Never miss an update

NEW DIESEL SIZE WOMEN'S SHOES SIZE 39 US NEW 8.5 california-21129 25.5 CM OFF YOUR ROCKER S-ENS T8021 f638298




Item specifics

Condition: New with defects :
A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour variations to scuffs, cuts or nicks, hanging threads or missing buttons that occasionally occur during the manufacturing or delivery process. The apparel may contain irregular or mismarked size tags. The item may be missing the original packaging materials (such as original box or tag).  New factory seconds and/or new irregular items may fall into this category.  The original tags may or may not be attached. 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: PLEASE CHECK ALL PICTURES, SMALL DEFECTS SHOWN ON.
Model: OFF YOUR ROCKER UK Shoe Size (Women's): 6.5
Country/Region of Manufacture: Portugal EUR Shoe Size (Women's): 39
Style: CANVAS Color: CREAM
US Shoe Size (Women's): US 8.5 Brand: DIESEL
Width: Medium (B, M) UPC: Does not apply
Never miss an update

NEW DIESEL SIZE WOMEN'S SHOES SIZE 39 US NEW 8.5 california-21129 25.5 CM OFF YOUR ROCKER S-ENS T8021 f638298 - blurrypron.com

    NEW DIESEL SIZE WOMEN'S SHOES SIZE 39 US NEW 8.5 california-21129 25.5 CM OFF YOUR ROCKER S-ENS T8021 f638298
    NEW DIESEL SIZE WOMEN'S SHOES SIZE 39 US NEW 8.5 california-21129 25.5 CM OFF YOUR ROCKER S-ENS T8021 f638298
    Gentlemen/Ladies ladies colorado shoes Excellent craft International choice Elegant and stable packaging , Womens Breathable Steel Toe Antislip Anti Puncture Working Safety Summer Shoes , 2018 Womens Mesh Hidden Wedge Trainers Sports Casual Sneakers Occupational ShoesJoya, Paris Black II, US SIze 8.5Instride Venice Strap Leather Black Womens Shoes Orthopedic Diabetic New , Women's Sequins Bling Casual Sneakers Round Toe Trainers Occupational Flat Shoes , LANVIN SNAKESKIN LOW TOP LEATHER SNEAKERS 38 , STICO Womens BLACK Non-Slip Safety Chef Kitchen Shoes Elastic EVA Insole_Mc , Luxury Women's Crystal Rhinestones Bling Sneakers Loafers Pull On Flat ShoesHush Puppies Women's Linnet Bria Ballet Flats Black Size 8.5M , RRP $122 NEW DIESEL WOMEN'S SHOES SIZE 39 US 8.5 25 CM S-IEONIKKW SNEAKERS , Gentlemen/Ladies Fratelli Rossetti shoes Made in Italy Diverse new design Fast delivery Characteristics , Women Sequins Glitter Trainers Bling Casual Sneakers Occupational Flat Shoes Z32STICO NEC-05 Mens BLACK Non-Slip Safety Chefs Kitchen Toe-Cap Shoes , Dunlop Casual sneaker, walking shoes, Expanding fit shoes: Stretch fit DF022New Josef Seibel Leather Comfort Walking Shoes Sneakers Leopard SizeWomen's Crystal Ankle Strappy Pumps Bling Pointed Toe Rhinestones Flat Shoes , Sexy Women High Heels Stilettos Pointy Toe Patent Leather Nightclub Party Shoes , RRP $140 NEW DIESEL WOMEN'S SHOES SIZE 39 US 8.5 25.5 CM DRAAGS94 W DRAGON94 REDwomens vogue embroider suede pointed toe fur trim flat shoes loafers casual 2019 , Womens Anti Puncture Work Satefy Steel Toe Breathable Hiking Shoes Boots Outdoor , Women's Round To Embroidery Flowers Pull On Beads Knitting new Sneakers Shoes C8RRP $163 NEW DIESEL WOMEN'S SHOES SIZE 39 US 8.5 25.3 CMS-EXPOSURE T1003 WHITENew Fashion Men/Women's J 11 Breathable Basketball High Top Sport Leather ShoesGiesswein Menden Women Slippers warm comfy women lambskin lining Merino wool , Chic Women's Round To Colorful Sequins Platform Athletic Casual Sneakers ShoesNew Skechers Shape Ups Maisto Womens Leather Slip Resistant Shoes , RRP $149 NEW DIESEL WOMEN'S SHOES SIZE 39 US 8.5 25.3 CM BEACH PIT W H5950 , TAOS OLIVE GREEN LEATHER MAJESTY MARY JANE COMFORT LADIES WALKING STRAP SHOES~6 ,
