Never miss an update

PLEASER Sexy Double Sexy Band Slip On Clear Platform Clear Shoes 5" Heel Pageant Rhinestone Shoes 86a3800




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
Brand: Fabulicious
Heel Height: High (3 in. and Up) Style: Mules
Material: Synthetic Width: Medium (B, M)
Occasion: Casual Color: Clear
Heel Type: Stiletto
Never miss an update

PLEASER Sexy Double Sexy Band Slip On Clear Platform Clear Shoes 5" Heel Pageant Rhinestone Shoes 86a3800 - blurrypron.com

    PLEASER Sexy Double Sexy Band Slip On Clear Platform Clear Shoes 5" Heel Pageant Rhinestone Shoes 86a3800
    PLEASER Sexy Double Sexy Band Slip On Clear Platform Clear Shoes 5" Heel Pageant Rhinestone Shoes 86a3800
    RALPH LAUREN CALA NAVY FABRIC ESPADRILLES WEDGE SANDAL SHOES MULTISIZES AS179 , Psychedelic Blue Pyramid Spiked Heels with Blue Bow Yellow Submarine Punk Size 7 , Badgley Mischka Pearson White Satin Embellished D'Orsay Pump Size 8M RH13629/women square toe slip on leisure shoes high platform oxford shoes gold buckle 11 , Womens Rhinestones Peep Toes Stilettos Ankle Strap Shoes Sandals Fashion new szVTG EUC Rangoni of Florence Brown Patent Leather w/ Metallic Buckle SZ 7.5 B , $150 BOUTIQUE 9 NIGHT Cognac Brown Leather Designer Oxford Platform Pumps 8 , Betsey Johnson Platform Black Pink Polka Dot Stiletto Peep Toe Back Zipper 6.5 , Womens Stylish High Heels pointed Slip on Shallow Mouth Genuine leather Shoes , Hot Women's Strappy Peep toe Cut out Stilettos High heels Prom Party shoes SZ , Fashion Womens Hollow Out Slippers Shoes High Wedge Heel Open Toe Slingbacks HotStuart Weitzman Womens Block Blue Heel Size 8.5 , Pleaser SCALLOP-708-2HGM Woman's Clear Black Pink Hologram Scallope Heels Sandal , VERA WANG LAVENDER BLUE/GRAY SILK OPEN TOE SLINGBACKS 37 US 6.5 , Womens Peep Toe High Wedge Heel Platform Slippers Sandals Cow Leather Shoes wiWomen's Pointed Toe Mid Heel Tassel Metal Decor Pumps Pull On Shoes Sz 4.5-10.5Louise et Cie Women's Barden Leather Slip-On Dress Pumps Black Size 7.0M , CHARLES JOURDAN Womens CECILIA Black/Bone Combination T-Strap Pumps US 7.5 M , Stylish Women's Slip On Faux Leather Heels OL Work Shoes Pumps US4-8 Fashion**$140 MISS SIXTY AVI Black Oiled Suede Designer Cuffed Mules 7.5 , Klub Nico Regina Black Nubuck Pointed Caged Heel Luxe Designer Ankle Strap Pumps , PELUSO White Yellow Striped Leather Textile Open Toe Classic Pump Heels Italy 35 , Womens Platform High Heel Shoes Sexy Rhinestones Party Club Pumps Wedding ShoesRUPERT SANDERSON Sz 36 Red Patent Leather Ambush Peeptoe Heels PumpsVINCE CAMUTO Shoes 953998 Black 37 1/2diesel womens high heel shoes size 6Women Shoe Black Platform High Heel Party Sexy Flower White Club OSBTWomens Leather Pointy Toes Mid Block Heel Slip on Loafers European Leisure Shoe , Taryn Rose Black Leather  Cap Toe Quilted Pumps Size 7.5 ,
    PLEASER Sexy Double Sexy Band Slip On Clear Platform Clear Shoes 5>PLEASER Sexy Double Sexy Band Slip On Clear Platform Clear Shoes 5
    Carlos by Carlos Santana Women's Gamon Fashion Boot, Black, 8 Medium USV 1969 Italia Womens Ankle Boot Brown TILLYMan's/Woman's CUTIEPIE-02 PU Black Durable service luxurious Diversified new designnaturalizer Michelle Classic Dress Pumps, Navy Leather , FRYE MILLY FISHERMAN FLAT EGGPLANT Brown 9 M Leather Buckle Shoes Loafer Slip OnNaturalizer Womens Dove Leather Closed Toe Wedge Pumps Black Size 6.5Lanvin Womens Heels Size 36.5 6.5 Black Leather Round Toe Wedges In BoxFlamingo 891 Red Vegan Suede 8" High Heel Platform Shoe With Ankle Cuff 5-12Bebe fashionable black ankle boots, size 8 M , Sublimes escarpins babies jaunes ivoire compensés T 37,5 Repetto, valeurRENE CAOVILLA BROWN LEATHER & ENCRUSTED CRYSTAL SLINGBACK STILETTO SIZE 9Christian Louboutin Black Leather Leather Slingback Heel Pump Shoe Sz 38.5 , Bayton Era Women's Cork Open Toe Crisscross Strap Slip On Slide Sandals ShoesNine West Crisscross Block Heel Leather Sandal, 8 , ZARA Special Edition White Leather Platform Wedge Ankle Sandals SZ 36 NEWBorn Lyanna Block Heel Slide Mule Sandals, Light Brown, 8 US / 39 EU , NEW PRADA Nude double band platform mule sandal Sz 38 Retail $820 , Nike Air Jordan Trunner LX Triple Black Classic Trainer 897992-020 Msrp $120 EIadidas Men's Shock Energy Jammer - Choose SZ/Color , Men's Adidas SolarBoost Running Athletic Shoes CQ3169 Tech Ink Grey Orange Sz 9 , NEW BRANDBLACK BLACKHAWK Jamal Crawford Basketball MENS Charcoal NIB Limited , MENS NIKE ROSHERUN ID RASPBERRY-WHITE SZ 8.5 [616834-992]air jordan 11 concord 2011 Sz 12 DS , Gentlemen/Ladies Harley Davidson Clark Boots Ideal gift for all occasions modern Cheap order , Florsheim Men's Essex Black Leather Dress Boot 17074-01 , Vasque Mantra 2.0 Hiking Shoe - Women's Size 10 M, Bungee CordNevados Women's Klondike Waterproof Low V4161W Hiking Boot,Dark M USBottes Hautes Genoux METAL JEANS Cuir Noir T 37 TRES BON ETATWomens High End Block Heel Boots Floral Zip Occident Mid Calf Boots Pointed Toe , MONTRAIL SAMPLE WOMEN'S FEATHER PEAK CORDURA BACKPACKING TRAIL HIKING BOOT US 7 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    PLEASER Sexy Double Sexy Band Slip On Clear Platform Clear Shoes 5

    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.

    PLEASER Sexy Double Sexy Band Slip On Clear Platform Clear Shoes 5" Heel Pageant Rhinestone Shoes 86a3800 - 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
    PLEASER Sexy Double Sexy Band Slip On Clear Platform Clear Shoes 5" Heel Pageant Rhinestone Shoes 86a3800
    Heels
    >
    ;