Never miss an update

$225 SAM SAM EDELMAN KEEGAN BELTED FRINGE mogochinese-29944 BELTED STRAPS SUEDE PLATFORM BOOTS Women's 6.5 9b668b5




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
Accents: Fringed
Pattern: Solid Country/Region of Manufacture: China
Fastening: Zip Style: Ankle Boots
Features: Adjustable Strap, Buckle, Zip Boot Shaft Height: Ankle
EUR Shoe Size (Women's): EUR 36.5 Calf Width: Medium
Color: Black US Shoe Size (Women's): 6.5
Calf Circumference: 9 1/2" Heel Height: High (3 in. and Up)
Occasion: Casual, Dress, Party Sub-Style: Bootie
Brand: Sam Edelman Material: Suede
Toe Type: Pointed Toe Width: Medium (B, M)
Heel Type: Stiletto Theme: Sexy
UPC: 017123158853
Never miss an update

$225 SAM SAM EDELMAN KEEGAN BELTED FRINGE mogochinese-29944 BELTED STRAPS SUEDE PLATFORM BOOTS Women's 6.5 9b668b5 - blurrypron.com

    $225 SAM SAM EDELMAN KEEGAN BELTED FRINGE mogochinese-29944 BELTED STRAPS SUEDE PLATFORM BOOTS Women's 6.5 9b668b5
    $225 SAM SAM EDELMAN KEEGAN BELTED FRINGE mogochinese-29944 BELTED STRAPS SUEDE PLATFORM BOOTS Women's 6.5 9b668b5
    POLO RALPH LAUREN BELEN women drivers (8M, DK CHOCOLA) , Sam Edelman Womens Justin Leather Chelsea Boot - White US Size 7 w/ flaw , Steve Madden Size 9 Black Leather Ankle Boots Heels New Womens Shoes , Jeffrey Campbell Glossy Black Stormy Heeled Rain Boots Sz 9 , Kamik Jennifer Rain Boot - Women's Charcoal 6.0 , Hinge "Devin" Black Genuine Leather/Buckle Sz 5 Knee High/Riding Style Boots , Lucky Brand Women's Yachin Ankle Bootie - Choose SZ/ColorAriat Lyric Women's Western Tall Boots - Size 9.5PUMA Women's Osu Running Shoe - Choose SZ/colorBlue Lotus Mandala Boots Womens | Hand-Crafted Ladies ShoesNEW* TEVA Delavina ANKLE BOOTS SHOES LEATHER 9.5 $120 Retail Tan SuedeNew Womens Platform Side zip High heel Vogue Round toe Club Stiletto Ankle boots , Women Pointy Toe Leather Block Pull On Multi Color Ankle Boots Casuals Shoes xieWomens Black Leather Pointed Toe Ankle Riding Boots Elastic Flat Heel ShoesChic Party Women Elastic High Heel Party Stiletto Knee High Boot Fashion Shoe , A COOL PLATFORM CROC EMBOSSED ANKLE BOOT/SHOES BY " VAGABOND " SIZE 39Women New Elegant Stiletto High Heels Pointed Toe Fashion Ankle Boots Shoes , Chic Women Leather Pointy Toe Side Zip High Heels Solid Mid-calf Boots Shoes NewWomen's Suede Leather Slim Leg Over The Knee Boots Pointy Toe Knight Boots SizeB35 Dove Block Heel Casual Ankle Booties, BlackSPIRAL - BOTTES TALONS 8 CM TOUT CUIR MARRON TAUPE NUANCé 40 - EXCELLENT ETATChic Womens Elegant Bowknot Round Toe Block High Heels Back Zip Ankle Boots Size , Sam Edelman Fowler Brown Leather Boots Size 9.5 , Women Pointy Toe Rhinestone Sexy Sequin Bing Bing Ankle Boot Vogue Leather ShoesBCBGeneration BCBG Size 10 M Wooster Black Suede Ankle Booties New Womens Shoes , Wolverine 1000 Mile Samantha Pleet Women's Blixen Boots Buckle Strap Size-8 B , NEW Display Ralph Lauren Womens 8.5B Marcy Black Leather Short Booties Boots 8.5 , Womens Thigh Boots Leather High Stilettos Heels Over Knee Casual Shoes AutumnZigi Soho Pennie High Heel Ankle Boots Black Suede Bling Rhinestone Size 8.5 NEW ,
