Never miss an update

Eastland Candice Women's Size Wedge Women's Sandals Sandals Brown Size 10M 2663815




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: Excellent Condition, Store tried on
Brand: Eastland Color: Brown
Style: Platforms & Wedges Heel Height: Med (1 3/4 in. to 2 3/4 in.)
US Shoe Size (Women's): 10 Country/Region of Manufacture: China
Width: Medium (B, M) Heel Type: Wedge
Material: Leather Pattern: Solid
Never miss an update

Eastland Candice Women's Size Wedge Women's Sandals Sandals Brown Size 10M 2663815 - blurrypron.com

    Eastland Candice Women's Size Wedge Women's Sandals Sandals Brown Size 10M 2663815
    Eastland Candice Women's Size Wedge Women's Sandals Sandals Brown Size 10M 2663815
    Keen Women's Size 6.5 US 37 EU Red Slip-on Sandals XT1205 Waterproof , Womens LOUISE ET CIE WINNIE brown perforated heel sandals sz. 8.5 , NEW Bzees by Naturalizer Women's shoes f05202f1400 Size 10/Navy , Ivy Kirzhner Women's Jezabelle Jelly Embelished Jeweled T-Strap Sandals Smoke 9M , Women's JOES 228285 ivory / white leather strappy zip up sandals sz. 7.5 MSkechers Size 7 Black Sandals New Womens ShoesMunro Malia Laser Etched Leather Sandals, Women's Size 6 M, BlackFrye Perry Knot Thong Women's Sandals Flip Flops, US 7.5New Olukai 20294 RD26 Ho'opio Red Dahlia / Charcoal Women's Flip Flops 7 US , Ivanka Trump 'Halera' Wedge Sandal - Women's Size 9.5M, WhiteNew Miss Sixty Womens Cruella Suede Leather Sandals Shoes Eur 35 US 5 Med , Ragazza Quartz Black Silk Heels Sandal Woman Shoes 7 M , Velez Wos Sandals Shoes US 6 Gray Leather Studded Slip-On Wood Wedge MulesWomens Summer Luxury Rhinesotne High Platform Peep Toe Roman Sandals Shoes ## , Skechers Size 9 Red Sandals New Womens ShoesE Live From The Red Carpet Womens Silver Satin Sandals Shoes 8.5 Medium , BCBGeneration BCBG Generation New Womens Maddison Gold Sandals 8 M ShoesWomens RAINBOW Premier Leather Narrow Strap Flip Flops LG 7.5-8.5 SIERRA BROWNVince Camuto Vivienne Dress Pump Leather - size 5.5 Black - NEW Fashion , Women's RAINBOW Premier Leather Narrow Strap Flip Flops MEDIUM 6.5-7.5 PINK GREYWOMENS BIRKENSTOCK GIZEH THONG Sandals - BIRKO-FLOR- black leather -ISOLA Womens 'Milo' Peach Leather Slide Sandals Sz 7 M - 231708Man/Woman Naughty Monkey Women's Sweetie Sandal,Bronze,7.5 Excellent value Various types and styles wonderful , Skechers Size 6 Green Sandals New Womens Shoes , Women's RAINBOW Premier Leather Wide Strap Flip Flops LARGE 7.5-8.5 SIERRA BROWN , $150 BCBG MAX AZRIA KALISKA Elephant Chestnut Jeweled Designer Slide Sandals 5.5La Plume Womens Sandals Jen Size 41 Tan Brown Designer Leather Shoes 10 US , Munro American - Malia Sandals, Women's Size 6 W, Brown , Gentleman/Lady loeffler randall Elle Rainbow Slide Many styles At a lower price Famous store ,
    Eastland Candice Women's Size Wedge Women's Sandals Sandals Brown Size 10M 2663815 - blurrypron.com>Eastland Candice Women's Size Wedge Women's Sandals Sandals Brown Size 10M 2663815 - blurrypron.com
    $180 Sperry x JCrew Colllaboration Shearwater Boots 9 Orchid Grey IvoryPleaser Gothic Fetish Pole Dancer Stripper Clubwear Sexy High Heel Ankle BootsChinese Laundry Women's Jerry Winter Boot, Black Lycra, 7.5 M USStuart Weitzman NEW Highland Topo Suede Over The Knee OTK Taupe Boot $798 , Dr Martens 1460 W Vegan Chrome Womens Boots - Dark Purple Paint MetallicBCBGeneration Parade Platform Pumps, Watercolor, 6 US DisplayVince Footwear Women's Black Sneaker Black Croc Embossed Leather US Size 5Bella Vita Women's Wow Dress Pump, Taupe/Gold Camo, 5.5 M USSalvatore Ferragamo Low Heel Pumps Women's 9 B EXCELLENT!Man/Woman Ysl Pumps Ideal gift for all occasions Sufficient supply Comfortable and natural , Jack Rogers Blair Pink Womens Shoes Size 8.5 M Sandals MSRP $138 , Free People Dolce Vita Caitlyn Gladiator Sandal Blue Suede Size 7.5 $189 , Vans OLD SKOOL CANVAS SKATE Shoes Size Men's 7.5 BLACK/GUM BUMPER , Puma Electron Street Blue White Men Running Casual Shoes Sneakers 367309-02Mens ADIDAS SUPERSTAR Brown Leather Trainers BB6322 , NIKE Air Force Trout 3 Pro Black White Baseball Metal Spike Cleats NEW Mens 9.5New Men's Brooks Dyad 9 Athletic Running Shoes - Size 9 - Primer Grey , Mens Nike AIR JORDAN 13 RETRO Shoes "Olive" 414571 006 -Sz 11 -New , Nike Shox Gravity Triple White Men Running Shoes Sneakers AR1999-101 13 , Wolverine W20192 Mens Sportfish Trail/Water Orange Slip On Loafer ShoeMen/Women Hush Puppies Men's Gage Parkview Boot Good design Order welcome a lot of varietiesDr. Scholl's Men's Harrington Work Shoe - Choose SZ/Color , New $995 Ralph Lauren Purple Label Mens Only Suede Shoes Boots Black 11.5 USAllen Edmonds Infield 11 D Brown Suede Distressed Leather Boat Oxford Loaferadidas Originals Stan Smith Women's White/White/Collegiate Navy S32257 , New Women Synthetic Nubuck Faux Fur High Heel Ankle Boot Black/Grey Size 8.5Jessica Mild Calf Brown Boots with Heel Size- 10Women Knee High Boots Real Leather Chunky Heels Round Toe Zip Casual Shoes Size , Womens Over The Knee High Boots Bling Bling Sequins Stiletto God NightClub ShoesBotte Genouillère NEUVE veau noir talon 8cm Valeur 350E Pointure 37.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Eastland Candice Women's Size Wedge Women's Sandals Sandals Brown Size 10M 2663815 - 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.

    Eastland Candice Women's Size Wedge Women's Sandals Sandals Brown Size 10M 2663815 - 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
    Eastland Candice Women's Size Wedge Women's Sandals Sandals Brown Size 10M 2663815
    Sandals
    >
    ;