Never miss an update

CALLEEN MULE/CLOG CORDERO* USA* STUDDED 9 MULE/CLOG IN XLNT BLACK CRACKLE LEATHER* 9* XLNT 430c2ee




Item specifics

Condition: :
An item that has been or previously. 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: EXCELLENT
Country/Region of Manufacture: United States Material: Leather
Style: MULE / CLOG Features: Cushioned Sole, Studs
US Shoe Size (Women's): 9 Color: BLACK
Heel Height: High (3 to 4 1/4) Brand: CALLEEN CORDERO
Never miss an update

CALLEEN MULE/CLOG CORDERO* USA* STUDDED 9 MULE/CLOG IN XLNT BLACK CRACKLE LEATHER* 9* XLNT 430c2ee - blurrypron.com

    CALLEEN MULE/CLOG CORDERO* USA* STUDDED 9 MULE/CLOG IN XLNT BLACK CRACKLE LEATHER* 9* XLNT 430c2ee
    CALLEEN MULE/CLOG CORDERO* USA* STUDDED 9 MULE/CLOG IN XLNT BLACK CRACKLE LEATHER* 9* XLNT 430c2ee
    Prada White/Brown Leather Cork Wedge Sandals Shoes Size 10 X4713 40 , SONIA RYKIEL: Silver, Leather, Sandals/Heels Sz: 8.5M $645 MINT!!NIB GUESS Black Leather Rolene2 Heels Pumps 10 New , JIMMY CHOO Slingback Black Leather Strap Pumps Size 39.5 US 9.5PLEASER Sexy 7" Heel Emerald Glitter Ombre Platform Ankle Strap Women ShoesAnne Michelle Rhinestone Metallic Knit Pointy Toe Stiletto Booties , Chloe Sevigny for Opening Ceremony MARY SUE PLATFORM / 6 , NIB Trina Turk White Black Calf Hair Shoes Size 10M $298 , Vince Camuto Camel Leather Open Toe 4" Stiletto Boots Tassel 7.5MVia Spiga Womens Fabrizie Black Leather Mules Heels 5 Medium (B,M) BHFO 6768 , Stuart Weitzman Patches Pumps Heels Women's 9AA Brown Leather Mirror Calf , Salvatore Ferragamo Black Suede Leather Open Toe Pump Sandal Shoes US Size 8 B , Women's Badgley Mischka Lynx Black Leather Point Toe Heels Size 10 MSalvatore Ferragamo 11159 Boutique Italy Ballet Heels Pumps Women's US 8B , New $188 Cole Haan 8B Tortoise Brown Patent Peep Toe Low Wedge Shoes Fit Size 7 , Jessica Simpson Women's Baleenda Dress Pump, Lipstick, 8.5 M USMan's/Woman's Taccetti Womens Ivory Leather Heels 41 High security Year-end sale International big name , $189 Miss Sixty Shoes Beige Leather Size US 5 IT 35 Ebay 7543Emporio Armani Calf Hair Bow Heels 37 Black Peep Toe $595New Women's Guess Platform High Heel Peep Toe Shoe 9 Cork Animal PrintNine West Women's PEREO Leather Sneaker, - Choose SZ/ColorBadgley Mischka Romance Ivory Satin Size 8.5 Bridal Wedding Wedge Heel T-strap , Man/Woman Marc Fisher Women's Ramonda Sandal Long-term reputation Moderate cost Speed ​​refundGentlemen/Ladies Sharon From Beautifeel Size 41 Beautiful design Ranked first in its class classic styleCole Haan Womens Gemma Logo Pump Pumps MAPLE SGR LTHR SZ6 , COMIC-CON PARA RAIO Women Black & Red Leather Funky Platform Dance Shoes Sz 39 , $209 Miss Sixty Shoes Orange Ebay 7648Stuart Weitzman Mary Women’s Size 6 N Black Patent Leather Pump Shoes X15-1270Rockport Total Motion Kalila Pump - Women's Size 8M Beige
