Never miss an update

Pleaser ADORE-709SRS Platform UV Neon Rhinestone Filled Filled Platform 29636 Ankle Strap Sandal 011e7b5




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: Multi-Color
Platform: Approximately 2.75" Width: Medium (B, M)
Shoe Size Range: 5-12 Ebay Shade: Multi-Color
Style: Ankle Strap Heel Height: 7 Inch Heel
Sub Style: Sandals Material: Synthetic
Weight: 4.0000 Fastening: Buckle
Brand: Pleaser Pattern: Solid
Ebay Heel Height: Low (3/4 in. to 1 1/2 in.)
Never miss an update

Pleaser ADORE-709SRS Platform UV Neon Rhinestone Filled Filled Platform 29636 Ankle Strap Sandal 011e7b5 - blurrypron.com

    Pleaser ADORE-709SRS Platform UV Neon Rhinestone Filled Filled Platform 29636 Ankle Strap Sandal 011e7b5
    Pleaser ADORE-709SRS Platform UV Neon Rhinestone Filled Filled Platform 29636 Ankle Strap Sandal 011e7b5
    women's carved Cut Out New patent leather pointed toessuper high heel shoes , Enzo Angiolini Tolten Dark Red Cheetah Peep Toe Leather Slingback Shoes, 8.5M , Womens Leather Bowknot Ankle Strap Open Toe Sweet Sandals Party Dress Shoes Size , Retro Womens Open Toe Rhinestone Flower Basetk Heels Sequins Sandals Party ShoesWomen Faux Fur Rhinestones Square Toe Low Block Heels Boat Shoes Fashion NEW B28women's shoes UNISA 6 () pumps blue patent leather BT505-36 , Club Womens Super Stilettos Heels Slip On Pointy Toes Zebra Stripe Sexy PumpsWomens europe style Peep Toe stilettos high heels ankle buckle sandals shoes SzWomens Elegant Leather Open Toe Stiletto Heels Rhinestone Wedding Shoes Sandals , Women's Kitten Heel Pointed Toe Solid Leather Ankle Boots Rhinestone Decor Shoes , Women’s Franco Sarto Sela2 mules size 6.5 , Brand New ShoeMint Gibson Women's Strappy High Heels Size 10(M) NIB , Crystal Wedding Womens Bridal Rhinestone Platform Luxury High Heel Shoes Plus SZPunk Womens Peep Toes Ankle Strap Chunky Heel Platform Creeper Gladiator Sandals , BCBG MAX AZRIA ESH BLACK / BROWN WOVEN LEATHER HIGH STRAPPY DESIGNER DAY SANDALSSexy Patent Leather Stiletto Pointy Toe OL Ladies Pumps Dress Shoes Size En31Top Women Peep Toe Stilettos Rivet Studded Ankle Boots Nightclub Shoe Sandal YS# , L’Artiste by Spring Step Women's Wondrous Dress Pump Bootie Heels Turquoise 36Casual Office Stilettos Pumps Ankle Boots Shoes Leather Pointed Toe Elastic Chic , Womens Suede Med Heels Bowknot Pointy Toes Elegant Block Office Slip On PumpsWomens Matching Color Buckle Strap Platform Sandals Suede Leather Open Toe Shoes , Chic Women's Block Heels Round Toe Pearl Elegant Ladies Ankle Boots Zipper ShoesNew Womens Mid Slim Heel Stiletto Colorful Rhinestone Pointy toe Slingback ShoesWomens Open Toe High Stiletto Heels Ankle Straps slingbacks Chic Party Shoes Sz , Chic Womens Peep Toe High Heel Stiletto Leather Suede Pull on Party Shoes Size #Womens Pointy Toe High Heels Stiletto Patent Leather Gradient Pump Shoes SandalsWomens Metal Decor Suede Med Chunky Heels Sandals Pumps Open Toes Shoes ZipperFashion Womens Round Toe velvet Rhinestone Crystal Pearl Cage heel Sandal Shoes# , Sexy WomenPointy Toe Party Court Shoes Stilettos Super High Heesl Wedding Pumps
