Never miss an update

Nina Fayette Platform Fayette Dress Sandals, Nina Black, 8 US phuketpalmb-22545/ 38 EU b172c50




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: Nina
Heel Height: Very High Heel (4 1/2 in or More) Style: Strappy
Heel Type: Slim Width: Medium (B, M)
US Shoe Size (Women's): US 8/UK 6/EU 38.5 Material: Satin
Pattern: Solid Color: Black
Shade: Black UPC: 716142986613
Never miss an update

Nina Fayette Platform Fayette Dress Sandals, Nina Black, 8 US phuketpalmb-22545/ 38 EU b172c50 - blurrypron.com

    Nina Fayette Platform Fayette Dress Sandals, Nina Black, 8 US phuketpalmb-22545/ 38 EU b172c50
    Nina Fayette Platform Fayette Dress Sandals, Nina Black, 8 US phuketpalmb-22545/ 38 EU b172c50
    Callisto Caressa Wedge Sandals, Silver, 9 US , AK Anne Klein Sport Chanay Slip On Sandals, Pewter/Pewter , Men's/Women's Aerosoles Heroism Mule Sandals, Black Leather Charming design Online Fair price , callisto Puff Crisscross Platform Wedge Sandals, BlackGuess Prenna Platform Tassel Sandals, Dark Brown, 11 USB.O.C Born Angulo Slingback Heeled Sandals 165, Taupe, 9 US / 40.5 EU , Charles by Charles David Erika Gladiator Sandals, Black , Jessica Simpson Rainah Strappy Sandals, Vivid Orchid , BCBGeneration Karli Ankle Strap Dress Sandals, Caramel/Caramel , BCBGeneration Karli Ankle Strap Dress Sandals, Chalk/ChalkScholl Orthaheel Monica in Black, Rose Gold, WhiteJessica Simpson Rayvena Heeled Sandals, Sand Castle , GUESS Barran Washer Straps Wedge Sandals 709, Gold Multi, 10 US , Guess Tyson2 Ankle Strap Sandals 872, White Leather, 10 US , BCBGeneration Harlow Pointed Toe Sandals 220, Pink/Sunset, 9 US / 39 EUCalvin Klein Naida Strappy Dress Sandals 216, Sandstorm/Vesper Gray, 9 US , Anne Klein Marigold Suede Wedge Sandals, Dark Yellow Suede , Aldo Olivarra Platform Ankle Strap Sandals, Black , Gentlemen/Ladies Aerosoles Cupcake Wedge Sandals, Bone Selling discount businessKensie Helina Peep Toe Sandals, White, 8 US , Adrienne Vittadini Calais Slide Sandals, Silver, 8 US , Django and Juliete Grip in Tan, White , Franco Sarto Havana Buckle Heeled Sandals 838, Milk Leather, 7.5 US / 37.5 EUMan/Woman Lucky Gelso Tie Up Sandals, Sandbox Innovative design Comfortable touch Valuable boutique , Charles by Charles David Nova Ankle Strap Dress Sandals, Black , Nine West Mydebut Dress Heel Sandals, Light Natural LeatherBareTraps Honna Peep Toe Wedge Sandals, Soft Goldnaturalizer Kinsley Ankle Strap Sandals, Black, 11 W USMan's/Woman's Lucky Gelso Tie Up Sandals, Black Online Shopping Comfortable touch Shopping promotion
    Nina Fayette Platform Fayette Dress Sandals, Nina Black, 8 US phuketpalmb-22545/ 38 EU b172c50 - blurrypron.com>Nina Fayette Platform Fayette Dress Sandals, Nina Black, 8 US phuketpalmb-22545/ 38 EU b172c50 - blurrypron.com
    Rockport Women's Kimly Ankle Bootie, Black Leather, 7 W CVia Spiga Storm Black Leather Boot Size 5Guess Mayeta Womens Boots Light Natural 8.5 US / 6.5 UK , Women's Shoes Decolletè Heels SPORT MAX By Max Mara Real Pony Made In Italy NewWomens Sweet Kitten Heels Mary Jane Date Shoes Ankle Strap Dress Pumps CuteAdrienne Vittadini Palm Beach Wedge Pumps, Champagne, 7.5 US , Hot Sz35-43 Womens Gold Strappy Open Toe High Chunky Heel Sandals Shoes SequinsKeen Venice H2 Beet Red Neutral Gray Closed-Toe Slip On Hiking Sandals 7.5YSL SAINT LAURENT - Black Leather Tribute Pumps - Size 4.5A.S.98 Regal Gladiator Quarzo (Mauve) Sandal Women's sizes 36-41/NEW!!!Nike Air Trainer 1 One Mid Wolf Grey White Black Red Mens Sz 8.5 Bo Jackson NEW!(318330-601) MEN'S NIKE VANDAL HIGH GYM RED/BLACK/WHITENew Vivobarefoot ULTRA 3 Mens EVA Black Minimalist Veagan Sneaker TrainerNEW Mizuno Wave Kuryu Lamborghini J1GA166803 Mens Shoes Trainers Sneakers SALENIKE Men's Lunar Fingertrap Cross Trainer - Choose SZ/Color , Florsheim Royal Imperial Mens Black Leather Buckle Ankle / Beatle Boots 12 D , ALICO BACKCOUNTRY LEATHER HIKING BOOTS MEN'S 7.5 WIDE RETAIL $270Onitsuka Tiger CALIFORNIA 78 EX Peacoat Ash Rose Casual Shoes D800N.5824TOD'S Tods New sz US 12.5 Authentic Designer Mens Loafers Shoes blue , White Gray Skechers Shoe Memory Foam Women Fashion Comfort Casual Flexible 12658NEW CONVERSE CHUCK TAYLOR ALL STAR '70 BLACK WOOL HI SNEAKERS WOMEN'S 8 MENS 6Adidas Eqt Racing 91 BB2344 Casual Shoes Black White Pink Medium (B,M) Women , Nike Tanjun Premium Womens 917537-200 Mink Brown Red Running Shoes Size 10 , Adidas Originas ZX Flux Women’s Running Shoes BY9219 White Cream Size 7Asics Women's Size 6 GT 2000 4 Running Shoe T656N 9342 Gray Blue , adidas NMD R1 Primeknit Women Grey Three BY8762 , Fashion Womens Pull On Flats Pointy Toe Leather Ankle Boots Casual Shoes Plus SzStuart Weitzman Quilted Tall Knee High 3.75" Heel Black Leather Boots Womens 8 , Vince Camuto Women's Kantha Over The Knee Boot , Chinese Laundry Womens Florentine Pointed Toe Ankle Fashion Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nina Fayette Platform Fayette Dress Sandals, Nina Black, 8 US phuketpalmb-22545/ 38 EU b172c50 - 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.

    Nina Fayette Platform Fayette Dress Sandals, Nina Black, 8 US phuketpalmb-22545/ 38 EU b172c50 - 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
    Nina Fayette Platform Fayette Dress Sandals, Nina Black, 8 US phuketpalmb-22545/ 38 EU b172c50
    Sandals
    >
    ;