Never miss an update

FRYE Button Jackie Button Short Women's formermili-885 Size 5.5 Short Brown Leather Boots Shoes X12-557 93cda96




Item specifics

Condition:
New with defects: A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour ... Read moreabout the condition
Style: SHORT BOOTS
Color: COGNAC Brand: Frye
Heel Height: Med (1 3/4 in. to 2 3/4 in.) US Shoe Size (Women's): 6
Material: Leather UPC: Does not apply
Never miss an update

FRYE Button Jackie Button Short Women's formermili-885 Size 5.5 Short Brown Leather Boots Shoes X12-557 93cda96 - blurrypron.com

    FRYE Button Jackie Button Short Women's formermili-885 Size 5.5 Short Brown Leather Boots Shoes X12-557 93cda96
    FRYE Button Jackie Button Short Women's formermili-885 Size 5.5 Short Brown Leather Boots Shoes X12-557 93cda96
    CLARKS Women's Malia McCall Boot - Choose SZ/Color , LUCCHESE 1883 Women's Ladies Western Boots Brown Leather Size 10 B Brown AmazingARIAT Heritage Contour Field Tall Black Leather Riding Boots / Size 8.5Camper Mil 46722-001, boots , Bottes Femme 37 EUNine West “Passtime” Boots, Black Leather, Size 8.5MFRYE Erin Lug Combat Boot Dark Brown - US Women's size 7.5 MKickers Rouille, Bottines femme, Noir, 38 EU ////SOLDE\\\\àààààààààààààà , Alfani Womens pippaa Closed Toe Knee High Fashion Boots , Cobb Hill Rockport Women's Sabrina Boot - Choose SZ/Color , Kenneth Cole REACTION Women's Wind Chime Over The Knee Stretch Low Heel Winte... , Kickers Rouille, Bottines femme, Noir, 38 EU ////SOLDE\\\\Mark Nason Siren cowgril brown/caramel cross boots 7.5 , Lucky Brand Women's Magine Ankle Boot - Choose SZ/Color , JIMMY CHOO London Made In Italy Brown Suede Boots Sz 37.5 Pull On 2" Kitten HeelMen's/Women's Made in Italia - FRANCA flagship store New style Rich on-time delivery , Columbia Women's Maiden Peak Mid Waterproof Calf Boot, - Choose SZ/Color , Report Women's Dilena Western Boot - Choose SZ/Color , CLARKS Women's Fianna Adley Boot - Choose SZ/ColorNaturalizer Women's Frances Wide CLF Riding Boot - Choose SZ/ColorRoper Women's Native 7622 Work Boot, Brown, 7 D USPleaser (Funtasma) MEDIC 3028 Black/Red Stretch Patent Nurse Boots Size US 12 , Men/Women Ana Lublin - CARIN elegant Highly praised and appreciated by the consumer audience Known for its excellent quality , Steve Madden Women's Harber Ankle Bootie - Choose SZ/ColorAnne Klein Women's GORGIA Suede Ankle Boot, - Choose SZ/ColorCole Haan Cassidy Tall Boot Brown Suede 6.5 , 02-2540 BedStu Women's Manchester Knee-High Boot BLACK HAND WASH SZ 10Durango Head West Lady Rebel Women's Boots Size 7M Brand New , Kenneth Cole REACTION Women's Loop-y Flat Finger Gusset Suede Ankle BootieSkechers Women's D'Lites Chateau Faux Fur Collar Winter Boot - Choose SZ/Color ,
    FRYE Button Jackie Button Short Women's formermili-885 Size 5.5 Short Brown Leather Boots Shoes X12-557 93cda96 - blurrypron.com>FRYE Button Jackie Button Short Women's formermili-885 Size 5.5 Short Brown Leather Boots Shoes X12-557 93cda96 - blurrypron.com
    Man/Woman Skechers Women's Windom-Mid Quilted Winter Boot Beautiful color Stylish and fun Different stylesRag & Bone Margot Bootie Women's Size 9.5 , ASICS MAN SPORTS CASUAL FREE TIME SNEAKER SHOES HN6A0 GEL-KAYANO TRAINER EVOFRYE 71256 Womens Carson Ballet Flat- Choose SZ/Color.R & RENZI BROWN LEATHER BLACK STRAP MARYJANE BALLET FLATS SHOES-39✨✨ , Man/Woman Alegria Womens Debra Loafer- Pick SZ/Color. Online Shopping Carefully selected materials Outstanding function , 54451 auth BALENCIAGA brown FAUX LIZARD leather ARENA Ballet Flats Shoes 37 , ALDO Galelawen Women Silver High Heel Shoes Size US 7.5 NEWDONALD J PLINER VALERI D Women's shoes Sz.10 black crepe elastic New FREE SHIP , SANUK DONNA HEMP OLIVE GREY COLOR SIDEWALK SURFER SHOES SIZE 6 US , Women's Running Shoes Sport Sneakers Athletic Breathable Leather Outdoor TrainerMan/Woman Lewis Chestnut Moccasin Modern technology Brand Selling new productsNIKE KYRIE III 3 TEAM RED HOT PUNCH TOTAL CRIMSON 11 BASKETBALL 852395 681Adidas NMD R1 Stlt PK Primeknit Boost Hi-Res Pink Black Grey CQ2386 Men's 7-13Nike SB Janoski Max Psychedelic Black Rainbow White Premium Sz 10 807497-006 , NIKE AIR MAX TAVAS ESSENTIAL MEN SHOES ORNGE/BLACK 725073-600 SIZE 12 NEW , Nike Lunar Ascend Mens Silver/Black/Yellow Golf Shoes size 10 WIDENike Air Force 1 '07 Mens AA4083-603 Team Red White Gold Leather Shoes Size 8.5 , Mens Suede Ankle Boots Pull On Warm Casual Britsh Round Toe Shoes Low Heels 21 , Nike Air Max 1 Maxim 10 11 RARE PARRA 2009 BLACK SPORT RED BLTC BL 366488 001 DS , Rockport Men's Total Motion Fusion Wingtip Shoe - Choose SZ/Color , Reebok Women's F/S Hi Crackle Walking Shoe - Choose SZ/ColorNEW! Nike 831070-001 Womens Free Run Flyknit Black/White 120J daWomen's Nike Women's Air Max+ 2009 Leather Running Sneaker (8.5) 401008 005Nike Air Zoom Vomero 11 Women Running/Training Shoe Grey/White 818100 002 Sz 8.5Christian Louboutin Rantus Woman Flat High Patent White Gold Sneakers Euro 38.5 , CHARLES DAVID Olive Leather Studded Harness Zip Riding Boots Size 40 EURFrye Womens Short Cowboy Boots Sz 5.5 Gray Leather 77032 Distressed Soft 7”New Women Block Heels Floral Round Toe Black Suede Floral Zip Ankle Boots ShoesOver Knee Thigh Skinny Boots Ladies Denim Stilettos Open Toe Party Shoes 34-43
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    FRYE Button Jackie Button Short Women's formermili-885 Size 5.5 Short Brown Leather Boots Shoes X12-557 93cda96 - 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.

    FRYE Button Jackie Button Short Women's formermili-885 Size 5.5 Short Brown Leather Boots Shoes X12-557 93cda96 - 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
    FRYE Button Jackie Button Short Women's formermili-885 Size 5.5 Short Brown Leather Boots Shoes X12-557 93cda96
    Boots
    >
    ;