Never miss an update

Flex & Go Womens Flex Comfortable Leather Ankle Boots Made Go Womens In Portugal ba0d1d8




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: Flex & Go
Colour: Bordeaux MPN: 673854226489
EAN: Does Not Apply Shoe Type: Womens Boots Shoes
Never miss an update

Flex & Go Womens Flex Comfortable Leather Ankle Boots Made Go Womens In Portugal ba0d1d8 - blurrypron.com

    Flex & Go Womens Flex Comfortable Leather Ankle Boots Made Go Womens In Portugal ba0d1d8
    Flex & Go Womens Flex Comfortable Leather Ankle Boots Made Go Womens In Portugal ba0d1d8
    Ahnu Women's Sugar Peak Insulated Waterproof Hiking Boot Black 7 M USFRYE CARAMEL LEATHER WESTERN COW GIRL BOOTS IN SIZE 9BNEW DANSKO WOMEN'S MICHELLE ZIPPER ANKLE BOOTS TAUPE NUBUCK 38 8 MEDIUM $180STUART WEITZMAN Skyline Gray Suede Black Back Platform Heel Knee Boots 10 MBEARPAW Women's Emma Fashion Boot, Chocolate ii, 12 Medium US , Easy Spirit Women's Niah Knee High Boot Black Suede Knee High Boots , GRINDERS HARNESS LO -XX UNISEX LEATHER COWBOY BOOTS , Val Verde Camino Brown Leather Western Boots Fashion Womens Size 7Vintage RARE Women's Leather CHANDLERS Western COWBOY BOOTS Burgundy Red 8.5 BDemonia Women's 5 1/2 Inch Metal Plates Knee Boot (Black;9)Laredo Women's Kadi Tan Distressed 8.5 M US , FRYE Renee Seam Short Ankle Boots 714, Fatigue, 6.5 US , Gentlemen/Ladies Summit Black 6 M US Quality queen Primary quality Excellent workmanship , Retro Women's Goth Motorcycle Cowboy Western Mid-Calf Boot Leather Buckle R589COLUMBIA BUGABOOT PLUS III XTM OMNI-HEAT Winter Boots Women's 9Calvin Klein Cyra Dress Back Stretch Riding Boots, Black Multi, 6 US / 36 EU , Dr. Martens Coralie 15291001 Black Leather Boots Medium (B, M) Womens Size US 5Ellie Shoes Women's 609-Hopi Boot, Black, 6 M USSam Edelman Women Darwin Combat Boots Size 8.5 Floral Canvas Sold Out $160Miz Mooz Circe Women's Ankle Boot Size 7 ( 37.5) Brown NEW IN BOXNice! FRYE 'Melissa Button' Leather Riding Boot Black SZ 7.5 $369Prada Black Leather Peep Toe Ankle Boots SZ 38 , Via Spiga Calandra Black Knee High Boot Women's Shoes Size 8 M NEW RTL $450NWOB Women's Emu Australia Pioneer Shearling Lined Black Leather Ankle Boot Sz 8 , Eileen Fisher 'Even' Bootie Women Size 10 (Retail $250)Flex & Go Womens Comfort Low Heel Ankle Boots Made In PortugalMan/Woman Propet Tatum - Brown - Womens Good world reputation Highly praised and appreciated by the consumer audience General productRomika Women's Savonna 02 Rain Boot, Titan, 41 EU/10-10.5 M USBearpaw Koko Women's Boot Black Ii 10 M US ,
    Flex & Go Womens Flex Comfortable Leather Ankle Boots Made Go Womens In Portugal ba0d1d8 - blurrypron.com>Flex & Go Womens Flex Comfortable Leather Ankle Boots Made Go Womens In Portugal ba0d1d8 - blurrypron.com
    Mens ankle pull on cheslea short Boots Leather low heel Dress shoes Ankle Boots$850 ISABELLA FIORE PEACE OUT MURIEL BOOTS SHOES 8.5 M NWOB LAST PAIR! , Gentlemen/Ladies MATISSE RUNWAY Flatform Elegant and sturdy set meal Sufficient supply Characteristics , Frye Boots 6.5B Jane Stitch Pull On Tall Leather Brown Riding Knee Boot Heeled , Ariat Womens Krista Pull-on Steel Toe Work Boot, Dark Tan, 6 M USBreathable Mens Slip On Leather Mules Slip On Hollow Cut Loafers Flats Shoes NewMan's/Woman's Ladies Padders Wide Fit Shoes 'Velvet' Comfortable feeling Ranked first in its class List of explosions , NWT STELLA MCCARTNEY Made In Italy Silver Elyse Brogue Platform Oxfords Size 40 , Nine West Evermoreo Black Patent Womens Shoes 7.5 M Wear-Work Pumps Heels NIBEscarpins model 99658 Zoki - Matter - ShoesGibellieri 706a Black Leather Pointy Pumps 35.5 / US 5.5 , crocs Womens Isabella Huarache Flat W Jelly Sandal- Pick SZ/Color.Christian Louboutin DEGRSPIKE Studs Pointed Pump Shoe Taupe Popcorn Leather 7.5 , Nike Wmns Runallday Womens Running Shoes Sneakers Pick 1 , adidas BUSENITZ 10 YR ANNIV White - Mens - Size 7 D , 2013 NIKE ROSHE RUN Maroon Size 13Nike Mens Huarache Running Shoes 318429-409-10EY Blu Sz10Nike Mens Air Huarache Trainer Shoe 318429-032Vans Vault Deconstructed Slip-On Cap LX Marshmallow Off White Men's Size 10.5NIB TWISTED X MEN'S BOMBER LEATHER & NEON YELLOW DRIVING MOC SHOE MDM0018 COMFY! , Men Breathable Dress Formal Shoes Slip On Oxford Loafers Casual Tassel US6-US12 , CONVERSE ONE STAR OX 161576C FIELD SURPLUS/WHITE (msrp: $75) , Vans Old Skool Checkerboard Blue Topaz Men's Size: 13 , Mens fashion Leather High Top zipper British ankle Boots flat mid calf shoes hot , New Vans Ultrarange Rapidweld - Marshmallow Black White Casual Shoes A3MVUFS8 c1 , Saucony Women's Size 5 Guide 8 Running Shoes S10256-2 Gray Orange W6bNIKE Women's WMNS Air Max 270, Ocean Bliss/White-Black-Hot Punch, 7 M US , Icebug Metro 2 BUGrip Boot - Women'sSkechers Women's Goldie-Glitter Kicks Sneaker - Choose SZ/color , SoftWalk Women's Frontier Boot Dark Brown 8 N US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Flex & Go Womens Flex Comfortable Leather Ankle Boots Made Go Womens In Portugal ba0d1d8 - 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.

    Flex & Go Womens Flex Comfortable Leather Ankle Boots Made Go Womens In Portugal ba0d1d8 - 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
    Flex & Go Womens Flex Comfortable Leather Ankle Boots Made Go Womens In Portugal ba0d1d8
    Boots
    >
    ;