Never miss an update

*BNIB - Marylin* VERSACE - Marylin Monroe Print Over The The Knee Boots - 39 cd4b83a




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
Model: Marylin
Width: Medium (B, M) Modified Item: No
Pattern: Print Country/Region of Manufacture: Italy
EUR Shoe Size (Women's): EUR 39 Style: Over the knee
Color: Multi-Color Boot Shaft Height: Over-the-Knee
Occasion: Party Calf Width: Medium
Brand: Versace US Shoe Size (Women's): US 8.5
Toe Type: Pointed Toe Heel Height: High (3 in. and Up)
Heel Type: Stiletto Material: Canvas
Never miss an update

*BNIB - Marylin* VERSACE - Marylin Monroe Print Over The The Knee Boots - 39 cd4b83a - blurrypron.com

    *BNIB - Marylin* VERSACE - Marylin Monroe Print Over The The Knee Boots - 39 cd4b83a
    *BNIB - Marylin* VERSACE - Marylin Monroe Print Over The The Knee Boots - 39 cd4b83a
    Christian Louboutin Patent Nude No Matter 85 Peeptoe Platform Heels 37.5 7 UK4.5PRADA women shoes Black leather ankle boot straps and buckles 1T129I 3ACM F0002AUTHENTIC PRADA HALF-BOOT SHOES 3U5901 BLACK FUR LINED US 10.5 , Gianmarco Lorenzi Black Suede Pointed Toe Over Knee Boots Sz 36.5 Italy Sold Out , **Saint Laurent** Fuschia Pink Glitter Babies Central Cut Ankle Booties Boots*BNIB* VERSACE - Marylin Monroe Print Over The Knee Boots - 38 , Balmain Black Suede Ankle Booties With Gold Detailing - size 11 US - 41 IT , *BNIB* SAINT LAURENT - Niki 105 Black Velvet Boots - 37Lucchese Bootmaker Women's Blair R Toe Cowboy Boot Anthracite Mad Dog Goat , SANTONI women shoes Dark grey pebbled and brushed leather elasticized boot , New in Box Sergio Rossi Ladies Black Jewel Suede Ankle Boot A78930Lucchese Bootmaker Women's Britton 8 Toe Cowboy Boot Anthracite Mad Dog GoatGentlemen/Ladies Chloe Sussana boots brand new New varieties are launched High quality and economy Fashion versatile shoesGolden Goose western low heels ankle boots in black Leather made in ItalyAuth HERMES Heels Short Boots Semelle Cuir 35 1/2 Black Italy 20141366800 lF , NIB NEW Authentic Hermes Med-Cut Boots Sz 37GIANMARCO LORENZI GIANNI RENZI HIGH HEELS STILETTO OVERKNEE BOOTS 749 G128 , Isabel Marant Knowles Black Sheep Fur Concealed Wedge Ankle Boots , Bottes Vintage 1982 "Bordeaux" - LYDIA Italie --- T. 39Women's Shoes Church'S Black Rois Calf Stefy Boot Fall Winter 2019YEEZY SEASON 4 by Kanye West WOMEN BAT STRETCH CANVAS THIGH HIGH BOOTS KW3005058 , Stuart Weitzman Womens Overcoat Boot in Mongolian Lambswool Multi Mongolian LambBalenciaga Ladies Black & Gold Leather Ankle Boot 477162 New in BoxRODARTE Snakeskin Embossed Leather Booties SIZE 40 , Hermes Short Boots Zip Smooth Calf Etain Lady's Italy Authentic 4638209 , GIUSEPPE ZANOTTI Black Suede "Yvette" Wedge Boot with Chain Detail Size 37Isabel Marant Black Leather Knee Boots UK3 IT36 FR37 Auth New , Giuseppe Zanotti kitten heel knee high boots in black Leather Size US 9 - , Gentleman/Lady Lezilla winter boots from sheepskin durability New design Don't worry when shopping ,
    *BNIB - Marylin* VERSACE - Marylin Monroe Print Over The The Knee Boots - 39 cd4b83a - blurrypron.com>*BNIB - Marylin* VERSACE - Marylin Monroe Print Over The The Knee Boots - 39 cd4b83a - blurrypron.com
    Mr/Ms SWEDISH HASBEENS Country Boot New varieties are launched Medium cost Direct businessJimmy Choo Black Suede Pointed Toe Mid Calf Boots Size 38 8NEW J. CREW EMMETT ANKLE BOOTS PEBBLED LEATHER BACK ZIP BLACK 10Man/Woman Vionic Womens Tahlia Not so expensive Has a long reputation Current shape , Amanda Gregory Black Open Heel Zip Bootiemens safety work boots, steel Blue, never used, size10 or 11 USA.Nike Internationalist Womens Trainers Sand Branded Footwear , 6.5B Salvatore Ferragamo Black Fabric Moc Toe Career Loafer Heel PumpMan/Woman HeartSoul Women's Peak Clog Lupine/Marshmallow Synthetic Easy to clean surface online shop Export , SPERRY TOP SIDER AVERY LEATHER KILTIE PENNY LOAFERS BOAT SHOES WOMEN'S SIZE 8.5Women Born sz 9 / 40.5 black leather western stud slipon booties heels shoesPleaser Bordello by Womens Tempt-35 Mary-Jane Pump- Pick SZ/Color. , $115 NIB Sofft Florentina Mocha Brown Soft Suede Shoe sz 6M , Ladies Freed of London Dance Step Sandals Waltz , STEVE MADDEN SARRRAH ROSE GOLD HEELS SZ 5.5 , Yeezy SEASON 7 pvc Transparent Pointed Pumps kim kardashian , Vans Black Ball HI SF (Suede) Burgundy NIB Size US 8.5 Men (10 Women)VN0A38HROSQ , CONVERSE MALDEN RACER OX BLACK & AUBURN Size 9 144571CAir Jordan 11 Retro 72-10 378038-002 Size 5.5Y Pre-OwnedNEW BALANCE 997 ATHLETIC/CASUAL SNEAKERS [M997DTAG] MEN'S SZ.12 , Adidas Consortium x JUICE NMD Racer DB1777 Men's size 11 USSuede Leather Round Toe Buckle Mens Combat Motor High Top Roma Ankle Boot ShoeTHOROGOOD Men's Shoes Black Leather Code 3 Oxford Postal Uniform 834-6333 8.5 W , Nunn Bush Men's Marcell Oxford - Choose SZ/ColorNew Saucony S10373-3 Ride 10 Road Running Training Shoes White Blue Womens 6.5 , Women's Adidas Pure Boost Shoes Size 7.5 Wmns (6 Men) Ultra NMD Retail $120$198 Altra Womens IQ Interactive Running Sneaker Shoes, Black Coral, US 10 , Asics Gel Nimbus 20 Sneakers Wide Width Womens ShoesGentleman/Lady Azura Women's Bernat Bootie Many varieties Environmentally friendly Quality and consumer firstJessica Simpson JS-TEDDI Womens Teddi Ankle Boot- Choose SZ/Color.
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    *BNIB - Marylin* VERSACE - Marylin Monroe Print Over The The Knee Boots - 39 cd4b83a - 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.

    *BNIB - Marylin* VERSACE - Marylin Monroe Print Over The The Knee Boots - 39 cd4b83a - 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
    *BNIB - Marylin* VERSACE - Marylin Monroe Print Over The The Knee Boots - 39 cd4b83a
    Boots
    >
    ;