Never miss an update

Call It Spring Womens NYDAREDIA Peep Peep Toe Casual 8.5 Slingback 1974 Beige Size 8.5 zY3v 706b640




Item specifics

Condition: New with defects :
A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour variations to scuffs, cuts or nicks, hanging threads or missing buttons that occasionally occur during the manufacturing or delivery process. The apparel may contain irregular or mismarked size tags. The item may be missing the original packaging materials (such as original box or tag).  New factory seconds and/or new irregular items may fall into this category.  The original tags may or may not be attached. 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: Toe has minor wear, Sole has minor wear / Please refer to last 3 images.
Brand: Call It Spring Fastening: Buckle
Style: Slingbacks Heel Type: Block
Width: Medium (B, M) US Shoe Size (Women's): 8.5
Material: Synthetic Occasion: Casual
Color: Beige Pattern: Solid
UPC: 666744310784
Never miss an update

Call It Spring Womens NYDAREDIA Peep Peep Toe Casual 8.5 Slingback 1974 Beige Size 8.5 zY3v 706b640 - blurrypron.com

    Call It Spring Womens NYDAREDIA Peep Peep Toe Casual 8.5 Slingback 1974 Beige Size 8.5 zY3v 706b640
    Call It Spring Womens NYDAREDIA Peep Peep Toe Casual 8.5 Slingback 1974 Beige Size 8.5 zY3v 706b640
    ITALIAN Shoemakers Womens Liliana Open Toe Casual Platform Black Size 7.0 VcFR , Annie Shoes Women's Lara Wide Calf Dress Sandal Red Size 8.5 rRbXAnn Marino Womens faustion Closed Toe Casual Mule Sandals Black Size 9.0 , Guess Women's Blasa Dress Sandal Black Size 9.0 GxemDr. Scholl's Womens harlin Closed Toe Casual Mule Sandals Black Size 6.5 QykiOnex Women's Dancer Heeled Sandal Black Size 5.0 , Cole Haan Womens Chiannasam Open Toe Casual Brown/Bronze Size 6.0 , Beacon Womens Cupake Closed Toe Casual Slide Sandals White Size 7.0 cca0Easy Spirit Women's Earthen First Walker Shoe Grey Size 7.5 GpOUBandolino Womens meissa Fabric Open Toe Special Black/Black FB Size 7.5 NUXZReport Womens Bosen Closed Toe Ballet Flats Pink Size 8.5 2rttEasy Spirit Womens Wiley Open Toe Casual Ankle Black/Black Fabric Size 11.0 u5Tahari Womens ta jodi Closed Toe Knee High Fashion Boots Winter Taupe Size 8.5 , Anne Klein Womens Salome Leather Open Toe Casual Mule Light Blue Size 6.0 i1TBAnne Klein Womens Carvallo Closed Toe Casual Slide Sandals Black Size 7.5 yfoV , EuroSoft Womens Bevin Black Size 7.5 GwPV , Steve Madden Womens Raeleen Leather Open Toe Casual Strappy Cognac Size 6.0 o0 , Beacon Womens NEWPORT Fabric Closed Toe Casual Platform Sandals Sand Size 6.0 , Calvin Klein Women's Vable Platform Dress Sandal Sand/Soft White Size 10.0 XFy , Call It Spring Moillan Women Pointed Toe Synthetic Black Bootie Black Size 7.0 , Patrizia by Spring Step Rho Women Open Toe Synthetic Tan Wedge Beige Size 7.0Marc Fisher Womens Greg Leather Open Toe Casual Black Leather Size 11.0Jessica Simpson Womens Elinn Fabric Open Toe Special Occasion Black Size 6.5 , Man's/Woman's HAVAIANAS ESPADRILLES ORIGINE PREMIUM / BEIGE Selling Sales Italy Exquisite (processing) processing , Onex Women's Alexandria Dress Sandal Tan Size 10.0 KsQ0Aerosoles Womens wonder plush Open Toe Casual Ankle Strap Black Size 7.0 fJtw , Bare Traps Womens UMMA Peep Toe Casual Platform Black/Bright/Multi Size 7.5David Tate Bubbly Women's Sandal Sand Size 10.0Ralph by Ralph Lauren Women's Keara Sandal Ivory Size 7.5 ,