    Pleaser ADORE-709SRS Platform UV Neon Rhinestone Filled Filled Platform 29636 Ankle Strap Sandal 011e7b5 - blurrypron.com>Pleaser ADORE-709SRS Platform UV Neon Rhinestone Filled Filled Platform 29636 Ankle Strap Sandal 011e7b5 - blurrypron.com
    ACERBIS 0022441.446.046 BOOT X-ROCK Black/Orange Fluo T.46 , OXYPAS WOMEN'S PROFESSIONAL SNEKAER SYNTHETIC LEATHER EMILY BLACK , Vince Camuto Womens bayana Leather Low Top Slip On Fashion, Black, Size 10.0 RtB , Sam Edelman Women's Hampton Snakeskin Print Caged Sandals , Stuart Weitzman Black patent leather flats - Size 7.5 (US)Donald J Pliner Manda Black Women's Fashion Heels Sandals Size 9 M , Katy Perry Womens The A.W Pink Patent Dress Heels Shoes 8 Medium (B,M) BHFO 09182017 Womens Suede Elastic Open Toe Sandal Boots High Heels BACK Zip Shoes 4-12.5Christian Dior Pointy Toe Pump Shoe Heels Size 37.5 Retail $780 , Stuart Weitzman Poco Pumps-Women's size 7 N NavyBrand New Yves Saint Laurent Platform HeelsManolo Blahnik Gray Leopard Satin Crock. Size 37. Brand New.Prada Mary Jane Pump Poppy Red Suede Size 7 / 37 $750Gentlemen/Ladies Juil Leather Strappy Slides Womens 10 Promotion King of quantity Famous store , Gentlemen/Ladies adidas Men's Crazyquick 2.0 bargain New products in 2018 retail priceConverse Pro Leather OX White/Black Mens Shoe Size 13Man's/Woman's Saucony Jazz Low Pro Rich design Wholesale trade Extreme speed logistics , Nike Kobe A.D. TB Purple / White Size 18Nike Air Jordan Why Not Zer0.1 Westbrook White Black Jade AA2510-103 Men's 9 , Nike Air Zoom Pegasus 35 Phantom Summit White Gunsmoke Girls Women's Trainers , US size 8.0 bait x diadora astro boy intrepid US men* SALE * Reebok Work Men's Comp Toe Work Boot - Waterproof -Arion (RB4512)Los Altos Genuine ORYX Caiman CROCODILE Belly Snip Toe Western Cowboy Boot EE+ , 9 M NEW TRIED ON ! Rocky 911 Tactical BLACK Oxford Shoe 9111101 , GUARDIANI SPORT LEATHER SHOES, EU SIZE - 44, US-10 1/2.MADE IN ITALY.STUNNING! , SS18 Balenciaga Triple S silver new in box 42 , WOMENS NEW BROOKS PR LD LADIES RUNNING/SNEAKERS/FITNESS/TRAINING/RUNNERS SHOESSaucony Women's Freedom ISO Running Shoe, Berry/Pink, 10.5 B USReebok Women's FREESTYLE HI METALLIC Shoes Rose Gold/White CN0573 bRalph Lauren Light Tan Suede Fur Shearling Heel Boots Bootie 6
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Pleaser ADORE-709SRS Platform UV Neon Rhinestone Filled Filled Platform 29636 Ankle Strap Sandal 011e7b5 - 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.

    Pleaser ADORE-709SRS Platform UV Neon Rhinestone Filled Filled Platform 29636 Ankle Strap Sandal 011e7b5 - 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
    Pleaser ADORE-709SRS Platform UV Neon Rhinestone Filled Filled Platform 29636 Ankle Strap Sandal 011e7b5
    Heels
    >
    ;