Never miss an update

CHRISTIAN LOUBOUTIN US) LOUBOUTIN PATENT LEATHER D'ORSAY PUMP SIZE IT 42 IT (12 US) a76f2db




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Please see full description
Brand: Christian Louboutin US Shoe Size (Women's): US 12
Style: D Orsay EUR Shoe Size (Women's): EUR 42
Color: Black Fastening: Slip On
Material: Patent Leather Country/Region of Manufacture: Italy
Never miss an update

CHRISTIAN LOUBOUTIN US) LOUBOUTIN PATENT LEATHER D'ORSAY PUMP SIZE IT 42 IT (12 US) a76f2db - blurrypron.com

    CHRISTIAN LOUBOUTIN US) LOUBOUTIN PATENT LEATHER D'ORSAY PUMP SIZE IT 42 IT (12 US) a76f2db
    CHRISTIAN LOUBOUTIN US) LOUBOUTIN PATENT LEATHER D'ORSAY PUMP SIZE IT 42 IT (12 US) a76f2db
    NEW! Charlotte Olympia 38.5 POLKA DOT Black Mesh Wedge Designer Heels ItalyJimmy Choo ROMY Chalk Beige Pointy Toe Pumps 39 Shoe , Jimmy Choo Romy 100mm Coarse Glitter Pointed-Toe Pump Size: 7B / 37EU , Tom Ford $1300 SIZE 10/40 EU Leather Crossover Sandals (Offers Accepted)Saint Laurent YSL Classic Paris Skinny 105 Escarpin V Pumps Denim Shoes 38 , $795 Gianvito Rossi RASO PRUNE Purple Plexi Pumps Heels SIZE 38.5 , YSL Yves Saint Laurent Jane 105 Bow Ankle Sandals Shoes 37.5 7.5 , $740 New Bottega Veneta Women's Black Leather 3 Straps Heels 443156 1000 , NWT Jimmy Choo ABEL latte patent heels pumps size 39.5 US 9 9.5 receipt , Celine Phoebe Philo black ankle boots size 38NEW maison martin margiela S40WU0120 RED cup heeled BLACK bootsRDC8715 Authentic Size 41 Valentino Black Patent Leather Mary Jane HeelsNWT Jimmy Choo MEI 85 Honeycomb Suede Yellow heels pumps size 37.5 US 7 7.5 , NIB PRADA MIU MIU GLITTER PONY HAIR PUMPS SHOES SZ US 6 MADE IN ITALY , Saint Laurent Jane 105 Nude Powder Patent Ankle Strap Sandals Shoes 37.5 7.5 , Chloe Lauren Ankle Wrap Wedge Flatform Espadrille Sandal Sz 37 $595 , Burberry Irvington heels womens size 8 m euro 38Saint Laurent luxury pumps heels in blue suede leather Size US 7.5 - ½ , NEW CELINE 38.5 8.5 Shoes Italy Black White Leather Kitten Heel Pumps Square ToeStuart Weitzman Pipecurvia Women's Rum Bobcat Hair Pump Sz 9 2976 , Celine White Leather Open Toe Espadrille Wedge Heel Sandals SZ 36 NWOT $660Christian Louboutin Debout 120 Disco PVC Ologram Size 37.5 Pumps , Christian Louboutin Mary Jane Pumps - Size 40.5 , AGENT PROVOCATEUR BLACK DONYA SHOES SIZE 6 / 39 RRP , Jimmy Choo Coarse Glitter Multi Color Platform/Stiletto Sz-39 (US-9) Authentic , YSL Yves Saint Laurent Tribtoo 105 Grainy Black Pumps Shoes $795 36 6 , NEW MANOLO BLAHNIK LISA PATENT ALMOND TOE PUMP SIZE 38.5The Row NWT Natural Beige Capretto Leather "Coco Twist" Slingback Pumps SZ 36.5 , Fendi Women Shoes Size 36 NIB Sandals Heels Fabric/leather Black Pink Fluor
