Never miss an update

Joe's Toe Jeans Dahlia Ankle 24554 Leather Boot Almond Toe Leather Studs Tan/Lt Brown $225 Nib 3ffe8f2




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
Color: Brown
Country/Region of Manufacture: China Heel Height: Low (3/4 in. to 1 1/2 in.)
Pattern: Solid Material: Leather
Style: Ankle Boots Occasion: Casual
Heel Type: Block Width: Medium (B, M)
Fastening: Zip Brand: Joe's Jeans
Never miss an update

Joe's Toe Jeans Dahlia Ankle 24554 Leather Boot Almond Toe Leather Studs Tan/Lt Brown $225 Nib 3ffe8f2 - blurrypron.com

    Joe's Toe Jeans Dahlia Ankle 24554 Leather Boot Almond Toe Leather Studs Tan/Lt Brown $225 Nib 3ffe8f2
    Joe's Toe Jeans Dahlia Ankle 24554 Leather Boot Almond Toe Leather Studs Tan/Lt Brown $225 Nib 3ffe8f2
    Frye Natalie Mid Engineer Buckle Leather Lug Boots - Black Size 7.5 New! , Frye Veronica Duck Engineer Leather/Shearling Boots Brown/Forest Women’s Sz 8 B , Nine West Women's Ellsworth Ankle Boot Size 7 Dark Gold Metallic New in BoxCOSTUME NATIONAL taupe leather strap detail ankle boots Italian size 39 , NEW Dr. Martens Kristy Slouch Motorcycle Women's Boots US 9M Brown Leather BikerCharles by Charles David Rene Leather Knee High Boots Women's Shoes Sz 6.5 M NEWNEW Vince Camuto Women Size US 9 Pelda Over The Knee Boot Black Leather Boots A9Paul Green womens booties boots high heel 6.5 9 US blue suede peep toe zip Topaz , Man's/Woman's Banana Republic Tall Boots Modern technology the most economical German OutletsVintage, 20 Hole, Black Leather, Non Steel Toe Dr Martens Boots, Size 4UK Men'sNWOB Kaana Tan Leather Laser Ankle Boots 7OLD GRINGO Yippee Kay Yay Nozama Embroidered Western Ankle Boot Size 7 M , Lucchese Cowboy Boots Women’s 6.5 Handmade Black Leather White Stars EmbroideredNEW Frye Cara Tall Knee High Riding Boots Smoke Size 7.5M Women’s , NIB Michel Perry Vitello Nero Pointy Black Leather FT36 Boots Size 39 Italy 8985 , Free People Carlisle Zip Up Black Suede Tall Over Knee Boots Flat US 7.5 Eur 38VIA SPIGA OAKLYN BOOT BLACK SUEDE ANKLE BOOTS BOOTIES ZIPPER MOTO SZ 7 NEW , ELISANERO BLACK DISTRESSED LEATHER 2 BUCKLE SHORT BOOT SIZE 37 , L.K. Bennett Women's Jourdan-WOV Ankle Boot, Loganberry, 37 M EU (7 US) , NEW SAM EDELMAN Seraphina Snake Python Leather Knee High Boots Size 8.5 M NWOBNew Charles David Women's Black Leather Knee Boots 38$180 DOLCE VITA Harem Bootie - Sz 9DURANGO Crush Womens Size 8.5M Brown 12IN Sassy Snip Toe Western Boot RD5414 NEW , New DURANGO Engineer Size 7 W DCRD156 Women’s Black Boots RETAIL $200 , Dr.Martens 1460 Patent Lamper 8 Eyelet Black Patent Womens BootsBRAND NEW $249 VINCE CAMUTO PARSHELL TALL GOLD-TONE HARDWARE BLACK LEATHER BOOT , NWT DURANGO FULL GRAIN LEATHER BREAST CANCER AWARENESS WESTERN BOOTS 9.5 , Converse All Star Brown Boots Chuck Taylor NEW Andover RARE , Asolo Womens Nucleon GV Hiking Shoes A40013 Aster Blu/Silver Size 8.5 /3 ,
