Never miss an update

*** mogochinese-29931 13 Pleaser Electra-3000Z black patent platform chunky platform thigh high boots 13 67ca5c8




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: Pleaser
Color: Black Style: Fashion - Over the Knee
Heel Height: High (3 in. and Up) US Shoe Size (Women's): 13
Material: Synthetic UPC: Does not apply
Never miss an update

*** mogochinese-29931 13 Pleaser Electra-3000Z black patent platform chunky platform thigh high boots 13 67ca5c8 - blurrypron.com

    *** mogochinese-29931 13 Pleaser Electra-3000Z black patent platform chunky platform thigh high boots 13 67ca5c8
    *** mogochinese-29931 13 Pleaser Electra-3000Z black patent platform chunky platform thigh high boots 13 67ca5c8
    Very Volatile Womens Chica Mule- Pick SZ/Color.Perfect Storm Cloud High Hostas Women's Boots Black Size 6 , Sporto Women's Jessica Snow Boot Black 8 M US , NAYA Womens SABLE Brown Leather Mid Calf Studded Boots US 8.5M (C1680L1201)Sexy Womens Knight Bow Decor Over Knee Boots Chunky Heel Leather Shoes PlusSizeSteve Madden Women's Brisk-v Ankle Bootie Navy Velvet 7.5 M US , Cole Haan Women's Osteen Bootie II, Morel Suede, 7.5 B US , Sbicca Women's Sound Ankle BootKhaki8 B USU.S. Polo Assn..Women's Women's Crisp Winter Boot Black 6 M USGlobalwin Women's Waterproof Winter Snow Boots 8 DM US Women's Black/White1738Very Volatile CASSANDRA Womens Cassandra Ankle Bootie- Choose SZ/Color. , New Womens Sexy Slim Stretch Over Knee High Boots Stilettos High Heels ShoesE142 , Bandolino Women's Terusa Chelsea BootPortobello7.5 M USPre-Owned Lucky Brand Hibiscus BOOTS Leather Riding Knee High Brown 11MWomen's Pointy Toe Stilettos High Heels Real Leather Knee High Boots Sexy Shoes , KOOLABURRA Womens Chestnut Brown Suede CLASSIC SHORT Lined Boots Size 5Aerosoles Women's Petroleum Boot Dark Red 7.5 M US , Weatherproof Delta Snow Boots Water Resistant Lightweight Warm Brown Winter B... , Lucky Brand Women's Sancha Ankle Boot, Brindle, 6 Medium US , Fidji Women's L852 Leather Ankle Boot Sin Black Size 40 US , Steve Madden Women's Edit Camel 8.5 M USCLARKS Women's Faralyn Rise Boot, Khaki Suede, 7.5 M USCrocs Women's AllCast II Luxe Snow Boot, Black Shimmer, 7 M USLADIES Sexy WOMENS High Cut Brown Strap Leather BOOTS Pirate Style Sizes 35 - 39Vince Camuto Women's Faythes Ankle Bootie Forest Grey 10 M USSam Edelman Women's Louie Ankle Fringe BootTan Suede10.5 M US , Muk Luks Womens Nora Fashion Boot, Brown, 9 Medium US , Crocs Women's Leigh Suede Wedge Boot, Espresso, 4.5 UK , Demonia Scene-50 goth gothic punk black canvas platform ankle boots 6-11
    *** mogochinese-29931 13 Pleaser Electra-3000Z black patent platform chunky platform thigh high boots 13 67ca5c8 - blurrypron.com>*** mogochinese-29931 13 Pleaser Electra-3000Z black patent platform chunky platform thigh high boots 13 67ca5c8 - blurrypron.com
    Nine West Women's vidonia Leather Knee High BootAB230 MBT shoes black suede women ankle bootsNEW Stuart Weitzman MidLand Suede over-the-knee boot Shoe, Bordeaux, US9.5, $798Lucchese Women's Studded Scarlette Western Boots M5015.S54 , Versace 19.69 4012 ANTILOPE Sandals Women's Taupe AU , MORI MADE ITALY FLATS SCHUHE SHOES BALLERINA PONY SUEDE LEATHER GREEN VERDE 42Salvatore Ferragamo Metallic Grey Iridescent Leather Round Toe Loafers Size 9B , Man's/Woman's NEW SCOOP! WOMENS MULES Excellent craft Price reduction British temperamentNIB STELLA MCCARTNEY NAVY RUBY STAR ELYSE FLATFORM WEDGE SHOES 39 $1100Men's/Women's Betsey Johnson Shoes Dita Size 8M Easy to clean surface Win the praise of customers Superb craftsmanshipSteve Madden Size 9.5 M Chelseey Blush Patent Leather Booties Shoes New Womensescarpins open toes bouts ouverts DIOR noirs taille 36Under Armour : Curry III MEN Slides ( Mens- Pick SZ/Color.NIKE Mens Air Monarch IV Athletic Shoe, white/metallic silver, 11.0 Regular US , Mens EES Footwear Nam Flava Rapper COLORFUL Canvas High Top Sneakers SIZE 11 Newadidas originals AX 1 GTX gore tex mens trail hiking trainers boots G64620 , Nike Zoom Kobe Venomenon 4 prelude Glow In The Dark 635578-003 size 10.5 , adidas Originals NMD CS1 Primeknit Night Cargo Men New Boost Sneakers B37638 , HOT Mens Vintage Buckles Military Riding Knee High Boots Leather Combat Long NEWTHOROGOOD AMERICAN HERITAGE MOC TOE WEDGE 6" WORK BOOTS 814-4203 - ALL SIZESBELLEVILLE ARMY STEEL TOE MEN'S COMBAT BOOTS 11.5 R Hot Weather Tan CRT , K-Swiss 05481-001-M Mens Tubes Infinity Sneaker- Choose SZ/Color. , DS NIKE 2012 AIR MAX 1 LEOPARD SAIL M 5.5 WMN 7 PATTA ATMOS SAFARI 90 CAMO YEEZY , Mens Real Leather Metal Pointed Toe Floral Low Heels Slip On Formal Shoes cHZ8 , Asics Gel-Challenger 10 Clay Court women's tennis shoes tennis trainersMens Florsheim Imperial Hugo Boot Plain Toe Side Zipper Leather 18570-001 Black , Man's/Woman's Ellie Women's Cindy-451 Comfortable feeling low cost retail price , K-Swiss New Haven CMF MS-W Womens MS Athletic Shoe- Choose SZ/Color. , Womens Altra Paradigm 4.0 Zero Drop Running Shoes Trainers Blue , Womens Pointed Toe Side Zipper Over The Knee Thigh Boots Shoes Leather Long New
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    *** mogochinese-29931 13 Pleaser Electra-3000Z black patent platform chunky platform thigh high boots 13 67ca5c8 - 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.

    *** mogochinese-29931 13 Pleaser Electra-3000Z black patent platform chunky platform thigh high boots 13 67ca5c8 - 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
    *** mogochinese-29931 13 Pleaser Electra-3000Z black patent platform chunky platform thigh high boots 13 67ca5c8
    Boots
    >
    ;