Never miss an update

MARC JACOBS JACOBS MARC Shoes 8589 332020 Black 37 f5fd600




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: Item which there is little feeling of wearing, and is not worried about a dirt and damage
Brand: MARCJACOBS Style: Not Specified
US Shoe Size (Women's): 6.5 Color: Black
UPC: Does not apply
Never miss an update

MARC JACOBS JACOBS MARC Shoes 8589 332020 Black 37 f5fd600 - blurrypron.com

    MARC JACOBS JACOBS MARC Shoes 8589 332020 Black 37 f5fd600
    MARC JACOBS JACOBS MARC Shoes 8589 332020 Black 37 f5fd600
    BOTTEGA VENETA Shoes 833160 Brown 36Men/Women Chloe Shoes 514113 Black 36 Durable service modern Human borderMan/Woman Chloe Shoes 169711 Brown 37 Outstanding features Price reduction comfortable , TORY BURCH Shoes 201835 Brown 6STELLA McCARTNEY Shoes 621627 Black 37 , Pikolinos Womens ARCILLA Almond Toe Ankle Fashion Boots FARBE Size 9.5Man's/Woman's SARTORE Shoes 702972 Brown 36 Selling At a lower price various kindsMIU MIU Shoes 799808 Brown 36Gentleman/Lady BUTTERO Shoes 141854 Black 36 Moderate price stable quality A balance between toughness and hardnessFranco Sarto Womens Knoll Suede Closed Toe Knee High Pastoral Green Size 5.0PRADA SPORT Shoes 939836 Brown 5 1/2 , Gentlemen/Ladies Chloe Shoes 037405 Grey 37 bargain Stylish and charming Exquisite processing , Donald J Pliner Women's Vanti Fashion Boot Black Size 6.5 , Man's/Woman's MARNI Shoes 316125 Brown economic Primary quality Very good colorAndrew Charles C94 CAMOSCIO NERO Low Boots Women's Black USMen/Women L'Autre Chose Shoes Brown 37 Easy to use Sufficient supply cheap priceAndrew Charles D89 VITELLO NERO Low Boots Women's Black US , MIHARA YASUHIRO Shoes 335432 BlackxGreen 23cm , Diane Von Furstenberg Vacchetta Ankle Boots Hair Leather Black Leopard 8 M $398Andrew Charles E2855 CALF NERO LYCRA NERA Low Boots Women's Black UShenry beguelin Shoes 071701 Brown 36 1/2Versace 19.69 B1441 VELOUR SENAPE Low Boots Women's Brown US , Versace 19.69 B2500 PLUM NERO Low Boots Women's Black USAndrew Charles D86 PASHA GRIGIO boots Women's Grey USAndrew Charles D84 VELOUR TDM Low Boots Women's Brown US , Man/Woman PELLICO Shoes 635538 Black 37 Practical and economical stable quality leading the fashion , PRADA SPORT Shoes 307774 Brown 37 , Andrew Charles D84 VELOUR NERO Low Boots Women's Black USVia Spiga Women's Sophia Backless Bootie Ankle Boot Black Suede Size 6.5 ,
    MARC JACOBS JACOBS MARC Shoes 8589 332020 Black 37 f5fd600 - blurrypron.com>MARC JACOBS JACOBS MARC Shoes 8589 332020 Black 37 f5fd600 - blurrypron.com
    LAREDO NO-MORE-DRAMA 10" WOMEN'S WESTERN BOOTS 3125 * ALL SIZES - NEWNew Balance MRT580DB D Ivory Suede Men Running Shoes Sneakers Revlite MRT580DBDLadies Down To Earth Boots Style -F50R938Nike WMNS Air Zoom Pegasus 34 [880560-006] Women Running Shoes Grey/Racer PinkMan/Woman Womems Nike Retro High Tops Quality queen New design Quality and consumer first , Man's/Woman's Frye Brea Slip-On Fine workmanship At a lower price As of the latest model , Women's Rampage Kayson Black Size 7.5 MNaot Tane black leather buckled slip on shoes sz. 37 , Summit White Mountain Women's Livvy Flatform Slide Black Lycra Fabric SlidesMan's/Woman's ASPIRE-608 Elegant shape Ranked first in its class Authentic guaranteeNWB Penny Loves Kenny Women's Zesty Platform Pumps Red sz 10Gentleman/Lady NEW AN.GI WOMENS PUMP Customer first New style British temperament , Made in Italy Décolleté Shoes Casual Shades Pumps brown high heels 78498 moda1Pour La Victoire Cierra Women's Boots TaupeCHRISTIAN LOUBOUTIN "BILLE ET BOULE" 100mm WOMANS HEEL SHOE 36.5 6.5 B NEW $1295 , Women's Merrell Ridgepass Mid Waterproof Brindle/Sea Fog Hiking Boots Shoes 6.5Nike Men's Air JORDAN SUPER FLY 3 Shoes Pink/Orange 684933-625 a2 , Nike Vandal High Supreme men lifestyle sneakers NEW obsidian white 318330-402 , 908972-100 Nike Kobe Mamba Rage Basketball White/Pure Platinum-Grey 8-13 NIBMen's Jordan Formula 23 Sport Casual Shoes 881465-021Asics DS Light X- Fly 2 MS Mens Football Shoes (0790) + Free Aus Delivery , Mens Fashion Embroidery Slip On Casual Loafers Round Toe Breathable Board ShoesNike Free TR 6 Pure Platinum/Stealth 833413-006 Women's SZ 10.5 , Under Armour Women's Ua W Speedform Gemini 2.1 Her/Wht/Ppl Running Shoe 5.5 , 100% Authentic Hogan Sneakers Shoes Size 38 - PurpleAsics GEL-Noosa Tri 10 T580N 0739 Women's Sizes US 6, 6.5 /Brand New in Box! , BCBG BCBGeneration Womens BG-Glowe Monk Strap Ankle Bootie Shoes, Black, US 6New Fashion Women Hidden Wedge Pull On Over The Knee Boots Zip Knight 2 ColorDansko Black Leather Side Zip Ankle Platform Heel Booties Women's 37 / 6.5 - 7 , ECCO Women's Aquet Perforated Tie Oxford, - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    MARC JACOBS JACOBS MARC Shoes 8589 332020 Black 37 f5fd600 - 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.

    MARC JACOBS JACOBS MARC Shoes 8589 332020 Black 37 f5fd600 - 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
    MARC JACOBS JACOBS MARC Shoes 8589 332020 Black 37 f5fd600
    Boots
    >
    ;