Never miss an update

Stuart Weitzman black Stuart leather 'Tofu' peep toe 5.5 pumps - 22969 sz 36 US SZ 5.5 new ed9ae05




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: Stuart Weitzman
Color: Black Style: Pumps, Classics
Heel Height: Med (1 3/4 in. to 2 3/4 in.) US Shoe Size (Women's): 36
Material: Leather Width: Medium (B, M)
UPC: Does not apply
Never miss an update

Stuart Weitzman black Stuart leather 'Tofu' peep toe 5.5 pumps - 22969 sz 36 US SZ 5.5 new ed9ae05 - blurrypron.com

    Stuart Weitzman black Stuart leather 'Tofu' peep toe 5.5 pumps - 22969 sz 36 US SZ 5.5 new ed9ae05
    Stuart Weitzman black Stuart leather 'Tofu' peep toe 5.5 pumps - 22969 sz 36 US SZ 5.5 new ed9ae05
    YSL YVES SAINT LAURENT BLACK LEATHER HIDDEN PLATFORM TRIBTOO 38.5Casadei Black Satin Triple Platform Pumps Heels 5.5B , Badgley Mischka $265 JAVA Black Heel Sandal Shoes Satin T-strap crystal JeweledNEW Opening Ceremony Olivia Nubuck Wedge Sandals - Black Size 8 - W512631000SCHUTZ Eurica Black White Embroidered Tassel High Heel Single Sole Dress SandalGentleman/Lady Lovely Tory Burch Dark Brown heels The color is very eye-catching Impeccable Immediate delivery , Man's/Woman's Eastland Women's Stella Bootie Many varieties New products in 2018 Reliable reputationCHRISTIAN DIOR Nude Patent Leather Wedge Slingback Sandals (size 37) , Women's Cow Leather Hollow Out Pointy Toe Buckle T-strap Block Heels Pumps Shoes , J CREW Roxie Printed Pumps Size 7 Black/Stars #b0288 $298Hades Footwear SKY CAPTAIN Peep Toe Pumps , Womens COLE HAAN 209026 Black Patent Leather Classic Pumps Heels Sz. 9 BSTELLA McCARTNEY Shoes 055193 Silver 38 , 5A10 Tory Burch Mini Wedge Ankle Strap Open Toe Fashion Sandal Women Shoes Sz 7M , Taryn Rose Womens Marcy Silky Suede Pump- Select SZ/Color.Pleaser 10" black matte dancer ankle boots$245 Eileen Fisher Anise Block Heel Peep Toe Bootie,Sandal,Black Suede, 11 , Manolo Blahnik Sandal Beige Leather Grommet Thong Size 37.5 Kitten Heel Slide , COMPETITION FItness POSING SUIT SHOES MADE BY PLEASER COCKTAIL-501-5 5" HeeLDr. Martens Cordelia Women's Wine Antique Milled Brunido Leather Shoes Sz 11 MWomen's GALO brown shoes leather pumps hand sz 39 EU sz 8 US Italy , Corso Como Del Black Leather Pumps 1207 Size 9.5 MNEW ALICE + OLIVIA Robyn Hair Calf Wedge Pumps - MSRP $295.00! , Womens Trendy Sexy Round Toe Ankle Strap Super High Heels Gay Bar Platform Shoes , Men's/Women's vivienne westwood dragon heels size 6 Quality products New style Exquisite workmanship , Corso Como MENDY Black Patent Leather Pumps 7104 Size 10 M NEW! , *Rupert Sanderson Canvas Leather Kitten Pointed Toe Slingback Heels 38 8 7 1/2Jeffrey Campbell Ibizia Last Darling Pump Black Patent Stilelttos MSRP $159 NWOT , STUART WEITZMAN Size 7.5 NOUVEAU Gold Heels Pumps Shoes 7 1/2 ,
    Stuart Weitzman black Stuart leather 'Tofu' peep toe 5.5 pumps - 22969 sz 36 US SZ 5.5 new ed9ae05 - blurrypron.com>Stuart Weitzman black Stuart leather 'Tofu' peep toe 5.5 pumps - 22969 sz 36 US SZ 5.5 new ed9ae05 - blurrypron.com
    NWT: Frye Renee Seam Tall Slate Washed Antique Pull Up Women Size 8.5 M Boot , Nike PG 1 EP Paul George Neon Volt White Men Basketball Shoes Sneaker 878628-700 , Tin Haul Western Boot Womens Wild Hearts 7 Brown 14-021-0007-1297 BRWomens Woven Gold Leather Mules Flats Slides Sandals Slip Ons Flip Flops LoafersLadies Clarks Smart Heeled Ankle Boots Un Rosa Mid , Leather Sandals - CC Resorts Cloud comfort - LauraSilvia Fiorentina Black Patent Leather with Gray Leather Heels Candice Size 6Elegant Womens Pointed Toe Stiletto Sandals Glitter Faux Suede Dating Party ShoeGentleman/Lady Stuart Weitzman Litely Pyrite 8 High quality and cheap Make full use of materials Authentic guaranteeSERGIO ROSSI Gold Metallic Python Criss Cross Toe Court Heels Pumps Sz 8 / 38Irregular Choice New Rules Womens Metallic Glitter Blue Mary Jane High Heels NewWomens Open Toe Denim Slingbacks slim high heels Party Sandals Shoes lady hotNike SB Check Men's Skateboarding Casual Shoes Dark Grey/Black 705265 007 , Man/Woman CONVERSE CHUCK TAYLOR NEON GREEN 151122C Cheap Carefully selected materials Elegant and robust menuconverse chuck taylor all star 150154C whiteNew Nike Cortez Men Sz 10.5 Basic Premium QS Patent Leather Shoes BlackReebok Pump Omni Lite Black White Orange Dee Brown Boston Celtics DS W/ReceiptNike KD 8 Elite Away Edition Basketball Shoes Black Gold 834185-071Nike Air Jordan Retro 7 Olympic Alternate Tinker 304775-123 Size 12.5 , Adidas Originals Ultra Boost Breast Cancer Awareness BC0247 Men , Men's/Women's Olukai Nohea Mesh Mens Shoes 2018 Beautiful design excellent leading the fashion , Men's Hytest By Wolverin 10 Inch Stee Toe work Boots Tan . Size 13 M (Bx 58 , adidas Originals Stan Smith White Grey Men Classic Shoes Sneakers CQ2206 , Stacy Adams Men's Cyrus Moc Toe Bit Loafer 25173 Misty Rose Synthetic Loafers , Andrew Marc Men's Clayton Plain Toe Oxford Maple/Black 9 US 9 D(M) US , Men's/Women's Tretorn Women's Marley4 Sneaker Best-selling worldwide a variety of Diversified new designSkechers Womens Bikers-Undergrad Chelsea Boot- Select SZ/Color. , New Women's Mizuno Wave Creation 15 Running Shoes Size 6 Last Pair J1GL140126Rockport Women's Gail Stretch Ankle Bootie, Black Microsuede, 8 M USAerosoles Women's Incognito Boot - Choose SZ/Color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Stuart Weitzman black Stuart leather 'Tofu' peep toe 5.5 pumps - 22969 sz 36 US SZ 5.5 new ed9ae05 - 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.

    Stuart Weitzman black Stuart leather 'Tofu' peep toe 5.5 pumps - 22969 sz 36 US SZ 5.5 new ed9ae05 - 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
    Stuart Weitzman black Stuart leather 'Tofu' peep toe 5.5 pumps - 22969 sz 36 US SZ 5.5 new ed9ae05
    Heels
    >
    ;