Never miss an update

DOLCE RODEO & GABBANA Black RUNWAY Flat Studded 29979 Over the Knee Nappa Boots RODEO Black 04841 b8b69fd




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Dolce&Gabbana
Material: Leather Style: Over Knee Boots
Occasion: Casual US Shoe Size (Women's): s. variations
Fastening: Zip Color: Black
Country/Region of Manufacture: Italy Heel Type: Block
MPN: C18707-A1390-80999 Heel Height: Low (3/4 in. to 1 1/2 in.)
UPC: 8053901168067
Never miss an update

DOLCE RODEO & GABBANA Black RUNWAY Flat Studded 29979 Over the Knee Nappa Boots RODEO Black 04841 b8b69fd - blurrypron.com

    DOLCE RODEO & GABBANA Black RUNWAY Flat Studded 29979 Over the Knee Nappa Boots RODEO Black 04841 b8b69fd
    DOLCE RODEO & GABBANA Black RUNWAY Flat Studded 29979 Over the Knee Nappa Boots RODEO Black 04841 b8b69fd
    Miu Miu by Prada Black Mid Calf Platform Boots (UK7, EU40 US 9.5) , GIVENCHY BLACK CROCO CALF LEATHER BOOTS SZ US9 / /UΚ 7,5SAINT LAURENT women shoes Black leather point toe ankle boot straps studs buckle55326 auth HERMES Etain taupe leather JUMPING Knee-High Riding Boots Shoes 36.5OFFICINE CREATIVE Women's Shoes Boots Lison/019 Ignis T Tabacco Hand Made ItalyNew! PRADA made in ITALY!Oruginal fashionable women's high suede boots size 36.555329 auth HERMES black leather JUMPING Knee-High Riding Boots Shoes 40.5 , Church's leather boots for woman (100% original) - damenschuheSALE!! Vivienne westwood WORLDS END Squiggle Pirate boots UK3 Brand New with box , 55734 auth HERMES Etain taupe leather JUMPING Knee-High Riding Boots Shoes 37 , NEW $1600 DOLCE & GABBANA Boots Black Leather Suede Shoes Gold Studs EU37 /US6.5 , Marino Fabiani Leather Italian Boots New Winter Blue Fur Sizes 7,11TOD'S women shoes Brown suede ankle boot with a zip closure and double-T buckle , CHRISTIAN LOUBOUTIN Karialta Overknee leather boots UK5 EU38 New Perfect Gift , Christian Dior Graded Patent Calfskin Pump | 8cm Heel | Grey and BlackDOLCE & GABBANA Patent Leather Knee High Boots 38.5 Heels Shoes Buckles Black , Stuart Weitzman Women's Hiline Over-the-Knee Boot in Suede Black SuedeDOLCE GABBANA Black Gold Ankle BOOTS Military Suede NEW In Box RRP , PRADA WOMEN'S LEATHER ANKLE BOOTS BOOTIES NEW BLACK 55A , Lucchese Bootmaker Women's Blair R Toe Cowboy Boot Pearl Bone Mad Dog GoatVALENTINO Rockstud Soul Beatle Boots in Black Leather Size 37.5*** Azzedine Alaia Suede Platform Ankle Boots Size 39 , Joyks Leather Italian Boots Winter Collection NewIrregular Choice Knee High Boots Alice in Wonderland US 6 23 cm NEW F/SFENDI VICTORIAN LEATHER MINK FUR Feather ANKLE BOOTS 39.5Christian Louboutin Black Suede SPIKES Boots Sz Us 9/ Eu 39,5 / , 38620 auth CHRISTIAN LOUBOUTIN black leather Platform Ankle Boots Shoes 38.5 , Isabel Marant knee high western boots in brown Calf leatherCHRISTIAN LOUBOUTIN Stretch Thigh High Black Suede Boots
