Never miss an update

Bandolino Women's 21683 Sandals Shoes, Pearlier Multi-Tone Strappy Platform Sandals M) 9 (B, M) 1f6b3ef




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: . This pair is a customer return and might have been tried for size & fit and may include scratches & marks (signs of wear). You will receive the same pair displayed in this ad. The original box/packaging/tags will be included if available
Brand: Bandolino Color: Taupe
Style: Strappy Heel Height: High (3 in. and Up)
US Shoe Size (Women's): 9 Pattern: Animal Print
Width: Medium (B, M) Country/Region of Manufacture: China
Material: Leather Occasion: Casual
UPC: 653874078455
Never miss an update

Bandolino Women's 21683 Sandals Shoes, Pearlier Multi-Tone Strappy Platform Sandals M) 9 (B, M) 1f6b3ef - blurrypron.com

    Bandolino Women's 21683 Sandals Shoes, Pearlier Multi-Tone Strappy Platform Sandals M) 9 (B, M) 1f6b3ef
    Bandolino Women's 21683 Sandals Shoes, Pearlier Multi-Tone Strappy Platform Sandals M) 9 (B, M) 1f6b3ef
    SAM EDELMAN EVE Taupe Suede Cut Out Strap Heel Sandals Sz. 10 US 41.5 EU $149.95NEW! FITFLOP Bronze Sequin ELECTRA Flip Flop Thong SlideSandals Sz 10 MSam Edelman Turner Espadrille Wedge Sandal- Women's Size 10 M, Soft SaddleSperry Top-Sider Hillsboro Womens Cognac Woven Leather Wedges Sandals size 10 , PLEASER DAY & NIGHT Prestige-10 Series 5" Heel Sexy Exotic T-Strap Sandal , Tory Burch 5.5 Blue Nile W/Gold Hardware Leather Thong Wedge Sandals 12138329 , Sperry Top-Sider Womens Lacie Sandal Black Size US 8M QQ1Benjamin Walk Jordan - Color - Silver , Sam Edelman Women's Weslee Slide Sandal - Choose SZ/color , Shiekh Womens Wood 3.5" Open Wedge Heel White Criss-Cross Sandals Shoes Size 6.5 , New fashion Sandals High Heels Open Toe Rhinestones Genuine leather Womens Shoes$250 size 7.5 Via Spiga Fion Black Suede Wedge Strappy Sandals Womens Shoes , Softspots BRYE 8333537 Baywater Sandals - Women's Size 8.5, Tan , Vaneli womans Thyni Natural Serpy Cork Leather Sandals. Sz.7.5 $53 , INC International Concepts NWOB Black Cage Sandals Shoes 6 MED NEW , Vaneli Prissie Perla Soft Shoes-Women's size 8.5N Blue , The Flexx Give N Take Sandals-Women's size 8 M GoldBORN KALANI PLATINUM METALLIC THONG LOW HEEL SLINGBACK SANDALS US 6Dr. Scholl's Shoes Women's OG Poolslide Slide Sand - Choose SZ/colorEasy Spirit Women's Deynee3 Sandal - Choose SZ/color , Jessica Simpson Beryl Glitter Platform Sandals - Women's Size 10 M - Black , Chaco Women's ZX/2 Unaweep Sport Sandal Crops (Blue/Green) US 9 NOBZIGI SOHO MELAA Women THONG SANDALS (9 M, PINK MULTI)NEW Tory Burch Camelia Mid Wedge Espadrille Sandals Navy NaturalFrye Womens Conrad Leather Mules Heeled Shoes Size 8 M Brown $250 Box , Via Spiga V-Park Wedge Gladiator Sandals Strappy Black Leather Size 7.5 $175 , Chaco Women's Outcross Grey Web Sport Sandals US 10 NOBSummer Women Buckle Rivets Flats Denim Ankle Strap SandalsJudith Leiber 10 Black Leather Embossed Slide Sandal ,
