Never miss an update

CHRISTIAN LOUBOUTIN Womens Snakeskin 29318 High Heel Pump CHRISTIAN Open-Toe LOUBOUTIN Sandal 10.5-40.5 94088c6




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Good, some scuffing on the heels and sides. See photos!
Brand: Christian Louboutine Heel Height: High (3 in. and Up)
Style: Open Toe Material: Snakeskin
US Shoe Size (Women's): 10.5 Country of Manufacture: Italy
Color: Multi-Color
Never miss an update

CHRISTIAN LOUBOUTIN Womens Snakeskin 29318 High Heel Pump CHRISTIAN Open-Toe LOUBOUTIN Sandal 10.5-40.5 94088c6 - blurrypron.com

    CHRISTIAN LOUBOUTIN Womens Snakeskin 29318 High Heel Pump CHRISTIAN Open-Toe LOUBOUTIN Sandal 10.5-40.5 94088c6
    CHRISTIAN LOUBOUTIN Womens Snakeskin 29318 High Heel Pump CHRISTIAN Open-Toe LOUBOUTIN Sandal 10.5-40.5 94088c6
    Salvatore Ferragamo Double Vara Bow Leather PumpJIMMY CHOO REN 100 CAGE 225956 black / gold caged booties / sandals sz. 38 , New Prada Logo Buckle Nude Patent Leather Pump Low Heel Shoes sz 8.5 / 38.5 , NIB Vintage Yves Saint Laurent Clara Arianna Black Faille Pumps Italy 7.5N , NWB $895 Saint Laurent Point Toe Suede Ankle Booties Color:Grey Size:37.5 (7.5)Saint Laurent Calf Hair Fuchsia / Black Pumps Sz 7.5 US / 37 1/2 EU $1395 NWBNew! Retail $2,490 Lanvin Swarovski Crystal Embellished Suede Leather Heel Sanda , Men's/Women's Giuseppe Zanotti Mules Sz. 37 Reasonable price First grade in its class Reliable reputation , NIB VALENTINO GARAVANI ROLLING ROCKSTUDS GREY TURQUOISE POINTED FLATS SHOES 39.5AUTHENTIC NEW CHRISTIAN LOUBOUTIN 39.5 MISS DAISY 120 POLKA DOT MULES SLIDESNew VERSACE Black Leather Triple Platform Studded Pump Shoes 36.5 - 6.5$1495 BOTTEGA VENETA Beige Brown Intrecciato Leather Peep Toe Pumps 39/8.5 ITALY , New YSL Yves Saint Laurent Tribtoo Nude Leather Platform Pump Shoes sz 9 / 39NEW Giuseppe Zanotti 'Priscilla' Cage Sandal Gladiator- Nude Suede - 8US (V14)Hermes Beautiful Tentation Black Genuine Crocodile/Alligator 35.5 US 5.5 $4000 , Christian Louboutin Charcoal Grey Lady Peep Toe Spike Platform Pumps, Size 39JIMMY CHOO ATLANIS LEOPARD PRINT CALF HAIR PLATFORM ANKLE BOOTS BOOTIE 37/7 NEW , NIB$595+ PRADA Black Patent Leather Platform PUMP SHOES HEELS Classic 35.5ISABEL MARANT PIERCE BLACK / WHITE GOAT WEDGES BOOTS, Sz 39 M NIBPrada multicolor couture heels from 2008 spring/summer runway collection- size 6CHRISTIAN LOUBOUTIN $595 Decollete nude leather pumps heels size 39 WORN ONCECHRISTIAN LOUBOUTIN Boot Ankle Platform Black Leather RESILLANA Heel Shoe 38YSL Yves Saint Laurent Tribute T-Strap Platform Sandal- Bubblegum Pink- 6.5 (U6)YSL NAVY DARK BLUE PATENT LEATHER TRIBUTE SANDAL SHOES PLATFORM NEW NIB 39 US 9 , $785 NEW MANOLO BLAHNIK Camelia 90 PUMPS Black SUEDE FLOWER Heels SHOES 40.5 , JIMMY CHOO brown ELAPHE snakeskin pump suede platform 5" stiletto Size: 40.5 , New VERSACE Ivory Eyelet Canvas Metallic Platform Boots Shoes 40 - 10Henry Beguelin Shoe Loafer High Cut Textured Leather 39 / 9 NewValentino Rockstud Crisscross D'orsay Metallic Leather Pump