    NEW DIESEL SIZE WOMEN'S SHOES SIZE 39 US NEW 8.5 california-21129 25.5 CM OFF YOUR ROCKER S-ENS T8021 f638298 - blurrypron.com>NEW DIESEL SIZE WOMEN'S SHOES SIZE 39 US NEW 8.5 california-21129 25.5 CM OFF YOUR ROCKER S-ENS T8021 f638298 - blurrypron.com
    Carolinna Espinosa Women's Toulee Black Calf Leather Ankle BootsMen/Women Dublin Ladies Black River Boots Not so expensive product quality Full range of specificationsNike Womens Downshifter 7 Running Trainers 852466 Sneakers Shoes 010 , MORI MADE IN ITALY POINTY HIGH HEELS PUMPS SCHUHE LEATHER DECOLTE GREY GRIGIO 36 , Women's shoes wedges leather model SHELLY by HGilliane Design Aus 2 to 10.5Nine West 25025320 Womens Marie Leather Ballet Flat- Choose SZ/Color.Opportunity Shoes - Corso Como Women's Coy Pump, Dark Nude Kid Suede, 5.5 Medium , NEW ALEXANDER MCQUEEN WOMENS METALLIC HEEL CREEPER , Giani Bernini Womens Alanny Open Toe Classic Pumps , TROTTERS Women LOLA Nude Patent Square Toed Pumps US 7W (T1561-130)Womens Pointed Toe Sequins Belt Chunky Heel Ballet Dance Shoes Sweet Patent Leat , LANVIN Womens Black Patent Leather+Blush Bow Ribbon Round-Toe Pump 9-39 NEW+BOXD&G shoes high women multi color gold details leather size 40 peep toes wedgesFITFLOP Banda 2 Women's Black Suede Slide Thong Flip Flop Sandals Size 11 Eu 43 , Nike Free RN Flyknit 2017 Mens 880843-300 Vintage Green Running Shoes Size 9.5Rocky Men's S2V Steel Toe Work Boot Sage 14 D(M) USAriat Work Men's Rebar Flex 6" H2O Composite Toe Boot - Choose SZ/ColorKlogs Shark Men's Durable Comfort Clogs - Usa Made Smoke - 8 Wide , NEW - KENZO shoes collector VINTAGE - SIze 10.5Mens Handmade Navy Blue Suede Leather Formal Dress Shoes Loafers Men ShoesNike Women's Golf Shoes Delight V Pink/White Size 6 STYLE NEWStefano & Mario Men's Brown Limited 10/100 Moreschi Derby 8.5 C 39BEAUTY&YOUTH UNITED ARROWS Shoes 598974 Red 23cm$90 NIKE ROSHE GS GIRLS BOYS SIZE 6.5Y FITS WOMENS SIZE 8 NEW 705485 003 , YRU LALA Heart Pink Glitter Platform Sneaker Shoe's Rave, Punk-rock Glam RockLa Sportiva Womens Akyra Mountain Running Shoes 36E Slate/Jade Green Size 39.5Nike Dunk Sky Hi Essential Black Gum 644877 011 Wmn Sz 8 Wedge , OTBT PUTNEY BLACK SUEDE TALL KNEE HIGH BOOT 10 M , Amerino Ghiana Women's Italian Leather Ankle Boots , Gentleman/Lady NEW VIC WOMENS BOOTS Modern technology Stylish and charming Known for its excellent quality
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW DIESEL SIZE WOMEN'S SHOES SIZE 39 US NEW 8.5 california-21129 25.5 CM OFF YOUR ROCKER S-ENS T8021 f638298 - 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.

    NEW DIESEL SIZE WOMEN'S SHOES SIZE 39 US NEW 8.5 california-21129 25.5 CM OFF YOUR ROCKER S-ENS T8021 f638298 - 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
    NEW DIESEL SIZE WOMEN'S SHOES SIZE 39 US NEW 8.5 california-21129 25.5 CM OFF YOUR ROCKER S-ENS T8021 f638298
    Comfort Shoes
    >
    ;