Never miss an update

PLEASER Ankle Ankle PLEASER Strap Platform Sandal Multi-size mogochinese-29960 Rhinestone STARDUST-702 Teal 88cfb4d




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
Ebay Color: Clears
Platform: Approximately 2.75" Width: Medium (B, M)
Shoe Size Range: 5-11 Ebay Shade: Teal
Style: Platform & Wedges Heel Height: 7 Inch Heel
Sub Style: Sandals Material: Synthetic
Weight: 3.3000 Fastening: Slip On
Brand: Pleaser Pattern: Textured
Ebay Heel Height: High (3 in. and Up)
Never miss an update

PLEASER Ankle Ankle PLEASER Strap Platform Sandal Multi-size mogochinese-29960 Rhinestone STARDUST-702 Teal 88cfb4d - blurrypron.com

    PLEASER Ankle Ankle PLEASER Strap Platform Sandal Multi-size mogochinese-29960 Rhinestone STARDUST-702 Teal 88cfb4d
    PLEASER Ankle Ankle PLEASER Strap Platform Sandal Multi-size mogochinese-29960 Rhinestone STARDUST-702 Teal 88cfb4d
    Madewell Greer Mule Sandal Burnt Ember Size 9 Suede Sandal ShoeFly London Tram Off White Womens Leather Slingback Sandals Shoes , Teva Women's Tirra Buena Powder Blue Polyester Webbing Upper Sandal 4266BPRB , Nine West 25028949 Womens Lastage Patent Dress Sandal- Choose SZ/Color. , NIB CORSO COMO Womens CARNIVAL Black Leather Sandals Size US 5 1/2 M , Stuart Weitzman Bolshoi Red Womens Shoes Size 8 M Sandals MSRP $375 , Teva Womens Terra Fi Lite Athletic Sandal Shoes , Nike SB Zoom Stefan Janoski Mens Slip-On Grey/Black 831749-004 UK size 7,8,9,10Womens Ladys Mid Block Heel Mules Backless Summer Sandals Casual Embroidery ShoeMen's/Women's Naughty Monkey Women's SHALOMAR SLIP-ON BLACK High-quality a good reputation in the world have fun , Women's Birkenstock Arizona Soft Footbed Sandal Slides 42 M 11-11.5 , ECCO 820003 WOMEN'S RAINER OFFROAD LITE STRAP HIKING SANDAL SHOE US 5-5.5FitFlop Womens The Skinny Flip Flop- Select SZ/Color.NEW VIONIC $120 'Amber' Cork Adjustable Strappy Open Toe Sandal Women's 10 Wide , FREE PEOPLE PARK CIRCLE TAN CLOG SANDAL sz, 11/41 (AS IS) , WOMEN'S SHOES SNEAKERS LACOSTE L.30 SLIDE 217 2 [733CAW1073001]TEVA ALP PREMIER GLACIER GREY STRAPPY SPORT SANDALS SIZE US 10 WOMENS 1015182NEW & AUTHENTIC Tommy Hilfiger STROM Sandals Silver SHOES 9.5 USA , Birkenstock Womens Madrid Black Leather Slip On Sandals Size 36New Summer Womens Strap Ankle Buckle High Block Heel Casual Fashion Sandals Shoe , NAGUISA POAL COPPER MEDITERRANEAN WOMEN'S WEDGE SANDAL SHOES 9 USWomens Hollow Out Stilettos High Heel Roma Gladiator Knee High Sandal Shoes Plus , Steve Madden Size 8.5 STECY Black White Dress Heels Sandals New Womens ShoesTeva Women's Hurricane XLT2 Outdoor Sport Sandals Blue Sizes 5 6 7 8 9 10 11womens ladyfied fur trim metal decor pointy toe wedge heels winter slippers , Vince Camuto Ellanna Hot Berry Pink Silver Studded Slide Cushy Sandal 9.5 New , **DR. MARTENS** MADE IN ENGLAND WOMEN'S SANDALS SIZE UK6, USA 7 EUC , Dr. Martens Women's Redfin Black Fisherman Sandal - Choose SZ/Color , Valentino Garavani Brown Leather Flower Embellished Thong Sandals SZ 40 ,