    Joe's Toe Jeans Dahlia Ankle 24554 Leather Boot Almond Toe Leather Studs Tan/Lt Brown $225 Nib 3ffe8f2 - blurrypron.com>Joe's Toe Jeans Dahlia Ankle 24554 Leather Boot Almond Toe Leather Studs Tan/Lt Brown $225 Nib 3ffe8f2 - blurrypron.com
    Blundstone Summer Boot Series For Men & Women USA Sizing (Lightweight, 4 Colors)WOMEN FRYE MALORIE KNOTTED BROWN LEATHER TALL BOOTS "NOT DISTRESSED" SZ 8PUMA CHAUSSURE IGNITE LIMITLESS SR - BLKWHT - 9 (4059504838158)Size11 New Safety Work Boots Steel Toe Elastic Footwear Men’s Boots Men ShoesFitflop Uberknit Slip On Ballerina Hot Coral Neon Blush Knitted Flat Pump Sz 6New Silent D Holdo Womens Shoes Casual Sandals Sandals Flat , Chic Leather Women's Summer Hollow Out Open Toe Zip Decor Slingbacks Rock ShoesNIB MIU MIU Mary Jane Silver Leather Mary Janes 36 / 6 Net A Porta , Calvin Klein Zahara linen Criss Cross Straps High Heel Sandals Sz9.5M , Men's/Women's CLARKS Women's Reedly Juno Wedge Sandal Louis, elaborate Skilled manufacturing retail priceMan/Woman anthropologie Bernardo Hadley Satin Heels Fine workmanship Environmentally friendly ExportBrian Atwood Metallic Gold Strappy Leather Open-Toe Heels - Size 38, US 8 , NIKE ENERGY CHEER WHITE NEUTRAL GREY WOMEN SHOES SIZE 7.5 TO 9Sandal Born Mai Easy Light Pink Full Grain Leather , Man/Woman Sanuk Women's Yoga Strappy Sandal Crazy price new Preferential priceVibram Furoshiki Blue Flower sizes XS, SM, M, L, NEW!!!VANS Mid Skool Pro White Black Skateboarding Sneakers VN0A3B15WWW Size 11.5 , Nike Lebron 6.5Y Elite South Beach Miami Vice Sz 6.5YASICS GEL-LYTE V SANZEH817L.9090 Men's (M) Black/white Mesh Athletic ShoesNike Jordan Flight Club 80's Mens 599583-032 Black Lime Basketball Shoes Size 11 , Nike MEN'S EXP-X14 SE JDI JUST DO IT SIZE 11 BRAND NEW Running ReactSalewa Alp Trainer Mid Gore-Tex Carbon Mens Hiking Boots , Cole Haan Men's Chukka Brown leather Boots C11858 Size 11MPolo Ralph Lauren Faxon Low Black Pumice Canvas 816533932001NEW Mens MEPHISTO HENRI Chestnut Brown Leather Loafers Size US 11 $385!Womens Nike Roshe One KJCRD 705217-301 Metallic Green Brand New Size 9.5Black Velvet Custom Slippers Made by Edw Green for Maus & Hoffman Sz: 11 1/2" , ECCO CREME LEATHER SPORT LOAFERS IN EURO SIZE 40 / USA 9 - 9.5Women Suede Leather Round Toe Platform Wedge Thigh High Boots Over knee OxfordsSam Edelman Women's Farina Ballet Flat - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Joe's Toe Jeans Dahlia Ankle 24554 Leather Boot Almond Toe Leather Studs Tan/Lt Brown $225 Nib 3ffe8f2 - 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.

    Joe's Toe Jeans Dahlia Ankle 24554 Leather Boot Almond Toe Leather Studs Tan/Lt Brown $225 Nib 3ffe8f2 - 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
    Joe's Toe Jeans Dahlia Ankle 24554 Leather Boot Almond Toe Leather Studs Tan/Lt Brown $225 Nib 3ffe8f2
    Boots
    >
    ;