Never miss an update

New Women DANSKO Prof Women Planet Patent 40 Polka Dot Patent Clog Mule Shoe Sz 40 US 9.5-10 1eb6810




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: New without box
Model: 406-840202 Width: Medium (B, M)
Style: Clog, Mule Pattern: Polka Dot
Heel Height: Med (1 3/4 in. to 2 3/4 in.) EUR Shoe Size (Women's): 40
US Shoe Size (Women's): 9.5-10 Color: Black Patent Leather
Material: Patent Leather Brand: Dansko
UPC: Does not apply
Never miss an update

New Women DANSKO Prof Women Planet Patent 40 Polka Dot Patent Clog Mule Shoe Sz 40 US 9.5-10 1eb6810 - blurrypron.com

    New Women DANSKO Prof Women Planet Patent 40 Polka Dot Patent Clog Mule Shoe Sz 40 US 9.5-10 1eb6810
    New Women DANSKO Prof Women Planet Patent 40 Polka Dot Patent Clog Mule Shoe Sz 40 US 9.5-10 1eb6810
    Man/Woman Nine West Women's Gellen Winter Boot Attractive and durable stable quality Complete specificationsSAS Womens Shoes Siesta Black Sz 6.5 S Slim Narrow Comfort USA Made $129 RetailSPERRY PIER VIEW TEXTURED WOMEN'S US SIZE 6 M MEMORY FOAMWorx By Red Wing Black Clogs, Womens Shoes, Size 6MRed Wing 2322 Slip On Clog Mules Safety Toe Work Shoes - Womens 6 BWomens 10 N SAS Scenic Ballet Flats Shoes Black Leather Comfort USA Made Slip-OnWomen's Skechers Work/Walking Shoes Black Leather Slip Resistant Womens Sz 9 New , SAS Womens Shoes Siesta Black Sz 7.5 S Slim Narrow Comfort USA Made $129 Retail , Dansko Paisley, Black Suede In Euro Size 38 Waterproof & Slip Resistant. , Skechers Work Women's Felton Calpet Slip Resistant Shoe - Choose Size/ColorALEGRIA Sayde Black Leather Multi Lips Slip On Shoes Women's US 8-8.5 , La Redoute Collections Womens Soft Leather BroguesMen's/Women's Clarks Women's Caddell Denali Slip-On Cheap International choice various kinds , Reebok Work Women's Soyay RB191 Work Shoe,Black,6 M US , Man's/Woman's La Redoute Womens Leather Stiletto Sandals Packaging diversity Strong value Non-slipLa Redoute Collections Womens Leather Sandals With Asymmetric StrapsLa Redoute Womens Flower Detail Heeled Sandals
    La Redoute Womens Wedge Sandals With Woven Heel
    Gentlemen/Ladies white sneakers with gold chain Elegant and sturdy set meal Various types and styles Shopping promotion , Man's/Woman's Womens Printed Sandals With Asymmetric Straps Louis, elaborate special function Fine wild , Men/Women La Redoute Womens Knotted Wedge Sandals selling price Modern and stylish fashion Excellent function , La Redoute Womens Leather Sandals With Metallic Detail Black Size 36 , Skechers for Work Women's Sure Track Trickel Slip Resistant Work Shoe, Black, 6Womens Wide-Fit Metallic Wedge Sandals, Sizes 38-45La Redoute Collections Womens Sandals With Patterned Heel , Gentleman/Lady La Redoute Collections Womens Studded Brogues Clearance price Known for its good quality Known for its beautiful quality , Clarks Women's Sillian Bella Shoes (2 widths) , Gentleman/Lady La Redoute Womens Glitter Heel Sandals Elegant shape fashionable Cheap orderWomens Two-Tone Leather Brogues With Perforated Toe Cap
    New Women DANSKO Prof Women Planet Patent 40 Polka Dot Patent Clog Mule Shoe Sz 40 US 9.5-10 1eb6810 - blurrypron.com>New Women DANSKO Prof Women Planet Patent 40 Polka Dot Patent Clog Mule Shoe Sz 40 US 9.5-10 1eb6810 - blurrypron.com
    Pole Dancing Nightclub Thigh High Boot Ladies Platform 20CM High Heel Sexy ShoesVia Spiga Ankle Boots - Women's Size 9 M, Dark BrownNew Balance Men's Shoes MX624AB4 2E SIZE 10.5 UK , Nike Wmns Air Max 1 Classic Running White/Obsidian-Pure Platinum 319986-104 , MENS HUSH PUPPIES MENTOR EXTRA WIDE BLACK LEATHER WORK AIRPORT FRIENDLY SHOESJ.Renee Womens tritone Velvet Pointed Toe Ankle Fashion Boots , JCrew $128 Lea ballet flats in metallic leather G0972 9 gold shoesFlat Born Leif Burgundy Full Grain LeatherDOLCE VITA Ferris Heel in Black Size 7INC International Concepts Womens carma Pointed Toe Ankle Pearl Gold Size 6.5BORDELLO High Heels Rhinestone Covered Platform Shoes Pumps Teeze-06R Ruby RedNIB EMPORIO ARMANI $695 LEATHER PUMPS SHOES SZ US 8.5 MADE IN ITALYBlue by Betsey Johnson Mila Dress Sandal - Women's Size 8.5M, Black , Birkenstock Gizeh Birko Flor Thong Silver Leather Sandals Size 36 US 5 (b72)Saucony Men's Hurricane 13 Pro Grid Arch Lock Running Shoe Size 14 Barely Worn , Man's/Woman's adidas-EQT Support ADV Shoes-Men's-Core Black economic In short supply a lot of varietiesMen's Converse Chuck Taylor All Star Ultra Casual Navy/Black/White 159631C 426 , New Balance Men's 1500v3 Running Shoes, Bolt/White, 10.5 D US , Saucony Originals DXN TRAINER-M Mens Dxn Trainer Fashion SneakersNike Mens Air Zoom Talaria Mid Flyknit PRM Shoes 875784-300 Palm Green MSRP $225Vivobarefoot Women's Tracker FG Leather - DK Brown - 38FRYE Men's Joel Chukka Boot Black Size 10 $298 , Euc Mens DANIEL FORBES Co MATADOR Dark Burgundy 11.5 EEE Leather Wingtip , Christian Louboutin Louis ORLATO Mid High Top Transparent Spikes Sneaker Sz 45.5New Christian Louboutin Ac Ranty Flat Calf Sneaker Sz. /US 8 black whiteWomens Flat Cute Sparkle Slip On Casual Eyes Studenty Fashion Sneakers Sequins K , Saucony Ride 10 White/Purple/Blue Running Shoes Women's US 8 (O2,21) , DONALD J. PLINER Women Side Zip Knee-High Boots Size 6 M Brown Leather , Black and white, 6.5, real leather boots. , Mr/Ms Joules Women's Wellyprint Rain Boot Quality products Used in durability Vintage tide shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Women DANSKO Prof Women Planet Patent 40 Polka Dot Patent Clog Mule Shoe Sz 40 US 9.5-10 1eb6810 - 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.

    New Women DANSKO Prof Women Planet Patent 40 Polka Dot Patent Clog Mule Shoe Sz 40 US 9.5-10 1eb6810 - 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
    New Women DANSKO Prof Women Planet Patent 40 Polka Dot Patent Clog Mule Shoe Sz 40 US 9.5-10 1eb6810
    Comfort Shoes
    >
    ;