Never miss an update

Via Spiga Leather Black 8.5 Black Knee High Via Boot Shoes Size 8.5 9df0ad7




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: store display, in good shape.
Country/Region of Manufacture: China Features: Buckle
Style: Winter Boots Fastening: Buckle
Boot Shaft Height: Knee-High EUR Shoe Size (Women's): 38.5
Calf Width: Medium Color: Black
US Shoe Size (Women's): 8.5 Occasion: Casual, Party, Work
Heel Height: High (3 in. and Up) Calf Circumference: 15 2/8" around
Material: Leather Brand: Via Spiga
Width: Medium (B, M) Heel Type: Block
Pattern: Solid UPC: Does not apply
Never miss an update

Via Spiga Leather Black 8.5 Black Knee High Via Boot Shoes Size 8.5 9df0ad7 - blurrypron.com

    Via Spiga Leather Black 8.5 Black Knee High Via Boot Shoes Size 8.5 9df0ad7
    Via Spiga Leather Black 8.5 Black Knee High Via Boot Shoes Size 8.5 9df0ad7
    Women's Knee High Boots Denim Knight Boots Flats Beads Shoes Slip On Loafers New , Men Women White Bee Shoes Ankle Boots Sneaker Runway Occident o1kCarlos BY Carlos Santana Women's Sawyer Comfortable Rain Boot Moto Boots (Brown)Vintage 1970's ZODIAC FEATHER EAGLE Western Suede Leather Boots 5 M BOHO , PLEASER Sexy Platform 7" Heels Stripper Dancer Ostrich Silver Ankle High Boots7063 auth VERSACE JEANS COUTURE black suede leather Boots Shoes 39 NEW , Bogs Women's Amanda Boot Women's Lightweight Rain boots Black 72049-001 , Bogs Sidney Plaid Plimsoll Waterproof Rain Boots - Women's Sz 7 139.99 NEW , Dingo Womens Willie Buff Western Cowboy Boots Collar SD Leather Round Toe BrownPUMA Women's Basket Platform FO Wn - Choose SZ/color , Made in Italia Women's Waterproof Black Real Leather Chelsea Ankle BootsMan/Woman Women's Ariat Boots Aesthetic appearance The highest quality material Suitable for colorRockport WORKS XCS RT620 Safety Boots US 9 M Leather Anti slip Sole Steel Toes , New Women's Lucky Brand Black Baley Bootie Size 6 1/2Man/Woman Ariat Ladies Stars and Stripes Fatbaby Reasonable price Quality First Exquisite processingAndre Assous Women's Laura-A Black Waterproof Leather Boots 37.5 EU/7.5M USSexy Stripper Dancer Platform Black Matte Knee High Boots 7.5" Heels TAB2023/BPUWhite Leather Cowgirl Cowboy Boots Ladies size 6BNew FitFlop Women's Size 9 Black Leather Shearling Skatebootie Comfort Boots , Womens Over Knee Thigh Boots Back Zip Low Heel Slouch Pointed Toe 34-47 US Sz , Marc Fisher Women's Verifies Knee-High Boot Dark Brown Suede Size 6 M , Chic Women Pointy Toe Leather Knee High Boot Shoe Stiletto Heel Zip Fur Ball NewBanfi Zambrelli brown leather booties with full zipper Size 7.5 Made In ItalyWomens Winter Fur Denim Jean Knee High Heel Stiletto Rivet Rock Rhinestones Boot , Crocs Women's Swiftwater Cross-Strap Slip On - Choose SZ/colorJUSTIN 4763 BLACK GENUINE LIZARD SKIN COWBOY WESTERN BOOTS Womens 6.5B USA made , PUMA Women's Rebel Mid WNS FTD MU Cross-Trainer Sh - Choose SZ/colorThigh High Boots Sz 7 Black Patent Leather for women hidden stiletto heelNEW CLARKS WOMENS EMSLIE MONET BLACK LEATHER MEDIUM AND WIDE ANKLE BOOTS BOOTIE
    Via Spiga Leather Black 8.5 Black Knee High Via Boot Shoes Size 8.5 9df0ad7 - blurrypron.com>Via Spiga Leather Black 8.5 Black Knee High Via Boot Shoes Size 8.5 9df0ad7 - blurrypron.com
    Men's/Women's Durango Women's DRD0152 Western Boot Beautiful color a wide range of products Amoy , Danner 62268 Women's Mountain 600 4.5" Shoe , gravis dylan rieder boot size 12 coffeeShoes Igi&Co Sandal 78754 00 Woman Gold Flower Zeppa Fashion Casual ElegantNew Balance WSYNLH1 in Pink - D , Adidas Stan Smith Green Studded Silver Vintage [Product Customized] Scar , Stuart Weitzman Chicflat Haze Suede Almond Toe Flat Size 7M E481Eastland Women's Yarmouth Camp Moc Slip-on Khaki Suede 7.5 M US$199 Killah Shoes Browm Leather Size US 8 IT 38 Save 7621 , Demonia Dolly-50 Gothic Punk Mary Jane Style Platform White Chunky HeelsULU Meribel Women's Brown Leather Wedge Mule Clogs Casual Dress Formal Shoes 7 MMens Large Size Under Armour Hammer Mid Multi Color Football Cleats 15 M..174BNike Air Jordan Future $150 Cool Gray White 656503 003 Woven Fabric retro 11 xiADIDAS Messi 16.2 FG Soccer Cleats Metallic Silver Blue Mens 9 9.5 10.5 11 12Mens Justin J6715 Boots! Size 8.5 (Narrow)MENS CHIHUAHUA AQUA BLUE FAUX OSTRICH POINTY LEATHER COWBOY WESTERN BOOTS 7.5 EE , ZANZARA Men's Jamin Chelsea Boot Cognac Size 9.0 , Los Altos Mens Black Authetic Genuine Exotic Stingray Western Stylish 3X Toe ... , OluKai Mens Kauwela Casual Shoe, Dark Wood/Silt, 11 M US , Men's/Women's Lacoste Men's Marice Canvas Loafer Fashion pattern Sufficient supply Caramel, gentleDockers Franchise 2.0 Loafers Mens Dress Shoes Low HeelReef Womens Swellular Boot HI Black Size 8.5PUMA Women's Match Lite Basic Sports Sneaker Pale Khaki 36 M EU/5.5 M USAsics Silver GT-2000 4 T659N Running Shoes Womens Size US 8.5 AA NEW IN BOXDonna Karan DKNY Women's Janine Black Fashion Sneakers ShoesNIKE Women's WMNS Air Max Plus QS, Metallic Gold - University Red, 6.5 M US , NIKE AIR MAX 2017 Wmn Sz 6 BRIGHT GRAPE FIRE PINK RUNNING 849560 502Fashion Winter New Ankle Snow Boots Womens Round Toe Low Heels Plus SzNew Lucky Brand Womens Validas Honey Ankle Boots Size 7.5El Vaquero women's gunmetal, medallion studded boots. Light use. Size 38 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Via Spiga Leather Black 8.5 Black Knee High Via Boot Shoes Size 8.5 9df0ad7 - 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.

    Via Spiga Leather Black 8.5 Black Knee High Via Boot Shoes Size 8.5 9df0ad7 - 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
    Via Spiga Leather Black 8.5 Black Knee High Via Boot Shoes Size 8.5 9df0ad7
    Boots
    >
    ;