Never miss an update

ALAIA TWICE gold laser cut leather ballet 29990 flats flats shoes Italian size 38 WORN TWICE f64c39f




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: Excellent Condition!
Heel Height: Flat (0 to 1/2 in.) Brand: Alaia
Color: Gold Style: Ballet Flats
US Shoe Size (Women's): Italian 38 EUR Shoe Size (Women's): EUR 38
Material: Leather UPC: Does not apply
Never miss an update

ALAIA TWICE gold laser cut leather ballet 29990 flats flats shoes Italian size 38 WORN TWICE f64c39f - blurrypron.com

    ALAIA TWICE gold laser cut leather ballet 29990 flats flats shoes Italian size 38 WORN TWICE f64c39f
    ALAIA TWICE gold laser cut leather ballet 29990 flats flats shoes Italian size 38 WORN TWICE f64c39f
    Miu Miu Embellished Buckle-Strap Ankle Wrap Leather Ballet Flat , $525 SS15 Moschino Couture Jeremy Scott Barbie Black Pink Logo Flat Ballet Shoes , NIB Christian Louboutin Hubertus Donna Silver Oxford Loafer Sneaker Flat 38 $845 , New PRADA Wingtip Brogue Platform Sneakers $975 Size 39 BlackAuthentic Pre-owned Christian dior J’adior SlingbacksbBlack Patent 37.5 Flat , 100% AUTH NEW WOMEN LOUBOUTIN ROSELLA FLAT NAPPA BALLET/BALLERINA FLATS US 9.5 , Man/Woman Christian Louboutin Gondoliere Women's Flat Reasonable price Sales Italy Authentic guarantee , Valentino 'Rockstud' Red Ballerina Flat Shoe Size 38 RETAIL $745 NWBDolce & Gabbana White Coco Patent Leather Mary Jane Flats sz 10 / $1200 , Valentino Garavani Rockstud White Leather T-Strap Ankle Strap Flat Shoe 38.5 , Valentino Rockstud Flat Size 39 US 9 Black Patent , PRADA White Leather Buckle Kiltie Mule Slip On Flats Size 41 , NEW Miu Miu by Prada Satin Crystal Pointed Toe Flats Black 41 IT / 10-11 US , NIB Valentino Rockstud Patent White Leather T Strap Cage Ballet Flat 37.5 $995 , B-385 Women's VALENTINO GARAVANI Rockstud Espadrille Flat Leather Sz 38 / 8 USChristian Louboutin BALLALARINA Spike Studded Bow Flat Leather Shoes Nude $695 , NIB Valentino Rockstud Patent White Leather T Strap Cage Ballet Flat 35.5 $995$995 NIB Manolo Blahnik Hangisi Flats Red Satin 37Gabriela Hearst NWT White Leather Buckled "Savage" Mules SZ 36Christian Louboutin Solasofia Bow Red Sole Skimmer Flat Pointy Toe, Black 35.5EU , MANOLO BLAHNIK FUR-TRIM SUEDE MULES SZ 39 , New Valentino Garavani Rockstud Caged Ballerina Flats Shoes 36.5/ US 6-6.5 $995 , Valentino Grey Leather Rockstud Rolling Pointy Ballet Flats Size 37.5 New $995 , Gabriela Hearst NWT Black Leather Buckled "Savage" Mules SZ 36 , Gabriela Hearst NWT Black Leather Buckled "Savage" Mules SZ 37.5Salvatore Ferragamo Varina Bon Bon Pink Ballet Flat - Women's 7.5 B , New Sz 38 Valentino Rockstud White Leather T-Strap Ankle Strap Flat ShoesChristian Louboutin Doracora Flat Patent Ballerina Shocking Ballet Flats 40.5 , LANVIN Womens White & Black Leather Pointy Toe Flats Sz 37.5 ,
    ALAIA TWICE gold laser cut leather ballet 29990 flats flats shoes Italian size 38 WORN TWICE f64c39f - blurrypron.com>ALAIA TWICE gold laser cut leather ballet 29990 flats flats shoes Italian size 38 WORN TWICE f64c39f - blurrypron.com
    MUCK Boot Co Womens Arctic Sport Boots Purple Black Sz 6/6.5 MSRP $170 CD42 , Mr/Ms Durango Women's Brown Harness Boot RD594 Crazy price The highest quality material Current shapeSCHUTZ Women's Luky Dress Sandal - Choose SZ/ColorUK Size 6.5 Otter Hiker Safety Shoe Steel Cap Brown Waterproof Nubuck Leather , adidas UltraBOOST Clima Grey Two Real Teal Men Running Shoes Sneakers BY8889 , Nike Wmns Air Jordan 1 RET Hi PREM I Premium AJ1 Black Women Shoes AH7389-001 , Men's/Women's Sneakers Nike Red selling price Environmentally friendly Very good classification , Kenneth Cole REACTION Wind Chime Over-the-Knee Winter Boots, Black, 7.5 US / 38 , Gentlemen/Ladies Not Rated Women's Python Gladiator Sandal Every item described is available discount price Different styles , New BURBERRY London Westford Quilt Black Leather Sneaker Size 39.5 B/ 9.5Melissa Viviene Westwood Shoes USA 9 / /Mr/Ms Bordello TEEZE-31G Fashion pattern High quality and economy Excellent stretching , Christian Louboutin Monica Calf Cork Zeppa white leather wedge heels shoes 9 , ESCARPINS REPETTO Daim et vernis noir Modèle Odette Taille 38 39 TRES BON ETAT , Brand New size 6.5 Stella McCartney White Zipper Pointy Shoes, Made in ItalyNIB YSL Yves Saint Laurent TRIBTOO 80 PLTF BOA EXOTICO TURBULANCE Pump Shoe 36.5 , Frye Heather Black Womens Shoes Size 6 M Sandals MSRP $298 , NEW Ivanka Trump Cathy Natural Leather Sandals size 6.5 Flats Shoes , Nike SB Zoom Janoski Canvas DC Decon Clay Green Barely Grey AH6417-300 Multi SZ , Nike ZOOM AIR Michael Vick III 3 Shoes 832698-100 White Blue SZ 10 1/2 , Nike Tanjun Premium Camo Mens 876899-200 Black Mushroom Running Shoes Size 8.5 , 2012 Air Jordan 4 Retro OG FIRE RED 308497-110 Size 8NIB $70 Converse X Black Sabbath Chuck Taylor Hi "Sabbath Bloody Sa" US Mens 8 , *NEW!* Sperry Top-Sider AO 2-Eye Boat Shoes Mahogany Navy Off White 11.5M , New Florsheim Comfortech Radar 7.5 EEEEE black (2541)Cole Haan Moc Toe Slip On Dress Shoes Brown Soft Leather Sz 13M , Men's Genuine Cow Leather Shoes Dress Formal Classic R0160 Brown Black Size 6~11Earth Origins Cammie Brown Leather Ruched Ankle Boot NEWgreen suede Oilily Women Boots Embroidered Size 36 , Sexy Womens 20cm Platform Over knee Boots High Heels Nightclub Dance Shoes Pumps
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ALAIA TWICE gold laser cut leather ballet 29990 flats flats shoes Italian size 38 WORN TWICE f64c39f - 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.

    ALAIA TWICE gold laser cut leather ballet 29990 flats flats shoes Italian size 38 WORN TWICE f64c39f - 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
    ALAIA TWICE gold laser cut leather ballet 29990 flats flats shoes Italian size 38 WORN TWICE f64c39f
    Flats
    >
    ;