Never miss an update

Versace 19.69 Italia mogochinese-29998 Women's 29993 YARA Suede Black DARK Heel High Boots DARK BLUE c5ecdab




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: Versace 19.69
Material: Suede Country/Region of Manufacture: Italy
Style: Knee Boots Heel Height: High (3 in. and Up)
US Shoe Size (Women's): see sizes Heel Type: Block
Width: Medium (B, M)
Never miss an update

Versace 19.69 Italia mogochinese-29998 Women's 29993 YARA Suede Black DARK Heel High Boots DARK BLUE c5ecdab - blurrypron.com

    Versace 19.69 Italia mogochinese-29998 Women's 29993 YARA Suede Black DARK Heel High Boots DARK BLUE c5ecdab
    Versace 19.69 Italia mogochinese-29998 Women's 29993 YARA Suede Black DARK Heel High Boots DARK BLUE c5ecdab
    Stuart Weitzman Womens RAMBLING Leather Almond Toe Knee High Riding Boots , V 1969 Italia Womens Brogue Shoe B1670 CERVO BORDEAUXCorral Boots C1933 Ladies Chocolate Truffle Boot~Brown and Tan Leather WesternMan/Woman Rick Owens Passport Leather Boots service At a lower price VariousGentlemen/Ladies Hogan Womens Short Boot Black HXW0830O5107791B999 Elegant appearance Elegant and sturdy packaging retail price , Man's/Woman's isabel marant Scarlet Sz6 Cheap a variety of a lot of varietiesCorral Boots C2929 Ladies Western Fringe Cognac Multi-Color Crystals NIB , pre-loved authentic BALENCIAGA size 39 natural bone SUEDE high heel BOOTS $1800ECCO Women's Biom G2 Golf Shoe - Choose SZ/colorNew Miu Miu by Prada Black Leather Boots 36 us 6ROGER VIVIER SHORT BLACK PATENT LEATHER LOGO BOOTS, SZ. 37 , NEW Schutz Kassia Black Suede Leather Women's Fringe Ankle Boot ShoesPikolinos Women's Ordino Knee High Boot W8M-9596 Olmo/Olmo Leather , Merrell Women's Sugarbush Waterproof Hiking Boot - Choose SZ/color , Ted Baker Women's Nayomie Over The Knee Boot - Choose SZ/color , Lisa For Donald J Pliner Rezi Military High Heel Boots Size US 9 100% Authentic , JUSTIN MADE IN USA VINTAGE DISTRESSED WESTERN DANCE COBRA SNAKE SKIN BOOTS 6.5 B , Man's/Woman's CELINE Shoes 628255 Brown Guarantee quality and quantity comfortability Different goods3.1 Phillip Lim Blitz Leather Ankle Booties 36 37 37.5 38.5 40 41 NIB $595 , Eileen Fisher Women's Ellis-Nu Platform Dress Sand - Choose SZ/color , VIKTOR & ROLF Brown Leather High Heels Ankle Boots Gold LocK Strap 9.5M 40 Italy , CELINE WOMAN BLACK METAL HEEL LEATHER ANKLE BOOTS 39 EU/8 USA NEW 3.5" Heel , Christian Louboutin Big Lips Booty 120 Black Suede Metal Heel Ankle Boots 37.5 , New Stuart Weitzman Women’s Scrunchy Napa Leather Knee High Shoes Boots 6MNew Miu Miu by Prada Brown Leather Boots 37 us 7 , Eileen Fisher Women's Kale-Nu Slide Sandal - Choose SZ/color , Gentlemen/Ladies Dan Post DP3916 Outstanding features Won highly appreciated and widely trusted at home and abroad Shopping promotionIsabel Marant Black Suede RUNWAY BOOTIES "Mossa" STUDDED sz 37PRADA POINTY TOE PLATFORM ANKLE BOOT SIZE 38 BLACK ALL LEATHER EEUC
    Versace 19.69 Italia mogochinese-29998 Women's 29993 YARA Suede Black DARK Heel High Boots DARK BLUE c5ecdab - blurrypron.com>Versace 19.69 Italia mogochinese-29998 Women's 29993 YARA Suede Black DARK Heel High Boots DARK BLUE c5ecdab - blurrypron.com
    10M COLE HAAN DAVENPORT BOOTIE BOOT SEQUOIA NUBUCK BROWN WOMENS SHOES , Sporto Millie Faux Fur Trim Winter Boots 430, Stone, 9 W USMimco Ankle Boots In Black Size 39 RRP$299.00Report Women's Melvin Western Boot, Black, Size 8.0 US / 6 UKOpening Ceremony Nadyia Block Heel Slip On Sandals 901, White, 7 US / 37 EU , Alife x Crocs Classic Shoe Men's 5/Women's 7 , Steve Madden Iridessa Black Pointed Toe Flats 3088 Size 6.5 M , Womens Pointy Toe Vogue Mid Stilettos Heels Hollow out OL Party Court Shoes Size , Bridget Birkin Shoes 605114 Beige 24.5cm , Max Studio Women's Exotic Genuine SNAKE Black and Ivory Heels Sz 5/6 M / EUC! , Coloriffics Women's Kacey Platform Pump,Black,10 M US , NEW Anthropologie Lien Do Taupy Brown Metallic Suede Braided Buckle Boots 6 , Dual Band Mini Iridescent Glitter Platform Slide Sandals Shoes Adult Women Black , All Star Converse Chuck Taylor Hi Top Women’s Size 8 Black UK5.5 Eur 39 ..A44Manolo Blahnik Aulus 90 Suede Ankle Wrap SandalMan's/Woman's David Tate Women's Hello Promotion discount unique , EUC NIKE MAX AIR COURTBALLISTEC 1.3 XDR 344529 141 Men US 8.5 White Black Tennis , Under Armour MICRO G Anatomix Spawn 2 White Running Shoes Sneakers NEW , NIKE AIR HUARACHE RUN SZ 11 UNIVERSITY TEAM RED RUNNING SHOES 318429 605 , NIKE ALPHA HUARACHE 6 ELT TF LAX LE WHITE/GOLD/COURT PURPLE SZ 9.5 (923423-155) , NEW BALANCE ML574LED MEDIUM WIDTH - CHIPMUNKBOSS Hugo Boss Slip On Shoes Loafers Brown Leather Mens Size US 7PUMA Men's Smash Cat L Fashion Sneaker , Women's New Balance Size 9 4E Shoes Extra Wide Walking Off White WW928TN , PUMA Women's Dare Ac Sneaker, - Choose SZ/ColorWomen's New Balance 996V3 B Width Preowned Tennis Shoe Size 9Nike Air Huarache Run Prm Python Womens 683818-302 Khaki Stucco Shoes Size 6.5 , Womens High Heel Platform Shoes Ripped Blue Denim Over Knee Boots US Size 2~10.5 , Catherine Malandrino Women's Sheva Leather Ankle Boots Gray Size US 8.5-9 , Women's Suede Leather Over Knee Thigh Boots Block Heel Party Pointed Toe Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Versace 19.69 Italia mogochinese-29998 Women's 29993 YARA Suede Black DARK Heel High Boots DARK BLUE c5ecdab - 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.

    Versace 19.69 Italia mogochinese-29998 Women's 29993 YARA Suede Black DARK Heel High Boots DARK BLUE c5ecdab - 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
    Versace 19.69 Italia mogochinese-29998 Women's 29993 YARA Suede Black DARK Heel High Boots DARK BLUE c5ecdab
    Boots
    >
    ;