Never miss an update

VGUC 29990 Donald Sandals J. Pliner Women's Size Size 7M Aqua Python Patent Leather Wedge Sandals 920fe0a




Item specifics

Condition: :
An item that has been or previously. 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: Please Read ! These lovely slide sandals are in very good overall condition with modest signs of wear on the uppers and moderate wear on the outer (bottom) soles ~ a wonderful blending of traditional heel sandals and fashion forward design ~ please see photos for condition details ~ all shipments include a tracking number ~ All items are from a smoke free environment. We ship orders every day, and same day when possible. Your complete satisfaction is our goal!
Color: Multi-Color Heel Type: Wedge
Width: Medium (B, M) Fastening: Slip On
Brand: Donald J Pliner Material: Patent Leather
US Shoe Size (Women's): US 7 Pattern: Animal Print
Style: Slides Theme: Peace Sign
Heel Height: Med (1 3/4 to 2 3/4 in) UPC: Does not apply
Never miss an update

VGUC 29990 Donald Sandals J. Pliner Women's Size Size 7M Aqua Python Patent Leather Wedge Sandals 920fe0a - blurrypron.com

    VGUC 29990 Donald Sandals J. Pliner Women's Size Size 7M Aqua Python Patent Leather Wedge Sandals 920fe0a
    VGUC 29990 Donald Sandals J. Pliner Women's Size Size 7M Aqua Python Patent Leather Wedge Sandals 920fe0a
    BURBERRY DESIGNER BEIGE CANVAS NOVA CHECK ESPADRILLE WEDGE THONG SANDALS sz7 37 , Alegria Loti Perennial Wedge Sandals Shoes 40 US 10 Floral Leather w/Jewel NEW , Women's Small RAINBOW Willow Sandals Leather Double Layer DARK BROWN Flip FlopsFitflop Rola Metallic Bronze Leather Sandal Ladies Size 9 , Teva Womens W Terra Fi 4 Sandal- Select SZ/Color.Born Women's "Adriel" Dark Brown Leather High Heel Slingback Sandals Size 7M USVionic Orthaheel Women Orthotic Pacific High Tide Platform Toe Post Sandal Black , Birkenstock Gizeh Women's Leather Sandal - Size 9 BlackVictoria's Secret PINK White Logo Black Buckle Slides Flip Flops Sandals S NEW , Chaco Women's ZX2 Classic Sandals, Dolman Pine, 9 M US , Revitalign Excursion Adjustable Women's Comfort Sandal Black - 11 , DONALD PLINER FIJI SLIDE SANDAL BLACK - SIZE 6WOLUKAI WOMENS SANDALS KULAPA KAI POKEBERRY BLACK SIZE 9 , Birkenstock Gizeh Women's Leather Sandal - Size 11, BrownCELINE Sz 38/ 8 Cognac Brown Slides Sandals Leather Shoes Italy Kitten Heels , Jack Rogers Nora Wedge Sandal- Sz. 7- Gold- NIB!! $148 , Man's/Woman's NEW DOLCE VITA JASMYN Excellent craft comfortability Pick up at the boutiquecrocs Meleen Twist Sandal W Womens SandalUS/- Choose SZ/Color. , Steven by Steve Madden Womens Skylaaa Slides Sandal Shoes , Mr/Ms NWB~WOMEN’S Sz10~CHESTNUT~VARONA METALLIC BASKET SLINGBACK SANDAL~1010175 Great variety Fast delivery cheap price , Alegria Loti Perennial Wedge Sandals Shoes 41 US 11 Floral Leather w/Jewel NEWWomen Vionic Orthaheel Tide II Bronn Leopard Flip Flop Sandal 100%Authentic New , Gentle Souls Gayle Gray Womens Shoes Size 6.5 M Sandals MSRP $179Merrell Size 6 TERRAN LATTICE Black Leather Sport Sandals New Womens Shoes , Jessica Simpson Women's Geno Wedge Sandals Platforms Cork Heels , EUC Donald J. Pliner Couture Women's 6M Antique Gold Stylish Slim Heel SandalsVGUC+ Jeffrey Campbell Women's Size 6M Grey Moc Croc Leather Slingback Sandals , Jessica Simpson Plemy Nude Blush Crystal Satin High Heel Ankle Strap Sandal 6 , Cole Haan Grand OS Augusta Chevron Criss Cross Slide Sandal Sz 8B EUC Black ,
