Never miss an update

Valentino Brown Leather Embossed Knee IT41/US11 High Boots Size Leather Valentino IT41/US11 ~Retail$2095 96c2207




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Brand: Valentino
Material: Leather Style: Boots
Pattern: Solid MPN: Does Not Apply
US Shoe Size (Women's): 11 Width: Medium (B, M)
Toe Type: Pointed Toe Color: Brown
Country/Region of Manufacture: Italy Heel Height: Flat (0 to 1/2 in.)
EBAY_BESTOFFER: True UPC: Does not apply
Never miss an update

Valentino Brown Leather Embossed Knee IT41/US11 High Boots Size Leather Valentino IT41/US11 ~Retail$2095 96c2207 - blurrypron.com

    Valentino Brown Leather Embossed Knee IT41/US11 High Boots Size Leather Valentino IT41/US11 ~Retail$2095 96c2207
    Valentino Brown Leather Embossed Knee IT41/US11 High Boots Size Leather Valentino IT41/US11 ~Retail$2095 96c2207
    NEW BALENCIAGA LADIES CURRENT BLACK KNIT SPEED ALL OVER LOGO SNEAKERS SHOES 38 , CHRISTIAN LOUBOUTIN 'RUNWAY' GLADIATOR SKIN COLOR ANKLE BOOTS US 8.5Alexander McQueen Gold & Silver Pat Leather Boots Sz 37 Italy RARE ARCHIVE STOCK , Versace Palazzo Metallic Heel Leather Boots with Gold Medusa Medallion $2200BALENCIAGA Ceinture Ankle Boots in Black Leather Size 39 — NWB$1250 JIMMY CHOO Drape Black Leather Knee High Boots Heels 38.5 / 8.5 New , Loro Piana 'STIVALE' TWO TONE SUEDE WOMEN TALL BOOTS US 9Christian Louboutin FETICHA Boots-(Feticha Botta 120 Calf Carezza) Black Size 39BALMAIN for H&M Suede Over the Knee Boots US Size 6 NEW (Runs Big fit 6,5) , Gentleman/Lady GIANVITO ROSSI Bottes Boots Cuissardes Special purchase Make full use of materials Strong heat and heat resistance , NIB ISABEL MARANT ETOILE BLACK LEATHER CHESS HEEL TALL BOOTS 41 $1,015 , DIOR PLEATS BLACK SUEDE ELASTICIZED THIGH OVER THE KNEE BOOTS SIZE 39/US 8 $1600New sz 10.5 / 41 Isabel Marant Derlyn Khaki Tan Suede Ankle Heel Bootie Shoes , DOC DR MARTENS HAMMER & SICKLE BOOTS NEW MADE IN ENGLAND RARE VINTAGE UNISEX 5UK , New sz 9 / 39.5 Jimmy Choo Monroe Black Leather Stud Knee High Tall Boot ShoesISABEL MARANT Dallin Suede Cowboy Boots in Black Size FR 40RARE. Women’s Burberry Dallaway Rain Boots / Size 37 New in the boxCasadei Black Leather Biker Motorcycle Boots Sz 10M NWB , MAISON MARTIN MARGIELA split toe black leather high heel shoes tabi boots 39 NEWNew VERSACE “Chelsea” Studded Black Leather Thigh High Boots 40 - 10$995 BALENCIAGA SLASH HEEL BLACK LEATHER MID CALF ANKLE BOOTS SIZE 38CHRISTIAN LOUBOUTIN BLACK LOULOUBOOT SUEDE PIPED ANKLE BOOTIES SIZE 38 , LUDWIG REITER "MARONIBRATER" FUR LINING BLACK/BROWN LEATHER RIDING BOOT -$12000 RALPH LAUREN COLLECTION *TALLEN* CROCODILE Booties EUR-39.5B US-9.5BRoger Vivier Suede Boots Womens Patched High Heel 7 37 , New sz 6 / 36.5 PRADA Navy Blue Velvet Pointed Toe Ankle Boots Womens Shoes , New sz 8 / 38.5 Prada Black Suede Over the Knee Tall 2 1/2" Heel Boot ShoesChristian Louboutin Black Suede Fringe Highness Tina Peep Toe Sz 36/6 Boots , MAISON MARTIN MARGIELA split toe red leather high heel shoes tabi boots 39.5 NEW
