womens Zali 2 Closed Toe Ankle Fashion Boots Black Size 9.0 0JccAldo Womens Tuxedo Suede Pointed Toe Ankle, Bordo Miscellaneous, Size 6.5GUESS Womens Tamsin Leather Pointed Toe Ankle Fashion Tan/mushroom Size 10.0Womens stylish embroider knee high Boots Buckle Zip cuban Heels shoes Suede SizeJessica Simpson Womens JS-WOVELLA Fabric Almond Toe Black Velvet Size 6.5 v1ITStylish Womens Leather Over The Knee High Long Boots Block High Heel Shoes HOT , Womens Ankle Boots Buckle High Heel Rivet Roma Chic Winter Fashion New Stiletto
    Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292 - blurrypron.com>Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292 - blurrypron.com
    Doc Dr Martens Womens Boots Knee High Tall Black Made in England Size 8 USNIKE TRAINERENDOR L MENS TRAINER SHOE OBSIDIAN WHITE SIZE 7 8 9 10 NEWNEW ANDACCO EVAN MENS LEATHER COMFORTABLE CASUAL SHOES MADE IN BRAZIL , SKECHERS CHAUSSURE JUST CHILL MID MEMORY FOAM - BBK BLK - 40 (192283422270) , Ladies AVA Marine Stripe Slip On shoe By Hey Dude , Men/Women Funtasma ARENA-208 wholesale excellent Modern modeCole Haan W05559-001 Womens 2.0 Grand Laser Wing Oxford Black/Bristol Blue , CELINE Phoebe Philo Wave Sandal Hiker Flat Toe Ring Runway 36 Auth NIB $115022cm Womens Sexy Nightclub Super Wedge High Heels Platform Pumps Shoes Plus 48STUDIO POLLINI Blue Gold Iridescent Peep Toe Pumps Heels 37.5 NWOB ItalyEVERLANE NEW WOMANS EDITOR HEEL NAVY SZ 7 , Modern Vintage Leather Pump with 2.5 Inches Self-Covered Heel, Size 9 , Valentino Couture Sandal Open Toe with Dragonfly of Swarovski crystals!!!RALPH LAUREN Purple Label Women's Geneva Multicolor Platform Sandals $795 NEW , NIKE AIR MAX SEQUENT 2 ATHLETIC SHOE MEN SIZE 12New Mens 11.5 Converse CTAS Mini Stud John Varvatos Shoes 151295C $250Adidas Mens Prophere Athletic Sneakers sz 9.5 Core Black White Solar Red CQ3022New On Cloud Mens Cloudsurfer Navy/Steel Running Shoes size 7 & 7.5 MAdidas Originals Consortium x BAIT EQT Support Future CM7875 DS Mens Size 4.5 , Nike Air Jordan Retro 3 Premium Grey Wool 2016 854263-004 8-11 1 4 12 sail , Lacoste Men's Carnaby Evo Fashion Sneaker - Choose SZ/ColorAdidas Campus 80s Core Black/Utility Black-White BA7516 Women'sLife Stride Women's Dreams Wedge Black Polyurethane Comfort ShoesCordani Oden Sneaker - Women's Size 8 - BlackNEW NIKE METCON 4 VERSATILE TRAINING CASUAL SHOES WOMENS Various SIZES ColorsNew Balance 990v4 Running Shoes Komen Pink Ribbon MADE IN USA, W990KM4 Sz. 10 , Vionic with Orthaheel Technology Women's Reagan Tassel Mule Black Patent LeatherWMNS NIKE STORM WARRIOR HI 407482 003 SIZE 5 New WINTER BOOTBrooks Launch 5 Women's Grey/Aqua Green/Ebony 2661B084BNWT ZARA TAUPE SUEDE LEATHER OVER-THE-KNEE XL FLAT CASUAL BOOTS REF. 5001/101
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292 - 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.

    Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292 - 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
    Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292
    Boots
    >
    ;