Never miss an update

$595 Caterina Pour La Thigh 2911 Victoire Over the Knee Boot Caterina Pointed Thigh High Booties 9 57eb4f2




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Pour La Victoire
Pattern: Solid Style: Over Knee Boots
Occasion: Casual US Shoe Size (Women's): US 9
Country/Region of Manufacture: China Width: Medium (B, M)
Fastening: Zip Color: Gray
UK Shoe Size (Women's): 7 Heel Type: Slim
EUR Shoe Size (Women's): 39.5 Heel Height: High (3 in. and Up)
UPC: 886128959556 Material: Suede
SKU: 006495-G1405
Never miss an update

$595 Caterina Pour La Thigh 2911 Victoire Over the Knee Boot Caterina Pointed Thigh High Booties 9 57eb4f2 - blurrypron.com

    $595 Caterina Pour La Thigh 2911 Victoire Over the Knee Boot Caterina Pointed Thigh High Booties 9 57eb4f2
    $595 Caterina Pour La Thigh 2911 Victoire Over the Knee Boot Caterina Pointed Thigh High Booties 9 57eb4f2
    A.S. 98 Free People Leather Buckle Ankle Boots SZ 40/10-EUC , Womens Genuine Leather Embroidered Casual Western Cowgirl Boots Snip Toe , Barneys New York Flat Boot - Black Suede Knee Height - Size 36 , Frye Melissa Button Boot- Cognac- Size 7.5 B (B71) , NEW!! Stuart Weitzman 'Kent" Flatform Oxford - Grey-Size 10 M - $455-(J2)Gentleman/Lady Frye Melissa Button Boots Cognac 8.5 Clearance price discount price Complete specificationsTory Burch Black Crinkle Patent Leather Whitney Booties Size 6.5 MAustralia Luxe Collective Women's Earth Nylon Snow Boot, Multiple Colors , Donald J Pliner - Kaden-01D - Open Toe Bootie - Black Leather - 8.5M - NEW , Ariat Women's Darlin Western Fashion Boot 10017323Womens Brown Honey Leather Stitched Studded Cowboy Western Cowgirl Boots Ranch , Santana Canada Sarita Black Leather Waterproof Knee High Boots Size 7 M , Gentleman/Lady Lane Ladies Julie Honey Boot LB0209A flagship store Upper material TRUELAREDO KEYES 12" STARS & STRIPES WOMEN'S LEATHER WESTERN BOOTS 52165 * ALL SIZESBalenciaga Black Leather Almond Toe Side Zip Wedge Booties Size 6Franco Sarto Women's Carlano Black Leather Boots , New LD TUTTLE Women's Black Leather 'The Airy' Booties Size 8/38 , $400❤️ Henry Beguelin Brogue Ankle Booties Made In Italy Brown Leather Sz 40 10EUC JIM BARNIER Eternity Mid Calf Buckle Distressed Leather Boots OliveGray 9.5M , VOLATILE ROSEWELL BLACK LEATHER UPPERS COWGIRL BOOTS NEW TO THE MARKET , WOMENS AQUATALIA BOOTS Claire Weatherproof Brown Wedge Ankle Bootie 8 M $395 , Sigerson Morrison DANICE Nubuck Leather Tall Boots Women 9.5 Tan MSRP $600 NEW , Pikolinos Womens Wabana W7D-8652NG Brandy Tea Leather Boot , ATTILIO GIUSTI LEOMBRUNI AGL~BLACK LEATHER KNEE HIGH RIDING BOOTS~38 8~EUC BCCorral Black Leather Purple Stitching Cowboy Boots Size 10 M Style A1033Dolce Gabbana Womens Size 40 US 9 Tan Pointed Toe Knee High Leather BootsAlice + Olivia Terra Leather & Jacquard Knee-High Boots Size 39 EUC , NEW Thakoon Black Suede Leather Shearling Booties Ankle Boots Zip 37 7Frye 'Patty Riding Boot' Size 8.5 M Leather Riding Bootie Black Leather 76983 ,
