Never miss an update

HH Sonora women's DH0017 M Whitney-chocolate leather Size NEW 11 DH0017 M NEW 3c3d074




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: Double H
Color: Brown Style: western, cowboy
Material: Leather US Shoe Size (Women's): 11
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Width: Medium (B, M)
UPC: Does not apply
Never miss an update

HH Sonora women's DH0017 M Whitney-chocolate leather Size NEW 11 DH0017 M NEW 3c3d074 - www.blurrypron.com

    HH Sonora women's DH0017 M Whitney-chocolate leather Size NEW 11 DH0017 M NEW 3c3d074
    HH Sonora women's DH0017 M Whitney-chocolate leather Size NEW 11 DH0017 M NEW 3c3d074
    Pour La Victoire Wilson Brown Womens Shoes Size 7.5 M Boots MSRP $375 , TECNICA WOMAN BOOTS ITALIAN WINTER SNOW SIZE 41- USA 9.5-10 BEIGE MINT , CHRISTIAN DIOR Black leather quilted strappy buckled biker boots size 7.5 (37.5)Miz Mooz NYC Brown Leather Moto Stud & Straps Storm Ankle Boots 36 5.5-6 NewJog Dog St. Anton Waterproof Winter Boot , NIB $595 Helmut Lang Leather Ankle Boots, graphite, 40.5 (10.5)Dansko Women's Maria Boot Black Milled Nubuck - size US 12 - was $170 , Vero Cuoio Cool Brown Leather Boots Size 38 1/2 w/ 3" Heel Booties Made in Italy , Women's Floral Inlay Stitched Design All Real Leather Cowboy Boots Snip Toe , FRYE RIDING STYLE BROWN BOOTS SZ 6.5 WOMEN'S BROWN EUCLos Altos Ladies Zip Up Full Deer High Heels Western Ankle Boots , CORRAL VINTAGE A1953 PINK & BLACK LEATHER COW GIRL BOOTS SZ 9-1/2 M , FENDI Vero Cuoio Brown Leather Fur Heels 37 SizeTUCCI WOMENS DESIGNER OLGA HANDMADE IN SPAIN BLACK SUEDE BOOTS W WINDOWS SZ 7.5Womens Liberty Sz 7.5 Brown Leather Cowboy Boots Buckles , Smoky Mountain Ladies Alyssa Burgandy Leather Tall Boots Full Zipper Buckle asstDouble D Ranch by Lane High Plains Cruiser Black Boot DD9024ANEW!! Frye 'Molly Button' Tall Riding Boot- Brown- Size 7.5 B $425 (B16)Dan Post Laredo Eccentric 01-3122-BN97 Women's 10" Tan Leather Cowboy Boots , $330 Dolce Vita Connor Over- Knee Black Embroidery Suede Boots Booties 9.5 , rag & bone 'Margot' Bootie- Distressed Black - Size 9 US/ 39.5 $550 (B2)Frye Women mid calf Leather Boots Size 8 dark brown factory distressed harness , Madewell Brenner Ankle Boots Leather English Saddle Brown Sz 7.0 G8025 $210 , Durango Boot Women's DRD0327 Dream Catcher 12" Western Boot DistressedHouse of Harlow Black Leather Black Triangle Studs Ankle High Ben Boots 39Wild West Women's Ranch Toe Shark Wingtip Cowboy Western Boots Diff.Colors , FRYE Bethany Strappy Softie Boot Leather Size 11 $398New! Fly London 'Naio' Slouchy Mid Calf Boot Black Suede Size 41 Eu 10.5 US , Nine West Women's Shiza Knee-High Boot,Dark Brown Austin Leather,8 M US ,
    HH Sonora women's DH0017 M Whitney-chocolate leather Size NEW 11 DH0017 M NEW 3c3d074 - www.blurrypron.com>HH Sonora women's DH0017 M Whitney-chocolate leather Size NEW 11 DH0017 M NEW 3c3d074 - www.blurrypron.com
    Nine West Nicolah Tall Riding Boots, Black , Saint Laurent Black High Heel Suede Ankle Boots Silver Buckles Size 40.5 , NEW REISS WOMENS KYLIE MESH-PANEL ANKLE BOOTS BLACK , Authentic Nando Muzi Italian Designer Leather Boots Turquois New Sizes 6,11Manas Womens Bermuda Trainers, Pink Cipria 009, 8 UK**SPECIAL** New Balance W420LB4 Womens Running Shoes (D)New Planet Jetta Womens Shoes Casual Sandals Sandals Flat , Women's Pointed Toe Flat Solid Black Strap Hollow Out Fashion Casual Shoes N652Vince Camuto Women's Stellima Heeled Sandal Black Strappy Slim Heel Dress Pumps$295 THEORY LEE Black Leather Designer Strappy Open Toe Wedges Sandals 9Nine West Crushed Blue Velvet Flared High Curved Trophy Heel Pumps Shoe 5.5MTAMARA MELLON SHOES DESIGNER JIMMY CHOO FATALE SNAKE LEATHER 5" SZ 9-39 NEW , Irregular Choice Dear Lover Blue Purple Sequin Floral Bird Heel UK4-7.5 , Christian Louboutin : Ravissantes Espadrilles Cataclou 60 mm EU37, US7, UK4Nike WMNS Air Max 1 Ultra SE Ocean Fog SHOES SIZE 7.5 $120 861711 400 , Man's/Woman's NIB GIVENCHY gladiator leather sandal boots Reputation first Lush design Shopping promotionNIKE LUNARGLIDE+ 3 ~ 454164-484 MENS Sz. 13adidas Originals Girls Eqt Support I SneakerToddler- Pick SZ/Color.Made in Italia LAMBERTO Men's Classic Casual Slip On Sneakers Grey , Nike Air Presto Flyknit Ultra Women Size 10 , Nike Air Jordan XX3 Sz 10 DS Chi City Chicago Red Gum 811645-650DICKIES WORK MANUEL 6 IN STEEL TOE EH 504007BLK BLACK BOOTS SIZE 10 13 14Vintage Mens Carolina 923 16” Linesman Boot Black Leather 14R , Supra Mens Navy Leather Suede Gum Ellington Lo Top Skateboard Shoes Sneakers NIBRare BALLY Boots Shoes Size / US 10 / Made in Switzerland , Stacy Adams Men's Rayburn Black Oxford Shoes 25036-001 , Gola Harrier Glimmer Womens Navy Suede Trainers , $199 BCBG Max Azria Womens Lexy Canvas Knee High Boot Shoe, Dark Caramel, US 8.5INK 60mm Mid BOOTS Ladies size 39 Antiqued Brown Brushed Leather Made in Italy , Anne Klein Heward Cuffed Ankle Winter Boots 884, Black/Black, 9 US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    HH Sonora women's DH0017 M Whitney-chocolate leather Size NEW 11 DH0017 M NEW 3c3d074 - www.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.

    HH Sonora women's DH0017 M Whitney-chocolate leather Size NEW 11 DH0017 M NEW 3c3d074 - www.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
    HH Sonora women's DH0017 M Whitney-chocolate leather Size NEW 11 DH0017 M NEW 3c3d074
    Boots
    >
    ;