    CHRISTIAN LOUBOUTIN US) LOUBOUTIN PATENT LEATHER D'ORSAY PUMP SIZE IT 42 IT (12 US) a76f2db - blurrypron.com>CHRISTIAN LOUBOUTIN US) LOUBOUTIN PATENT LEATHER D'ORSAY PUMP SIZE IT 42 IT (12 US) a76f2db - blurrypron.com
    Tory Burch Oren Royal Blue/Tan Boots Size: US 10 M , New Julius Marlow Grand Black Mens Shoes Dress Shoes FlatHOGAN MEN'S SHOES SUEDE TRAINERS SNEAKERS NEW H357 GREY 8E9 , Gentleman/Lady PALABRUS BGY WX-U BLK/GUM size 40 Moderate price Brand Complete specifications , Versace 19.69 E08 PITONE LILLA ballerina shoes Women's Lilac US , Nicole Women's Size 10 Ankle Boots Brown Boxcar All Vinyl Vegan Material ShoesTSUBO Millay men's women's leather sneaker shoes 36 36.5 37 37.5 39 40 (pv:)Born Men's Marisella Black Leather Shoe D42803 Size 6 MKlogs Missy Womens Clog Shoes Display Model Leather Black Oiled 14W , Bandolino Women's Rainaa Peep Toe PumpWomen's Vibram Five Finger Signa Water Walking Outdoor Shoe Black Size 9-9.5Man's/Woman's Fabulicious CARESS-401FL Clr/Fuchsia Flowers () Best-selling worldwide King of quantity Famous storeCaparros Elyzabeth Strappy Rhinestone Evening Sandals, Black Satin , Sneakers Femme samples shoes AIRWALK MID ONE TECH WHITE PRINT WOMENAsics GEL-Kayano Trainer (Birch) H7T2L- SUEDE Classic Running Mens Size 10.5Asics Gel Cumulus 19 Mens Running Shoes (2E) (9690) , NIKE Mens Athletic Shoes Sz 14 Sneakers Hi Tops Gray Aqua Flystepper 2K3 LeatherSaucony Shadow 5000 Mens Tan Suede & Mesh TrainersAdidas Superstar PK BOOST Primeknit Grey White NMD Ultra Shoes BB8973 Men Sz 5 , Brand New Nike Huarache Run PA White Ostrich Gum (705008-11) , Fulinken Sz 5-12 Genuine Patent Leather Zip Ankle Boots Formal Dress Mens Shoes , Iron Ranger 8111 - Amber Harness Leather Red Wing , Man/Woman Men's Skechers 51509/CCOR Eqaulizer-Double Play Charcoal/Orange New product High-quality materials Recommended todayStacy Adams Men's Tinsley-Wingtip Oxford, Tan, 11 M US , MEN'S LEATHER WESTERN STYLE COWBOY SLIP ON ANKLE-SQUIRE BOOTS~ BRAND NEW $69.99Reebok x Spirit Classic Leather Yellow Green Women's Rare Sample Sneakers BD2772VANS New SK8-Hi Reissue DX Leather Vault Lady size USA 7 , New Nike Women’s AIR MAX 98 Sz 8 PINK BARELY ROSE ELEMENTAL AH6799 600 , LUXURY PRADA MATCHRACE SNEAKERS SHOES 3E5939 BLACK YELLOW US 8Pearl iZUMi Men's Em Trail M 2-m - Choose SZ/Color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    CHRISTIAN LOUBOUTIN US) LOUBOUTIN PATENT LEATHER D'ORSAY PUMP SIZE IT 42 IT (12 US) a76f2db - 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 US) LOUBOUTIN PATENT LEATHER D'ORSAY PUMP SIZE IT 42 IT (12 US) a76f2db - 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 US) LOUBOUTIN PATENT LEATHER D'ORSAY PUMP SIZE IT 42 IT (12 US) a76f2db
    Heels
    >
    ;