Never miss an update

Manolo 41.5 Blahnik Flats Perforated Blue Suede Size Flats Size 41.5 08ae4a1




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Manolo Blahnik
Style: Loafers Toe Type: Pointed Toe
Material: Suede US Shoe Size (Women's): US 10.5
Color: Blue EUR Shoe Size (Women's): EUR 41.5
Never miss an update

Manolo 41.5 Blahnik Flats Perforated Blue Suede Size Flats Size 41.5 08ae4a1 - blurrypron.com

    Manolo 41.5 Blahnik Flats Perforated Blue Suede Size Flats Size 41.5 08ae4a1
    Manolo 41.5 Blahnik Flats Perforated Blue Suede Size Flats Size 41.5 08ae4a1
    NWOB $275 VINCE Paeyre Perforated Black Leather Sneakers Shoes, Size 39/9NWB $650 Giuseppe Zanotti Black Velvet Lip Loafers Shoes SZ 38/8Loeffler Randall Penelope Ankle- Wrap Suede Black Flat Size 7Ecco Womens Freja Ankle Sandal Dark Shadow , Merrell Women's Encore Q2 Moc Leather Black US 8.5 CM 25.5 Z342 , Women's Dansko Professional Clogs Ebony Oiled Leather , $110 SAM EDELMAN RUBY OATMEAL SUEDE FLAT SHOES , Authentic TODS Leather Driver Shoe Pink Suede Size 6.5Vince Bray Loafer Shell Beige Sz 7 37 Velvet , Bella Vita Women's Gabriella SlingbackCamper NEW Women's Suede Leather Serena Slip On Flat Black Low Heel Shoes , SAS MAUI TEAL WOMEN'S SLIP ON FLAT SHOES NEW IN BOXCHARLOTTE OLYMPIA Kitty Sunkissed Flats Slippers Tan Canvas Pink , Fulinken 5 Color Sz 5-9 Genuine Leather Penny Loafers Slip On Dress Womens Shoes , Tory Burch Reva Ballet Leather Flat Black Women Sz 6 M 1371 , FRYE TERRI MULE US 9 Woman's Flat Shoe SmokeSalvatore Ferragamo Varina Bow Flats Black Patent Leather Made in Italy 7.5 B , Dansko Women's Professional Black Patent Leather Clogs NEW!Women's Dansko Walking Sneaker Charlie Walnut Suede , Women's Dansko Essex SlipOn Shoe Clogs Ellie Black LeatherGiuseppe Zanotti Ballet Flat Striped Canvas Black & White Size 37 Patent Cap ToeSAS MAUI MELON WOMEN'S SLIP ON FLAT SHOES NEW IN BOXGentlemen/Ladies Ecco Womens Freja Ankle Sandal Black Rich design Quality and quantity guaranteed Clearance saleMen/Women Alexander McQueen Thong Flat Sandals sell Impeccable Preferred boutique , TORY BURCH $198 GOAN SAND BEIGE LAILA BALLET DRIVER BALLERINA FLAT SHOE/Sz 7NIB Sperry Top-Sider Saltwater Metallic Rose Duck Boot Short Womens Sz 6.5-9DANSKO PROFESSIONAL FELT CHARCOAL SIZES 37 38 39 40 NEW IN BOXNEW J.Crew 'Collection Sloan Calf Hair d'Orsay Flats Shoes Size 7.5 $268Dr. Martens Estrela Women's Black Leather Oxford Shoes Sz 11 US **New** ,
    Manolo 41.5 Blahnik Flats Perforated Blue Suede Size Flats Size 41.5 08ae4a1 - blurrypron.com>Manolo 41.5 Blahnik Flats Perforated Blue Suede Size Flats Size 41.5 08ae4a1 - blurrypron.com
    Men/Women Dune London Women's Pollo Western Boot Queensland Comfortable touch Elegant and solemnDOLCE & GABBANA Womens Polka Dot Black White Rain Boots Size 5 (MSRP $695) , WOMENS UNDER ARMOUR SPEEDFORM GEMINI VENT LADIES RUNNING/TRAINING/RUNNERS SHOES , Acne Studios Women’s Black Leather Zipper Mya Oxford Ankle Boots 36 , Mr/Ms Ladies Clarks Chelsea Boots 'Calne Cristie' Reasonable price Settlement Price comfortable , CHRISTIAN LOUBOUTIN BIBI Beige /Nude Heels Pumps, US 10 HEEL 5.5"Stuart Weitzman Women's Mrspats Oxford in Velvet Navy Velvet OxfordsMan/Woman CUTIEPIE-12 economic Wholesale trade have fun , Ann Marino Lolly Grey Faux Suede Tassel Heels. Size 9.5 M , STUART WEITZMAN Sz 8.5M Blk Leather Sling Back Embossed Snakeskin Pat 3.5” HeelsBoho Womens Tassels Platform High Wedge Heel Sandals Ankle Strap Open Toe Shoes , NIB Tory Burch TATIANA 45MM SLIDES Shoes Pearls BLACK OLD NAYAN size 9 MNike Air Jordan "L'Style One Leather Brown Size 8 (365383-222) , {151181F} Converse Chuck Taylor All Star REBEL TEAL/WHITE/BLACK *NEW*NIKE ROSHE ONE (WHITE/WHITE) MENS 9.5 511881 112 Triple White , Nike Air Huarache Utility Premium Medium Berry sz 11.5 806979 500 , nike air max tavas LTR mens trainers 802611 001 sneakers shoesSneakers CLEARANCE , New Supra Skytop ll Python Muska 002 Pro Leather Mens Size 9.5 BlackNEW Nike Air Jordan V 5 Retro RIO OLYMPIC GOLD MEDAL COIN WHITE 136027-133 sz 17ECCO 11 to 11.5 D Black Moc Toe Men'sBottes noir Polo IKKS cuir 37 talons 5 cm , Birkenstock A 630 PU Unisex Clogs Shoes Sandals Slippers Mule , New Balance Women’s Shoes Fresh Foam Cruz V2 Sport Running WCRUZRB2 Black , Women's New Balance 880v8 Running shoes. US size 8.5 medium. , New Balance 996 Athletic Shoes, Women's Size 9 D, BlueSKECHERS Womens Go Trail 2 Athletic Shoe- Pick SZ/Color.Hermes Blue Multi Woven "Oxygene" Low Platform Sneakers SZ 38 , $320 Bernhard Willhelm X Camper US 7 Together Himalayan Sneakers 46489-014 , Womens Ankle Boots Block Heel Leather Pointy Top Pull On Casual Chic New Party , Earl Jean Spain Brown Leather Heavy Boots Sz 10 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Manolo 41.5 Blahnik Flats Perforated Blue Suede Size Flats Size 41.5 08ae4a1 - 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.

    Manolo 41.5 Blahnik Flats Perforated Blue Suede Size Flats Size 41.5 08ae4a1 - 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
    Manolo 41.5 Blahnik Flats Perforated Blue Suede Size Flats Size 41.5 08ae4a1
    Flats
    >
    ;