Never miss an update

French Leather/Patent, Sole FS Navy/NY Women's Wired Wedge Sandal, Navy 6 Leather/Patent, 6 M US 9350cb9




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
Brand: French Sole FS/NY
US Shoe Size (Women's): 6 M US Style: Platforms & Wedges
Color: Navy Leather/Patent MPN: F-WIRED-SOFT CALF
Size: 6 M US Width: Medium
Model: F-WIRED-SOFT CALF UPC: Does not apply
EAN: 0841774183038
Never miss an update

French Leather/Patent, Sole FS Navy/NY Women's Wired Wedge Sandal, Navy 6 Leather/Patent, 6 M US 9350cb9 - blurrypron.com

    French Leather/Patent, Sole FS Navy/NY Women's Wired Wedge Sandal, Navy 6 Leather/Patent, 6 M US 9350cb9
    French Leather/Patent, Sole FS Navy/NY Women's Wired Wedge Sandal, Navy 6 Leather/Patent, 6 M US 9350cb9
    Ash Women's AS-Boom Heeled Sandal, Bordeaux, 40 M EU (10 US) , STEVE MADDEN THE BLONDE SALAD DUBLIN STUDDED SANDAL SZ 6Cole Haan Sz 6.5 Grace Grand Sandal Black Floral Leather Ankle Strap Heel NEWMARNI BROWN PATENT VARNISHED LEATHER ROUND TOE MARY JANES HEELS 39/38 9/8Gianni Versace snakeskin open toe ankle strap shoes heeled sandals 35,5 gold 5,5Pleaser Women's Allure-650 Sandal - Choose SZ/ColorJCrew Lena Pumps in Velvet $268 Dark Forest Sz 6 Green f5590 block heels shoesSergio Rossi Size 39 9 8.5 Metallic Blush Pink Snakeskin Heels Pumps Shoes , JCrew $238 Paisley Printed Leather Heels Sz 6 Pink Multi F4865 Shoes NEW , Prada Copper Sequin Cognac Leather Pump Stiletto Heels Oxford Wingtip 39 9 Italy , 1C4 Tory Burch Slip On Pumps Wedges Dressy Fashion Peep Toe Women Shoes Size 10MSteve Madden Size 7 Red Suede Heels New Womens ShoesMade in Italia Platform Pumps Brown Suede & Patent cap Toe Size 36 us 5.5 new , Jessica Simpson Women's Leve - Choose SZ/Color , N.Y.L.A. Women's Cowboy Mule Black 8 M US 38.5 EU Boot ish , Tory Burch Black Leather Open Toe Montrose 55MM Mules - 6.5 , bebe DIONNE PUMP WITH METAL HEEL SIZE 7MNIB Carlos Santana Size 8 Brown Cutout Leather Wedges Platforms HeelsStuart Weitzman Women’s Maryjane Flats Pumps Shoes Black Patent Leather Size 7 MWalking Cradles Women's Joy Dress Pump, Navy, 6 W US , VINCE CAMUTO VV-JAMMA SPOTTED BROWN CHEETAH PONY PUMPS SIZE 5.5MLanvin Black Bow Embellished Satin Evening Pumps Satin Frayed Trims 7.5 , REMIX VINTAGE SHOES CLOCHE HIGH HEEL T-STRAP BOOTIES NAVY 8 $208 30S STYLESize 9 Tory Burch Raleigh Light Blue Brook Leather Rounded Toe Pump $395FLY London Leather Cross-strap Mary Janes Yepe Black 35=5 NEW A290993 , N.Y.L.A. Women's Cowboy Mule Black 7 M US 37.5 EU Boot ishBruno Magli Pink Pointed High Heel Stiletto Pumps Elastic Heels Sz 38 US17cm Sexy sky high heels patent red strap pumps gorgeous fetish high heels 44 , $895 Le Silla ITALY Liliac Suede Metal Trim Platform Pumps Heels Shoes SZ 8.5 ,
    French Leather/Patent, Sole FS Navy/NY Women's Wired Wedge Sandal, Navy 6 Leather/Patent, 6 M US 9350cb9 - blurrypron.com>French Leather/Patent, Sole FS Navy/NY Women's Wired Wedge Sandal, Navy 6 Leather/Patent, 6 M US 9350cb9 - blurrypron.com
    SUPPER SEXY!!! Bebe Tacorda WOMEN BLACK HIGH HEEL GLADIATOR SANDALS BOOTS 6.5Cole Haan Women's Harrington Grand Slouch Bootie Ankle Boot , Alberto La TORRE 4277 Black Leather Buckles Zip-Up Ankle Boots 36 / US 6 , LADIES BOGS PLIMSOLL HIGH FLORAL BLACK WARM INSULATED WELLINGTON BOOTS 71542 , Nina Armando Melissa - Tan Open Toe HeelsPlanet Shoes Rebel Womens Mary Jane Comfort ShoeLifeStride Women's Baffle Slip-on Loafer - Choose SZ/ColorGentlemen/Ladies SANDRO Leather chain moccasins 37 Crazy price excellent comfortableNina Coella Open-Toe Dress Pump Heels, Black Luster, 7.5 US / 38 EULouise et Cie Havera Pumps-Women's size 6.5 M Black , Sam Edelman Rory Shoes size 6.5 M black leather pointy toe slides slingback flatWomen's Shoes Chain Platform High Heel SandalSkechers Savvy Dressed Up Womens Comfortable Memory Foam Shoes , Steve Madden Stellth Suede Bootie Black Size 8.5m , Chinese Laundry Women's Bright Lites Platform Pump , Ellie Shoes 609-APONI Women Black Platform Fringe Peep Toe Heel Stiletto Sandals , Dolce Gabbana Vero Cuoio High Heel Shoes Womens Black EU39 USPedro Garcia Tonya Perforated Suede Slingback Wedge Sandals Platform Shoes 38 , VANS AUTHENTIC POP GRIFFIN FERN GREEN MEN'S SKATE SHOES Sx 12 VN-0W4NDXR NEWMen's NIKE AIR MAX FULL RIDE TR 1.5 Training Shoes 869633 060 sz 9.5Nike Air Jordan 15 Retro LS Laser  Sz 8 Men's Black/White/Gold OG FLY 95 MAXJordan 22 XX White Varsity Red sz 9 , New in Box Tin Haul Mens Million Dollar Check Western Boots Brown/Tan 11.5 EELaredo Men's Nash Cowboy Boot 6765 , VTG 70s KEDS PRO KNOCKAROUNDS TOPSIDER CANVAS DECK BOAT SHOES OXFORD SNEAKERS 12Sheepskin Slipper House Shoes Moccasin with sole,100% natural for Men and Women , ALDO Men's Almanzor Penny Loafer, Dark Brown, 11 D USMens Zipper Oxford Mid Cuban Heel Dress Business Shoes Pointed Toe Boots 9-29 , WOMEN'S SHOES SNEAKERS ADIDAS ORIGINALS DEERUPT RUNNER [CQ2911] , Rag & Bone Red Ankle Booties - Women's size 7 designer boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    French Leather/Patent, Sole FS Navy/NY Women's Wired Wedge Sandal, Navy 6 Leather/Patent, 6 M US 9350cb9 - 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.

    French Leather/Patent, Sole FS Navy/NY Women's Wired Wedge Sandal, Navy 6 Leather/Patent, 6 M US 9350cb9 - 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
    French Leather/Patent, Sole FS Navy/NY Women's Wired Wedge Sandal, Navy 6 Leather/Patent, 6 M US 9350cb9
    Heels
    >
    ;