Never miss an update

PHILIPPE MODEL PHILIPPE 5B6 WOMEN'S SHOES LEATHER BLA TRAINERS SNEAKERS NEW PARIS GLITTER BLA 5B6 13da27c




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Philippe Model
Main Colour: Black Item code: A18ICGLDML28
Material: Leather MPN: A18ICGLDML28
Pattern: Solid Internal code: A18ICGLDML28NERO
Sole: Rubber Model: scarpe sneakers donna in pelle
Style: Low Top
Never miss an update

PHILIPPE MODEL PHILIPPE 5B6 WOMEN'S SHOES LEATHER BLA TRAINERS SNEAKERS NEW PARIS GLITTER BLA 5B6 13da27c - blurrypron.com

    PHILIPPE MODEL PHILIPPE 5B6 WOMEN'S SHOES LEATHER BLA TRAINERS SNEAKERS NEW PARIS GLITTER BLA 5B6 13da27c
    PHILIPPE MODEL PHILIPPE 5B6 WOMEN'S SHOES LEATHER BLA TRAINERS SNEAKERS NEW PARIS GLITTER BLA 5B6 13da27c
    PHILIPPE MODEL WOMEN'S SHOES LEATHER TRAINERS SNEAKERS NEW PARIS GLITTER GOL AEEAB941 MBT shoes green gray textile nabuk women sneakersAB185 MBT shoes black nabuk women sneakers , AC861 MBT shoes gray black textile suede women sneakers , WOMENS BROOKS PUREGRIT 5 LADIES RUNNING/SNEAKERS/TRAINING/RUNNERS SHOESHOGAN WOMEN'S SHOES SUEDE TRAINERS SNEAKERS NEW TRADITIONAL BROWN 188AC499 MBT shoes purple textile women sneakers , NEW BALANCE CHAUSSURE 574 LEOPARD SNEAKER WOMAN - ALLWHT - 8 1/2 (798248216849) , AC239 MBT shoes purple gray textile women sneakers , WOMENS INOV8 X-TALON 225 OFFROAD & TRAIL LADIES RUNNING SHOES , BZ914 MBT shoes black leather women sneakersPHILIPPE MODEL WOMEN'S SHOES SUEDE TRAINERS SNEAKERS NEW TROPEZ BLACK 0552014 Exclusive Adidas ZX FLUX Torsion camouflage Print Mens Trainer All SizesEMPORIO ARMANI EA7 WOMEN'S SHOES HIGH TOP SUEDE TRAINERS SNEAKERS PRIDE LASE 158WOMENS MIZUNO WAVE HORIZON LADIES RUNNING/SNEAKERS/TRAINING/RUNNERS SHOESWOMENS ADIDAS ADIZERO ADIOS BOOST 3 LADIES RUNNING/SNEAKERS/RUNNERS SHOESWOMENS SAUCONY PEREGRINE 8 LADIES TRAIL RUNNING/SNEAKERS/FITNESS/RUNNERS SHOES**NEW** Asics Gel Nimbus 20 Womens Runner (D) (4949) , HOGAN WOMEN'S SHOES LEATHER TRAINERS SNEAKERS NEW TRADITIONAL BEIGE CFEIrregular Choice Upon-thames Womens Burgundy Fabric Shoes , EMPORIO ARMANI EA7 WOMEN'S SLIP ON SNEAKERS NEW BLUE 682 , **NEW** Asics Gel Kayano 25 Womens Running Shoes (D) (100)HOGAN REBEL WOMEN'S SHOES HIGH TOP LEATHER TRAINERS SNEAKERS R182 VINTAGE BE 098 , HOGAN REBEL WOMEN'S SHOES HIGH TOP LEATHER TRAINERS SNEAKERS R141 BEIGE E40 , WOMENS ADIDAS ULTRA BOOST 3.0 LADIES RUNNING/SNEAKERS/FITNESS/RUNNERS SHOESWOMENS MIZUNO WAVE ULTIMA 8 LADIES RUNNING/SNEAKERS/TRAINING/RUNNERS SHOES , HOGAN REBEL WOMEN'S SHOES HIGH TOP SUEDE TRAINERS SNEAKERS R182 BEIGE 14CHOGAN REBEL WOMEN'S SHOES HIGH TOP LEATHER TRAINERS SNEAKERS R182 GOLD 269AC525 MBT shoes brown textile women sneakers ,