    PLEASER Ankle Ankle PLEASER Strap Platform Sandal Multi-size mogochinese-29960 Rhinestone STARDUST-702 Teal 88cfb4d - blurrypron.com>PLEASER Ankle Ankle PLEASER Strap Platform Sandal Multi-size mogochinese-29960 Rhinestone STARDUST-702 Teal 88cfb4d - blurrypron.com
    Free People Southern Cross in Cordovan EU Size 39 or 41 , Frye Naomi Pickstitch Shootie Block Heel Ankle Booties 9M Tan NWOB $447STUART WEITZMAN Thigh Suede Over-The-Knee Boots 39.5 US 9.5ECCO Footwear Womens Touch Strap Gladiator Sandal - Choose SZ/color , **NEW** Asics Gel Venture 6 Mens Trail Runner (D) (1197) , Reebok Freestyle Hi Metallic, Womens Hi-Top Trainers, Gold Rose GoldWhiteSilvMen's/Women's ROBERTO CAVALLI SLIP ON SHOES fashion auction Strong heat and heat resistanceBROWN LADIES LEATHER MID HEEL ZIP/SMALL BUCKLE BOOTS SIZE 10Men/Women Calzoleria Toscana Flat Shoes Moderate price Sales Italy business , Women‘s Ankle Strappy Wedge Bowknot Zipper Buckle Creepers Platform Shoes Shop6Maiden Lane Womens Nude Textured Snake Heels Size 8.5 Pointy Toe PumpsSalvatore Ferragamo CAORI Grigio Mel Fabric Womens Shoes NEW Size 6.5B 6 1/2BMIU MIU PRADA CALZATURE DONNA PURPLE PATENT LEATHER PUMPS, SIZE 39.5 (RUN SMALL)Skechers Womens Gowalk Lite - Savvy Walking (M) US- Select SZ/Color.Revitalign Excursion Adjustable Women's Com Sugar Plum Metallic - 10Mens Large Size Nike Air Max MVP Elite 2 Black Baseball Cleats 14 M..158AAir Jordan 1 Retro “WINGS” size 10.5 , Twisted X Boots Men's MLCCW01Gentleman/Lady visvim VIRGIL CAP OKIE-FOLK US 9 Durable service special function Diversified new designPuma Suede Classic X FUBU Puma Black-Red Men's Casual Sneakers 36632002 , Tingley Men's 1300 Work Rubber Black Waterproof Shoes , Cole Haan Men's Warren Venetian Tuxedo Dress Shoess Black Patent 9 NEW IN BOXInvicta Men's 0368 II Collection Gunmetal Ion-Plated Stainless Steel Date WatchWomen's Skechers Summits Quick Getaway Black-Coral 12983/BKCL Memory FoamAllen Edmonds "CARLYLE" Oxfords 10 D Walnut (677)Sneakers and Athletic Nine West Odienella Navy Suede , Wmns Nike Air Zoom Pegasus 33 Sz 11 White/Pink/Green 831356-106 FREE SHIPPING , Women's Asics Kayano 25 Carbon Gray Running Shoes Size 7.5Women's Nike Air Huarache City Low Casual Shoes White/White/White AH6804 100 , Womens Buckle Leather Pull on Round Toe Ankle Boots Chelsea Boots Reto Shoes New ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    PLEASER Ankle Ankle PLEASER Strap Platform Sandal Multi-size mogochinese-29960 Rhinestone STARDUST-702 Teal 88cfb4d - 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.

    PLEASER Ankle Ankle PLEASER Strap Platform Sandal Multi-size mogochinese-29960 Rhinestone STARDUST-702 Teal 88cfb4d - 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
    PLEASER Ankle Ankle PLEASER Strap Platform Sandal Multi-size mogochinese-29960 Rhinestone STARDUST-702 Teal 88cfb4d
    Sandals
    >
    ;