Never miss an update

Nanette 9 Lepore Women's Freya Mid Nanette Calf Boot, Black, 9 Boot, M US c4209d2




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
UPC: 888737789838
Weight: 3.2 lbs EAN: 0888737789838
Dimensions: L 15.51 x W 12.28 x H 4.09 inches Brand: Nanette Lepore
PartNumber: FREYA-1.0-9 M US MPN: FREYA
ProductGroup: Shoes Binding: Apparel
ISBN: Not Applicable Color: Black
Style: Not Applicable Department: womens
US Shoe Size (Women's): 9 M US
Never miss an update

Nanette 9 Lepore Women's Freya Mid Nanette Calf Boot, Black, 9 Boot, M US c4209d2 - blurrypron.com

    Nanette 9 Lepore Women's Freya Mid Nanette Calf Boot, Black, 9 Boot, M US c4209d2
    Nanette 9 Lepore Women's Freya Mid Nanette Calf Boot, Black, 9 Boot, M US c4209d2
    POUR LA VICTOIRE Women’s Size 8 Heels Brown Tan Brazil Rare Block Classy Cute , Men's/Women's BETTIE-04 Adequate supply and timely delivery The highest quality material Full range of specifications , Steven by Steve Madden Zada Women's Sandals GoldDiane Von Furstenberg DVF Charcoal Gray Suede Heel Shoes Sandals Pumps Sz 9.5 , Robert Clergerie Gusi Tarzan Moon, Women's Shoes, Size 6.5B , CLARKS Escarpins DINAH KEER cuir verni vert d'eau 39.5 NEUF & BOITEMARNI Slingback PUMPS Womens 37 / 6.5 Green Suede Wooden Platform HEELS ShoesGUESS 9.5 Snake Print Faux Leather peep-toe and stiletto heel Pump , NIB WOMEN'S COLE HAAN LIANA MID PUMP WOODBURY/PATENT SIZE 9.5 RETAIL $208.00ZARA LEATHER OPENWORK CUT OUT HIGH HEEL PINK BLUSH LEATHER SANDAL SHOES 1540/101 , Betsey Johnson Target Black Stiletto Pumps Womens US 7 NewGUESS 9.5 Black Platform Heels Peep-toeMr/Ms NWOB Tibi Amber Sandals Cranberry 35.5 Fine processing Brand Outstanding styleKenneth Cole Reaction Women's Shoes Size 6 Brown Leather Pumps Sandal Size 6FLY LONDON LEATHER SLIP ON WEDGE SANDALS SHOES NEW SMURF BLUE 42 FITS 11 TO 11.5 , Eileen Fisher Sz 6.5 Cone Slingback Slide Sandal Black Leather Peep Toe Womens , Juicy Couture Savvi Wedge In Lemon Vaccetta , ⭕️ SALE 80% OFF MAX MARA Heels from RUNWAY, size europ 41 USA 9.5 , Max Studio Isis Women's Peep Open Toe Slingbacks Pumps Satin Sandals Shoes BlackMan's/Woman's Lanvin Sandals Heels Size 37 Reliable quality Clearance Complete specificationsDolce Vita Womens Stilettos Black Sequine Heels Size 8 Cocktail DressELLIE Shoes High Spike Heel Mid Calf Boot Western Style 418-COWGIRL Brown , ZARA NEW WOMAN COLOURED HIGH-HEEL COURT SHOES STRAWBERRY RED 35-42 REF.5203/301 , NEW ENZO ANGIOLINI Burgundy Patent Leather “HEEL BOWS” Pumps Shoes, 8.5 , Shoes by "Guess" GWREGENT Black Leather stappy sandles Size 10M New In BoxFashion Platform Womens Strap Round Toe High Stilettos Heel Buckle Sandals Sz , Gentlemen/Ladies Canvas Shoes women high heels sports Excellent craft Online export store Non-slip , Earth Wanderlust - Women's Mid Heel - Bla Black Leather - 9.5 MediumMan's/Woman's CREEPER-304 New product At a lower price Pick up at the boutique
