Never miss an update

NIB HUNTER Military Red Original Tall NIB Gloss HUNTER US Rain Boots Shoes Size US 5 UK3 1d334f7




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
Style: Rainboots
US Shoe Size (Women's): 5 Color: Red
Pattern: Solid Material: Rubber
Fastening: Buckle Brand: Hunter
UPC: Does not apply
Never miss an update

NIB HUNTER Military Red Original Tall NIB Gloss HUNTER US Rain Boots Shoes Size US 5 UK3 1d334f7 - www.blurrypron.com

    NIB HUNTER Military Red Original Tall NIB Gloss HUNTER US Rain Boots Shoes Size US 5 UK3 1d334f7
    NIB HUNTER Military Red Original Tall NIB Gloss HUNTER US Rain Boots Shoes Size US 5 UK3 1d334f7
    FRYE Women's Lena Hiker Fashion Sneaker - Choose SZ/ColorNew $400 Jeffrey Campbell Dominica Black Suede Cut Out OTK Boots Sz 6.580s Escada Red Purple and Green Gold Lamé Brocade Boots w Stacked Heel 36.5 6.5Women Vince Camuto Vanny Ankle Boots, Sizes 7-10 Chocolate Leather VC-Vanny LEECCO Womens Ecco Soft VII High Top Ankle Bootie 36- Pick SZ/Color.HUNTER Womens Original Insulated Pac Boots Burnt Sienna/Navy Water Repel Sz 10 , Jack Rogers Women's Maya Ankle Bootie - Choose SZ/Color , Guess by Marciano Reet Knee High Boots Black 8 M New in BoxCOLE HAAN INDRIA BROWN LEATHER SIDE ZIP KNEE HIGH RIDING BOOTS WOMEN'S 9 B , Bottes GEO REINO Gifette noir FEMME taille 41 boots woman leather cuir dark NEUFSam Edelman Carolena Asphalt Sz 9.5 Gray Grey Womens Suede Leather Boots Shoes , NIB HUNTER Black Original Tall Gloss Back Adjustable Rain Boots US 5Huge Demonia 4.25" Platform Floral Buckle Knee Stud Boots Goth Gothic Club 6-12 , Steve Madden Northsde Quilted Tall Motorcycle Zip-Up Boots 549, Cognac, 9.5 USGianvito Rossi Women's Green Ankle Boots Size IT37/US7~RTL$895!ROBERT CLERGERIE BLACK LEATHER RIDING BOOTS ITALY FULL ZIP 8 B , Man/Woman Manolo Blahnik heels size 40.5 Cheap Let our products go to the world Excellent stretching , Blondo Waterproof Women's Olivia Knee High Boots Black Leather MM1 Size 8.5MCLARKS Boots NEVELLA DEVON Womens Ankle Moto Taupe Shimmer Shoes US 9 $160DR MARTENS VB1B99Z RED LEATHER 14 EYE SIDE ZIP MOTORCYCLE COMBAT BOOTS NOS , NIB $198 Cole Haan Davenport Booties - Brown - size 6LOTTINI 57-2-10 Black Suede Platform Wedge Knee High Winter Boots size 40 , Womens Purple Casual Classic Western Style Cowboy Boots Plain Leather , Pikolinos Zaragoza W9H-8800 Black Womens Leather Zip Tassel Mid Heel Ankle Boots , Man's/Woman's Fly London Yip Wedge Bootie Elegant and sturdy set meal Affordable Modern and elegantEXCELLENT CONDITION! DR. MARTENS TRIUMPH LEATHER PLAID BOOTSWOMEN'S SUNDANCE GRETTA RICAMO BELOW THE KNEE SLIP ON LEATHER BOOTS SIZE 6/36 NWNew Geox Respira Black Leather Over The Knee Thigh Hi Women Riding Boots 35 US 5Nine West Womens Herenow Ankle Bootie- Pick SZ/Color. ,
    NIB HUNTER Military Red Original Tall NIB Gloss HUNTER US Rain Boots Shoes Size US 5 UK3 1d334f7 - www.blurrypron.com>NIB HUNTER Military Red Original Tall NIB Gloss HUNTER US Rain Boots Shoes Size US 5 UK3 1d334f7 - www.blurrypron.com
    Dan Post Women's Wild Bird Cowgirl Boot Snip Toe Chocolate 6.5 M USGentlemen/Ladies Guess Man Sneakers leather White Diverse new design At a lower price Valuable boutiqueAdidas Women's Tubular Viral W Originals. Size Eur 38 2/3, US7, , Superga Trainers 2750-COTU Classic S000010 F43 Navy FwhiteROCCOBAROCCO ISA Black Suede Womens Wedge Ankle Boots Pull On Shoes 5 EU , naturalizer Jade Thong Round Toe Sandals, White, 6.5 USMen's/Women's Chaussure Sam Edelman Kinzey Leopard Many varieties Attractive fashion Quality and consumer first , Betsey Johnson ZIAH-P Leopard Suede Fringe Boot Heels Ankle Booties Size 6Easy Spirit Women's Traveltime Clog, Black/Black Multi Suede, 8.5 M USNaturalizer Women's Brittany Ballet Flat Chai 9 M USNina Ricci Women's Beautiful Pink/Beige Leather Shoes Heels Size Eur 37.5 Us 7Calvin Klein Womens Gayle Pointed Toe Classic Pumps, Blush, Size 11.0GUESS Womens Padton4 Open Toe Special Occasion Strappy SandalsNike Lunarglide 8 Men's Running Shoe AA8676 400 Size 9Adidas Crazymove Bounce Mens Training Shoes BlackNike Zoom All Out Flyknit OC womens 845717 999 running trainers CLEARANCE , NIKE Shox 2004 Vince VC CARTER Basketball Shoes Size Sz 11 VINTAGE , NIKE ZOOM FLY SP "HONG KONG" (AJ9282 101) SZ: MNS 8 RETAIL: $150.00JIONS Men's Driving Penny Loafers Suede Driver Moccasins Slip On Flats Casual DMGUESS Men's Jumper Fashion Mid-Top Sneaker,Black,US 9Madidas Golf adicross V-M Mens Adicross V Spikeless- Choose SZ/Color. , $550 Allen Edmonds Richmond Wingtip Brogues Sz 10 B Black Leather Made USABelvedere Mens Bari Genuine Caiman & Ostrich Loafer (R11) , Mitutoyo 64PKA077B Digimatic Tool Kit with 500-196-30 AOS ABS 6" Caliper and 1"New Business Brogue Slip On Casual Dress Formal Shoes Oxford Summer England Mens , Womens Nike Air Max Thea Premium Leather metallic/pure platinum silver Size 8 , Womens Shoes Hi Top Fashion Sneakers Sport Sandals Platform Wedge High Heels Sz , Slender Danios Fish Print Christmas Running Shoes For Women- Free Shipping , Womens Punk Motorcycle Knight Shoes Platform Skull Block High Heel Ankle Boots n , Dolce Vita Brown Suede Tassel Chunky Heel Ankle Boots Size 9 NARROW
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIB HUNTER Military Red Original Tall NIB Gloss HUNTER US Rain Boots Shoes Size US 5 UK3 1d334f7 - 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.

    NIB HUNTER Military Red Original Tall NIB Gloss HUNTER US Rain Boots Shoes Size US 5 UK3 1d334f7 - 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
    NIB HUNTER Military Red Original Tall NIB Gloss HUNTER US Rain Boots Shoes Size US 5 UK3 1d334f7
    Boots
    >
    ;