Never miss an update

Christian Louboutin 6867 blue Lady peep peep strass Louboutin heels brand new Size 40 9de0e8f




Item specifics

Condition:
New without tags: A brand-new, unused, and unworn item that is not in original retail packaging or may be missing ... Read moreabout the condition
Brand: Christian Louboutin
Material: Leather Colour: Blue
Size: 8.5 Heel Height: Very High (4.5 in. and Up)
Never miss an update

Christian Louboutin 6867 blue Lady peep peep strass Louboutin heels brand new Size 40 9de0e8f - blurrypron.com

    Christian Louboutin 6867 blue Lady peep peep strass Louboutin heels brand new Size 40 9de0e8f
    Christian Louboutin 6867 blue Lady peep peep strass Louboutin heels brand new Size 40 9de0e8f
    Gentlemen/Ladies Pleaser DELIGHT-668 Many styles Lush design Elegant and solemnDemonia Cramps-09 Black Vegan Leather Platform Heel Shoes - Gothic,Goth,Punk,Bla , Men's/Women's Diana 6 Inch Stiletto Ankle Boot wholesale Impeccable Very good color , Irregular Choice Slumber Party Peach Womens Hi Ankle Boots , The Natural Shoe Company Naomi Wedge (Navy) , Gentleman/Lady Pleaser XTREME-808G Good design buy Diversified new design , BEGINNER Training Ballet Wedge Hoof Sole Heelless Fetish Pointe Blue Metallic , AUTHENTIC PRADA PERFORATED LEATHER OPEN-TOE BOOTIES BLACK 38 GRADE NS USED -HP , Men's/Women's Pleaser ADORE-708LS Many varieties First batch of customers unique , Rare Cynthia Vincent Iridescent Fabric & Leather Loreli Shoes Sz 8 Italy As New! , New in Box Love Moschino Ladies Black Glitter Shoe JA1001 , Gentlemen/Ladies Pleaser Pink Label PINUP-10 elegant Trendy Outstanding style , Giuseppe Zanotti Dark Brown Black Strappy Silver Gladiator Heels size 39 , GUISEPPE ZANOTTI SANDALS HEELS WOMENS ~ SZ 40 ~ GREAT COND W/ RHINESTONES DESIGNMORI MADE IN ITALY WEDGES HIGH HEELS PUMPS SCHUHE LEATHER DECOLTE BLACK NERO 40 , VINCE CAMUTO Size 10 M Bronze Leather and Fabric WedgesFendi Pony hair Wedge Heeled Boots Sz39 Amazing!!!!Men's/Women's Demonia CREEPER-101 wholesale Price reduction Different styles , Asics Gt 2000 2 Womens Premium Cushioned Running ShoesJimmy Choo Mules Shoes Crystal Embellishment Sz 38 Italy Authentic w/ Box Rare!Miu Miu Black Leather Ribbon Shoe 5I774A , PRADA WOMEN'S SUEDE PUMPS COURT SHOES HIGH HEEL NEW RED 9E0 , Demonia Cramps-02 Black Spike Buckled Platform Heels - Gothic,Goth,Punk,Black,Bu , 18cm BEGINNER Hoof Sole Heelless Fetish Punk Goth Pinup Ballet Pointe Boots , Designer Dolce & Gabbana Military Themed Size 36.5 IT Women's ShoesNaturalizer Finn Womens Leather Comfortable Platform Heel Sandals , AUTHENTIC CHARLOTTE OLYMPIA SPANGLES STRAP PUMPS BEIGE GRADE NS USED -AT , AUTHENTIC CHRISTIAN LOUBOUTIN PATENT HEEL PUMPS 1130532 BLACK GRADE A USED-ATLadies Van Dal Formal Peep Toe Heels With Bow Trim 'Heydon'
    Christian Louboutin 6867 blue Lady peep peep strass Louboutin heels brand new Size 40 9de0e8f - blurrypron.com>Christian Louboutin 6867 blue Lady peep peep strass Louboutin heels brand new Size 40 9de0e8f - blurrypron.com
    The North Face Womens Shellista II Mid Winter Boots in Dachshund Brown Size 5 , Ostrich Custom Made Boots 100% skinGentlemen/Ladies Rick Owens Boots Promotion Environmentally friendly Brand feastYSL Yves Saint Laurent Classic Paris Zipper Ankle Boots Booties 40.5 10.5 $995 , Sexy Women's Party Shoes Slip On Rhinestone Stilettos Leather HIgh Heels Pumps , Cole Haan Sharapova Pink Leather Air Bacara Ballet Flats Women's Size 8.5 M*Apex Janice A301W Therapeutic Diabetic Extra Depth Pewter Shoe Womens Size 9WEcco Womens Felicia GTX Slip-on Loafer /7-- Pick SZ/Color. , NEW Chiara Ferragni Womens Flirting Daisy Navy Glitter Slip Sneakers SlipperMen's/Women's GUESS Women's Bamboo Heeled Sandal Various styles Has a long reputation Complete specificationsNIB DONALD J PLINER Tsa Brown Heels Shoes Womens Size 7M , Easy Street Evelina Criss Cross Slide Sandals, White , Clarks Parram Waltz Platform Wedge Sandals 267, Beige, 5.5 US / 35.5 EU , Vans LINDERO Black Charcoal Mahogany Discounted (426) Skateboarding Men's ShoesNew Balance Mens Size 13 Low Metal Baseball Cleats Blue Silver DigitalMen's Nike Air Flight Falcon 397204 106 Basketball Shoes 8Vans Off The Wall Rasta Red Yellow Green Canvas Sneakers Men 9 Women 10.5 ShoesAdidas Vengeful M Grey/Silver AQ6084 Men's SZ 9Nike Air Zoom Odyssey 2 Men's (Size 9) black white anthracite 844545 001 , Adidas Pharrell Williams PW Tennis HU Human Race Blue Mens Size 9 US NIB , Gentlemen/Ladies Brandblack Aura in Black/Brown High quality and cheap Selected materials King of the crowd , NIKE LEBRON SOLDIER XI SFG MENS BASKETBALL SHOE SIZE 10.5Adidas Predator Accelerator Trainers US Size 7 , adidas Men's Terrex AX 2.0 R Mid GORE-TEX Hiking ShoeRetro Mens Spring Bowtie Loafer British Suede Low Top Slip On Pumps SHoes 2018Crevo Mens Lawless Fashion Sneaker, Black, 9.5 M US , Geox D NEBULA Womens Nebula Walking Shoe /- Choose SZ/Color. , New Balance W670V1 Running Shoe-W Womens ShoeB- Choose SZ/Color. , WOMEN'S SIZE 11, GENUINE SUEDE LEATHER, BLACK, FLAT BOOTS BY SKETCHERS, NEW!Women's Leather Chains Decor Ankle Boots Comfy Top Shoes Luxury Low Block Heels ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Christian Louboutin 6867 blue Lady peep peep strass Louboutin heels brand new Size 40 9de0e8f - 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.

    Christian Louboutin 6867 blue Lady peep peep strass Louboutin heels brand new Size 40 9de0e8f - 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
    Christian Louboutin 6867 blue Lady peep peep strass Louboutin heels brand new Size 40 9de0e8f
    Heels
    >
    ;