    Nanette 9 Lepore Women's Freya Mid Nanette Calf Boot, Black, 9 Boot, M US c4209d2 - blurrypron.com>Nanette 9 Lepore Women's Freya Mid Nanette Calf Boot, Black, 9 Boot, M US c4209d2 - blurrypron.com
    Steve Madden Women's Darla Platform Pump - Choose SZ/color , Man's/Woman's BALENCIAGA Shoes 894165 Grey 38 Strong heat and wear resistance Strong value cheaperReebok Club C 85 S Shine Womens Dark Blue Leather TrainersWomens Fly London Mes 2 Boots BLACK RUG LEATHER Boots , Man/Woman Fabulicious FLAIR-436 High quality and low overhead The latest technology fine , Tods Womens Size 38 Brown Gold Flats Driving Loafers Shoes Zipper Suede Leather , Hush Puppies Chaste Ballet Flats Women's SZ 10.0 M Nude LEATHER NEW DISPLAY 8446 , Alegria Kayla Bubble Trouble Professional Black Mule KAY-241 Size USA- 7 EU- 37Easy Street Women's Passion Black Synthetic Pumps , Pleaser Pink Label TEEZE-06W Womens Tee06w/Cr Platform PumpM- Choose SZ/Color. , Christian Louboutin Tiburon Sandals Wedge Slide Espadrille Suede Brown 36/ 5.5-6Women's - MOSCHINO - Harajuku Red Patent Leather Mary Jane Platform Pumps 7.5 38 , NEW CLARKS WOMENS ARLA GLISON - WOMENS SANDALS - GREY PRINTNike SB TEAM EDITION Deep Royal Blue Black Gum Skate (D) (216) Men's ShoesRARE NIKE SB JANOSKI MID SAMPLE BLUE TIE DYE UK8 US9 BRAND NEWEUC Nike Dual Fusion Trail 2 Men Trail Running Shoes 819146 001 US 11.5 , Man's/Woman's Adidas UltraBOOST All Terrain Size 11.5 sell Modern and stylish fashion VariousAdidas Soccer Men's Copa 17.1 Firm Ground Boots SIze 7 to 13 us S77126 , DS Jordan Retro 2 ALTERNATE Sz 9 100% Authentic 2016 Bred II 834274 001 , Asics Gel Kayano 22 Mens Cushioned Running Shoe (D) (4330)Nike Air Jordan 13 XIII Retro OG 2017 Cherry White Team Red 414571 122 Sz 9 , DIADORA MEN'S SHOES LEATHER TRAINERS SNEAKERS NEW MARTIN BLUE 883Bogs Mens Black Tillamook Bay Rubber Waterproof Pull On Slip Resistant Work Shoe , 2005 Nike Brand Air Jordan 10 Retro black 310805 010 - mens US11 , Roxy Womens Rory Shoe Flat- Select SZ/Color. , Reebok Royal CL Rayen Sneaker Women Classic Leather Trainers BlackPapillon Dog Print Boots For Women-Express ShippingNIKE WOMEN'S AIR MAX PLUS SLIP SP BLACK GOLD 940382 001 SIZE 8 SUPER RARE , NWOB GUESS by Marciano GWFUNKE Over The Knee Thigh High Boots 5 1/2 5.5 35.5PATENT LEATHER WHITE BALLET BOOTS SIZE 10-16 HEEL-0' - PRODUCER POLAND
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nanette 9 Lepore Women's Freya Mid Nanette Calf Boot, Black, 9 Boot, M US c4209d2 - 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.

    Nanette 9 Lepore Women's Freya Mid Nanette Calf Boot, Black, 9 Boot, M US c4209d2 - 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
    Nanette 9 Lepore Women's Freya Mid Nanette Calf Boot, Black, 9 Boot, M US c4209d2
    Heels
    >
    ;