    CALLEEN MULE/CLOG CORDERO* USA* STUDDED 9 MULE/CLOG IN XLNT BLACK CRACKLE LEATHER* 9* XLNT 430c2ee - blurrypron.com>CALLEEN MULE/CLOG CORDERO* USA* STUDDED 9 MULE/CLOG IN XLNT BLACK CRACKLE LEATHER* 9* XLNT 430c2ee - blurrypron.com
    FRYE Women's Ivy High Top Sneaker, White, 9 M USdesigner and other stories black croc print leather zip front flat ankle bootsARRAY Womens Freedom Leather Square Toe Loafers Bone Size 8.0 , CLARKS Women NWOB Slingback Platform Wedge Heels Size 9.5M Black Leather , Salvatore Ferragamo Brown Leather Tassel Pumps Heels Size 9 B Made in Italy ShoeSalvatore Ferragamo PUMPS vara SHOES brown bronze sz 9.5AABadgley Mischka Nilla Light Pink Satin Crystal Embellished Heel Bridal Pump 8.5Birkenstock Birki's Patent Leather Brown 2 Strap Sandals Slides Sz L6/M4 , Betsey Johnson Misty Jeweled Dual Band Buckle Slide Sandals Pink Multi Size 6.0 , Sexy Womens Open Toe Stiletto High Heel Multi Stripe Rhinestone Fashion SandalMEN'S PF FLYERS RAMBLER LO M MEDIU BLACK PM16LS1B SHOES SIZE 8.5 , Gentleman/Lady Etnies Skateboard Shoes Jefferson Mid Burgundy/Gold excellent quality new leading the fashion , White/ Black Puma Basketball / Tennis Oxford - Size 12Nike Lebron 14 Matte Silver/White-Glow Argent Size 9- Brand New with Box , Shoes Puma Tsugi Jun Baroque White Men 366593-02 , Rockport Men's Collyns Low Boot Chukka - Choose SZ/Color , Nike Match Classic QS Men's Sneaker Shoes Iguana/Black 488165-201Klogs Boca Closed Back Unisex Comfort Clogs - M Enamel Blue - 7 WideORIGINAL PENGUIN MEN'S V PENNY SUEDE CASTLE ROCK SIZE 10 SHOES - BRAND NEWVintage Polo Ralph Lauren Mens Size 13D Cheyenne Brown Leather Bench Made BootsMerrell World Vue Moc Casual Slip On Shoes - Men's Size 9.5 W - Black , Dockers Men's Kenworth Oxford, Cognac, 10.5 M US , Authentic Buscemi 125mm Mens 44 (11) RED Leather High Top Padlock Sneakers ShoeNew Balance Women's Fresh Foam Cruz v1 Mid Running Shoe - Choose SZ/Color , NEW Sam Edelman Size 8.5M Women's White Leya Fur Sneakers Navy & Gray Pompoms , APL Athletic Propusion Lab Ascend Sneaker Size 9.5 Womens Grey Gray TrainersPUMA Women's Culture Surf 2in1 Shorts - Choose SZ/Color , Adidas Tubular Shadow BY9739 Off White/Off White/Off White Womens Size 10 , Ladies Knee High Thigh Boots Stilettos Denim Zipper Skinny Boots Shoes SZ33-43New Chaco Women's Trailstead Hiking Boot J150146, Baker Chocolate, US size 7 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    CALLEEN MULE/CLOG CORDERO* USA* STUDDED 9 MULE/CLOG IN XLNT BLACK CRACKLE LEATHER* 9* XLNT 430c2ee - 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.

    CALLEEN MULE/CLOG CORDERO* USA* STUDDED 9 MULE/CLOG IN XLNT BLACK CRACKLE LEATHER* 9* XLNT 430c2ee - 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
    CALLEEN MULE/CLOG CORDERO* USA* STUDDED 9 MULE/CLOG IN XLNT BLACK CRACKLE LEATHER* 9* XLNT 430c2ee
    Heels
    >
    ;