    DOLCE RODEO & GABBANA Black RUNWAY Flat Studded 29979 Over the Knee Nappa Boots RODEO Black 04841 b8b69fd - blurrypron.com>DOLCE RODEO & GABBANA Black RUNWAY Flat Studded 29979 Over the Knee Nappa Boots RODEO Black 04841 b8b69fd - blurrypron.com
    Bos. & Co. Women's Falla Oxford, Tan Soft Dip Leather, 38 EU/7.5-8 M USLadies Knee High Boots Clarks Likeable Me , Gentlemen/Ladies VICTORIAN-35 PU Brown Quality products a wide range of products Recommended today , Sam Edelman Women's Loraine Loafer Black Leather 7.5 M US , NEW CLARKS ARTISAN WOMEN MARY JANE US 8.5 M BLACK LEATHER MADE IN BRAZIL , womens super high heel slip on platform leather nightclub pumps shoes fashion SZREBA – JAMIE DRESS SHOES – LEATHER - FABRIC - GOLD TRIM – SIZE 10 M – NEW $109 , Man/Woman Clear Rosegold Strap Sandals Year-end special promotions cheapest Elegant and robust menuBirkenstock Madrid Cork Sandals Birko-Flor Patent White Narrow Width 1005310 , Adidas Campus Colegiate Bugundy Footwear White Mens Nubuck Low-top Trainers , Adidas Stan Smith Prime Knit Pink Shoes men's 9 Sneakers NEW , NEW MENS SZ 10.5 NIKE ZOOM KD9 ELITE (878637 010) BLACK/WHITE-DRK GREY , Gentlemen/Ladies VANS OLD SKOOL SHOES VN0001R1GI6 BLACK Various goods Preferred material Acknowledgement feedback , Nike Air Jordan Prime Fly 2 White/White-Cool Grey-Infrared 23 654287-124 SZ 10Under Armour Curry 2 Men's Basketball Shoes Teal/Grey 1259007-008 Size 14Man's/Woman's 2011 Air Jordan Retro 14, Georgetown elegant The highest quality material Tide shoes listNew Balance 574 Sneaker Freaker Tassie Devil Sz 11.5 US Purple Black , NEW Frye Billy Harness GOODYEAR WELT GENUINE LEATHER WESTERN COWBOY BOOTS SZ 7 , Adidas Men REKORD Retro Style Brown Suede Sneakers 3RIEMEN SIZE 8.5CATERPILLAR P709712 SHELK Mn's (M) Black Leather Casual ShoesBen Sherman Men's Rhett Fashion Sneaker - Choose SZ/Color , Rockport Rocker Landing Ii Venetian Black M78813 Mens Size 11W , Men's Antony Morato Dress Shoes Brown (AMFW001)Mens Slip On Carved British Style Dress Shoes Brogue Wing Tip Business Oxfords , PUMA SUEDE CLASSIC WOMEN'S 355462 40 WINETASTING/WHITE WOMEN US SZ 9.5Puma Basket Platform Iridescent Casual Shoes - Women's Size 6.5, WhiteNWOB Women's PUMA Fierce Nubuck Naturals Training Sneaker -190908 02 Size us 10 , adidas Run Lux Clima Women's Green/Black/Real Magenta AC8174 , agl attilio giusti leombruni Soft Black Leather Tall Comfort Boots Sz 37.5 7.5Cole Haan Heeled Booties Womens Size 6M Retails For $371 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    DOLCE RODEO & GABBANA Black RUNWAY Flat Studded 29979 Over the Knee Nappa Boots RODEO Black 04841 b8b69fd - 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.

    DOLCE RODEO & GABBANA Black RUNWAY Flat Studded 29979 Over the Knee Nappa Boots RODEO Black 04841 b8b69fd - 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
    DOLCE RODEO & GABBANA Black RUNWAY Flat Studded 29979 Over the Knee Nappa Boots RODEO Black 04841 b8b69fd
    Boots
    >
    ;