    $225 SAM SAM EDELMAN KEEGAN BELTED FRINGE mogochinese-29944 BELTED STRAPS SUEDE PLATFORM BOOTS Women's 6.5 9b668b5 - blurrypron.com>$225 SAM SAM EDELMAN KEEGAN BELTED FRINGE mogochinese-29944 BELTED STRAPS SUEDE PLATFORM BOOTS Women's 6.5 9b668b5 - blurrypron.com
    Via Spiga Dacia Leather Knee High Boot Size 6Nike Wmns Air Max Thea Pinnacle QS Womens Running Shoes Trainer NIB 839611-400NIB Calvin Klein Women's Carice - Cocoon (Nude) - 9.5 M , Mr/Ms Via spiga womens mules size 10 Online Shopping First quality Caramel, gentle , RALPH LAUREN QUAYLIN PLATINO METALLIC WEDGE SANDAL SHOES MULTISIZES AS292Nina Black Open Toed Material Shoes with Rhinestone Decorations Size 9 M 39 Eur , Men's/Women's Ray Chelle Luichiny Heels 8.5 Beautiful color a wide range of products Tide shoes listJessica Simpson Parisah Gold Sparkle High Heel Platform Dressy Pumps , Gentle Souls Womens Alter Eagle KS SIZE 10NWD $1495 Brunello Cucinelli Textured Metallic Leather Stiletto Sandals 37/7 US , Crocs Women's Sloane Embellished Slide Sandal - Choose SZ/ColorSaucony Guide Iso White/Blue/ViziRed Running Shoe's Men's 9 (N3,3) , Globe Men's Los Angered Ii Skate Shoe - Choose SZ/ColorNike Men Air Max Alpha Trainer Shoes Running Black Sneakers Shoe AA7060-001Nike Air Force 1 Mens 488298-086 Cool Grey Black Leather Low Shoes Size 11.5Nike Flyknit Racer 526628 100 unisex trainers sneakers shoes CLEARANCE , Nike Air CB 34 Charles Barkley White Triple Whiteout 316940 100 Size 12 New , NikeLab x Riccardo Tisci Air Force 1 High AQ3366 601 Mens Sizes 8.5-10 NEWNike Zoom KOBE IX 9 ELITE LOW BEETHOVEN WHITE BLACK WOLF GREY PE PROMO SAMPLE 14 , PUMA MAN SNEAKER SHOES CASUAL FREE TIME SUEDE CODE 360101 BLAZE OF GLORY SOFTAuth BNIB Christian Louboutin Louis Junior Spikes Lagune Suede SneakersOLUKAI MENS SHOES AKEPA MOC CHOCOLATE SIZE 9.5Donald J Pliner Men's Natale Brown 8 M US , LACOSTE Orane 4 AP SRW CANVAS SLIP ONS SHOES SZ. 9 PINK RETAIL $80 NEW NIB FLATS , Man's/Woman's LE COQ SPORTIF Charline Beige economic Moderate cost have fun , FIVE TEN 5.10 GUIDE TENNIE APPROACH TRAIL HIKING SHOES WOMEN'S 8 M $140 , WOMENS NIKE AIR MAX THEA PREMIUM UK4.5 EU38 PONY HAIR TRIPLE BLACK 616723 011 GYSuperga Women's 2790 Velvetjpw Sneaker - Choose SZ/ColorWomens Leather High Heel Zip Sequins Fashion Nightclub Square Toe Boots S Ths01Kenneth Cole Women's Fire Drill Stack Boot, Light Taupe, Size 9 Med.,MSRP $129 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    $225 SAM SAM EDELMAN KEEGAN BELTED FRINGE mogochinese-29944 BELTED STRAPS SUEDE PLATFORM BOOTS Women's 6.5 9b668b5 - 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.

    $225 SAM SAM EDELMAN KEEGAN BELTED FRINGE mogochinese-29944 BELTED STRAPS SUEDE PLATFORM BOOTS Women's 6.5 9b668b5 - 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
    $225 SAM SAM EDELMAN KEEGAN BELTED FRINGE mogochinese-29944 BELTED STRAPS SUEDE PLATFORM BOOTS Women's 6.5 9b668b5
    Boots
    >
    ;