    CHRISTIAN LOUBOUTIN Womens Snakeskin 29318 High Heel Pump CHRISTIAN Open-Toe LOUBOUTIN Sandal 10.5-40.5 94088c6 - blurrypron.com>CHRISTIAN LOUBOUTIN Womens Snakeskin 29318 High Heel Pump CHRISTIAN Open-Toe LOUBOUTIN Sandal 10.5-40.5 94088c6 - blurrypron.com
    CLARKS Womens Avington Hayes Leather Closed Toe Mid-Calf Cold Weather Boots , Lucky Brand Women's Kambry Ankle Boot - Choose SZ/ColorARNALDO TOSCANI WOMEN'S CHIC SNAKE PATTERN LEATHER ANKLE BOOTS MADE IN ITALY , Men's/Women's Naturalizer Emily in Black New market Make full use of materials Strong heat and heat resistance , Rocky Women 234 Black SlipStop Oxford Shoes Work / Dress / Profession 5 M NEW , Valentino Black Garavani Rockstud Genuine Mink Fur Slide Sandal FlatsGentleman/Lady Giuseppe Zanotti Monro Peep Toe Pump Promotion Upper material Complete specificationsFrench Soles Diverse Wedge Pumps - Women's Size 8.5 B, Grey , BRIAN ATWOOD Beige Suede Platform Heels Pumps Size 38.5Jimmy Choo Chalk Romy 60mm, Black & White Woven Raffia, Womens Size 7 / 37 $625 , **Gianvito Rossi** Black marquis leather strappy button pumps heels stiletto , Betsey Johnson Womens SB-Olive Open Toe Casual Slingback, Ivory Satin, Size 6.0Brunello Cucinelli Gray Embellished Leather T Strap SandalsSALE!!! NEW MARNI ZEPPA CREME TOP W/BOW LEATHER PLATFORM WEDGE 39 SHOESPrada Coral Suede Leather Sandal in Size 6.5. Made in Italy. Retail $595.00 , New Balance 501 Women's Military Urban Grey/Overcast 501DCV , Gentleman/Lady nike sb ck size 8 black Guarantee quality and quantity Ranked first in its class Non-slipAsics Nitrofuze Mens Running Shoes (D) (9501) + FREE AUS DELIVERYNew Balance MRL247GR Red Black Size 9.5Nike Zoom Evidence [852464-401] Men Basketball Shoes Blue/White-GreyNike LeBron Soldier XI 11 Mdnight Navy Blue Gold Metallic 897644-402 Sz 11.5 MenMaison Margeila Paris Future Charcoal Grey Men's Hi Top Sneakers Sz10 S57WS0131Jordan 4 "cactus jacks" Travis Scott Jordans Size 11RICK OWENS Black White Check Print Fabric High Top Sneaker, Size 10.5 M, 44 , Florsheim Men's Kingston OxfordBlack Patent14 D US , NEW Women's Adidas Original NMD R1 Raw Pink Trace Grey Legend Ink Salmon BY9648 , ADIDAS Variation Womens adidas Supernova Sequence 8 Boost, Gray/Yellow, 5.5 B , Chic Women Leather Pointy Toe Side Zip High Heels Solid Mid-calf Boots Shoes NewAerosoles Womens Rufflection Boot B (M)- Pick SZ/Color.ZARA NEW WOMAN ZIP-UP ANKLE BOOTS HIGH-HEEL WHITE 35-42 REF.7118/301 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    CHRISTIAN LOUBOUTIN Womens Snakeskin 29318 High Heel Pump CHRISTIAN Open-Toe LOUBOUTIN Sandal 10.5-40.5 94088c6 - 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.

    CHRISTIAN LOUBOUTIN Womens Snakeskin 29318 High Heel Pump CHRISTIAN Open-Toe LOUBOUTIN Sandal 10.5-40.5 94088c6 - 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
    CHRISTIAN LOUBOUTIN Womens Snakeskin 29318 High Heel Pump CHRISTIAN Open-Toe LOUBOUTIN Sandal 10.5-40.5 94088c6
    Heels
    >
    ;