Never miss an update

BCBGeneration BCBG Brown Womens NWOB Ashlee Brown Ashlee MED Studded Sandals Shoes 7.5 MED NEW 182c771




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: BCBGeneration
Material: Leather Style: Strappy
Color: Brown US Shoe Size (Women's): 7.5
Heel Height: High (3 in. and Up) Width: Medium (B, M)
Stock #: 7626 UPC: Does not apply
Never miss an update

BCBGeneration BCBG Brown Womens NWOB Ashlee Brown Ashlee MED Studded Sandals Shoes 7.5 MED NEW 182c771 - blurrypron.com

    BCBGeneration BCBG Brown Womens NWOB Ashlee Brown Ashlee MED Studded Sandals Shoes 7.5 MED NEW 182c771
    BCBGeneration BCBG Brown Womens NWOB Ashlee Brown Ashlee MED Studded Sandals Shoes 7.5 MED NEW 182c771
    Calvin Klein Womens Jupare Suede Open Toe Casual, Almond Tan, Size 7.5 j3WE , $140 New MISS SIXTY LARAMIE Brown Leather Designer Comfort Sandals 6 , Carlos Santana Women's Galaxy Black Platform Sandals Size 8 New In BoxNine West Womens Genie Leather Open Toe Casual Strappy, Dark Turquoise, Size 8.0Skechers Women's Rumblers-Cali Spell-Studded Multi - SIZE 8.5MEUC Birkenstock Betula Women's 41 US 10 Red Rhinestone Sandal Shoes A5 , Gentleman/Lady Aldo Red Caged Sandal feature a wide range of products Pick up at the boutique , Spenco Men's Quincy Slip-on Mule, White, 7M Medium US , Donald Pliner Shaye Leather Sandal, 7, Beige , Mephisto ELKA Womens Sz 7.5 Brown Suede Buckle Open Toe Slip-On Sandal Shoes*G19Crocs Women's Sloane Graphic X-Strap Slide Sandal - Choose SZ/Color , Gc Shoes Woman's Sandals - Metallic Look Faux-Tie Upper, 1 1/2" Wedge Heel Shoes , Gentle Souls by Kenneth Cole Women's Galaxy Dress Sandal, Graphite, 7.5 M USKeen Newport Sport Sandals Shoes Womens 8 Blue Hiking Trail Waterproof$140 New MISS SIXTY LARAMIE Black Leather Designer Comfort Sandals 9.5 , Sanuk Women's Yoga Mat 2 Prints Flip-Flop Black/White Blanket Synthetic SandalsVolatile Womens Avril Leather Open Toe Special Occasion Platform Sandals , $140 New MISS SIXTY LARAMIE Black Leather Designer Comfort Sandals 7Cole Haan Size 6 M Ally Black Leather T-Strap Sandals New Womens ShoesVince Camuto Briaz Leather Stretch Block Shootie METAL BEIGE SIZE 9.5 W NEW BOX , Amalfi by Rangoni Rasora Black White Slingback Patent Leather Sandals 10Keen Water Shoes Newport H2 Racer - Hiking Walking Sandals Grey Women's Size 5 , Adrianna Papell Cassidy T-Strap Platino Black Sandals 8.5Bos. & Co. Women's Cindy Platform Dress Sandal, Black/Crystal Black, 40 EU/9-9.5NEW TEVA 7 SANDAL FLIP FLOPS SHOES Leather $110 Retail Livia Lux Navy BlueGentlemen/Ladies Cobb Hill,Fay,sandal,fashion,countoured molded insole,leather,taupe,hook n' loop High quality and cheap Primary quality Caramel, gentle , Steve Madden New Womens Madlyn New Womens Black Peep Toe Sandals 6 M ShoesArgila Women's Open Toe Sandals "West Alga" Size 37 A-758 Brown Leather , ALDO Women's NEAVIEL Slide Sandal, - Choose SZ/Color
    BCBGeneration BCBG Brown Womens NWOB Ashlee Brown Ashlee MED Studded Sandals Shoes 7.5 MED NEW 182c771 - blurrypron.com>BCBGeneration BCBG Brown Womens NWOB Ashlee Brown Ashlee MED Studded Sandals Shoes 7.5 MED NEW 182c771 - blurrypron.com
    Free People Outer Limits Women's black over knee high boots sz. 38Frye Philip Military Short Boot black leather ankle bootie studded side size 9.5Man/Woman Pajar Women's Odessa Boot Elegant shape online shop Superb craftsmanship , New Top End Bibio Womens Shoes Casual Shoes Flat , Stuart Weitzman Women's Boots BRAND NEW  Aust Size 6  or RRP $845  Black , Joe Browns Tartan Brogue Leather mid Calf Boots LN39 78 , New Merrell Womens Leather Around Town Buckle Slide Comfort Sandals , crocs Sarah Graphic Clog Womens Mule- Choose SZ/Color. , G.H. Bass & Co Shoe 9.5 Nude Gold Lana II Captoe Bow Front Slip On Ballet Flats , Onex Iced High Heel Sandal-Women's Size 9M Black/SilverJessica Simpson Women's Mahiri Dress Pump Honey Brown 8 M USPleaser Pink Label CHLOE-01 Womens Chloe01/Bpu Platform Pump- Choose SZ/Color.Puma Blaze Ignite Suede Mens Classic Casual Lifestyle Trainers GreyVans (Style 238) Native Suede Black NIB Size US 11 Men's VN0A3JFIQXPMan's/Woman's Nike Zoom Witness Size US 12 Guarantee quality and quantity discount price Excellent stretchingMan/Woman Nike Roshe One Men's Obsidian/White 11881423 selling price Fine art Highly appreciated and widely trusted in and outDS NIKE AIR FOOTSCAPE MAGISTA SP sz 9.5 PHOTO BLUE max 1 90 flyknit roshe multi , NIKE LEBRON 9 Men’s BASKETBALL SHOES Deadstock SIZE 11.5/ 469764 002 , NEW Blundstone Style 064 Crazy Horse Square Toe Leather Boots for MenK-SWISS 03344-114 THE CLASSIC II Mn's (M) White/Blue Leather Lifestyle Shoes , A.Testoni Basic Sz 9.5 M Brown Mock Toe Beef Roll Penny Loafer Men's Shoes ITALY , New! Womens New Balance 590 v3 Trail Running Sneakers Shoes - Limited Sizes , Bombay Cat Print Running Shoes For Women-Free ShippingSKECHERS 23047_BKGY Skechers Womens Breathe-Easy - Lassie- Choose SZ/Color.Pleaser Women's Seduce 2024 Black Stretch PUNIKE Womens Nike Cheer Scorpion 868319-100 WHITE Womens Size 5 , Women's Report Hargrove Zipper/Buckle Black Leather Tall Boots Size 12 M NEWWomens velvet Pointed Toe Zip Stilettos High Heels Ankle Boots Nightclub ShoesSam Edelman Khaki/Tan Suede Ankle Bootie-Sz. 7.5-Western Inspired Casual Chic! , Women's Patagonia Wintertide High Waterproof Sable Brown Snow Boots Size 7 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BCBGeneration BCBG Brown Womens NWOB Ashlee Brown Ashlee MED Studded Sandals Shoes 7.5 MED NEW 182c771 - 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.

    BCBGeneration BCBG Brown Womens NWOB Ashlee Brown Ashlee MED Studded Sandals Shoes 7.5 MED NEW 182c771 - 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
    BCBGeneration BCBG Brown Womens NWOB Ashlee Brown Ashlee MED Studded Sandals Shoes 7.5 MED NEW 182c771
    Sandals
    >
    ;