Never miss an update

NIB Valentino Rockstud Black Nude Leather Ballet Ballerina Espadrille Leather Black Rockstud Flat 40 4f5dd5d




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
Style: Espadrilles
Heel Height: Flat (0 to 1/2 in.) US Shoe Size (Women's): 10
Color: Black Material: Leather
Occasion: Casual Width: Medium (B, M)
Pattern: Solid Brand: Valentino
Country/Region of Manufacture: Italy UPC: Does not apply
Never miss an update

NIB Valentino Rockstud Black Nude Leather Ballet Ballerina Espadrille Leather Black Rockstud Flat 40 4f5dd5d - blurrypron.com

    NIB Valentino Rockstud Black Nude Leather Ballet Ballerina Espadrille Leather Black Rockstud Flat 40 4f5dd5d
    NIB Valentino Rockstud Black Nude Leather Ballet Ballerina Espadrille Leather Black Rockstud Flat 40 4f5dd5d
    Prada Two-Tone Nylon Platform Trainer Sneakers 39.5 MSRP: $570.00 , Mr/Ms Roger Vivier Metallic Leather Ballerina Flat Reliable quality Trendy Official websiteVALENTINO GARAVANI 225966 nude Rockstud crystal leather ballerina flats sz. 40TOD'S Woman's New Patent Loafer Size 6 BlackChristian Louboutin SUSPENDODO GLITTER BLK PATENT PVC FISHNET FLATS SHOES 39GIVENCHY CLASSIC BLACK LEATHER LOAFERS MEN INSPIRED LOW GOLD HEELS 37 NEWwomens tods dark red suede leather slip on flats shoes size 9 1/2Miu Miu 41.5 11.5 11 Crystal Jeweled Heel Bow Loafers Flats Patent Leather Shoe , NIB Christian Louboutin Toerless Muse Black Strappy Caged Pointed Toe Flats 37 7Christian Louboutin MUSEO Stud Embroidered Ribbon Velvet Loafer Flat Shoes $1195New sz 11.5 41.5 Manolo Blahnik BB Mave Olive Green Suede Pointed Toe Flat Shoe , VALENTINO GARAVANI Poudre Ballet Flats Black Quilted Leather Straps size 38 , NIB CELINE Nude Pinky Python Ballet Flats ANB , NIB $850 CHRISTIAN LOUBOUTIN BLACK SUEDE LADY MOC FLAT TASSEL LOAFERS SHOES 39 9 , DOLCE & GABBANA 225978 red embroidered leather fashion sneakers sz. 38.5Christian Louboutin Rolling Spikes Beige Suede Loafers Flats Euro 37NIB Auth Celine Black White Loafers 39.5Manolo Blahnik Pelosus Fur Slide Flat Sandal $895.00 Size 38NEW 39 CHARLOTTE OLYMPIA $875 RUBBER CAPRI KITTY CAT PINK FLATS SLIP ON LOAFERSNew Miumiu Calzature Donna Shoes Bleu Size 37 With BoxALEXANDER MCQUEEN womens 5 US 35 burgundy red black suede casual slip on shoesNEW Christian Louboutin Flats Suede Cognac Brown Flat Shoes 36.5 , Proenza Women's Schouler Mules Black Suede Leather Shoes Clogs Stud Design 40 , Lanvin Shoe Black-And-White Stingray Print Snakeskin Size 40 New Ballerina Shoe$600 NIB Ferragamo Varina Mink Fur Bow Ballet Flats Bordeaux 7 7.5 8.5 9 10 B/M , Salvatore Ferragamo ELISABELLA Bow Loafer Flat Shoe Metallic Silver Leather 10 M , PRADA Burnished Patent Leather Kiltie Loafer Bronzo Womens Shoes 42 / 12 M NEWNIB $645 Alexander McQueen Embroidered Sequined Skull Smoking BlackSlipper size7 , MIU MIU Swarovski Crystal Cap Toe Velvet Loafers Navy Women Sz 40 1704 ,
    NIB Valentino Rockstud Black Nude Leather Ballet Ballerina Espadrille Leather Black Rockstud Flat 40 4f5dd5d - blurrypron.com>NIB Valentino Rockstud Black Nude Leather Ballet Ballerina Espadrille Leather Black Rockstud Flat 40 4f5dd5d - blurrypron.com
    Mr/Ms Air Max 90 BNIB Economical and practical new Full range of specifications , Teva Hurricane XLT 2 Mens Sandals - BlueNew Rock Women's Leather Punk Boots M.PUNK001-C1 Nomada , FitFlop Women's Shuv Patent Mule 7 BM US, Midnight NavySoludos Ibiza Embroidered Smoking Slipper Midnight Blue Size 6 $75 , New Django & Juliette Hadmy Navy Tan Leather Navy Tan Womens Shoes CasualNautilus Women's Static-Dissipative Clean Room Work Shoe , Guess Women's Shoes White GG Orily Size 8 , PLEASER Sexy 5 1/4" High Heel Concealed Platform Red Pump Shoes Large SIZES , PAUL GREEN Womens 2" Heels Sz 6.5 Brown Leather Stitching Austria Handmade 41955 , St. John Dress Pumps Brown Leather Gold Accent Heels Sz 6.5B Made In Italy , Pleaser FLAIR-420/B/M Womens Flair-420 Boot- Choose SZ/Color.Manolo Blahnik BB black 8 38 leather point toe classic stiletto pump shoe $595CHRISTIAN LOUBOUTIN New simple pump 38 - 39 authentic RRP $850 patent leatherFitFlop Women's Flora Flip Flop,Black,9 M US , Womens Velvet Pointy Toe Rhinestones Low chunky block Heels Slippers Mules ShoesNew Balance Men's SONIV1 Running-Shoes, Vivid Cobalt/Black, 13 D US , Men's/Women's Puma, 187779-03, Bravery, High Risk Red/Black/Black Outstanding features Beautiful valueVery Nice Nike LeBron XII 12 Dunkforce Dunkman Gray/Green Shoes!!! 10.5!!!Gentlemen/Ladies Air Jordan Retro 6 Sport Blue main category high quality Explosive good goods , $160 MEN'S SZ 13 Nike Kobe XI EM Invisibility Cloak, Black/Gray (836183-005)Gentleman/Lady Dankuhai Nike from japan (5010 Comfortable feeling Quality and quantity guaranteed best sellerMens Size 8.5M Black Giorgio Brutini Le Glove Full Grain Leather Loafers 479181Mezlan 6810-1 Mens Casares Ii Chelsea BootUS/- Choose SZ/Color. , NEW Frye Men's Phillip Lug Workboot - Copper Dark Brown - Size 7.5 D (X72) , Gentlemen/Ladies PUMA Suede Heart Women's Safari/Safari 36408301 superior Selected materials Elegant and stable packagingWomen Chunky Heels Ankle Boots Shoes Pointed Toe Side Zipper Winter Real Leather , Winter Womens Warm Fur Line Knee High Boots Block Heel Zip Genuine Leather ShoesSkechers Women's Juliet Ballet Flat - Choose SZ/colorDiane Van Furstenburg Black Leather Riding Boots Size 11
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIB Valentino Rockstud Black Nude Leather Ballet Ballerina Espadrille Leather Black Rockstud Flat 40 4f5dd5d - 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.

    NIB Valentino Rockstud Black Nude Leather Ballet Ballerina Espadrille Leather Black Rockstud Flat 40 4f5dd5d - 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
    NIB Valentino Rockstud Black Nude Leather Ballet Ballerina Espadrille Leather Black Rockstud Flat 40 4f5dd5d
    Flats
    >
    ;