Never miss an update

Loeffler Randall Sneaker 4373 Kane Maroon Calf Loeffler Hair Size Hair 6 Slip-On Platform 9f17727




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: Barely - See Item Description
Brand: Loeffler Randall US Shoe Size (Women's): 6
Width: Medium (B, M) Style: Fashion Sneakers
Material: Pony Hair Country/Region of Manufacture: China
Heel Height: Low (3/4 in. to 1 1/2 in.) Insole Length (inches): 9 1/8"
Color: Red Exterior Sole Length (inches): 9.25"
Pattern: Solid UPC: 1000062021776
Never miss an update

Loeffler Randall Sneaker 4373 Kane Maroon Calf Loeffler Hair Size Hair 6 Slip-On Platform 9f17727 - blurrypron.com

    Loeffler Randall Sneaker 4373 Kane Maroon Calf Loeffler Hair Size Hair 6 Slip-On Platform 9f17727
    Loeffler Randall Sneaker 4373 Kane Maroon Calf Loeffler Hair Size Hair 6 Slip-On Platform 9f17727
    NIKE Womens Free RN Running Shoes Dark Grey/Pink Blast 831509-006 Size 10 , Wmns Nike Zoom Fly White/Glacier Blue/Polarized Blue/Metallic 897821 104 Sz 7.5 , Rag & Bone RB1 glossed Leather Sneakers Size 40 Womens 10 White , Nike Tennis Classic Ultra Flyknit Blue Pink Womens sz 8 Casual Shoes 833860-400 , NIKE AIR ZOOM TERRA KIGER WOMEN'S PINK 599119-645 SIZE 12 (29CM)Womens Nike Metcon DSX Flyknit 2 Size 10.5 924595 002 New Sale , Nike Air Force 1 Upstep Metallic Snake Effect Leather Sneaker Size 8 , NIKE WMNS SF AF1 MID AA3966-003 SPECIAL FIELD BLACK HAZEL DS SIZE: 10CRIME London Women's NERO DONNA LEATHER HIGH-TOP w/SIDE-ZIP SHOES - 38 / 7New Balance W890WB6 Womens 890v6 Cushioned White/Black/Blue Iris Running Shoes , RARE JORDAN 1 PREMIUM SIZE 6 Y GIRLS SNEAKERS METALLIC GOLD 322675 711 2008 , NIKE AIR HUARACHE ID OBSIDIAN BLUE/WHITE SIZE WOMEN'S 6.5 [777331-971] , Vintage Nos 2006 Nike Womens Sprint Sister Leather Pink Brown Sz8. 311919 621 , Women's Lily Brown x Asics Gel Saga Sneaker size 5 Atmos shoesNike Womens Air Huarache Size 6.5 Run MID Black Sneakers 807313-001NEW Sam Edelman Women's High Top Black Leather Suede Sneaker Size 9 NWTTwisted X Boots Women's WDMW001 Waterproof Tall Driving Moc Distressed Saddle , Womens Salomon Sense Ride Running Shoes Trainers Sangria/Living Coral/Virtual , Nike womens air max thea mid pinnacle shoes 6.5 black 861659-001 boots NWOT , Womens nike lunarepic low flyknit shoes size 9.5Nike Zoom Vapor 9.5 Tour 631475 002 Black/Hyper Violet Women Tennis Shoe Sz 11.5 , VIBRAM FIVEFINGERS WOMENS V-TRAIN BLACK CORAL GREY SIZE 42Nike WOMEN'S Air Force 1 07 SE Premium FORCE IS FEMALE SZ 5.5 NEW PATENT LEATHERDANSKO WOMENS ALISSA GOLD PRINT LEATHER SIZECole Haan Womens ZeroGrand Convertible Faux Shearling Cuff Chukka Sneaker Sz 9.5 , Nike Zoom Fly 897821 003 Black/Black-Anthracite Women's Running Shoes Sz 6 , BRAND NEW Adidas Womens Ultra Boost X All Terrain Mid Size 9Dr Martens Hazil Motorcycle Women Boots NEW Size US 10 11$195 size 7 Vince Verrell White Sneakers Slip Ons Womens Shoes NEW
    Loeffler Randall Sneaker 4373 Kane Maroon Calf Loeffler Hair Size Hair 6 Slip-On Platform 9f17727 - blurrypron.com>Loeffler Randall Sneaker 4373 Kane Maroon Calf Loeffler Hair Size Hair 6 Slip-On Platform 9f17727 - blurrypron.com
    Caterpillar Alexi Combat Boots-Women's size 8.5 Black , Ovation Men's Flex Field Boot - 468838Corral Women's Western Cowgirl Cognac Embroidery Ankle Boots E1425Nike Air Monarch IV Mens Running Trainers 415445 Sneakers Shoes 001Mustang Womens 1267-501-555 Hi-Top Trainers, Red Rose 555, 5.5 UKGentleman/Lady CHURCH'S SHANGHAI TARTAN GREY/ANTHRACITE LOAFER Consumer first King of quantity Beautiful and charmingSeychelles SNARE Womens Boots Black 6 US / 4 UKMunro Katie Loafer - Women's Size 8.5M, Black , Womens Dansko Professional Linen Patent Casual Pro Clog 406440202 Sizes 37-41 , Puma Basket Platform Velvet Rope Womens TrainersSedona West Women's Shoes Size 8.5 Red Ostrich Leather Full Quill Mules , Womens Strap Pumps Heelless High Heel Shoes 3Color Platform Zsell , Gorgeous JASON WU "Little Emperor" Brocade Loafers 41 or 10.5 WORN ONCE! $630.00 , Lucky Brand Adinis Women's Black/White Sandals Size 7.5 NIB , Earth Tidal - Women's Gladiator Sandal Black - 9 Medium , Cole Haan Women's Shoe Metallic Silver Pink High Wedge Sandal Size 8.5 M , Sixty Seven Harper Leather Oxfords, Black Euro 36/US Size 5 MNike Athletic Running Rosherun Slip On GPX Black White Blue Size 13 EUC , Nike Air Way Up Cool Grey Size 10 579945-001Nike Air Zoom Elite 9 Running Shoes "Oreo" (863770-001) SZ US WMNS 9.5=US MENS 8 , Reebok Men's Combat Noble Cross Trainer - Choose SZ/ColorThe North Face Back-To-Berkeley California Roots Boot Mens Sz 11 Waterproof , NIB Donald Pliner Alondro Mens Penny Loafer Driving Mocs Shoes 10 Cognac $165 , New Nike Ruckus Low Mens Casual Shoes , New Balance Women's FuelCore Agility v2 WXAGLSF2 Pigment-Solar Yellow-WhiteGentleman/Lady Alex+Alex Thick Sole Hi-Top Sneaker, 6 service New products in 2018 AmoyASICS Womens Gel-Solution Speed 3 Sneaker, Black/Hot Pink/Silver, Size 11 , MATERIAL GIRL Mcarena Women Booties (8.5M, Taupe)NWOB Comfortview Boots Women Size 9M Black Knee High Henny , Free People Women's Adele Leather Rear Zip Ankle Boot Retail $180 size 8 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Loeffler Randall Sneaker 4373 Kane Maroon Calf Loeffler Hair Size Hair 6 Slip-On Platform 9f17727 - 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.

    Loeffler Randall Sneaker 4373 Kane Maroon Calf Loeffler Hair Size Hair 6 Slip-On Platform 9f17727 - 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
    Loeffler Randall Sneaker 4373 Kane Maroon Calf Loeffler Hair Size Hair 6 Slip-On Platform 9f17727
    Athletic Shoes
    >
    ;