    PHILIPPE MODEL PHILIPPE 5B6 WOMEN'S SHOES LEATHER BLA TRAINERS SNEAKERS NEW PARIS GLITTER BLA 5B6 13da27c - blurrypron.com>PHILIPPE MODEL PHILIPPE 5B6 WOMEN'S SHOES LEATHER BLA TRAINERS SNEAKERS NEW PARIS GLITTER BLA 5B6 13da27c - blurrypron.com
    Skechers Womens Easy Flex Loafers, AzulBlanco NavyWhite, 3 UK , Gentlemen/Ladies Sperry Seacoast Caviar Shoes Mult Sizes Reputation first discount Different stylesHush Puppies AXELLE DEWEY Womens Axelle Dewey Boot- Choose SZ/Color. , Bandolino 25016713-001 Womens Liberty Flat,Black Leather,US 6 WTory Burch Tamsin Espadrille Slip On Flat Shoes 5-11 , Steve Madden Women's Notch Block Heel Mule Leopard Pony Hair MulesPUMA Women's Basket Swan Wn's Fashion Sneaker$550 Miu Miu Metallic Cap Toe Skate Sneaker Black Leather Loafers SIZE 35 , Chic Spring Casual Womens Leather Slip On Loafers Bowknot British Sweet ShoesStuart Weitzman France Ivory Satin, Women’s Shoes, Size 8MMUK LUKS Women's Hope Ankle Boot , NEW Donna Karan DKNY Black Fabric Chunky Heels Pumps 7 M SpainKEDS WOMEN TRIPLE BLACK SHOES BAND WH58047Tommy Hilfiger Womens Memili Wedge Sandals Navy Blue Size 9, 9.5Men's Nike Trainers Low Shoes Tan Size 9 852624 700 NIB , Converse Men's CT AS High Street Black/Sharkskin/Wht Water-Rest Shoes-Size 9 NWBVANS TIDE MID SNEAKERS MEN SHOES BLACK/TURKISH/COFFEE 5901999 SIZE 11.5 NEW , Men's NIKE Shox Basketball Shoes Size 16 Black & White Pre-Owned , Nike Men's Lunar Command 2 Golf Shoe - Black , NIKE AIR JORDAN RETRO 1 HIGH OG BASKETBALL SHOE MEN SIZE 14 , Skechers for Work Men's Alcade Industrial and Construction Slip Resistant ShoeFABI MEN OXFORDS US D SOLID BLACK LEATHER MADE IN ITALY.Saucony Women's Zealot Iso 2, Coral/Purple/Cotton, 8.5 M USHoka One Women's Clifton 3 Ankle-High Fabric Cross Trainer Shoe , PUMA Womens Eskiva Mid Textured Cross-Trainer Shoe- Pick SZ/Color.Gentlemen/Ladies Keds Women's Glimmer Railroad Stripe Sneaker Complete specification King of quantity Modern mode , Bona Fide Asics GT 1000 5 Womens Running Shoes (B) (9087)Nike Zoom Elite +6 Women's shoes Size 10.5 , CLARKS Women's Danelly Bodie Boat Shoe - Choose SZ/colorWomens Block High Heel Ankle Pointed Toe Faux Suede Leather Printing Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    PHILIPPE MODEL PHILIPPE 5B6 WOMEN'S SHOES LEATHER BLA TRAINERS SNEAKERS NEW PARIS GLITTER BLA 5B6 13da27c - 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.

    PHILIPPE MODEL PHILIPPE 5B6 WOMEN'S SHOES LEATHER BLA TRAINERS SNEAKERS NEW PARIS GLITTER BLA 5B6 13da27c - 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
    PHILIPPE MODEL PHILIPPE 5B6 WOMEN'S SHOES LEATHER BLA TRAINERS SNEAKERS NEW PARIS GLITTER BLA 5B6 13da27c
    Athletic Shoes
    >
    ;