Never miss an update

Rebecca Minkoff SZ/Color. Womens Platform Sandal- Womens Pick SZ Sandal-/Color. ec5588e




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
UPC: 0846632555187
Style: Causal Brand: Rebecca Minkoff
US Shoe Size (Women's): Multiple Variations Model: Hayden
Size Type: Regular MPN: Hayden
Never miss an update

Rebecca Minkoff SZ/Color. Womens Platform Sandal- Womens Pick SZ Sandal-/Color. ec5588e - blurrypron.com

    Rebecca Minkoff SZ/Color. Womens Platform Sandal- Womens Pick SZ Sandal-/Color. ec5588e
    Rebecca Minkoff SZ/Color. Womens Platform Sandal- Womens Pick SZ Sandal-/Color. ec5588e
    Donald J Pliner Womens Dani2 Platform Sandal- Pick SZ/Color. , Cole Haan Womens Rossi Wedge Sandal- Choose SZ/Color. , Geox D7293C0SKNFC8124 Womens W FormosaDress Sandal /- Choose SZ/Color. , Cole Haan W09568 Womens Cielo High Sandal- Choose SZ/Color. , ECCO Women's Terra 2S Athletic Sandal - Choose SZ/ColorCamper K200066-008 Womens Balloon K200066 Wedge Sandal- Choose SZ/Color.Schutz S0138709980006 Womens Margaery Dress Sandal- Choose SZ/Color.LOEFFLER RANDALL Womens Starla Flat Sandal- Pick SZ/Color.Badgley Mischka Womens Tristen Dress Sandal- Pick SZ/Color. , Imagine Vince Camuto IM-JEFRE Womens Jefre Wedge Sandal- Choose SZ/Color.Jessica Simpson JS-DORRIN Womens Dorrin Heeled Sandal- Choose SZ/Color.NF41 El Naturalista Womens ZUMAIA Sandals- Choose SZ/Color.Aravon Women's Medici II Gladiator Heeled Sandal - Choose SZ/Color , Bed Stu Diaz Womens Fisherman Sandal- Choose SZ/Color.FitFlop C10-236 Womens Leather Superballerina Sandals (- Choose SZ/Color.Man/Woman FRYE Women's Blair Western Sandal Great variety Good market Outstanding functionECCO Womens Touch Braided Plateau Wedge Sandal- Pick SZ/Color. , Lauren by Ralph Women's Abia Wedge Sandal - Choose SZ/ColorVince Camuto Women's Sarritah Heeled Sandal - Choose SZ/Color , Ivanka Trump ITWARDA Womens Warda Mule- Choose SZ/Color.Schutz S0161200640008 SCHUTZ Womens Sevil Wedge Sandal- Choose SZ/Color.Badgley Mischka Womens Terry Wedge Sandal- Pick SZ/Color. , Donald J Pliner Womens Gwen Dress Sandal- Pick SZ/Color. , Dansko Women's Season Flat Sandal - Choose SZ/Color , LOEFFLER RANDALL Womens Sosie-Vacs Flat Sandal- Pick SZ/Color. , Birkenstock Arizona Metallic Silver Soft Footbed Leather Sandal 38 N US Women...Sam Edelman E9078L1 Womens Synthia Dress Sandal- Choose SZ/Color. , Schutz Jeanette Womens Dress Sandal- Choose SZ/Color.FitFlop Banda Slide Womens Dress Sandal- Choose SZ/Color. ,
    Rebecca Minkoff SZ/Color. Womens Platform Sandal- Womens Pick SZ Sandal-/Color. ec5588e - blurrypron.com>Rebecca Minkoff SZ/Color. Womens Platform Sandal- Womens Pick SZ Sandal-/Color. ec5588e - blurrypron.com
    PRADA Brown Tall Leather Heel Boots w Metallic Heel and Bow Detail 38.5/8.5 WOW! , Gentlemen/Ladies Franco Sarto Women's Domino Boot The color is very eye-catching luxurious Diversified new design , TP Womens Knee High Tall Boot High Heel Leather Fashion US 7 M EUC , Prada Black Leather Ankle Boots NWOT Sz 7 , Clarks Mens STREAM JET Brown Gtx WATERPROOF SHOE / true 8.5Caterpillar Womens Hint Low-Top Sneakers, Beige Womens Warm Sand, 5 EU , Chloe Black Patent Mid Heel Pumps With Bow Size 40.5 , BOHO Eco Summer Ankle Boots Shoes Flax Linen Hand Crochet Exclusive Lady Sz 6 , Birkis Birkenstock Womens 36 Maria WULF GRAY Suede Navy Soft Footbed 5 6 Denim , Naturalizer Women's Makenzie Dress Pump, Black Herringbone, Size 8.5 C/D (W) , LANVIN Women's Patent Leather Heels Pumps Size 39 , NIB MAX&CO Buff Suede ADELINA Cross Strap Chunky Platform Shoes Sz 38 110892MMCHRISTIAN DIOR SLINGBACK IN BLACK SUEDE OPEN TOE SANDALS - SIZE 7Miu Miu by Prada Nudo 3D Floral Satin Mule Slide Pump 39.5 Preowned , Yves Saint Laurent Black Patent Leather Open Toe Caged Sandals SZ 39.5New Christian Louboutin SO KATE 120 NUDE Sequined Pumps Heel ROSE GOLD Shoes 36 , Star Wars Irregular Choice 3-CPO 3PO Flat Shoes black Gold Silver , Women Vionic Orthaheel Bella II Flip Flop 44BELLAII Tortoise 100% Original NewVALENTINO Womens 'Soul Stud' Gold Metallic Leather Block Heel Sandals Sz 38.5ASICS GEL LYTE V 5 SZ 8 BLACK GREY WHITE HN6A4 9011NIKE JORDAN D'REIGN MENS BASKETBALL STYLE 510859NIKE AIR MAX ZERO QS UK12 EUR47.5 US13 WHITE PLATINUM 789695 102 GYM RUNNINGNIKE AIR MAX 1 JEWEL PREMIUM SC NEUTRAL OLIVE GOLD SAND 918354 201 , Vasque Men's Mantra 2.0 Gore-Tex Hiking Boot , Redwing Heritage Work Boots, Brown Leather, Short, Mens Size 10 , Lacoste Men's Ampthill MTS SPM Leather White/Dark Blue 26SPM4103X96 Brand New , Mason O'Sullivan Leather All Purpose Men's Casual Boots Size 10 New in Box NOSAllen Edmonds Wingtip Dress Shoes Black Leather Sz 12D Fantastic Condition! , Fashion women round toe buckle Zip mid calf boot platform High wedge heel shoeNightclub Women Leather Shoes Strappy Pointy Toe Stiletto Heel Black US 4.5-11.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Rebecca Minkoff SZ/Color. Womens Platform Sandal- Womens Pick SZ Sandal-/Color. ec5588e - 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.

    Rebecca Minkoff SZ/Color. Womens Platform Sandal- Womens Pick SZ Sandal-/Color. ec5588e - 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
    Rebecca Minkoff SZ/Color. Womens Platform Sandal- Womens Pick SZ Sandal-/Color. ec5588e
    Sandals
    >
    ;