Never miss an update

Cole Haan Haan Women's Pumps Brown Suede Leather Spectator in Pumps 8B Hand Made in Italy d9353b1




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: slight wear
Brand: Cole Haan Heel Type: Cuban
Style: Pumps, Classics Heel Height: High (3 in. and Up)
US Shoe Size (Women's): 8 Material: Leather, Suede
Width: Medium (B, M) Occasion: Formal
Color: Brown
Never miss an update

Cole Haan Haan Women's Pumps Brown Suede Leather Spectator in Pumps 8B Hand Made in Italy d9353b1 - blurrypron.com

    Cole Haan Haan Women's Pumps Brown Suede Leather Spectator in Pumps 8B Hand Made in Italy d9353b1
    Cole Haan Haan Women's Pumps Brown Suede Leather Spectator in Pumps 8B Hand Made in Italy d9353b1
    Womens - PRADA - Black Leather Pointed Toe Light Green Sole Slingback Pumps 36.5Women's - MIU MIU - Pink Moonstone Strappy Brown Leather Kitten Heel Sandals 9.5 , OSCAR de la RENTA Gold Leather/Tan Satin Evening Ankle Tie Heels -NICE - 37/US7RACHEL ZOE Black Eloise Pointed Toe Pump Size 8 $348.00MOT-CLe 5373 Taupe Leather / Patent Leather Wedge Bow Pumps 39.5 / US 9.5 , New Casadei Pellame Black Nubuck Leather Heeled Sandals Pumps Women's Size 9.5 BStuart Weitzman Suede Tassel Pumps Shoes Sz. 9 M , $1299 Dsquared Shoes Silver Real Leather Size US 10 IT 40 Huge 8342New NINE WEST d'Orsay Bronze Leather Women High Heel Pump Shoe Sz 8.5 M$298 ELIE TAHARI LEANN Champagne Snake Leather Designer Sandals 9.5$1299 Dsquared Shoes Brown Real Leather Size US 10 IT 40 Huge 8284 , DVF DIANE VON FURSTENBERG $458.00 BLAIRE SLINGBACK HEELS PUMPS SHOES 7 8.5 10L.K. Bennett Mismatching Floret Patent Leather Pump Red Women 40 L 39.5 R 1890 , Jimmy Choo Suede Wedges 39.5 worn once purchased Jimmy ChooMen/Women Staurt Weitzman High Heels Shoes Reasonable price Sales Italy Export$298 Frye Brown Pepper Agate Stone Brown Wedges Platform Shoes ~8.5M M3020TORY BURCH PLATFORMS WEDGES 51118401 438-NAVY+NATURA STRIPE BEIGE SIZE 10Womens - PRADA - Fuchsia Pink Leather & Vinyl Buckled Low Heel Slide Sandals 5.5 , Ilaria Marini Collection Italy Leather Hills Black Pumps Women Shoes Size: 8Gentleman/Lady Ferragamo High Heeled Sandals 37.5 Consumer first At a lower price Immediate deliveryMANOLO BLAHNIK Classic Tan D'Orsay Pumps Leather w/Bow Kitten Heels Shoes~38.5 , VINCE CAMUTO SIGNATURE VI-NEVA TAWNY/PALE GOLD LOAFER SIZE 10MSam Edelman ROZA Red Suede Platform Pumps Stud Gem Embellishment 7Man's/Woman's shoes Guarantee quality and quantity Selected materials TRUE , $1299 Dsquared Shoes Pink Leather Size US 9.5 IT 39.5 Huge 8349Man/Woman Loeffler Randall Women's Langley (Kid Suede) Crazy price, Birmingham Cheaper than the price high quality productGeorgio Pacini 7244 Women's Mid Heel Leather And Print Crocodile PumpStuart Weitzman Bandura Strappy Leather Sandals/ Heels - Size 10 - NewNew Stuart Weitzman Black Satin Crystal D'orsay Open Toe Pumps 7.5 M ,
    Cole Haan Haan Women's Pumps Brown Suede Leather Spectator in Pumps 8B Hand Made in Italy d9353b1 - blurrypron.com>Cole Haan Haan Women's Pumps Brown Suede Leather Spectator in Pumps 8B Hand Made in Italy d9353b1 - blurrypron.com
    CORRAL Women's Black Full Inlay Snip Toe Cowgirl Boots G1417NEW IN BOX $640 Loeffler Randall Elka Black Vacchetta Leather Boots / Shoes Sz 7FRYE Women's Jordan Strappy Tall Riding BootBos. & Co. Women's Georgi Snow Boot , Men's/Women's Funtasma EXOTICA-305 Comfortable feeling new retail priceWOMANS ROCKPORT LEATHER SUEDE SHOES LOAFER STYLE SIZE 91/2 N SOFT & BEYOND COMFY , Men's/Women's SCHOOLGIRL-50G use New products in 2018 Current shapeSteve Madden Womens Rubu Simple Kitten Heel Pumps Shoes , STUART WEITZMAN BLACK SUEDE LEATHER BOW SHOE SIZE 11 M 1" HIDDEN HEEL NICEMen/Women Reebok Classic Pink Women Size 10 Charming design low cost Preferred boutiqueGiesswein Walkwaren Unisex Veitsch Adults Mules Wool Slippers 47848 Anthracite , Converse Shoes Chuck Taylor All Star High Top Canvas Mens Sneakers- Burgundy , Converse Chuck Taylor J V Distressed Leather Black Men Size 12 Sneakers 146130C , Nike New York Giants Free Trainer V7 Ltd Edition AA1948-406 Shoes Size 8 , Nike Air Jordan 6 Retro “Infrared” 384664-123 Shoes Size US 13 , Nike Air Jordan VII 7 Retro Black/Light Graphite-Bordeaux 304775-003 Sz 13Asics x SoleFly Gel Lyte III 3 Night Haven SZ 8.5 Ronnie Fieg 3M H41FK-9090Deadstock Air Retro Jordan 2 II Nightshade Black Volt Pure Platinum Size 11Nike Air Max Hyperposite Statue of Liberty 524862 302 Air Jordan sz 9.5 , PUMA Men's Rs-0 Sound Sneaker - Choose SZ/colorSuede Outdoor Casuals Gommino Flats Slip On Driving Shoes Multi Color US 6-10.5Nike Air Max 1 Ultra Se 2.0 Mens Running Trainers 875845 Sneakers ShoesAllen Edmonds Men's Sanibel Loafer Black Pebbled 9.5 D EUCMens Leather Pointy Toe Formal Dress Business Breathable Brogue Wedding ShoesAdidas NMD R1 Silver Women's Size 9 S76004 grey Metal Boost Running TrainerSAS Women's Duo Ankle Strap Sandal Antique TanSkechers Women's Microburst One up Fashion Sneaker - Choose SZ/Color , Noble Outfitters Outdoor Boots Womens Muds WP 8 R Fig Mosaic 66003 , J Crew Biker Suede Boots Warm Chestnut 10.5 B0378 , Steve Madden fashion thigh high boots in black Fabric Size US 6.5 - ½
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Cole Haan Haan Women's Pumps Brown Suede Leather Spectator in Pumps 8B Hand Made in Italy d9353b1 - 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.

    Cole Haan Haan Women's Pumps Brown Suede Leather Spectator in Pumps 8B Hand Made in Italy d9353b1 - 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
    Cole Haan Haan Women's Pumps Brown Suede Leather Spectator in Pumps 8B Hand Made in Italy d9353b1
    Heels
    >
    ;