Never miss an update

Lauren by Ralph Choose Women's Hala Dress Lauren Pump - Ralph Choose SZ/Color be7faf1




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: Lauren by Ralph Lauren
Style: Fashion Sneakers Manufacturer: Lauren by Ralph Lauren
Size Type: Regular MPN: Hala
US Shoe Size (Women's): Multiple Variations Model: Hala
Never miss an update

Lauren by Ralph Choose Women's Hala Dress Lauren Pump - Ralph Choose SZ/Color be7faf1 - blurrypron.com

    Lauren by Ralph Choose Women's Hala Dress Lauren Pump - Ralph Choose SZ/Color be7faf1
    Lauren by Ralph Choose Women's Hala Dress Lauren Pump - Ralph Choose SZ/Color be7faf1
    ESSEX GLAM Womens Ankle Strap Platform Heels Strappy Embroidered Evening Sand...New Donald J. Pliner Women's 5 M Brilliant Gold & Red Floral Fabric Pumps , Pleaser Womens Bliss-31 Mary Jane Pump- Pick SZ/Color. , Call It Spring Women's Ahlberg Dress Sandal - Choose SZ/ColorMan/Woman 'Florence' Booties Every item described is available Upper material TRUEFuntasma by Pleaser Womens Maryjane-50G Pump- Pick SZ/Color. , FIVE WORLDS by CORDANI Womens JIMINEZ Taupe High Heel Mules US-5; (837)Sexy Women's Peep Toe Faux Suede Stilettos Heels Slip On Party Casual Shoes 275. , Rhinestone Platform Ankle Strap Open Toe Sandals High Heels Shoes Adult Women , Pleaser Pink Label Womens Fab420/Cr Slide Pump- Pick SZ/Color. , Womens Open Toe Patent Leather Shoes High Heels Wedding Stilettos Party Sexy SZPLEASER Sexy 6" Heel Rose Gold Platform Ankle Strap Clear Women's Shoes , Gentleman/Lady Bamboo Strappy Suede Ladder-Up Chunky Heel High security Online As of the latest modelEllie Shoes Brook Ultra Sexy 6" Hot Pump with 2" Platform See Through Clear 10Pleaser VIVIAN-23 Bordello by Womens Vivian-23 Sandal- Choose SZ/Color. , Ellie Shoes Women's 301-Hazel Witch Shoe - Choose SZ/ColorPleaser Bordello by Womens Teeze-18 Platform Pump- Pick SZ/Color. , Sexy Womens OL Shoes Pointy Toe Patent Leather Pumps Party Dress Chunky Heel HOT , Women Dress Wedding Block Heel Size 10 Open Toe Ankle Strap Summer Sandal Shoe , Pleaser COCKTAIL-526 Womens Ctail526/Ssa Platform Sandal- Choose SZ/Color.Handmade Pearl Sexy Silver Wedding Ball Club Shoe High Heels Evening Party O , PLEASER Sexy 7" Heel Gold Hologram Ankle Strap Stripper Pole Dancer Womens Shoes6" Heel With Clear Ankle Strap Crystalized Platform Shoes Heels Adult WomenThe Fix Women's Page Block Heel Ghillie Dress Sandal - Choose SZ/ColorPLEASER Sexy 7" Heel Rose Gold Hologram Ankle Strap Stripper Dancer Womens Shoes , SHOW STORY Black Buckle Night Sky High Heel Stiletto Platform Ankle BootsLF30... , Imagine Vince Camuto Women's Im-Kami Heeled Sandal , Womens Blue Sexy Pointed Toe Shoes High Heel OL Party Banquet Stilettos PumpsWalking Cradles Women's Statement Pump, Black Suede, 9.5 M US
    Lauren by Ralph Choose Women's Hala Dress Lauren Pump - Ralph Choose SZ/Color be7faf1 - blurrypron.com>Lauren by Ralph Choose Women's Hala Dress Lauren Pump - Ralph Choose SZ/Color be7faf1 - blurrypron.com
    Men/Women Laura Biagiotti - 5252 Quality queen The highest quality material Strong heat and heat resistance , Mens Handmade Jodhpurs Suede Leather Shoes Mens High Ankle Chelsea Leather Boots , Mens Base London Formal Ankle Boots - Teak MTO , Adidas Originals Superstar La Palm NIGO BEAR Trainers 80s Shoes Leather Palms , Nike Wmns Womens Lunarglide 8 Running Shoes Ocean Fog AA8677-400 , Newbark Los Angeles womens Jacks Split Sole Flat Shoes NIB 350 Sz 7 , NIB Leather Icon Art Shoes Roses Open Back Heel Slide 5.5 M Sugar-5 $250 , Korean Womens Summer Hollow Out High Heels Round Toe Back Zipper Shoes Sandals , Andrew Geller Kate Women's Boots DK Mushroom , Giuseppe Zanotti Kitten Heel Pumps Size 37 Crackle Olive NEWara Women's Poppy 33008 Pump , Skechers Bandha Savasana Platform Thong Black US Size 8 FREE SHIPPING BRAND NEW , Womens Gladiator Stliettos High Heels Knee HIhg Boots Cut Out Shoes Sandals , Women Sexy Black Pearls Ankle Strap Slingbacks Stilettos High Heels Sandals X368Man's/Woman's Fabulicious Women's Lip 158 excellent quality Attractive fashion Speed ​​refund , Yorkshire Terrier On Pink Print Running Shoes For Women- Free Shipping , Vans Men Sk8-Hi Reissue - Americana blue dress blues VN0ZA0GYDADIDAS EQT SUPPORT PRIMEKNIT CORE BLACK RUNNING WHITE PK BY9390 SZ 9Mens Nike LeBron Soldier 12 Basketball Shoes Light Bone/White/Red/Gum AO2609 002 , LE COQ SPORTIF TRAINERS - LCS R800 SUEDE TRAINERS - LICHEN/TITANIUM/RIVI - BNIB , Reebok X Kendrick Lamar Classic Split Personality Pack Mens Size 9 Not VetementsPalladium Pallabrouse Hiker -Hiking Boots - Men's Size 8 Gray Monument , Dr Martens Unisex 1460 Brady 10mm Faux Sherling lined Black Leather Ankle BootsCOFRA MENS STEAM SD+ PR SAFETY PARAMEDIC SHOESMercanti Fiorentini Brown Leather Slip On Shoes Loafers 14 EXC , LANVIN Metallic Burgundy CALFSKIN Leather SNEAKERS Trainers SZ-10/11-USReebok Zoku Runner HH Womens BD6031 Black White Knit Running Shoes Size 5WOMEN'S SIZE 6.5 COLUMBIA MINX FIRE TALL OMNI-HEAT WATERPROOF RED BOOTS EUC , Sperry 9102047-060M Women's Angelfish Linen Oat Boat Shoe, 6M Size , Pajar Canada Black Kimberly Waterproof Snow Boots Womens 6 - 6.5 (37) *NEW* $200
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Lauren by Ralph Choose Women's Hala Dress Lauren Pump - Ralph Choose SZ/Color be7faf1 - 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.

    Lauren by Ralph Choose Women's Hala Dress Lauren Pump - Ralph Choose SZ/Color be7faf1 - 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
    Lauren by Ralph Choose Women's Hala Dress Lauren Pump - Ralph Choose SZ/Color be7faf1
    Heels
    >
    ;