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Salvatore & Ferragamo Leather Ferragamo & Suede Loafers Loafers 9B 26d5fbf




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: The shoes show wear on the soles and the heels and creasing to the leather but they still have lots of life int hem.
Material: Leather, Suede Heel Type: Square
Width: Medium (B, M) US Shoe Size (Women's): 9
Brand: Salvatore Ferragamo Occasion: Dress
Style: Loafers Modified Item: No
Color: Black Toe Style: Semi-Round
Heel Height: Med (1 3/4 to 2 3/4 in) Country/Region of Manufacture: Italy
UPC: Does not apply
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Salvatore & Ferragamo Leather Ferragamo & Suede Loafers Loafers 9B 26d5fbf - blurrypron.com

    Salvatore & Ferragamo Leather Ferragamo & Suede Loafers Loafers 9B 26d5fbf
    Salvatore & Ferragamo Leather Ferragamo & Suede Loafers Loafers 9B 26d5fbf
    VINTAGE YVES SAINT LAURENT BLUEGREEN LEATHER SLIDE SANDAL SHOE SZ 5 35 EUR ITALY , NEW DONALD J PLINER ELSA CANVAS/COTTON WOMEN'S SHOES sz. 8 M MADE IN SPAINCole Haan AIR MONICA BALLET ballet shoes leather enamel leather ribbonMIU MIU Brown Glitter Black Patent Leather Cut Out Platform Sandal Heel 37.5/7.5Women's Prada leather high heel peep toe shoes heels ITALY 40.5 USA 10.5 pumpsTory Burch Brayden Brown Suede Studded Slingback Wooden Heels Clogs 9mTOSCA BLU POINTED TOE MARY JANE BLACK LEATHER MEDIUM HEEL LOAFER SHOE 7us/38euNEW Christian Louboutin Just Nothing Matte Lipstick , Manolo Blahnik Tan Suede Pointed Toe Kitten Heels SZ 36 Sale , Tabitha Simmons Italy $845 Euro 36 Womens Stilettos Shoes SZ 6 M Silver Blue , Cole Haan Juliana DTL Pump - Women's Size 7.5B - RedNew Rupert Sanderson Womens Black Ankle Strap Heels Size 9 , Betsey Johnson Women's Ginjer Pump, Black Gingham, 7 M US , Hogan Leather Sporty Wedges Ankle Strap Open Toe Sandals 38.5 Brown Sz 8 USMINELLI: Escarpins noirs bouts pointus Talons 5 cms Pointure 39 Neuve , VANELi Women's Diddy Black Nappa 9 M US , BADGLEY MISCHKA Womens luke Open Toe Ankle Wrap Classic Pumps, gldglt, Size 7.5Betsey Johnson Women's Prince D'Orsay Pump, Gold, 9 M USBLACK LATEX RUBBER HIGH BOOTS SIZE 5-16 HEELS-5,5' - PRODUCER POLAND , Chie Mihara Pumps Brown Patent Leather Women 39.5 / 9.5 , EVERLANE NEW WOMANS EDITOR HEEL NAVY SZ 7Betsey Johnson Shoes PLATFORM Pump Black ROSE TATTOO Hot Pink 5" High Heel 8 NIBGentlemen/Ladies CELINE pumps suede black Beautiful design Quality and quantity guaranteed TRUE , Women high heel prom wedding shoes lady crystal platforms silver Glitter PattarnVANELi Women's Galyn Black Graal 8.5 M US , $870 Olgana La Troublante White Satin High Heels Slingback Sandals,Sz 37.5 / 7.5 , Katy Perry New Richie Black Womens Shoes Size 11 M Boots MSRP $169NIB TORY BURCH BLACK KNOTTED BOW WEDGE PLATFORM ESPADRILLE SANDAL SHOE 11M , Pleaser TEEZE-42W Womens Heel Brown Faux Leather Platform Ankle Strap High Heels ,
    Salvatore & Ferragamo Leather Ferragamo & Suede Loafers Loafers 9B 26d5fbf - blurrypron.com>Salvatore & Ferragamo Leather Ferragamo & Suede Loafers Loafers 9B 26d5fbf - blurrypron.com
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    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Salvatore & Ferragamo Leather Ferragamo & Suede Loafers Loafers 9B 26d5fbf - 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.

    Salvatore & Ferragamo Leather Ferragamo & Suede Loafers Loafers 9B 26d5fbf - 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?

     

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