Never miss an update

Women's Luxury Luxury Shoes Pointed Toe Rhinestone Suede Kitten Heels Rhinestone Slip On OL Shoes Size 62eb7b3




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
Brand: Unbranded
Heel Type: Stiletto Style: Kitten Heels
Occasion: Casual Country/Region of Manufacture: China
Width: Medium (B, M) Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Never miss an update

Women's Luxury Luxury Shoes Pointed Toe Rhinestone Suede Kitten Heels Rhinestone Slip On OL Shoes Size 62eb7b3 - blurrypron.com

    Women's Luxury Luxury Shoes Pointed Toe Rhinestone Suede Kitten Heels Rhinestone Slip On OL Shoes Size 62eb7b3
    Women's Luxury Luxury Shoes Pointed Toe Rhinestone Suede Kitten Heels Rhinestone Slip On OL Shoes Size 62eb7b3
    Black Satin Rhinestone Women's Prom Bridesmaid Bridal Low Wedge Sandal Shoe WideFUNKY MUST SEE IRREGULAR CHOICE FASHION HIGH HEEL PUMP in TURQUOISE/BONE EUC 6 , Pleaser FLAMINGO-809T Women's Blue Faux Leather Frosted Heel Ankle Strap SandalsBordello TEEZE-06 Women's Hidden Platforms Shoes Black Pu Pump High HeelsPLEASER Womens Sexy Patent Stripper Thigh High Boots Dancing SEDUCE-3010 WhiteImagine Vince Camuto Womens Rielly Pump- Pick SZ/Color.DEMONIA Platform Peep Toe Pump Glitter Bat Bow Chains Heels Shoes PIXIE-16 BlackSchutz Ilara Heels - Women's Size 8B, PlatinaPre owned MIU MIU Pointy Toe denim Buckle detail High Heel Pump 36 , Sandgrens Swedish Low Heel Wooden Clog Mules for Women | Black Tokyo Size US ...Bernie Mev Fresh Buttercup Jean Women's Criss Cross Wedge SandalANTHROPOLOGIE SVEABORG PICNIC CLOGS BLUE LEATHER LUCKY PENNY SHOES 10 BNine West Lovelost Platform Dress Pumps, Light Gold Metallic, 8.5 USMarc Fisher Prenna Mule Pumps, Brown Multi Suede , New Pumps By Betsey Johnson / Rex Navy Blue & Red 7Zara Leather High Heels Sandal Size 6 -Womens Salvatore Ferragamo Black Leather Pumps size 8.5 Narrow High Heels Shoes , High Heel 4" Blue sandals Rhinestone Ellie Shoes 431-DARLING/BLUEHot Womens Leopard High Heel Stiletto Slingback Sandals Leather Open toe Shoes S , Women's Rhinestones Satin Bridal Shoes High Heel Open Toe Sandal Pumps Plus Size , Hot Womens Ladies Gold Rhinestone pearl Wedding Stiletto High Heels bridal shoes , ROSEGOLD LANE PEEP-TOE PUMP WOMENS SAND US SIZE 8.5M NEW/DISPLAY , Stuart Weitzman Caring Women's Grey Wedge Heel Sz 7Famous Women Same Star Belt Sandals Zip Rhinestones Stage Show High Heels Shoes , Womens Suede Pumps Block Low Heels Square Toes Furry Slip On Sweet Casual Shoes , AK Anne Klein Sport 25050551 Womens Valerie Wedge Pump- Choose SZ/Color.Schutz Thainy Bright Rose Pink Suede Stiletto Sandals Floral Appliques Tie Up , Dolce and Gabbana Strappy Sandals Heels - Size / US 6Women s Stiletto Open Toe Rhinestone Slingback Slip On Sandal Slipper Shoe Clear
    Women's Luxury Luxury Shoes Pointed Toe Rhinestone Suede Kitten Heels Rhinestone Slip On OL Shoes Size 62eb7b3 - blurrypron.com>Women's Luxury Luxury Shoes Pointed Toe Rhinestone Suede Kitten Heels Rhinestone Slip On OL Shoes Size 62eb7b3 - blurrypron.com
    Durango Women's Crush Accessorized Western Fashion Boot DCRD145 SIZE 8M , Chie Mihara Gassa Bootie in Black with Brown Trim Size 36New Balance Womens White Low Top Casual Shoes Athletic 7 Medium (B,M) BHFO 6105 , Dr. Doc Martens England Vintage 90s T Strap Buckle Mary Jane US 9 BlackMan/Woman Very Volatile Women's Script Ankle Bootie New market Wholesale trade Exquisite (processing) processingDansko Women's Black Leather Slip On Professional Nurse Clogs Sz 6.5 - 7 / 37Via Spiga Womens v deanna Closed Toe T-Strap Classic Pumps, Deep Blue, Size 8.0 , Sexy Cute Salvatore Ferragamo Women's Taupe Gray Suede Pump Heels Size 9.5NNew Frye Alexa wedge leather bronze womens's shoes size 8.5CHARLES BY CHARLES DAVID 226604 forest green suede block heel pumps sz. 7.5Womens - MIU MIU - Studded Powder Blue Leather Wood Sole Metal Heel Sandals 6Gentleman/Lady Authentic Kurt Geiger shoes Moderate price High-quality materials Official websiteNine West 25021789 Womens Kaylee Suede Dress Pump- Choose SZ/Color. , ara Women's Blanche 30704 Loafer , Nike Jordan Formula 23 X 10 Black White Max Orange Men Shoes Sneakers 881465-018Nike Air Force 25 White Midnight Navy Chrome 2007 Size 12 Blue Rare , Nike Flight Bonafide Jason Kidd Black Team Red Men SZ 7.5 - 13Nike Flyknit Racer BETRUE 902366-100 Sz 12.5 Men’s Sz 14 Women’s Pride , Men's Nike VAPORMAX Plus Black 924453-001 Sz 10Adidas x Topps Icon 4 Trainer Size 13 Shoes , Mens Buckle Pointed Toe Genuine Leather Business Formal shoes comfort BreathableMens Shiny All White Croco-Look Dress Shoes White Sole Roberto Chillini 6744Nike 616723 501 Nike Air Max Thea Sz 7.5 Purple Training And Running ShoesGentleman/Lady NEW BALANCE WOMENS WRL247EB MULBERRY Many varieties At a lower price Modern and elegantNew Balance WL373KMS B 373 Black White Suede Women Running Shoes WL373 KMSB , NIKE LUNARHYPERWORKOUT XT+ WOMAN SIZE 8.5 COMFORT STYLE FASHIONABLE , Nike Women's Air Huarache Run NEW AUTHENTIC Olive/Rose Gold AT5700-300NEW Vince Camuto Melaya Over-the-Knee Boot, Black Leather, Size 5.5, $240Arturo Chiang Reiden Fringe Side Zip Ankle Boots Size 10M , I35 Laini Multi Buckle Strap Block Heel Ankl Boots 177, Mushroom, 9.5 US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's Luxury Luxury Shoes Pointed Toe Rhinestone Suede Kitten Heels Rhinestone Slip On OL Shoes Size 62eb7b3 - 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.

    Women's Luxury Luxury Shoes Pointed Toe Rhinestone Suede Kitten Heels Rhinestone Slip On OL Shoes Size 62eb7b3 - 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
    Women's Luxury Luxury Shoes Pointed Toe Rhinestone Suede Kitten Heels Rhinestone Slip On OL Shoes Size 62eb7b3
    Heels
    >
    ;