Never miss an update

NIB PRADA PINK PATENT LOGO LEATHER BOW 29991 PINK LETTERING LOGO BOW MID WEDGES 41.5 29fa3ef




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: PRADA
Occasion: Casual Style: Platforms & Wedges
Heel Type: Wedge US Shoe Size (Women's): 10.5 / 41.5
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Width: Medium (B, M)
Material: Patent Leather Color: Pink
UPC: Does not apply
Never miss an update

NIB PRADA PINK PATENT LOGO LEATHER BOW 29991 PINK LETTERING LOGO BOW MID WEDGES 41.5 29fa3ef - blurrypron.com

    NIB PRADA PINK PATENT LOGO LEATHER BOW 29991 PINK LETTERING LOGO BOW MID WEDGES 41.5 29fa3ef
    NIB PRADA PINK PATENT LOGO LEATHER BOW 29991 PINK LETTERING LOGO BOW MID WEDGES 41.5 29fa3ef
    MIU MIU CALZATURE DONNA SETA+NERO VERNICE BICOLOR PUMPS 5.5 $690.00 , Man/Woman Jil SANDERS CLASSIC PUMPS SIZE 36.5 Special purchase Settlement Price Popular recommendation , Elizabeth and James E-Sash Multi Color Black Blue Snake Print Leather Pumps 8.5M , Sergio rossi Shoes 000717 Beige 37PRADA Shoes 250095 Brown 36 1/2ROBERT CLERGERIE Womens White+Gold Leather High-Heel Sandal Pump 9-39 NEW , Marc Jacobs Women's Debbie Platform Sandal Platform Pump, Brown, Size 8.0Versus Silver Leather Stiletto Heels Shoes Size 40MOT-CLe 5964i Black Suede / Patent / Gold Buckle Heels Pumps 36.5 / US 6.5 , AUTHENTIC TOD'S SUEDE PUMPS PURPLE GRADE A USED - AT , NIB AQUATALIA by MARVIN K ITALY CARRIE ESPRESSO PYTHON SUEDE PUMP HEELS 7 , Emporio Armani Patent Leather High Heel Shoes Size 39.5 , Irregular Choice Bore Fur Open-toe Heel Pumps Shoes EUR40 US9 UK6.5 Near Mint , Women's Shoes Kendall And Kylie Brianna Silver Pump Spring Summer 2018MOT-CLe 6540 Gray / Black / Patent Leather / Leather Heel Pumps 37 / US 7NIB CHRISTIAN DIOR RED LEATHER T-STRAP CHARM HEEL LOGO SANDALS 39 ITALY , Women's Shoes Franco Colli Black Leather Court Shoes FW 2017-2018 , Les Trois Garcons 6027b Multi-Color Tapestry / Leather Pumps Shoes 35 / US 5 , MOT-CLe 6538 Burgundy Leather / Elastic Comfort Pumps 40 / US 10 , Etre 372 Black Leather Elastic Inserts Geometric Heel Booties 40 / US 10Saint Laurent Paris Shoes 931613 Black 37 1/2 , Man/Woman PRADA Shoes 988773 Black 35 Elegant appearance Selected materials Authentic guaranteeMan's/Woman's Chloe Shoes 700307 YellowxMulticolor 37 Crazy price, Birmingham Strong value Quality and consumer first , 52517 auth BOTTEGA VENETA green Tartan wool Pumps Shoes 40 , Les Trois Garcons 60190 Black Leather Pumps Pearl Details Heels Shoes 36 / US 6AP825 DIOR shoes white light blue patent leather women pumps EU , Salvatore Ferragamo Sz 7.5 4 A Black Suede Womens strappy ShoesMOT-CLe 5949f Burgundy Suede / Patent Leather Pumps 37 / US 7 , AUTHENTIC PREOWNED BLACK PATENT LEATHER FENDI PUMP HEELS SHOES SIZE 37,5!! ,
    NIB PRADA PINK PATENT LOGO LEATHER BOW 29991 PINK LETTERING LOGO BOW MID WEDGES 41.5 29fa3ef - blurrypron.com>NIB PRADA PINK PATENT LOGO LEATHER BOW 29991 PINK LETTERING LOGO BOW MID WEDGES 41.5 29fa3ef - blurrypron.com
    Converse First String Chuck Taylor All Star 1970s High Navy Men Women 162055CNew Balance MVNGOBK 2E Wide Black Navy Green Mens Running Shoes MVNGOBK2EMan/Woman jimmy choo boots High quality and low overhead Sufficient supply Easy lifeHOGAN WOMEN'S SHOES SUEDE TRAINERS SNEAKERS NEW TRADITIONAL BROWN 188Man/Woman Mens Clarks Smart/Casual Brogues 'Gambeson Dress' main category cheapest businessFrench Sole FS/NY Women's Passport R Ballet Flat, Brown Patent/Brown Leather, 11 , JBU by Jambu Women's Melon Flat Red 8 M USNWB - INDIGO RD SUMMER OPEN TOE HEELS Women's Blue ANKLE STRAP US 7.5 MSofft Size 9 Black Leather w/ Suede Trim Mary Jane Pumps 2" Heel , YSL SAINT LAURENT FORMAL SHOES SIZE 9NValentino Garavani Black Patent Leather Open Toe Slingback Pumps in 35 1/2DOLCE & GABBANA Velvet Mary Jane Pumps Heels COCO Crystal Embroidery Black 06708Sanuk Donna Chill - Women's Slipper Rumba Red - 6 , Adidas Men's Crazy 1 ADV PK Basketball Shoe Brand New In Box Size 11.5 , DS Nike Air Zoom Vomero 12 TB Mens Running Training Shoes Size 14Men/Women Saucony Men's Guide 7 Running Silver/blue/black durability Medium cost Famous store , Nike Air Zoom Spirimic Mens Running Shoes Grey White Size 10 , CONVERSE PRO LEATHER UND UNDFTD UNDEFEATED OX GOLDEN YELLOW BROWN 137373C DS 10Nike Air Foamposite One - CHOOSE SIZE - 314996-601 Pro Maroon Gum Black Burgundyadidas ULTRA BOOST UNCAGED LTD bb4074 crywht/tecear/vapgre Size 9.5Nike Lupinek Flyknit Cargo Khaki/Sequoia 862505-300 Men's SZ 8Dr. Martens Men's 2976 Carpathian Chelsea Boot - Choose SZ/ColorSeaVees 12/62 Maslon Mens Chocolate Suede Desert Boots , NATIVE FULL BEAD MOCCASINS FEATHERS FLOWERS [email protected]@K SZ 10 , TEVA Womens Willow Chelsea Pecan Leather High Top Sneaker US 11 NEW! , Adidas Ace 17.3 FG Soccer Cleats Futbol White Silver BA8556 Womens Size 9.5New Balance Industrial 627 Work Shoes Steel Toe SD Womens Size 10B Blue WID627GLNew Balance Women's W880BX7, Navy, 12 B USNike Air Max 270 Women Lifestyle Shoes AH6789-006 , Volatile Womens Bynes Leather Closed Toe Mid-Calf Fashion Boots Black Size 7.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIB PRADA PINK PATENT LOGO LEATHER BOW 29991 PINK LETTERING LOGO BOW MID WEDGES 41.5 29fa3ef - 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.

    NIB PRADA PINK PATENT LOGO LEATHER BOW 29991 PINK LETTERING LOGO BOW MID WEDGES 41.5 29fa3ef - 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
    NIB PRADA PINK PATENT LOGO LEATHER BOW 29991 PINK LETTERING LOGO BOW MID WEDGES 41.5 29fa3ef
    Heels
    >
    ;