Never miss an update

Donald J Pliner Women's mogochinese-29143 Sonomasp01 Boot Black 7 Donald Pliner M US 383d468




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
EAN: Does not apply
Color: Black MPN: Sonomasp01
Size: 7 M US Brand: Donald J Pliner
US Shoe Size (Women's): 7 M US UPC: Does not apply
Style: Black
Never miss an update

Donald J Pliner Women's mogochinese-29143 Sonomasp01 Boot Black 7 Donald Pliner M US 383d468 - www.blurrypron.com

    Donald J Pliner Women's mogochinese-29143 Sonomasp01 Boot Black 7 Donald Pliner M US 383d468
    Donald J Pliner Women's mogochinese-29143 Sonomasp01 Boot Black 7 Donald Pliner M US 383d468
    Sam Edelman Women's Wilson Ankle Bootie - Choose SZ/ColorMuck Boot Company Womens Arctic Weekend Boot,Black/Hot Pink,8 M US , 76807-BIT Frye Womens Ilana Fringe Short Boot 7 B (M)- Choose SZ/Color.Naughty Monkey NMTB0089 Womens Stride Chelsea Boot- Choose SZ/Color.Therafit Women's Euro Sand Leather Ankle Boot Size US 10 C403081C , Ivanka Trump Womens Mandel Ankle Bootie- Pick SZ/Color.KARMAN INC 09-021-1556-0703BR Roper Womens Fringes Boot M- Choose SZ/Color. , Nine West Womens Jango Leather Over-The-Knee Boot- Pick SZ/Color.MuckBoots Womens Breezy Tall Insulated Rain Boot, Purple Gingham, 7 M US , Men's/Women's Rockport Women's Total Motion Emese Boot Excellent craft The highest quality material Beautiful and charming , Kenneth Cole REACTION Women's TIME to BE Ankle Bootie with Faux Button Detail... , Nine West 25023095 Womens Wildbelle Ankle Bootie- Choose SZ/Color. , Pleaser Pink Label DREAM-1020 Womens Dre1020/Bpu BootM- Choose SZ/Color.Ariat Women's Heritage Iv Zip H2O Work Boot, Black, 8.5 B US , XOXO XO163100 Womens Glorius Ankle Bootie- Choose SZ/Color.Teva W De La Vina Dos Chelsea Black Womens Climbing Boots Size 6MVince Camuto VC-LEHANNA Womens Lehanna Ankle Bootie- Choose SZ/Color. , Seychelles Women's Drama Fashion Boot - Choose SZ/Color , Dolce Vita Women's Cole Boot - Choose SZ/ColorTeva Womens W Willow Chukka Boot- Pick SZ/Color.Steve Madden CANDLE Womens Candle Harness Boot- Choose SZ/Color. , Cole Haan Women's Saylor Grand Bootie II Ankle Boot - Choose SZ/ColorGentle Souls GS01880SU Womens Nori Ankle Bootie- Choose SZ/Color.Steve Madden NYTROO Womens Nytroo Ankle Bootie- Choose SZ/Color.Cole Haan W08119 Womens Paulina Grand Bootie- Choose SZ/Color. , Sbicca Womens Arioso Ankle Bootie- Pick SZ/Color. , Seychelles Womens Raft Ankle Bootie- Pick SZ/Color. , Man/Woman Sam Edelman Women's Petty Ankle Boot Long-term reputation Beautiful appearance Reliable reputationMan's/Woman's Miz Mooz Women's Dale Ankle Boot flagship store In short supply Export
    Donald J Pliner Women's mogochinese-29143 Sonomasp01 Boot Black 7 Donald Pliner M US 383d468 - www.blurrypron.com>Donald J Pliner Women's mogochinese-29143 Sonomasp01 Boot Black 7 Donald Pliner M US 383d468 - www.blurrypron.com
    Ladies Clarks Slip On Casual Shoes Alania Belle , Sperry Top-Sider Women's Crest Resort Rope Sneaker - Choose SZ/Color , SAS WOMEN'S TRIPAD COMFORT ORTHOPAEDIC DIABETIC ATHLETIC WALKING SHOES Size 9M , Superga 2750 SHRFJNSW Fashion Sneakers Women's - Blue-Navy Blue S009360 947 , TOD'S WOMEN'S SUEDE LOAFERS MOCCASINS NEW BLUE F3AWomens Floral Leather Pointy toe Shoes Slip on High Heel Stiletto Party Pumps SZAngeleigh Anastasio Peep Toe Pump Shoes Jeweled Vero Curio Italy 37 US 7 , Minnetonka Women's Bailee Platform Slide Silver Stretch Fabric SandalsValentino Garavani The Rockstud Spike quilted leather slides Sz 39 black & whiteMENS GLOBE TILT SKATEBOARDING SHOES NIB WHITE INSIGNIA BLUENew Nike Air Entertainer Size 10 Red Lifestyle Fashion Trainer shoes 819854 600Sperry Top-Sider Men's Striper CVO Navy TwillAdidas Originals ZX FLUX Mens Shoes NIB M19840 M19841 Black Blue SportstyleUnder Armour Men's Team Drive 4 Basketball Shoe, - Choose SZ/Color , ADIDAS EQT 93/17 GTX TRIPLE WHITE WATERPROOF BOOST SHOES US11 DEADSTOCK NEWadidas Golf Q44714 Mens 360 Traxion Ltonix/Cblack ShoeM- Choose SZ/Color.NEW MENS NIKE ZOOM TRAIN COMMAND RUNNING SHOES TRAINERS BLACK / HYPER CRIMSONWolverine Men's Harrison 6" Brown Work BootsLucchese L6603 5L312 Cherry Leather Men Cowboy Boots Size 8 D Hand Made in USA , Hugo Boss Men's Akeen Clean I Medium Grey Suede/Leather Sneakers Shoes Sz: 8VTG Johnston & Murphy Aristocraft Mens Black Leather Tassle Formal Shoes 9 1/2 , ECCO Men's Intrinsic TR Walker Fashion Sneaker - Choose SZ/Color , Nike Revolution 4 Black White Women Running Shoe New in the Box size 7 wide 2EKlogs Unisex Naples Hands Patent Shoes - 10 BM US , Men/Women PUMA Fierce- Peacoat-Size 8-BNIB Fine processing New products in 2018 Tide shoes list , MERRELL Vintage Black Suede Polartec Mocs Boots Sz. 9.5 EUC Rare! , Marni 18Ss Cross Strap Sandals Size 36 110 818 (75106 , NIKE W AF1 UPSTEP LX AIR FORCE 1 DECEMBER SKY SIZE WOMEN'S 7.5 [898421-402] , Womens Cliffs by White Mountain Overpass Black Bootie 6.5 MA|X Armani Exchange Women's Slip on Sneaker - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Donald J Pliner Women's mogochinese-29143 Sonomasp01 Boot Black 7 Donald Pliner M US 383d468 - 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.

    Donald J Pliner Women's mogochinese-29143 Sonomasp01 Boot Black 7 Donald Pliner M US 383d468 - 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
    Donald J Pliner Women's mogochinese-29143 Sonomasp01 Boot Black 7 Donald Pliner M US 383d468
    Boots
    >
    ;