Never miss an update

Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575




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, some marks in leather, see pics
Style: Slingbacks Brand: Miu Miu
US Shoe Size (Women's): 37.5 Fastening: Slip on
Color: White Heel Height: High (3 in. to 4.5 in.)
Material: Leather Country/Region of Manufacture: Italy
Heel Type: Stiletto
Never miss an update

Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575 - blurrypron.com

    Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575
    Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575
    Gentlemen/Ladies Theysken's Theory Edna pumps size 37 Crazy price, Birmingham Medium cost Easy life , Jean-Michel Cazabat Gold Lame and Raffia Open Toe Wedge Heels Size 36 NEW$230 Charles David Womens Complex Pump D'Orsay Shoe, Black Patent, US 10 , Men/Women Jimmy Choo sandals High quality and cheap Preferred material unique , Man's/Woman's Demonia KERA-08 the most convenient Reliable performance Perfect processing , Womens Size 6.5 M Yves Saint Laurent Crocodile Print Leather High Heel Shoes PumRED Valentino Daisy Print Pumps Size 38.5,39,39.5 EU Retail .$450 Made In Italy , Anthropologie Guilhermina Rustica Cork Heels Sandals Shoes Size 9 $188.00 , COLE HAAN WMN'S AIR NATALIE SAN55 OPENTOE FASHION PUMP BLK NAPPA LTHR US SZ 10 MWomens Bling Shiny Strapy Sandals Rhinestone Diamond Stilettos Deep Toe OL Shoes , Salvatore Ferragamo Black Patent Leather Low Heel Size 7 AA Narrow Memory Nero , Donald J Pliner BLAIR Raspberry Purple Suede Peep Toe Platform High Heel - 9.5 M , NEW Stuart Weitzman Heel Slingback Peep Toe Gold Metallic Ladies 9N Narrow P49NEW RACHEL ZOE Sz 9 SAM TRI STRAP SUEDE MARY JANE HEEL PUMPS $298 , Womens High Heels Leather Strappy Stilettos Sandals Gothic Shoes Chic Roman New , Salvatore Ferragamo Wos Loafer Heels US 9 AAA Brown Leather Wing Tip Tassels 287 , Women's Hades Bolt Spiked Platform Pump Black Punk Goth Alternative Spiked , Gentleman/Lady Donald Pliner Lilia Leather Mule Special price High-quality materials valueMan/Woman Anyi Lu 41 Best-selling worldwide Optimal price Superb craftsmanshipGivenchy Sandal Heel Dark Brown Buckled Leather Size 38 Open Toe Stacked Heel , Jimmy Choo Strappy Metallic Bronze Sandal Heels Sz 38.5BCBG BCBGMAXAZRIA Womens MA-Michaela Ankle Strap Sandal Shoe,Elephant,US 10Occident Womens Pointy Toe Pumps Stripe Slingbacks Stiletto Heel Sandals Shoes J , New Ralph Lauren Collection Italy Brown Suede Bliara Strappy Sandals Shoes 35 B , Ann Taylor Liya Leather Block Heel Sandal , Burberry Patent olive/Greenish pumps SIZE 37 US 7 , JEFFERY CAMPBELL STRAPPY 5.5" PLATFORM HEELS WITH ANKLE STRAP SIZE 6Women's - PRADA - Classic Brown Patent Leather Strappy Mary Jane Pumps Heels 6Men/Women CHEMBUR Shoes 833736 Beige 35 New varieties are launched fashionable Most practical ,
    Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575 - blurrypron.com>Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575 - blurrypron.com
    Muck Arctic Adventure Tall Rubber Women's Winter Boots black / Pink WaterproofClarks Women's Tri Trail Dark Grey Combi BootsTORY BURCH BOWIE OVER THE KNEE BLACK LEATHER TALL BOOT Women's Boot SZ 5.5 $595FW13 PUMA FLIP-FLOPS NR. 46 BLACK WHITE TONG EPIC FLIP 353252-13 SEASIDE ​​POOLVionic Midi Perf Light Blue Nubuck Fashion Sneaker Comfort Shoe 9.5 Newadidas Originals Women's Stan Smith Fashion Sneakers , Rockport Women’s Misty Alloy Leather Envelope Flats Size 6.5M D2139/ , Cole Haan Sadie Peep Toe Wedge Heels Magenta Womens 7.5 Purple Pink Leather , GUESS Womens kenzie2 Open Toe Ankle Strap Classic Pumps, Pink, Size 8.0 TtrsSaint Laurent Babies 70 Double Buckle Suede Pumps Shoes Heels 34 4Narciso Rodriguez Bnd Heel Sandal 39.5 Sand Leather New w/ Defect Floor SamplChristian Dior Black Suede Mesh Platform Pumps Heels Peep Toe Womens 37.5 7.5 7 , Onitsuka Tiger Shaw Runner - Blue - MensNew Adidas Men's Originals Swift Run Shoes (B37727) Collegiate Navy//White2015 Nike Air Jordan 4 IV Retro GS OREO Black Grey Size 6.5Y w/Box (408452-003) , NEW RARE VINTAGE COLLECTIBLE Dwyane Wade Converse TEAM WADE M 9 MIAMI HEATStacy Adams Brown Leather Side Zipper Ankle Boots Men's Size 9.5Nunn Bush Mens Mo 84564 Casual Dress Leather Oxfords Cognac Sizes 7 - 13 M - XWCHAUSSURES CRISPI NEVADA SMU GTX SECURITE INTERVENTION POLICE , Fashion Mens Spring Fall Loafers Rivet Studded Casual Dress Flats Slip on ShoesNew Fashion Men Embroidery Printing Pointy Toe Slip on shoes Casual Loafers ChicAllen Edmonds "BOULEVARD" Oxfords 10 B Walnut (634) , Womens Converse Chuck Taylor All Star LEATHER+FAUX FUR Chelsea Boot Sz 6 Black , Puma Womens Smash Perforated Metallic Leather Sneaker New Without BoxAsics Gel-Kayano Trainer Knit Sneakers Shoes H7N6N 8787 For Women Size 8 , Gentleman/Lady women sneakers replay original shoes flagship store Upper material Seasonal promotion , WMNS NIKE AIR HUARACHE RUN BLUE FORCE-SAIL SZ 6 [634835-400]Nike W React Element 55 [BQ2728-002] Women Casual Shoes Black/Solar RedWomen Sexy pointy toe party over the knee thigh high Boots stilettos shoes SzNine West Women's Leapafaith Fabric Dress Pump - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575 - 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.

    Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575 - 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
    Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575
    Heels
    >
    ;