Never miss an update

Laredo Size Women's Laredo Miss Kate Western Kate Boot US Size 6 (Womens) 22a0ff1




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Customer returned product to the store
US Shoe Size (Women's): 6 Style: western boots
Brand: Laredo UPC: Does not apply
Never miss an update

Laredo Size Women's Laredo Miss Kate Western Kate Boot US Size 6 (Womens) 22a0ff1 - blurrypron.com

    Laredo Size Women's Laredo Miss Kate Western Kate Boot US Size 6 (Womens) 22a0ff1
    Laredo Size Women's Laredo Miss Kate Western Kate Boot US Size 6 (Womens) 22a0ff1
    Steve Madden Sturrip Brown Leather Riding Knee High Boots 8.5JESSICA SIMPSON AUDREY DISTRESSED BROWN LEATHER BOOTS 7$429 PAUL GREEN Eastwood brown SUEDE Boot US 9 Austrian 6.5 ankleKenneth Cole REACTION Women's Pull Apart Motorcycle Boot - Choose SZ/Color , Dolce vita Tall Suede Knee High Boots "Opal" Size 10 new $279 , DKNY Womens Corrie Black Leather Ankle Boots Heels 8 Medium (B,M) BHFO 7351$425.00 Tory Burch Hastings Studded Booties sz 5NINE WEST Women's 10.5M BROWN Leather Suede Buckle Zip 15" Knee High Boot , Vince Camuto Javette Ankle Bootie Women's Size 10M Peep Toe BlackMen's/Women's Dr. Scholl's Women's Belief Ankle Boot Elegant and sturdy set meal Cheaper than the price Explosive good goods , Columbia Women's Minx MID ALTA Omni-Heat Snow Boot,, Tan, Size 9.0Mr/Ms New~Merrell Waterpoof Leather Mid Boots Black~Travvy~8.5 Good design buy negotiation , Aerosoles Women's Double Trouble 2 Ankle Boot - Choose SZ/Color , FRYE Women's Sofia Braided Peep Toe Bootie Brown Leather size 7.5GUESS TYLAE WEDGE/BOOTIE WITH STRAPS BLACK COLOR SIZE 40MRalph Lauren Womens Boots Size 7 Black Riding Pull On Leather. with Gold BuckleCLARKS Women's Chorus Pitch Dress Pump - Choose SZ/Color , STEVE MADDEN NERVES BLACK LEATHER KNEE BOOT SIZE 7.5Sam Edelman Kent Microsuede Black Over the Knee Boots 10 , Costume National NIB Rare Size 35 1/2 (fits 6 or 6 1/2) , Preowned All Saints Short Boots With Tassels Sz 38Skechers for Work Women's Conroe Kriel Slip Resistant Shoe - Choose SZ/ColorLUCKY BRAND Juneau Cordovan Rachel Red Leather Buckle Boots 6 , Cole Haan Parson Size 9.5 B Brown Leather Over The Knee Boots , Winter Women Stiletto High Heels Over The Knee Boot Leather Fur Buckle Shoe SizeBorn Cory Womens Size 9.5M Harness Tassel Burgundy Distressed Suede Booties New , New $298 FRYE Dara Chelsea Booties, Charcoal sz 7.5 BPO Def Women's Tory Burch Eloise Tall Black Leather Riding Boots $495 BrazilWoman by Common Projects Boots Blue Leather Stilleto Booties EU Sz 39 NWOB $625 ,
    Laredo Size Women's Laredo Miss Kate Western Kate Boot US Size 6 (Womens) 22a0ff1 - blurrypron.com>Laredo Size Women's Laredo Miss Kate Western Kate Boot US Size 6 (Womens) 22a0ff1 - blurrypron.com
    Jimmy Choo Cream & Brown Leopard Print Calf Hair Boots SZ 40.5 , adidas Alphabounce RC M FORGEDMESH Black Silver White Men Running Shoes B42652Nina Armando Sage - Black Sandal Heels , Versace 19.69 1139 NAPPA BIANCO Sandals Women's White AUCole Haan Chelsea Low Platform Pumps 474, Black Patent, 6 USDolce Vita Agatha Grey Sandals Size 8M FREE ShippingDavid Tate Women's Terra Silver Satin Heels , Nine West Womens Darcelle Leather Dress Sandal- Select SZ/Color.ara Women's Clara Wedge Sandal, Chiara Caruso, 9.5 M USKEEN Women's Uneek Gargoyle Everglade US 11 CM 28 New in Box Z376 , VANS CALIFORNIA SK8 HI REISSUE SZ 7 PREMIUM LEATHER TORTOISE SHELL VN 0ZA0GXENIKE SB BRUIN ZOOM PRM SE SKATEBOARD SHOES WHITE GOLD 877045-117 MENS SIZE 8Under Armour Men's Speedform Slingride 1.1 Cross-Country Running Shoe - Size 13 , REEBOK THE RAIL SAMPLE SZ 10 RETRO GLENN ROBINSON BLACK PURPLE OLIVE V54958Adidas Crazylight Boost Low 2016 BB8384 All Star Mens Sneakers Basketball ShoesNike Air Max Hyperfly, Air Attack 3M Sz 8.5 Hyperfuse , Nike Hyperdunk 08 Mens Hi Top Basketball Trainers 820321 600 Sneakers Shoes , Nike Air Jordan 2012 Retro 12 Cool Grey Orange 130690-012 VNDS Size 9JUSTIN 8313 MENS 9.5 D BLACK EXOTIC LIZARD LEATHER WESTERN COWBOY BOOTS ROPERSDr. Martens Men's Elsfield Oxford - Choose SZ/Color , Nike Men's Court Royale Suede Shoe Black/ White (819802 011)60% OFF Enzo Bonafe Balmoral Boots Whiskey Horween Cordovan 10.5 US 9.5 UK , Womens Nike Air Zoom Pegasus 34 GEM Brown/Maroon AH7949-200 Size 10.5 , Adidas Supernova ST Boost Womens Premium Running Shoes Big Sizes CoralNIKE HYPERVENOM PHANTOM II FG ACC SOCCER CLEATS Green Volt 718752-314 WOMEN'S 6BLACK LEATHER TABITHA BOOTS TALL KNEE HIGH Earth Size 8.5 VERY GOOD CONDITIONCONVERSE ALL STAR S GLOSSYMETALLIC OX Pink Chuck Sisters Japan Exclusive , Dakota Grizzly Women's Cedar Tan Boots 9Skechers Rumblers - Beam Me Up Black Blk Womens Wedge Boot Size 8.5M , BOTTES BOCAGE Kasruo neuve Valeur 140E Pointures 36,37,40.
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Laredo Size Women's Laredo Miss Kate Western Kate Boot US Size 6 (Womens) 22a0ff1 - 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.

    Laredo Size Women's Laredo Miss Kate Western Kate Boot US Size 6 (Womens) 22a0ff1 - 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
    Laredo Size Women's Laredo Miss Kate Western Kate Boot US Size 6 (Womens) 22a0ff1
    Boots
    >
    ;