Never miss an update

Luca US Grossi 669 669 Gray/ White/ Leather Platform Shoes Mules 37.5/ US 7.5 0d1e31b




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: Luca Grossi
Color: Gray / White Style: Mules
Heel Height: Low (3/4 in. to 1 1/2 in.) US Shoe Size (Women's): 7.5
Country/Region of Manufacture: Italy Width: Medium (B, M)
Fastening: Slip On Material: Leather
UPC: Does not apply
Never miss an update

Luca US Grossi 669 669 Gray/ White/ Leather Platform Shoes Mules 37.5/ US 7.5 0d1e31b - blurrypron.com

    Luca US Grossi 669 669 Gray/ White/ Leather Platform Shoes Mules 37.5/ US 7.5 0d1e31b
    Luca US Grossi 669 669 Gray/ White/ Leather Platform Shoes Mules 37.5/ US 7.5 0d1e31b
    NIB Tory Burch Phoebe Royal Tan Leather Sandals Sz 8.5Ann Taupe Derek Lam Flat Slide Sandal , AUTH YSL Saint Laurent Black Patent Leather Sandal Shoes 36.5 , P-247975 New Saint Laurent Heels Sandals Grungi Flowers Shoes US 8.5 / 38.5 , Womens Giuseppe Zanotti Orange Leather Buckle Thong Flat Sandals sz 40 US 9 , Dromedaris Women's Sandy Ankle Strap Sandal Ocean Leather Sandals , Men's/Women's HERMES Shoes 487944 Brown 35 Excellent value Online export store Vintage tide shoes , PINKO WOMAN FLATS SANDAL SHOES SLIDES MULES LEATHER CODE 1P215F Y4KV GRAZIOSA , SARAH JESSICA PARKER Womens Taupe Suede Patent Leather Strappy Sandals Sz 38.5VINCE Anetta Caged Sandals, Black Smoke, 5.5 US / 35.5 EUGentle Souls Womens Lily Moon Wedge Pump, Black, 5 M US , ALEXANDER McQUEEN LIZARD SKIN & LEATHER SANDALS SHOES HEELS US 10Shoes Wedges Lella baldi Sandals -50% Leather Made in Italy Women Black LB153 , Cute !!! CHRISTIAN LOUBOUTIN Wedge Sandals !! sz 8-9 (euro sz 39)Women's Sandals, flip flops Wholesale lot 36 Pairs sizes 5-10 / 6-11 SB2324(B)Aquatalia By Marvin K. Whistler Womens Brown Leather Slingback Sandal Sz 10 1462 , Women's Vince Adley 228704 Black Suede Ankle Strap Sandals Sz. 10 M (41.5)Tory Burch Patty 80MM Wedge Slide in Perfect CuoioGentlemen/Ladies Salvatore Ferragamo pumps leather Women Reliable quality special promotion valueNEW Authentic MISSONI Ankle Strap Flat Sandals w/Aqua Brown Stripes (Size 37)New $355 Stuart Weitzman WALKMYWAY Tigers Eye Noir Espadrille Sandal sz 9.5Nando Muzi 186 Black Leather / Pewter Patent Leather Bow Sandals 37.5 / US 7.5Helle Comfort Women's 356-F White Leather Strappy SandalsMan's/Woman's FENDI Shoes 658448 Black 36 Beautiful design high quality retail priceTory Burch Breacher Wedge Edpadrille Navy 7.5 NIB Linen Patent , Kiton D39811 VIP 2388 ROSA NERO Sandals Women's Multicolor USbrunello cucinelli platform sandals size 37 7 NewNIB Tory Burch Logan Embellished 85MM Sandals; Size 7.5. Rose/ natural colorZ-Coil Sidewinder FW-05482 Women's Black Leather Sandal with coil covers size 7
    Luca US Grossi 669 669 Gray/ White/ Leather Platform Shoes Mules 37.5/ US 7.5 0d1e31b - blurrypron.com>Luca US Grossi 669 669 Gray/ White/ Leather Platform Shoes Mules 37.5/ US 7.5 0d1e31b - blurrypron.com
    Nando Muzi 117a Black Leather Shearling Mid-Calf Platform Boots 38 / US 8 , D.c o copenhagen Ladies boots size 38 , Brand New ENZO ANGIOLINI JENILEE Textile Leather Sandals Open Toe Gold - Size 8Women's Pointed Toe Slipper Slingbacks Low Heels Roma Sandals Flip-flops Fashion , PLEASER Sexy 4" High Heel Round Toe Cream Pumps Shoes w/ Rhinestones Large Sizes , WITTNER UDELIA SHOOTIE KHAKI HEELS SIZE SUEDEVionic Leopard Triple Strap Park Dwyn Orthotic Wedge Sandal NEW , ARRAY Womens Aruba Leather Closed Toe Casual Sport SandalsMr/Ms NIKE MENS Hypherfr3sh BASKETBALL SHOE 759996-402 Crazy price Wholesale trade Different styles , adidas Men's Harden Vol.1 LS PK Basketball Shoe Size 8.5, 9, 9.5 MNike Men's Air Zoom Pegasus 33, Black/White/Anthracite/Cool Grey - 6 D(M) US , NIKE KD VII NSW LIFESTYLE QS BLACK-METALLIC GOLD SZ 9.5 [653871-001] , Men's Size 8.5 Air Jordan Derek Jeter Turn 2 RE2PECT New York Yankees RARE RetroMan's/Woman's ASICS MENS SHOES. GEL-LYTE III BLACK/BLACK Modern technology Let our goods go to the world cheaper , NIKE MEN'S FREE FLYKNIT NSW SIZE 9.5 & 12 NEW/BOX 599459 0031711 Nike LeBron Witness 2 EP Men's Basketball Shoes AA3820-001 , Original Penguin Men's Shoes Skyler Suede Fashion Sneakers Cashew Size 9Asics GEL Flashpoint 2 Women’s Volleyball Shoes B456N Women’s Size 12ASICS Noosa FF (T772N-3906) Womens Running Shoes Aquarium / Flash Coral Size 6 , NEW BALANCE Leadville 1210 Stability Trail Running Shoes Womens Size 7 , Adidas Unisex Performance Adizero Lj Track Shoe , NIKE - 905897-016 - NIKE ZOOM - Women's Shoes - NCAA - ALABAMA Design - Size 12MCM VISETOS COLLECTION WOMENS LEATHER SNEAKERS NEW SIZE 6.5 - 7Nike Air Max 90 Ultra 2.0 Womens 881106-002 Black Hematite Running Shoes Size 11 , NIKE AIR MAX 90 SE WOMEN'S SHOE - Team Red/Team Red/Night Maroon/Sail/BlackSalomon Womens XA Pro 3D CS WP W Trail Running Shoe- Pick SZ/Color. , Nike Air Max 97 Premium Casual Light Bone/Diffused Taupe/Sepia Stone 917646 004 , WMNS NIKE DUALTONE RACER LIGHT BONE / GREY CASUAL SHOES WMN'S SELECT YOUR SIZEClarks Classic Brown Distressed Leather Desert/Chukka Boot Sz. 8M NICE! , Coolway Women's Adam Boot, Black, 39 EU/8 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Luca US Grossi 669 669 Gray/ White/ Leather Platform Shoes Mules 37.5/ US 7.5 0d1e31b - 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.

    Luca US Grossi 669 669 Gray/ White/ Leather Platform Shoes Mules 37.5/ US 7.5 0d1e31b - 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
    Luca US Grossi 669 669 Gray/ White/ Leather Platform Shoes Mules 37.5/ US 7.5 0d1e31b
    Sandals
    >
    ;