Never miss an update

STYLISH SERGIO ROSSI SIZE ROSSI SERGIO BLACK LEATHER CUT OUT SIDES SLIP ON PUMPS SIZE/2 d618258




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: Good condition -
Country/Region of Manufacture: Italy Width: 3-1/4
Style: Pumps, Classics UK Shoe Size (Women's): UK 8
US Shoe Size (Women's): US 10 Fastening: Slip On
Heel Height: Very High Heel (4 1/2 in or More) Exact Heel Height: 4-1/2
Material: Leather Toe Style: Pointed
EUR Shoe Size (Women's): EUR 40.5 Brand: Sergio Rossi
Color: Black MPN: 4239 8038
Heel Type: Stiletto UPC: Does not apply
Never miss an update

STYLISH SERGIO ROSSI SIZE ROSSI SERGIO BLACK LEATHER CUT OUT SIDES SLIP ON PUMPS SIZE/2 d618258 - blurrypron.com

    STYLISH SERGIO ROSSI SIZE ROSSI SERGIO BLACK LEATHER CUT OUT SIDES SLIP ON PUMPS SIZE/2 d618258
    STYLISH SERGIO ROSSI SIZE ROSSI SERGIO BLACK LEATHER CUT OUT SIDES SLIP ON PUMPS SIZE/2 d618258
    Alejandra G Cristina Red Suede Sandals Studded Fringe Ankle Strap Shoes Sz 36 EUMARNI Black & Brown Leather Strappy Crossover Square-Toe Sandals 38.5 , New RARE Gold Leggiadro Sandals Heels Italy 39 8.5 VTG BARRIE CHASE COLLECTION , Pour La Victoire Case BLACK kid suede gold strap piping mary jane heel NEW high , NEW! NIB! L.A.M.B. Black Leather Geometric DOLORES Platform Heels Pumps 10 $325 , Chloe | White Leather Platform Heels size , Clarks Comet Trail Suede Wedges Black Women Sz 7.5 M 3332 , POUR LA VICTOIRE, CAILYN PUMP, WOMENS, BEIGE SNAKE, US 9.5 M, EURO 39.5, NIB , CHARLES JOURDAN Purple Suede Heels size 7 , NEW $795 Derek Lam Gillis Calf-Hair-Wedge Sandal, White/Black US size 8.5 , STUART WEITZMAN blood red patent leather stiletto peep toe size 9 m , PRADA Womens Classic Black Leather Peep-Toe Square Toe High-Heel Pumps 11-41Sergio Rossi Black and White Leather Pointed Toe D'Orsay Pumps , Spring Step Women's Nadelia Chelsea Boot , Brand New Free People Harvest Moon Pump Size 6 Originally $298 , NEW Anthropologie Lien Do Taupy Brown Metallic Suede Braided Buckle Boots 6 , Nicholas Kirkwood Snake Heel Platform Satin Bootie Black/Blue Size: 39.5 EUR , Ted Baker London Nissie Ankle Boots dark Tan Leather Size 6.5 , Balenciaga Snakeskin Open Toe Slingback Sandal Heels~Exotic Safari Texture~ SZ39Prada Women's Platform Heels Size 37.5 Leather Dark Brown Color Made In ItalyBadgley Mischka Kandyce Sandal Evening Pump Black Leather New with Box , Spring Step Women's Otava Chukka BootNIB LFL Lust For Life B Real High Heel Boots Leather Brown "Natural" Fur 6 MPRADA Brown Spazzolato Leather Braided Trim Velvet Bow Pumps 38.5 , Salvatore Ferragamo Black Heels Womens Size 8 B Shoes with Gold Tone Trim , AVEC LES FILLES LINNEA Women Platform Heels (6.5 M, BLACK)Stuart Weitzman Color Black Satin Shoes Size 6.5 New with box MSRP $298Giuseppe Zanotti Rasobo Plato Sanda Flower Applique Satin PumpsNEW WOB BRUNO MAGLI CLASSIC PUMPS HEELS SIZE 8 1/2 B BLACK MADE IN ITALY ,
