Never miss an update

NIB Women's boots Western NIB Miz Mooz Dalia Chelsea Boot olive mogochinese-29893 Western Style - many size 4cbcf3d




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
Model: Dalia
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Modified Item: No
Width: Medium (B, M) Style: Chelsea Boots
Color: olive US Shoe Size (Women's): see lisiting
Brand: Miz Mooz
Never miss an update

NIB Women's boots Western NIB Miz Mooz Dalia Chelsea Boot olive mogochinese-29893 Western Style - many size 4cbcf3d - blurrypron.com

    NIB Women's boots Western NIB Miz Mooz Dalia Chelsea Boot olive mogochinese-29893 Western Style - many size 4cbcf3d
    NIB Women's boots Western NIB Miz Mooz Dalia Chelsea Boot olive mogochinese-29893 Western Style - many size 4cbcf3d
    STUART WEITZMAN Women's Black Leather Ankle Boots Made in Spain Shoe Size 8.5MPRADA Black Leather Knee Boots, US 6.5Womens 9.5 B M Lucchese 1883 Tan Suede Turquoise Leather Snip Toe Cowboy BootsSold Out Anthropologie Miss Albright Crossed Suede Booties Size 8 NewNIB Anthropologie Kelsi Dagger tan brown Oil Suede Strappy Wedge Ankle Boots 8FRYE Woman's Brown Leather Dorado Tall Riding Boots Goodyear Welt Size 10 MNew DANNER Mountain Low 600 Women's 8.5 Gray /Plum Hiking Boot 62264 RETAIL $160 , Muck Arctic Weekend Purple Womens All-Purpose Winter Rubber Boots , Corral Women's 14-inch Circle G Filigree Leather Boots - Distressed Green/Beige , CHIARA FERRAGNI Women's Winter Flat Boots / Snow BootsJust CAVALLI by Roberto Cavalli women's fashion brown suede ankle boots $520 , BOGS WOMENS BETTY TALL OX BLOOD WATERPROOF LEATHER BOOTS SIZE 10 NEW NWT , Frye Womens Donna Snap Short Side Zip Casual Ankle Boots Fashion Booties HeelsFLY London Leather Heeled Ankle Boots Hota Brick Women's Booties EU36 US 5-5.5 , Gothic Punk Cyber Rock Metal Black Platform Ankle Combat Boots , Tory Burch Christy Leather Riding Boots Dark Brown Women Sz 5.5 M 1058 , FRYE MOTORCYCLE ENGINEER 15" TALL BOOTS GREAT COND NOT MUCH USED WON 7 B , New See by Chloe Burgundy Wedge Leather Bootie (Size: 36EU) , Stuart Weitzman Ranch Dressing Brown Womens Shoes Size 6.5 M Boots MSRP $498KEEN WEDGE ZIP US 8 Woman's Ankle Boot BrindleNEW THE NORTH FACE Womens Abby IV Waterproof Suede Leather Boots US 7 Brown/PinkWomens Boots Size 7.5B, Ariat, Leather, Brown, Floral, Knee High Wedding, Rodeo,Fiorentini + Baker Ankle Womens Gray Leather Boots Size US 8Dr. Martens Women's Pendleton Biker Santa Fe LIMITED EDITION US 8Nike Air Max Goadome Boot ACG Womens Fashion SZ SIZE 8 Vachetta Tan 916807 200Santana Canada Brown Leather Morella Winter Boots Womens Size US 11M , LEATHER LASER CUT TAN BEIGE ANKLE BOOTS ZIPPER POINTED LOW HEELS EU39*UK6*US8Oak and Hyde Bridge 18 Womens Tall Combat Military Leather Zip Boots Size , Ivanka Trump Izze Pointed Toe Fashion Knee-High Boots 582, Black Multi, 8 US ,
    NIB Women's boots Western NIB Miz Mooz Dalia Chelsea Boot olive mogochinese-29893 Western Style - many size 4cbcf3d - blurrypron.com>NIB Women's boots Western NIB Miz Mooz Dalia Chelsea Boot olive mogochinese-29893 Western Style - many size 4cbcf3d - blurrypron.com
    Donald J Pliner Women's Vaughn-w5 Boot Black 8 M US , Evening Burlesque Formal Platform Stiletto Black High Heels Pumps ShoesDr. Martens Women's Jacy Fashion Sneaker - Choose SZ/Color , Skechers BOBS Women's Alpine - Keep Trekking. Aztec Tongue Hiking Boot W Memory , NIB Tory Burch Phoenix Open Toe Slide Size 8.5 Originally $650!!!Finn Comfort Nashville Leather Mary Jane T Strap Shoe Cigar Brown Size 40 US 9.5New $110 Womens Size 9 NINE WEST Suede Loafer Pumps Dress Shoes 3.5" Heels BlackVince Camuto Women's Lorrana Heeled Sandal - Choose SZ/Color , Man/Woman LORIBLU Black Velvet Oxford Pumps New varieties are launched Cheaper than the price Personalization trend , Gentlemen/Ladies PRADA Shoes 451564 Yellow Strong heat and wear resistance Upper material Immediate delivery , Womens Rhinestones Flats Sequins Bow Knot Slippers Fashion Summer Shoes HOT D836 , AUTHENTIC NEW CHRISTIAN LOUBOUTIN 38.5 SO KATE 120 PATENT GRANITE NEON PUMPNIB SAINT LAURENT PARIS Ivory Snake Skin 'Tribute' Sandals Heels Shoes 39/9 $925NEW RACCOON RACOON FUR SLIPPERS SHOES WOMEN WOMAN SIZE 5Brand New 100% Authentic Glitter Oran Sandals Size 36.5 , Jordan Jumpman Pro Quick - 932687 010Adidas EQT Support Ultra Size 8 Mens White Shoes BA7474Nike Air Max 95 Climax Size 4 GS Size 5.5 Womens Black/Metallic AH9346 001 RARESkechers Performance Women's Go Golf Elite 2 Tour Shoe - Choose SZ/ColorPUMA Hiker Mid NBK “Made in Japan Takumi” Vibram sole 9us, 8uk, 27jp , Men's/Women's ZANZARA Men's Youse Fashion Sneaker Wear resistant auction Very good color , Loake 1880 Men's Tan Leather Brogues Shoes , Vans SK8 Hi 46 MTE DX Sepia Rose/Gum Women's Classic Skate Shoes Size 9.5683635-006 Women's Nike Air Max Tailwind 7 Black/Flash Lime/Fuchsia New In BoxNEW Vionic Orthotic Suede Slip-On Shoes - MIDI 10 Euro 42 GREY grayAravon Women's Bromly Ghillie Flat Sandal, Red, 8.5 B USNike Classic Cortez Leather White/Metallic Gold 807471-106 Wmn Sz 7 , Merrell Encore Peak Caramel Sheepskin Bumper Toe Winter Boots, Women's US 6 , Gold Gogo Hippie 70s Disco Burlesque Halloween Cosplay Space Costume BootsABEO YANA Women's Brown Zip Booties Size US 9 Metatarsal Foot-Bed ( ) ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIB Women's boots Western NIB Miz Mooz Dalia Chelsea Boot olive mogochinese-29893 Western Style - many size 4cbcf3d - 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.

    NIB Women's boots Western NIB Miz Mooz Dalia Chelsea Boot olive mogochinese-29893 Western Style - many size 4cbcf3d - 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
    NIB Women's boots Western NIB Miz Mooz Dalia Chelsea Boot olive mogochinese-29893 Western Style - many size 4cbcf3d
    Boots
    >
    ;