Never miss an update

Franco Sarto Lucita Womens Ankle Booties Franco Mushroom Lucita Suede Booties 5.5 59102f2




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
Size: 5.5 M US
US Shoe Size (Women's): Does not apply Department: womens
MPN: D6193L1-250 Color: Mushroom Brushed Suede/Safari Premium Leather
Model: D6193L1-250 Style: Does not apply
Brand: Franco Sarto UPC: 093636921146
EAN: 0093636921146
Never miss an update

Franco Sarto Lucita Womens Ankle Booties Franco Mushroom Lucita Suede Booties 5.5 59102f2 - blurrypron.com

    Franco Sarto Lucita Womens Ankle Booties Franco Mushroom Lucita Suede Booties 5.5 59102f2
    Franco Sarto Lucita Womens Ankle Booties Franco Mushroom Lucita Suede Booties 5.5 59102f2
    Roper Crossed Out Womens Crystal Cross Square Toe Boot M- Choose SZ/Color. , Nine West 25027578 Womens Carensa Ankle Boot- Choose SZ/Color. , Naughty Monkey Women's Poncho Boot Tan 6 M US , Ash Womens Zazie Boot 37EU/7 US- Pick SZ/Color.Ariat Womens Fatbaby Cowgirl Composite Toe Work Boot, Fireside/Tan, 7 M USBareTraps Women's Susanna Riding Boot Brush Brown 6 M USMerrell Women's Tremblant Mid Polar Waterproof Snow Boot, Oak, 5.5 M USWomens Fly London Yoss Colmar Brown Leather Chelsea Wedge Heel Boots Shu Sizetotes Women's Judy with Toggles Snow Boot Black 8 M US , Helens Heart Helen's Heart Women's Sparkle Sequin Bling Short Western Cowgirl... , Roma Women's Evol Rain Boot Navy 11 M USSkechers Women's Laramie 2 Engineer Boot - Choose SZ/ColorJosef Seibel Sienna 03 Womens Boot 39 BR/8-- Choose SZ/Color.NEW FRYE Women's Madeline Tall Western Boot Suede Khaki Size 8.5 B $398Frye Womens FRYE Dorado Buckle Riding Boot- Pick SZ/Color.Jessica Simpson Womens Calvey Ankle Bootie- Pick SZ/Color.Kenneth Cole REACTION Women's Vin Win Ankle Bootie Boot black 10 M US , Durango Lady Rebel RD3471 Womens Light Blue/Brown Saddle 10" Western Boots , Justin Boots Women's Gypsy BootAged Bark6.5 B USVery Volatile Womens Braya Ankle Bootie- Pick SZ/Color. , Cole Haan Women's Elion Boot Chestnut Leather 7 B USAquatalia Womens Wanda Winter Boot Espresso Size 7 M US , Old West Cowboy Boots Womens Snip Toe Leather Lined 7 B Tan Fry LF1541 , FRYE Womens Dara Harness Chelsea- Pick SZ/Color.Old West Cowboy Boots Womens Goodyear Leather Vintage Charcoal LF1587 , Kamik Women's Rogue 9 Waterproof Winter Boot Black 8 M USECCO Womens XpEd. III GTX Hiking- Pick SZ/Color. , PRE-Owned RUDSAK Tarin Leather Wedge Booties 7.5MPleaser Blondie-R-3011 silver stiletto thigh high dual platform boots sizes 5-11
    Franco Sarto Lucita Womens Ankle Booties Franco Mushroom Lucita Suede Booties 5.5 59102f2 - blurrypron.com>Franco Sarto Lucita Womens Ankle Booties Franco Mushroom Lucita Suede Booties 5.5 59102f2 - blurrypron.com
    Ron White Piper Tall Over The Knee Brown Leather Boots Size 36 $595 , Seychelles Women's Ovation Fashion Boot, Dark Brown, Size 7.5 , Nos Remington Texas USA Black Western White Tips Cowboy Boots Rockabilly 5.540491 auth COSTUME NATIONAL dark grey leather Knee-High Boots Shoes 38Josef Seibel Women's Faye 05 Ankle Bootie Black 38 EU/7-7.5 M USZARA WOMENS TAN SANDALS SIZE UK3 EUR36 US6Ladies Harley Davidson Biker Boots Label RosanaMartino square Womens Boots Black 7.5 US / 5.5 UKNWB $595 Giuseppe Zanotti Blush Satin Lip Tassel Fringe Loafer Shoes SZ 41/11 , CLARKS Women's Medora Jem Slip-On Loafer - Choose SZ/ColorNEW SKECHERS WOMENS DYNAMITE COMFORT MEMORY FOAM SLIP ON CASUAL SHOESSexy Womens High Heel Stilettos Chain Nighclub Party Sandals Slingbacks Heels SzJIMMY CHOO SLINGBACK leather PUMPS Pointed Toe Heels Size 39 , Men's/Women's Earth Womens Scorpio Wedge Packaging diversity Quality and quantity guaranteed Excellent workmanship , Corky's Boutique 30-5284-RDHT Bandit Red Houndstooth Wedge size 6Puma Mens Size 7.5 Evospeed 3.5 FG Leather Soccer Cleats White Orange BlackNike Lebron Witness II EP 2 James Bred Black Red Men Basketball Shoe AA3820-006 , Nike Zoom Train Command USC Trojans Shoes AO4397-671 Men Size 9.5 , Adidas 3ST.001 Black White Silver Ice Sz 9 CQ1087 , Gentlemen/Ladies Shoes Lacoste Sneakers Lacoste 734SPM0031_LTR Crazy price Sales Italy Brand feastNIB NoLid Nike Free Train Instinct Running Black Gray 833274-010 Mens Sz 10-11.5 , Nike Air jordan 13 retro low Bred US9.5Adidas Crazy 1 Tribal John Wall Men's 10.5 Shoes Purple , Skechers Men's Depth Charge up to Snuff Oxford - Choose SZ/Color , US10 11 men's embroidery floral round toe loafer casual shoes nightclub shoes , W-1940140 New Bally Blue Caprice Calf Suede & Leather Sneaker Siz EU-8.5E US-9.5Puma Basket Platform OW - Blue - Womens , Under Armour Women's Mid Sports Bra - Choose SZ/Color , Women's Mesh Hollow Out Breathable Leather Sport Sneakers Platform Creeper ShoesWomens Nike AF1 JESTER XX Shoes -AO1220 101 -Air Force 1 -Sz 11 -New ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Franco Sarto Lucita Womens Ankle Booties Franco Mushroom Lucita Suede Booties 5.5 59102f2 - 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.

    Franco Sarto Lucita Womens Ankle Booties Franco Mushroom Lucita Suede Booties 5.5 59102f2 - 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
    Franco Sarto Lucita Womens Ankle Booties Franco Mushroom Lucita Suede Booties 5.5 59102f2
    Boots
    >
    ;