    Bandolino Women's 21683 Sandals Shoes, Pearlier Multi-Tone Strappy Platform Sandals M) 9 (B, M) 1f6b3ef - blurrypron.com>Bandolino Women's 21683 Sandals Shoes, Pearlier Multi-Tone Strappy Platform Sandals M) 9 (B, M) 1f6b3ef - blurrypron.com
    Gentleman/Lady Pleaser Gothika-101 Womens Boot- Choose SZ/Color. Best-selling worldwide Preferred material Caramel, gentleAuth Christian Louboutin $1400$ Grey Boots 39.5 US 9.5 9GHOUD Venice Men's Shoes Sneakers Man Low Leather Black Logo White Made In Italy , Nike Dunk Low Premium BHM SB QS 2015 Black History Month Black/White 745956-010 , Nike Wmns Free RN Motion FK 2017 Flyknit Gunsmoke Grey Women Running 880846-006 , Man/Woman Brooks Woman's Revel 2 Long-term reputation High-quality materials Very good colorGlaze Women's Stiletto Jewel Plated High Heel Ankle Strap Dress Sandals - Open T , BCBGeneration Women's Marci Smooth Patent Pump - Choose SZ/Color , Gentlemen/Ladies Pierre Cardin LOUANE Easy to use stable quality Human borderSoftWalk Women's Bimmer Mule Navy 11.0 2W USDVS Clip Snow Size 13 Brown Leather John Jackson Signature Snow Series BMX Skate , Nike Air Force One 1 AF1 BLACK CARBON AH6771-001 For Men Size 9.5Skechers Flex Advantage 2.0-Dayshow Navy White Mens Running Shoes 52125-NVYMen NIKE Air Jordan 1 Retro Low OG CASUAL Shoes Size 9.5-12 White Red 705329 101Men's Nike Free RN Flyknit Sz 7.5-13 Black/White 831069-001 FREE SHIPPING , New Olukai 10361 5H6Z Makia Ulana Espresso / Husk Men's Slip On Shoes 13 US , New Balance Men's m1540v2 Running Shoes Grey/Navy 15 D US , Nike Men's Air Jordan 11 Retro Space Jam Basketball Shoes Size 18 378037-003Nike Flyknit racer Be True édition limitée - Size 40 - 7US , Sperry Element Leather Desert Boots, Men's - Size 12 M, Black , Nunn Bush Men's Denzel Moc Toe Kiltie Tassel Slip-On Loafer - Choose SZ/Color , Skechers Sport Womens Burst Fashion Sneaker- Select SZ/Color. , New Balance KL574BWY W Wide Blue Silver Kids Running Shoes Sneakers KL574BWYWSeychelles Women's Even Better Sneaker, Silver, 6 M USAdidas Alphabounce Womens DA9971 White Grey ForgedMesh Running Shoes Size 7.5NEW ADIDAS ORIGINALS STAN SMITH WOMENS WHITE SHOES SNEAKERS CQ2810 SIZE 6.5WMNS NIKE BLAZER LOW SE PREMIUM BIO BEIGE CASUAL SHOES WOMEN'S SELECT YOUR SIZE , WOW! Asics Gel GT 2000 3 Womens Running Shoes (D) (2107) RRP $200.00 , Bare Traps Womens Boots Ankle Shakira US 7M Gray/Brown Leather Zip Faux Fur , Womens Sexy Roma Cut out Knee High Boots Stilettos High heels Sandals shoes New ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Bandolino Women's 21683 Sandals Shoes, Pearlier Multi-Tone Strappy Platform Sandals M) 9 (B, M) 1f6b3ef - 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.

    Bandolino Women's 21683 Sandals Shoes, Pearlier Multi-Tone Strappy Platform Sandals M) 9 (B, M) 1f6b3ef - 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
    Bandolino Women's 21683 Sandals Shoes, Pearlier Multi-Tone Strappy Platform Sandals M) 9 (B, M) 1f6b3ef
    Sandals
    >
    ;