    Valentino Brown Leather Embossed Knee IT41/US11 High Boots Size Leather Valentino IT41/US11 ~Retail$2095 96c2207 - blurrypron.com>Valentino Brown Leather Embossed Knee IT41/US11 High Boots Size Leather Valentino IT41/US11 ~Retail$2095 96c2207 - blurrypron.com
    Pleaser Women's Ele3028/b/Pu Boot, Black Strap Faux Leather/Black Matte, 7 M USNEW Faas 600 S Great Run MEN'S RUNNING/SNEAKERS/FITNESS/TRAINING/RUNNERS SHOES , REEBOK MENS PUMPS THE PUMP REVENGE CLASSIC RARE OG BLACK/BLUE/WHITE RRP $189.90 , Man/Woman Demonia CREEPER-402 New market Reliable performance Excellent function , Superdry Millie_jane Chelsea Womens Boots - Brown/bronze All SizesNine West Quisha Criss Cross Ankle Strap Sandals 098, Light Gold, 5.5 US , Man/Woman Eastland Women's Buck - Choose SZ/Color Best-selling worldwide Quality First Different styles , Joya Marilyn MJ Black US Size 10.0 (Eu 41.2, )Man's/Woman's SKY-302SRS Fine processing delicate Comfortable and naturalJessica Simpson Women's Parma Pump, Pewter, Size 6.0Kenneth Cole New York Women's Blaine Stiletto Heel Sandal Red Patent , RARE~SPECIAL ED~Nib~Adidas TOP TEN LOW EASTER Superstar Shoes gazelle~Mens sz 11Jordan 29 XX9 Russell Westbrook OKC Hare Bugs Bunny PE Size 12 100% Auth New , MEN'S RETRO KNEE HIGH BOOTS BACK ZIP equestrian boots COWBOY RIDING BIKER BOOTSKhombu CANAAN Mens Brown SIZE 12 MEDIUM Waterproof Snow BootsMens Smoky Mountain Boots leather Sz 11 , RUDEL BOOTS 10 E LEATHER BOOTS 10 EFrye James Chelsea Boots, Black size 13 , Gentleman/Lady Rapid Transit Men's High-top Sneakers Excellent craft Stylish and fun Lightweight shoes , Mens Italy Buckle Wedding Formal Pointy Toe Leather Dress Business British Shoes , NEW ADIDAS PRO MODEL 0 Dark Indigo Blue Womens 12 Mens 11 NWT Basketball NRNIB WOMENS SIZE 7.5 NIKE AIR MAX THEA SNEAKERS LIGHT BONE 599409 026Man's/Woman's Haglofs approch shoes W 8.5 Good design Various types and styles Popular tide shoesNEW Women's Asics Gel-1170 Size 11.5B (Medium) Athletic ShoeNike Mayfly Woven Black & Silver Womens Training Shoes Sz 8 NEW 833802 006 RARE , $120 Asics GT-2000 4 Women's Light Grey/Multi Color Athletic Shoes 6.5 2E , Vionic with Orthaheel Technology Women's Farra T-Strap Sandal Black Patent , Nike Air Max Thea Knit Womens AA1109-600 Mahogany Wine Running Shoes Size 7.5Nike Air More Money LX All Star LA Size 8.5 Women's AJ1312 100 , Kenneth Cole REACTION Pull Ashore Fringe Ankle Booties, Black, 9 US / 40 EU
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Valentino Brown Leather Embossed Knee IT41/US11 High Boots Size Leather Valentino IT41/US11 ~Retail$2095 96c2207 - 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.

    Valentino Brown Leather Embossed Knee IT41/US11 High Boots Size Leather Valentino IT41/US11 ~Retail$2095 96c2207 - 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
    Valentino Brown Leather Embossed Knee IT41/US11 High Boots Size Leather Valentino IT41/US11 ~Retail$2095 96c2207
    Boots
    >
    ;