Never miss an update

Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08




Item specifics

Condition: New with defects :
A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour variations to scuffs, cuts or nicks, hanging threads or missing buttons that occasionally occur during the manufacturing or delivery process. The apparel may contain irregular or mismarked size tags. The item may be missing the original packaging materials (such as original box or tag).  New factory seconds and/or new irregular items may fall into this category.  The original tags may or may not be attached. 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: Sole has minor wear, Insole has minor wear / Please refer to last 3 images.
Brand: Madden Girl Material: Fabric
Style: Pumps, Classics Occasion: Casual
Width: Medium (B, M) US Shoe Size (Women's): 9.5
Color: Black Fastening: Zip
Heel Type: Stiletto Pattern: Solid
UPC: 887865632962
Never miss an update

Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08 - blurrypron.com

    Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08
    Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08
    Enzo Angiolini Peep Toe Pump EASully Gold Platform & Heel Black 7.5 SEXY ! , Ivanka Trump Womens Brita Suede Pointed Toe Ankle Strap Purple Size 6.5 , Alfani Womens MADYSON Closed Toe Platform Pumps Nude Size 7.5Madden Girl Womens ROCKELLA Fabric Peep Toe Classic BLACK FABRIC Size 10.0 x5D , Nina Womens Idabell Satin Pointed Toe Classic Pumps Black Size 8.0Bally Black suede sandals heels sexy size us 8 38.5Kenneth Cole Unlisted Womens Hour Friend Open Toe Ankle Strap Silver Size 6.5 , ARRAY Womens le plain Closed Toe Classic Pumps Red Size 10.0 , Carlos by Carlos Santana Womens Posy Fabric Pointed Toe Blue Multi Size 5.0 VyCole Haan Womens Tali Grand Closed Toe Wedge Pumps Pink Size 11.0ESCARPINS GRIS MINALI PARE GABIA T.36 NEUFS!!!!!!!Marc Fisher Women's Dalanna Pump Black 962 Size 8.0 a6jVStyle & Co. Womens Monaee Open Toe Classic Pumps , Vince Camuto Womens Kansastas Suede Open Toe Ankle Strap Black Size 8.0 , ARRAY Womens le plain Closed Toe Classic Pumps Yellow Size 10.0BCBG MAXAZRIA Diva Platform Pumps (SIZE 7.5)Toni Pons Donna Womens Espadrille Sandals Made In Spain Cushioned/Comfortable , New Sabatini 1021 Womens Comfort Slides Made In Italy , Marc Fisher Womens Zullys Leather Pointed Toe Ankle Strap Black Size 6.0 , Ivanke Trump Evia4 Glitter Heeled Mules Black Black Size 5.5 , Born - Womens - Banshee Black/Black Size 6.0 , Nina Womens Forbes Peep Toe Classic Pumps , Man's/Woman's tsumori chisato walk Shoes Black 22.5cm Excellent value real General productWomen Patent Leather High Heel Stiletto Pointy toe Multicolor Nightclub Shoes sz , Aerosoles Womens Exit Lane Pointed Toe SlingBack D-orsay Pumps Black Size 7.5womens lady black or apricot high heels pumps work shoes dress shoes sizes 4.5-8 , Gentlemen/Ladies Nine West Tahsin Pointed Heel, 9 New market The highest quality material Maintenance capabilityBetula Rose Birko Flor Womens Comfortable Sandals/Thong Lightweight & AdjustableKelsi Dagger Womens Giulia Leather Open Toe SlingBack Classic Black Size 8.5
    Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08 - blurrypron.com>Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08 - blurrypron.com
    Indigo Rd. Women's Netti Over The Knee Boot Black 8 B(M) USDr. Scholl's Shoes Women's Better Ankle Boot, Black Microfiber, 9.5 M US , Womens REBECCA MINKOFF Black leather wedge booties open toe sz. 6 MSRP $350 , asics Japan Onitsuka Tiger COURT HIINA THL368 Raspberry Women's , Saucony Mens Originals Classsc Grid 9000 White Polka Dots S702562 CLASSIC SHOESMOMA Men's Shoes Ankle Boots 14803-3A Bufalo Leather Black Made IT Vintage New , Aldo Womens Bissone Hi-Top Sneakers, Black Black Leather97, 7 EU , Skechers Women's Go Run 5 - Go Therm 360 Running Shoe , NEW Rag and Bone Leather Sandals - Made In Italy - Size 38.5 -RRP$659Women's Cole Haan Silver Leather ZeroGrand Wingtip Shoes White Sole SZ 6 NEWSexy Womens Sythestic Super High Heel Nightclub Slip On Open Toe Ladies Shoes , Sexy Shoes Cutout Tinted Platform 7" High Stripper Heels Blue Glitter Sandals , Kenneth Cole New York Women's Blaine Stiletto Heel Sandal Red Patent , NIB MENS SIZE 11.5 NIKE SB Delta Force Vulc WHITE 942237 112 , Nike Mens Mayfly Woven Leather Obsidian Navy Running Shoe Sneakers 833132 11 NIBSALE NIKE AIR HUARACHE RUN PREMIUM METALLIC HEMATITE COOL GREY 704830 009 NEW , Air Jordan XII 12 Cool Grey Retro 2012 sz 11Nike Air Force-1, Riccardo Tisci Tan, Men's Athletic Shoes, size US 12NIKE AIR JORDAN 13 RETRO PRM 3M 696298-023 SIZE 10.5 ALTITUDE BIN DB BRED GREY , Danner Mens Kinetic 8 GTX Uniform Boot Black 12 EE USTretorn Men's NYLITE16PLUS Sneaker - Choose SZ/Color , NIKE AIR MAX 90 ULTRA 2.0 36.5-38.5 NEW classic premium tavas zero one 1 bw , Asics Gel-Lyte V H737L-9090 Black Nubuck Suede Casual Shoes Medium (D, M) Men , men's shoes BLU BARRETT 9 () sneakers white leather KY365 , PUMA Women's En Pointe Q2 Jacket - Choose SZ/Color , Nike AIR ZOOM PEGASUS 34 Womens Black White 880560-001 Athletic Training Shoes , Skechers Women's D'Lites Bright Blossoms Sneaker White SneakersTeva Segundo Ankle Women Boots Black US 6.5 /UK4.5/EU37.5Patent Leather Buckle Strap Womens Ankle Boots Back Zip Low Block Floral Heels , International Concepts Women's Rona Boot (6, Black) ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08 - 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.

    Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08 - 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
    Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08
    Heels
    >
    ;