Never miss an update

Women Pointy Shoe Toe Slingback mogochinese-6086 Ankle Strap Buckle Mid Block Women Heel Leather Sandal Shoe 94b485a




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: Unbranded
Heel Type: Block Style: Ankle Strap
Material: Leather Country/Region of Manufacture: China
Occasion: Party Fastening: Buckle
Pattern: Solid Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Width: Medium (B, M)
Never miss an update

Women Pointy Shoe Toe Slingback mogochinese-6086 Ankle Strap Buckle Mid Block Women Heel Leather Sandal Shoe 94b485a - blurrypron.com

    Women Pointy Shoe Toe Slingback mogochinese-6086 Ankle Strap Buckle Mid Block Women Heel Leather Sandal Shoe 94b485a
    Women Pointy Shoe Toe Slingback mogochinese-6086 Ankle Strap Buckle Mid Block Women Heel Leather Sandal Shoe 94b485a
    Ankle Strap Womens BoHo Sandals Floral Peep Toe Platform High Wedge Heels ShoesWomens Thong Sandals High Wedge Heels Platform Flip Flops Shoes Rivet Gladiator , Chic Womens Slip on Beads Ankle Strappy Collegiate Fashion Girl's Platform ShoesGentlemen/Ladies Very Volatile Women's Jukebox Wedge Sandal Special purchase King of quantity Reliable reputation , Men's/Women's victoria secret bedazzled flip flop durable Won highly appreciated and widely trusted at home and abroad SimpleNEW IMPO "ABRIL" THONG SANDALS MULTI COLOR PINK FABRIC WOVEN STRAPS NON SKID BASWomens Ankle Dtrappy Buckle Elastic Peep Toe Leather Block Heels Sandals ShoesWomens Girls Sweet Suede Fur Ball Slingbacks Flats Shoes Buckle Strappy SandalsSummer Womens Hollow Out Flat Heel Sandals Knight Boots Open Toe Sandals RomaNew Lucky Brand Sezzah Peep Toe Sandals women's shoes size 8.5 , Womens Glitter Peep Toe Sequins Platform Ankle Strap Party Sandals High Heels Sz , Summer Womens Flat Slippers Multi Flip Flops Metal Decor Casual Shoes Mules chic , Women's Pointed Toe Wedge High Heel Breathable Casual Sneaker Summer Shoes ChicSoft Pu Leather Strappy Buckle Mid Heel Knee High Gladiator Women Sandal BootsHandmade PAUL GREEN Summer Sandal Tan Low Heel Size 6 US , Robert Clergerie Corson Silver Gladiator Sandals Women's Size 38.5 M *INC International Concepts Federica Women Round Toe Synthetic, Black, Size 6.0 s , Creeper Flats Cross Strap High Top Peep Toe Rhinestone Sandals Slingback Women , Andre Assous Didi Hi Wedge Espadrille, BlackGold Womens Strappy Peep Toe Knee High Boots Pumps Heels Gladiator Sandals ql , Elegant Open Toe Womens Platform High Heels Cross Strap Club Pumps Shoes Sandals , Womens Square Toe High Heels Slippers Mules Fashion Summer Sandals Shoes HOT D55 , New Gladiators Printed Womens Peep Toe Platform Hidden Wedge Heels Sandals ShoesCreeper Flats Cross Strap High Top Open Toe Roman Sandals Slingback Women SummerWomens Nubuck Leather Creepers Wedge Heels Strappy Shoes Casual Roman Sandals Sz , Womens Peep Toe Glitter Sequins Platform High Heels Ankle Strap Party Sandals Sz , New Jack Rogers Lilah Gold Leather Thong Sandals Women's Size 6 M* $199 , Summer Womens Strappy Real Leather Korea Casual Flower Ankle Buckle Vogue ShoesLadies Sandals Summer Pointy Toe Ankle Strap Wedding Party Kitten Heel Shoes Hot ,
    Women Pointy Shoe Toe Slingback mogochinese-6086 Ankle Strap Buckle Mid Block Women Heel Leather Sandal Shoe 94b485a - blurrypron.com>Women Pointy Shoe Toe Slingback mogochinese-6086 Ankle Strap Buckle Mid Block Women Heel Leather Sandal Shoe 94b485a - blurrypron.com
    NEW NWB SCRUNCH BOHO BOOTS IN BROWN LEATHER/SUEDE SZ 6.5 MSRP $294 , Materia Prima by Goffredo Fantini Women's Cactus Leather Texas Flag Western , LADIES HI-TEC STORM WP WOMEN'S CHARCOAL WATERPROOF WALKING HIKING BOOTSJeffrey Campbell Play hOMG Snake Platform Shoes Womens Gry/Beig Trainers SneakerCamper Iman Womens Black Leather Boots - 37 EU , Man/Woman Denim Mutil Platforms Charming design Stylish and charming Seasonal hot saleIvanka Trump ITCANDI2 Womens Candi2 Pump- Choose SZ/Color. , Casadei shoes women red patent leather size 10 made in italy sandal , Proenza Schouler Womens Black Ikat Shoes Mules Sandals 37 Medium (B,M) BHFO 6182 , NIB Christian Louboutin New Very Prive 100 Rose Gold Peep Platform Heel Pump 36Report Women's Reeta Dress Sandal - Choose SZ/Color , Crocs Women's Leigh II Ankle Strap Wedge - Choose SZ/ColorChinese Laundry Womens Talk To Me Platform Sandal ShoesClarks Women's Leisa Claytin Sandals Sand Style 25077Eastern Counties Leather Womens/Ladies Full Sheepskin Turn Slippers (EL159) , Nike Zoom Victory 3 Sprint Track & Field Spikes Black White Volt New 835997-017 , Saucony Men's Freedom ISO US 12 M White Mesh Running Sneakers Shoes $160.00 , Men/Women Reef Voyage Boot Bungee 100 US Innovative design Environmentally friendly Fine wildNIKE AIR JORDAN 7 'CARDINAL' - SIZE 11 - PRE-OWNED - 304775 104Nike Air Max LTD 3 Mens 687977-016 Cobblestone Leather Running Shoes Size 8.5 , Air Jordan Retro 1 I Laser White Tan Beige Sneakers Men's Size 12 NewFuntasma MAVERICK-8812 Men's Black Leather Halloween Costume Medieval Knee BootsECCO Men's Intrinsic Knit Sporty Lifestyle Sneaker - Size 7/7.5, Black , Summer Mens Brogue carving Business Pointy Toe Formal Dress British Party Shoes , Florsheim Burbank Penny Moc Mens Loafer D US- Choose SZ/Color. , Men Shoes Sneakers Massage Running Breathable Casual Sports And Athletic FashionBrooks Women’s Adrenaline GTS 18 Running Shoes Gray Near Mint! Size 11 B , New Women's Teva DeLaVina Leather Ankle Boots-Size 7 -Black OliveWomens Luxury Suede Belt Buckles Ankle Boots Warm Retro Shoes Punk Med Heels V10Columbia Bugaboot Women's Winter Boot | Thermal Omni-Heat | Size US 7 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women Pointy Shoe Toe Slingback mogochinese-6086 Ankle Strap Buckle Mid Block Women Heel Leather Sandal Shoe 94b485a - 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.

    Women Pointy Shoe Toe Slingback mogochinese-6086 Ankle Strap Buckle Mid Block Women Heel Leather Sandal Shoe 94b485a - 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
    Women Pointy Shoe Toe Slingback mogochinese-6086 Ankle Strap Buckle Mid Block Women Heel Leather Sandal Shoe 94b485a
    Sandals
    >
    ;