    Call It Spring Womens NYDAREDIA Peep Peep Toe Casual 8.5 Slingback 1974 Beige Size 8.5 zY3v 706b640 - blurrypron.com>Call It Spring Womens NYDAREDIA Peep Peep Toe Casual 8.5 Slingback 1974 Beige Size 8.5 zY3v 706b640 - blurrypron.com
    TOD'S Shoes 134580 Brown 37 1/2Aquatalia By Marvin K. Back Zip Suede Ankle Boot Black Women Sz 8 5601 * , Adidas Ultra Boost Mens Running Shoes Sneakers Grey BB6179 SZ 4-12Merchant 1948 Isabella Anselmi rose gold metallic loafer - Women's Size 40Demonia Grip-31 Black Studded Platform Shoes - Gothic,Goth,Punk,Black,BuckleWomens Stiletto High heel shoe Summer Round toe Slip on Patent leather Pumps New , NEW!!! Nina Women's Satin Shoes with Stones Size 8YES!!!!! KAKI DANIELS' METALLIC LEATHER AND SILK GORGEOUS STILETTOS! , Gentleman/Lady Steve Madden Women's Diva D'Orsay Pump The color is very eye-catching buy Known for its excellent qualityCLARKS Deva Janie Women Open-Toe Block Heel Slingbacks Size 8.5 M Tan LeatherMade in Italia Shoes Women Pumps & Heels Black 89379 BDT TRENDY , Man's/Woman's Vince Camuto Women's Kalyca Black M Various styles Has a long reputation leading the fashionBalmain for Guiseppe Zanotti suede studded khaki wrap around sandal 38 , Nike Shox Gravity sz 10 ar1999 300 trainer running shoesNIKE Men's Zoom Erick Koston 2 LR Gym Red Summit white 641868 661 Men size 8.5Nike Roshe Run Men's Grey Black Sneaker Sz 9.5 2972MENS DC SPARTAN HIGH WC TX SE SKATEBOARDING SHOES NIB GREY (GRY)Nike Air Force 1 Low Premium Harlem Laser 2005 White 309096 111 Mens Sz 9.5 , Man/Woman adidas Ultra Boost 3.0 Utility Black Fine workmanship fashionable VariousMizuno Wave Inspire 14 SW Black Blue Super Wide Men Running Shoes J1GC184568NEW DS Adidas NMD XR1 PK BOOST Triple All Black BA7214 Primeknit Black Core Grey , Air Jordan XXXI Westbrook Why Not Size 13 AA9794 003 NIBPOLO RALPH LAUREN MENS NEW GRAY TECH NUBUCK FASHION SNEAKERS SIZE:11New Mizuno 410779.9U13 Wave Enigma 6 Grey Women's Running Shoes Size 7 US , Asics Women's Gel-Lyte V Sanze Grey Lavender Sneakers NewAdidas Grete Waitz Sneakers 2006 Shoes Womans Size 6 Trainers RARE RunningNIKE MERCURIAL SUPERFLY V FG ID SOCCER CLEAT BLACK/BLUE WOMEN 7.5 [872796-999]Clarks Indigo Women's Ankle Boots 7M Booties Leather Buckle Brown Low Heel , BEARPAW Women's Eva Short Snow Boot,Hickory,9 M USMan's/Woman's Naturalizer Westing in BLACK Quality products Year-end sale Comfortable and natural ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Call It Spring Womens NYDAREDIA Peep Peep Toe Casual 8.5 Slingback 1974 Beige Size 8.5 zY3v 706b640 - 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.

    Call It Spring Womens NYDAREDIA Peep Peep Toe Casual 8.5 Slingback 1974 Beige Size 8.5 zY3v 706b640 - 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
    Call It Spring Womens NYDAREDIA Peep Peep Toe Casual 8.5 Slingback 1974 Beige Size 8.5 zY3v 706b640
    Sandals
    >
    ;