    STYLISH SERGIO ROSSI SIZE ROSSI SERGIO BLACK LEATHER CUT OUT SIDES SLIP ON PUMPS SIZE/2 d618258 - blurrypron.com>STYLISH SERGIO ROSSI SIZE ROSSI SERGIO BLACK LEATHER CUT OUT SIDES SLIP ON PUMPS SIZE/2 d618258 - blurrypron.com
    Elie Tahari Leather Ankle Boots Size 7.5 Retail $595Tommy Hilfiger Flag Detail Sneaker Mens Midnight Navy Leather Trainers , VANS HALF CAB PRO FULL CAB PRO(50TH) '89 BUGUNDY / GREY SKATE SHOES MENS HALF CA , Dr Martens Black Boots, 1914 Smooth 14 Eye Boots, / , adidas Climacool Vent W White Women Running Shoes Sneakers Trainers CG3923Lucca Lane Valia Flat Embroidered Slip On Sandals, Black, 8.5 US , Sexy Club Women Colors Block High Heels Transparent Strap Party Punk Pumps Shoesnaturalizer Natalie Classic Pumps 453, Latte Leather, 5.5 US / 35.5 EUChic DELMAN Burgundy Calfskin Sling-Backs w/Oxblood Red Patent Toes 7B , Freebird Womens Sofia Leather Almond Toe Mules, Blue, Size 8.0 RvlWPLEASER Allure-650 5 1/2" Heel Sexy Exotic Platform Sandal , Teva Women's Tirra Simply Taupe Polyester Webbing Upper Sandal 4266SITANEW BALANCE 990 Running Shoes ~ M990GL3 ~ Men's US Sz 12.5 B NarrowNike PG 1 Mens Basketball Shoes 8 Navy Red White 878627 900 Paul George USA , Under Armour Sonic Hovr Connect Sz 9.5 Black New Free Shipping***LI-NING WAY OF WADE (WOW) 2 "ANNOUNCEMENT" size 11.5*** | Lining WOW2 blackNike Zoom Hyperdunk 2011 BG Blake Griffin Bright Mango Black DS SZ 9 434985-800 , Adidas Yeezy Boost 350 V2 Oreo Shoes, Size 12 US, Black / White Authentic - UsedGentlemen/Ladies Bogs Men's Classic High Waterproof Boot Quality queen Environmentally friendly ExportKlogs Dusty Unisex Clogs - Made In The Usa Purple Rain - 13 WideBritish Knights Roco Fur Hi Casual Trainers Mens Brn Fashion Trainers SneakersFlorsheim Men's Danforth Moc Toe Bit Loafer Black Shoes 13093-001 , New Bruno Magli Vino 7.5 M brown (3430)NEW Adidas W Supernova Sequence Light Grey/White ( AQ3552 ) SZ-11 , NIKE Women's Air Max Sequent 2 Running Shoe Black/White/Dark Grey Size 8.5BCBG Maxazria Nitza Black Boot Sz 6.5 4.5"heel 1/2" platform MSRP $499 see notes , Womens Real Leather Suede Ankle Boots Rivets Studded Buckle Casual Punk shoesJustin Womens Brown Lizard Print Leather Pointed Toe Western Boots Sz 6.5BWomen Ankle Metallic Chain Boots Fur Edge Pointed Toe Hige Slim Heel WinterShoes , Cole Haan Maxfield Shootie II Bootiem, Women's Size 8.5 B, Black ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    STYLISH SERGIO ROSSI SIZE ROSSI SERGIO BLACK LEATHER CUT OUT SIDES SLIP ON PUMPS SIZE/2 d618258 - 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.

    STYLISH SERGIO ROSSI SIZE ROSSI SERGIO BLACK LEATHER CUT OUT SIDES SLIP ON PUMPS SIZE/2 d618258 - 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
    STYLISH SERGIO ROSSI SIZE ROSSI SERGIO BLACK LEATHER CUT OUT SIDES SLIP ON PUMPS SIZE/2 d618258
    Heels
    >
    ;