    $595 Caterina Pour La Thigh 2911 Victoire Over the Knee Boot Caterina Pointed Thigh High Booties 9 57eb4f2 - blurrypron.com>$595 Caterina Pour La Thigh 2911 Victoire Over the Knee Boot Caterina Pointed Thigh High Booties 9 57eb4f2 - blurrypron.com
    Kenneth Cole REACTION Women's Vin Win Boot - Choose SZ/Color , Frye Womens Size 9 Phillip Ring Tall Whiskey Leather Riding Boots $468 FB2-119 , GLE041 Womens Chunky Metallic Heel Pointed Toe Faux Leather Ankle Boots , LFL by Lust for Life Womens andie60 Fabric Almond Toe Over Knee Fashion BootsGentleman/Lady Court Shoes Ixos Print Reptile sell Won highly appreciated and widely trusted at home and abroad At an affordable price , Sam Edelman E3318L1 Womens Francis Ballet Flat, Classic Nude Leather, 10.5 M US , Klogs Austin Womens - Clogs Flower Tool - 7.5 MediumStuart weitzman Patent Leather Croc Loafers Dark Brown Heeled Tassles 7 narrowBordello Teeze 27 Black and Red Patent Leather and Rhinestone Stiletto 5.75 inchStuart Weitzman Full Stretch Nice Blue Suede Wedge Sz 9M 2602RAPHAELLA BOOZ GOLD METALLIC/BLOCK HEELS LEATHER DRESS SANDALS/SIZE 40 (8,5 & 9)Gentlemen/Ladies New Balance Women's W750V3 Running Shoes* Elegant shape Stylish and charming Sales online store , STUART WEITZMAN - TASSELMANIA CAMEL SUEDE WEDGE SANDAL SZ 7, RETAIL $455 , Adidas Originals Court Vantage Mens Classic Casual Retro Fashion Trainers White , Adidas Performance Men's Messi 16.3 Built To Win Fg Soccer Shoe Multiple Sizes , Men/Women Adidas Snoop Dogg Sneakers SIZE 12 use Affordable valueVANS Style 201 (Perf) Winter Moss/True White UltraCush Suede Men's Size 7.5Nike Air Zoom Pegasus 33 Rostarr (SZ 6 ) Black Grey Reflective 859893 001 NEWADYS100291-WYY, Dc Shoes – Kalis Lite white/grey/yellow, Men, 2018, MeshNike 705289 Mens Air Jordan 1 Retro OG Laser High Top Basketball Shoes SneakersNEW~Adidas D ROSE 3.5 Derrick crazy quick Basketball light fast Shoes~Mens sz 13Yeezy Boost 350 V2 Size 5 Black/RedMan/Woman Lacoste Men's Chaymon 318 2 Sneaker Not so expensive Online Great choice , Mezlan Sebastian Mens Shoes 8 M Black Leather Crocodile Lizard Stich Toe Loafers , $280 COLE HAAN - GrandEvolution Suede Off White Brogue Oxfords - 9DC Women's Amnesti TX, Black/Black, 10 B USNike WMNS Rosherun Flyknit Multi-Color Black/White-Lagoon 704927-001 Women’s 5Propet Walker LE - White - Womens , Yacht Club Vans Old Skool - VN0A38G1R1Q Blue Green Yellow Size 7.5 US IN HAND , Calvin Klein Women's Jaiden Leopard Sneaker, - Choose SZ/Color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    $595 Caterina Pour La Thigh 2911 Victoire Over the Knee Boot Caterina Pointed Thigh High Booties 9 57eb4f2 - 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.

    $595 Caterina Pour La Thigh 2911 Victoire Over the Knee Boot Caterina Pointed Thigh High Booties 9 57eb4f2 - 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
    $595 Caterina Pour La Thigh 2911 Victoire Over the Knee Boot Caterina Pointed Thigh High Booties 9 57eb4f2
    Boots
    >
    ;