    VGUC 29990 Donald Sandals J. Pliner Women's Size Size 7M Aqua Python Patent Leather Wedge Sandals 920fe0a - blurrypron.com>VGUC 29990 Donald Sandals J. Pliner Women's Size Size 7M Aqua Python Patent Leather Wedge Sandals 920fe0a - blurrypron.com
    Crush by Durango Women's 12" Distressed Flag Boot-DRD0131 , KOOLABURRA Womens NOTELA Gray Distressed Leather Ankle Boot US Size 9M , Nike Tennis Classic CS Suede Pine Green Ivory Men Tennis Sneakers 829351-300 , Bottines Chloé Susanna / Chloe Susanna BootsMizuno Wave Inspire 13 [J1GC174411] Men Running Shoes Safety Yellow/BlackBRAND NEW | BIRKENSTOCK Arizona Sandal | Sz 36 | Regular Fit | Blue |Tahari Dolly Block Heel Classic Pumps 451, Regal Blue, 10 USCalvin Klein Womens Jessamine Loafer- Pick SZ/Color.Women's Pointed Toe Slip On Loafers Multi Color Embroidery Flowers Pumps Flat SzMen's/Women's RAINBOW-209UV Various styles Carefully selected materials cheap price , Women Platform T Strap Open Toes Sandals Wedge Heel Buckle Cool Multi Color ShoeBadgley Mischka Dawn Black Satin Pumps Size 8.5Womens Rhinestones Satin Wedding Shoes Stilettos High Heels Formal Runway Brogue , Black ankle strap rhinestone 7" platform stripper shoes , FRANCO SARTO Womens 'Finesse' Gray Suede Leather Strappy Sandals Sz 8 - 230707NEW Miu Miu by Prada Suede Ankle-Wrap Pump Dark Blue Oltremare 39 IT / 8.5-9 USConverse Star Player Ox Navy White Mens Leather Low-top Casual Sneakers TrainersLacoste Straightset SPT 316 1 SPM Black White Mens Trainers , New Balance MRT580D5 Grey Blue Sz 12 NIB ColetteLacrosse Iceman Black Winter Snow Insulated Waterproof Men's Boots Size 13 USA217 New LUCCHESE (1883) Tan Ranch Hand Cowboy Boots Men's 11 D $465J.Crew Mens Original Boat Shoes Loafers Size 11 , Men Leather Round Toe Sequins Rivet Flat Slip On casual Breathable Boat ShoesModello Flavio - Handmade Colorful Italian Leather Oxford Dress Shoes Brown Blue , Johnston Murphy Aristocraft Mens Size 9.5 Tassel Loafers Shoes Black LeatherSkechers Bikers Rock Steady Womens Slip On Sneakers , CLARKS Women's Darleigh Cora Sneaker, Sage Nubuck, 12 M US , ADIDAS Tubular Shadow Platinum Metallic Women's Shoes, Brand New, Many Sizes , NEW RARE DOERNBECHER NIKE AIR MAX Thea wms 7.5 US, 39 , Skechers 48814 Womens DLites Winter Boot- Choose SZ/Color. ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    VGUC 29990 Donald Sandals J. Pliner Women's Size Size 7M Aqua Python Patent Leather Wedge Sandals 920fe0a - 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.

    VGUC 29990 Donald Sandals J. Pliner Women's Size Size 7M Aqua Python Patent Leather Wedge Sandals 920fe0a - 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
    VGUC 29990 Donald Sandals J. Pliner Women's Size Size 7M Aqua Python Patent Leather Wedge Sandals 920fe0a
    Sandals
    >
    ;