Never miss an update

White Black Jane Kitten Heel Mary Jane Women Spectator Women Pump Mary Pleaser Rockabilly Buckle 45e3857




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
Ebay Color: Whites
Pattern: Solid Width: Medium (B, M)
Shoe Size Range: 9-16 Ebay Shade: White
Style: Kitten Heels Heel Type: Kitten
Sub Style: Pumps, Classics Material: Synthetic
Weight: 1.6000 Occasion: Formal,Retro,Wear to Work
Brand: Pleaser Pink Label Fastening: Buckle
Ebay Heel Height: High (3 in. to 4.5 in.)
Never miss an update

White Black Jane Kitten Heel Mary Jane Women Spectator Women Pump Mary Pleaser Rockabilly Buckle 45e3857 - blurrypron.com

    White Black Jane Kitten Heel Mary Jane Women Spectator Women Pump Mary Pleaser Rockabilly Buckle 45e3857
    White Black Jane Kitten Heel Mary Jane Women Spectator Women Pump Mary Pleaser Rockabilly Buckle 45e3857
    BALENCIAGA Women's Size 6 M Blue Leather Peep-Toe Heels Italy7 37 manolo blahnik astuta clear plastic leopard hair calf slide pump shoes muleFabulicious LUMINA-36 Platform Peep Toe Ankle Strap d'Orsay Pump , Steve Madden Wedge Heel Sandal Blush Pink Melvina Leather Suede Size 10Pleaser Sexy 6" Heel Stripper Dancer Most Comfortable Hot Pink Glitter ShoesTods Platform Peep Toe Suede Grey/Taupe Pumps Heels Sz US 10.5 NWOB , Stuart Weitzman Womens Shoes Size 8 Brown Solid Suede Classic Pumps Heels CasualClarks Women Artisan Delsie Joy Platform Pump, Black - Size 9M2 Lips Too Women's Emma Dress Pump, Gold, Size 7.5Ivanka Trump Genese 2 Black Womens Shoes Size 5 M Heels MSRP $140 , Cole Haan Womens Shoes Size 7.5 Beige Animal Print Leather Open Toe Wedge Heels , ROMARO BY EZABELL NEW Size 7 High Heel Embellished Satin Tie Up Open Toe Shoes , Christian Dior 37/7 M Slingback Heel Strappy Studded Sandals Brown Women , Womens 18CM Super High Heel Sandal Party Dress Shoes Open Toe Nightclub Stiletto , Womens Glitter Bow Embellished Point Toe Ankle Wrap Mule Sandals Silver GoldIvanka Trump Tirra Women's Heels Dark NaturalBIVIEL WOMEN'S WOOD HEEL STRAPY BLACK LEATHER SHOES SIZE 40PINUP COUTURE WIGGLE32 Cuben Heel MaryJane Pump Ribbon Tie Heart Cutout Burgandy , J.Crew Blue Suede Pumps Heels Woman Shoes Size 7US , Clarks Women's Aisley Lily Wedge Sandal Tan Combi Nubuck MEDIUM-WIDE , $300 Paul Green Desire Nicky Asymmetrical Pump Black Leather Women Sz 9 USRODOLPHE MENUDIER PARIS Slingback PUMPS Ladies size 39 Taupe Leather Heel Shoes , Fabulicious LIP-108SDT Shoes Clear Clear Ankle Strap Sandals Open Toe High Heels , Kendall + Kylie New Emily Black Womens Shoes Size 7.5 M Heels MSRP $199AUTHENTIC ZARA TRAFALUC 105 OFF WHITE PATENT HEELS SIZE 42CACHE slingback heel peep toe shoes 6 snakeskinCole Haan Womens Shoes Size 8.5 Black Solid Leather Classic Pumps Heels Casual , Badgley Mischka Black Satin Slingback Bow Stiletto Heels 8.5 M7" Black Blue Mermaid Scales Platform Stripper Dancer Costume Shoes size 6 7 8 9 ,
    White Black Jane Kitten Heel Mary Jane Women Spectator Women Pump Mary Pleaser Rockabilly Buckle 45e3857 - blurrypron.com>White Black Jane Kitten Heel Mary Jane Women Spectator Women Pump Mary Pleaser Rockabilly Buckle 45e3857 - blurrypron.com
    Gentlemen/Ladies Franco Sarto Women's Dakota Ankle Boot Modern and elegant fashion a wide range of products Excellent function , Men's Jordan Eclipse Chukka Basketball Shoe 881453-001K-Swiss Bigshot Light 3 White/Silver Women's ShoesArnaldo Toscani 1099K210_TIBET sneaker Women's - colour Brown AU , New Mollini Petter Black Womens Shoes Dress Boots AnkleIvanka Trump Jeanne Stiletto Pumps 059, Medium Red, 8.5 US , AU Spring Women's Sandals Pumps Leather Slingbacks Block Heels Elegant ShoesMen's/Women's Thomas Munz shoes size 37 Good design Upper material Don't worry when shopping , BNIB Jimmy Choo Grace Crystal Embellished Satin Flats sz 6US/36 EU , STUART WEITZMAN AUTH $399 Women's Metallic Leather Espadrilles Wedge Sandals 6NEWROCK New Rock PUNK 001 Ladies Black Leather Metal Platform Heel Mid Boots , Salomon X Ultra 2 GTX Women's Grey Denim/Blue/Melon Bloom Hiking Shoes 10M , Reebok Womens Classic Melody Ehsani Leather Ventilator Me Sneaker Sz. 5.5 , See By Chloé Gold Women's Shoes Flat Espadr Size 40 Sat01 $230K Swiss Billy Reid Arlington NL Fall Leaf/Cinnamon 03421-271 Men's SZ 10.5Columbia Men's Peakfreak Venture Waterproof Trail Sneaker - Choose SZ/ColorGentleman/Lady Nike Kyrie 4 Halloween sz 8-13 Fashion pattern a wide range of products Immediate deliveryNEW LAREDO MENS 13" TRUCKER COWBOY WESTERN BLACK BOOTS 12621 NIBPRO Warrington Black Leather Station EMS Firefighting Duty Boots 6 Steel Toe EUCRalph Lauren RRL Vintage Brown Leather Canyon Hiking Boots New $850VANS Sk8 Hi Slim Gossamer Green/Blanc de Blanc Skate Shoes WOMEN'S Size 7ASICS Womens Gray Running Shoes Size 9 (18447)Nike Wmns Air Max 90 Suede Orange Grey Women Running Shoes Sneakers 325213-801 , Nike Women's Storm Warrior High Boots size 7 style 407482-003Air Jordan 10 Retro 30th "Lady Liberty" 100% Authentic W/Receipt Size 10.5 DSNIKE Womens Nike Air Max Sequent 3 908993-101 WHITE Womens Size 10Womens Pointed Low Heel Suede Pull On Ankle Boots Ladies Strench BootsWOMENS GAMMA BURGUNDY SUEDE ANKLE BOOTS WITH REAR ZIP MADE IN ITALY , Rocket Dog Women's Taylor Heirloom PU Boot , Harley Davidson Women's Black Leather Harness Boots Size 7 Riding Boot 81387 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    White Black Jane Kitten Heel Mary Jane Women Spectator Women Pump Mary Pleaser Rockabilly Buckle 45e3857 - 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.

    White Black Jane Kitten Heel Mary Jane Women Spectator Women Pump Mary Pleaser Rockabilly Buckle 45e3857 - 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
    White Black Jane Kitten Heel Mary Jane Women Spectator Women Pump Mary Pleaser Rockabilly Buckle 45e3857
    Heels
    >
    ;