Never miss an update

New sz 5 Suede/ Open 35.5 Christian Louboutin Jacqueline Black New Suede Open Toe Sandal Shoes b34813b




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: Christian Louboutin
Color: Black Style: Open Toe
Heel Height: High (3 in. and Up) US Shoe Size (Women's): 5
Material: Suede UPC: Does not apply
Never miss an update

New sz 5 Suede/ Open 35.5 Christian Louboutin Jacqueline Black New Suede Open Toe Sandal Shoes b34813b - blurrypron.com

    New sz 5 Suede/ Open 35.5 Christian Louboutin Jacqueline Black New Suede Open Toe Sandal Shoes b34813b
    New sz 5 Suede/ Open 35.5 Christian Louboutin Jacqueline Black New Suede Open Toe Sandal Shoes b34813b
    AUTHENTIC NEW LOUBOUTIN 38.5 DEGRASTRASS 100 DARK PINK CRYSTAL PUMPS NIB $1195Tabitha Simmons Womens Chloe Black Suede Dress Heels 38.5 Medium (B,M) BHFO 5778Men/Women YSL Burgandy Ankle Strap 39 1/2 for you to choose auction retail priceNIB Jimmy Choo Liz d'Orsay Pointy Toe Pump Shoe Black Patent Heel Shoe 37 - 6Manolo Blahnik Sedaraby Metallic Embossed Suede d'Orsay Pump ( Size 39 -US 9 )Christian Louboutin Bianca 140 Nude Patent Leather Pumps Heels Sz 41NIB Christian Louboutin So Kate 120 Blue Everest Metal Patent Satin Heel Pump 41$1095+tax Christian Louboutin Highness 160 Glitter Mini Patent Toe size 40 EU , Gentlemen/Ladies Manolo Blahnik 37 Preowned Sandals Ideal gift for all occasions New design At an affordable price , Christian Louboutin Pigalle Follies 100 Red Velvet Pumps Size 38NIB Christian Louboutin So Kate 120 Blue Pacific Python Snake Heel Pump 37 $1395 , New sz 6 / 36 Jimmy Choo Dillan Caged Black Leather Cage Ankle Sandal Shoes , NIB Christian Louboutin Corsini 100 Brown Beige Ankle Strap Sandal Heel Pump 40J-2861258 New Valentino Astro Pumps Heels Shoes Size US 8.5 Marked 38.5Men's/Women's Tom Ford Padlock Python Pumps- 39.5 Elegant shape Won highly appreciated and widely trusted at home and abroad General product , NIB Christian Louboutin So Kate 120 Black Loubitag Red Patent Heel Pump Shoe 35 , DOLCE & GABBANA Gold Lilly Embroidered Velvet Green Pumps Shoes s.EU40 / US10$1135 New Manolo Blahnik BORLAK Red Raspberry JEWELED Crystals shoes 40.5 41.5 , NIB Alaia Bombe 110mm Black Suede Ankle T Strap Pom Pom Studded Heel Pump 39 , NIB Christian Louboutin Iriza 100 Pink Pompadour Patent Classic Heel Pump 40.5 , NIB Christian Louboutin So Kate 120 Blue Pacific Python Snake Heel Pump 36 $1395 , Womens Charlotte Olympia Dolly Blush Gold Suede High Heel Shoes Sz. 38.5-39Walter Steiger Suede Theo Heels In BlackNIB Christian Louboutin So Kate 120 Black Granite Pink Red Patent Heel Pump 41MCQUEEN 39/9 Black Beige Leather Platform Peep Toe Ankle Strap Pumps Heels NEW$825 NEW Christian Louboutin IOWA ZEPPA Patent Black Mary Jane Pumps Shoes 37.5 , NIB Christian Louboutin Degrastrass 100 Pink Suede Crystal Heel Pump 38 $1195$675 CHRISTIAN LOUBOUTIN SO KATE 120 NUDE PATENT LEATHER PUMPS HEELS SIZE 37.5 , $1200 NEW MANOLO BLAHNIK Amebo Carolyne Strawberry Red Slingback SHOES 37
    New sz 5 Suede/ Open 35.5 Christian Louboutin Jacqueline Black New Suede Open Toe Sandal Shoes b34813b - blurrypron.com>New sz 5 Suede/ Open 35.5 Christian Louboutin Jacqueline Black New Suede Open Toe Sandal Shoes b34813b - blurrypron.com
    Seychelles Women's Serpentite Natural Suede Boot 6 MSperry Top-Sider Women Firefish Stripe Boat Shoe Navy 8.5 B(M) US , Donald J Pliner Hanif-WX Gray Womens Shoes Size 10 M Flats MSRP $348 , Banana Republic Women Metallic Plaid Dressy Open Toes Heels Shoes SZ 6.5Aquatalia by Marvin K. Women's Seneca Suede Mule , ROSETTA GETTY suede black mules, NIB, soled, size 40, runs one size smallSEXY Nine West GRAND SLAM Women US 12 M Black Leather Peep Toe Sandals Heels , Zigi Girl 'Skill' Gold and Bronze Snake Pattern Leather Platform Heels (Sz 9 US) , RETAIL $225 Via Spiga Gold Honour 2 Copper Strappy Sandals Size 6.5MNIB Christian Louboutin Highness 160 Pony Daffodil Daf Pump Shoe Peep EU35,5 5,5 , $795 Saint Laurent Janis Pointy Toe Darker Nude Leather Platform Pump Shoe 34.5 , Free People Durango Metal Women Gladiator Sandal Size 5 , Japanese Chin On Black-Women's Running Shoes-Free ShippingSaucony Womens Ideal running Shoe- Select SZ/Color.Skechers Women's Reggae-Carribean-Double Buckle To - Choose SZ/colorISABEL MARANT Sandales Noir LESLEY Corde Black 37 US 6 Rope Sandals NWNike Men’s Air Max Modern Essential Sizes Black/Gray 844874 003 , Nike Air Pegasus+ 26 LAF Livestrong Lance White Black Maize SZ 8 (361034-171)Nike - NEW Zoom Celar 5 Sprint Running Spikes Shoes 2014 MODEL- Black and Coral , Air Jordan 5 Retro Laney 2013 Size 11 White Varsity Maize Black - X V I - NikeNike Kobe 9 IX Elite High Detail 630847-003 Pre-owned Without Box Size 8 , Nike Lebron 16 Black University Red AO2588-002 Size 8-14 100% AuthenticFashion Men's Retro Floral Pointy Toe Diamante Dress Shoes Gentleman Formal ShoeFila Size 6.5 Pink Black Sneakers New Womens ShoesLacoste Marcel Mid SPW1018BB1 Light Blue High Top Sneaker Women 6.5 - 8EUC New Balance W1540WB2 Women's 1540v2 US 6.5 2E White Running Sneakers Shoe A5 , New Balance Women's W630 Ankle-High Fabric Running ShoeGUESS BROWN LEATHER Side Zipper PLATFORM Ankle Boots Size 6 1/2Antonio Melani Size 10 M PERCY Brown Leather Knee High Boots New Womens Shoes , Womens Tecnica Original Moon Boot Quilted Winter Snow Mid Calf Boots US 5.5-10
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New sz 5 Suede/ Open 35.5 Christian Louboutin Jacqueline Black New Suede Open Toe Sandal Shoes b34813b - 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.

    New sz 5 Suede/ Open 35.5 Christian Louboutin Jacqueline Black New Suede Open Toe Sandal Shoes b34813b - 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
    New sz 5 Suede/ Open 35.5 Christian Louboutin Jacqueline Black New Suede Open Toe Sandal Shoes b34813b
    Heels
    >
    ;