Never miss an update

Diane clubatlascp-7465 Furstenberg Carley Black Vacchetta Sandals Nat Cork Carley Gold Women's Flats Sandals 6.5 51f1269




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: These Diane Von Furstenberg Carley sandals have a slight sign of wear on the bottom of the soles of which I have uploaded pictures to this page. Other than that these flats are in an excellent condition and come with the original box. Please feel free to send me a message if you have any questions or if there is anything I may help with. Thank you, and all the best! :)
Brand: Diane Von Furstenberg Fastening: Buckle
Style: Flats, Sandals Heel Height: Flat (0 to 1/2 in.)
US Shoe Size (Women's): 6.5 Occasion: Casual
Width: Medium (B, M) Country/Region of Manufacture: Brazil
Material: Leather Upper, Leather / Rubber Outsole Heel Type: Block
Color: Gold UPC: 742498758123
Never miss an update

Diane clubatlascp-7465 Furstenberg Carley Black Vacchetta Sandals Nat Cork Carley Gold Women's Flats Sandals 6.5 51f1269 - blurrypron.com

    Diane clubatlascp-7465 Furstenberg Carley Black Vacchetta Sandals Nat Cork Carley Gold Women's Flats Sandals 6.5 51f1269
    Diane clubatlascp-7465 Furstenberg Carley Black Vacchetta Sandals Nat Cork Carley Gold Women's Flats Sandals 6.5 51f1269
    Andacco Roma Womens Comfortable Flat Leather Sandals Made In Brazil , NEW VIONIC PACIFIC HIGH TIDE SANDAL FLIP FLOP BLACK WOMENS SHOE FREE SHIP 6-11 , Vintage Harley Davidson Platform Sandals Size 9Madewell -100% Leather made Veronique Ankle Strap Sandals-Size 10-White/Spotted , Donald J Pliner Womens 7.5 M Heels Sandals Ankle Strap Viva KS26 Black Suede**Keen Uneek Slide Sandal - Women's Size 7, White/Black , Sam Edelman Elizabeth Silver Metallic Leather High Heels Sandals Size 6.5 M , NIB, Tory Burch Nantucket Red/ Navy Sea/ White Primrose Wedge Flip Flops, Sz.9 , LAUREN Ralph Lauren Maeva Platform Wedge Sandal Shoe - Womenscrocs Sanrah Beveled Circle Wdg Flip Womens Sandal- Choose SZ/Color.NEW Stylish Black Suede Slip-on Heels (Arizona) from Jane Debster - Size 7DANSKO BURGUNDY SANDALS 38 7.5 - 8Bella Vita Lenore Heeled Peep Toe Zip Sandals, Dark Tan LeatherH by Halston Leather Sandals With Perforated Straps Peyton Navy Women's 9 NewWomen Fringe Tassel Real Leather Suede Sandal Roman Ankle Boots женская обувь xi , Abeo Mystic Sandals Wedges Neutral Black Size 10 Women's ( 1377 ) New !!! , NIB BIRKENSTOCK Germany GIZEH Neon Blue Sandals 39 , womens shoes Vionic white Studded Thong Sandals podiatrist design size 7 W New , CLARKS Women's Caddell Shine Sandal, Black Synthetic Nubuck, 8 Medium USSoludos Women's Knotted Slide Flat Slip On Sandal HD3 Ivory Size US: 10crocs 202511 Womens Leigh Ii Ankle Strap W Wedge Sandal- Choose SZ/Color.Mark + James Women's Reza II Wedge Natural/Black 6 M US , Rockport Hattie 2 Piece Cuff Heeled Sandals, Tan , Adrienne Vittadini Patino Heeled Sandals, Almond, 8 USCOLE HAAN Sandals Black Leather Country Women 11 M , Donald J Pliner Nuri Gold Sand Distressed Metallic Women's Flats Sandals Size 6 , FITFLOP WOMENS SANDALS SURFA BLACK SIZE 7 , KEEN WHISPER SANDALS COFFEE LIQUEUR / YELLOW WOMENS 9Cabello Comfort 5263-60F Womens Leather Wedge Sandals Made In Turkey ,
    Diane clubatlascp-7465 Furstenberg Carley Black Vacchetta Sandals Nat Cork Carley Gold Women's Flats Sandals 6.5 51f1269 - blurrypron.com>Diane clubatlascp-7465 Furstenberg Carley Black Vacchetta Sandals Nat Cork Carley Gold Women's Flats Sandals 6.5 51f1269 - blurrypron.com
    NEW AQUATALIA Christine black leather trimmed suede tall womens boots , NEW Marc Jacobs Leather Boots Sz 39.5 Gold Metallic Wood Stack Heels $995 *RARE* , Klouds shoes - Orthotic friendly comfort leather Boots Jasmine , Dansko Olivia Women's Shoes Flats Size 40 EU Leather Slip on Loafers Comfort , SoftWalk Women's Memphis Rust Burnished Veg Kid Leather Comfort Shoes , New Without Box C & C Sweden Zebra Slip On Clogs Nurse Size 39 7 1/2- 8 $125BCBGMAXAZRIA Metallic Gold Plate Ankle Strap Sandal in Black Size: 39Man/Woman FLAMINGO-808T Easy to clean surface Brand Amoy , NEW Reebok Royal Transport M48504 Womens Shoes Trainers Sneakers SALEVia Spiga Women's Robyn Woven Wedge Sandal , Adidas Forum Mid Refined Blue/Blue-White F37835 Men's SZ 11 , Jordan 11 XI Retro Low IE White Gym Red Snakeskin Size 11 , adidas Men's Superstar, CORE NAVY/FOOTWEAR WHITE, 11.5 M US , ROSHERUN PRINT MEN SIZE 8.0 LIGHT BONE NEW AUTHENTIC RUNNING SUPER RARE , Mizuno Protective Working Sneakers ALMIGHTY C1GA1700 Navy / silver / greenNike Zoom Lebron James X Soldier Black Purple Space Jam 844374-008 SIZE 8.5 , Nike SB Holy Grail Stained Glass OG Concepts Release With Concepts Box , 2017 NIKE KOBE A.D. NXT BLACK WHITE RED AD BRYANT 882049 100 sz 142018 Mens Flat Slip On Loafers Leisure Low Top Oxford Shoes Bowknot Round Toe , Mens Dunham Windsor Casual Shoe Brown Size US 8D TT38 , Salo New York Men's Slip On Black Soft Leather Stylish Moccasins TZ7296-16Skechers Men's Relaxed Fit Segment Wolden Oxford Desert OxfordsAllen Edmonds Men's Oxfords Size 14 D USA Hancock Career Split Toe Black LeatherNike 583145 Women's Cheer Unite Leather Tennis Low Top Athletic Shoes SneakersMen's/Women's Hey Dude Women's Wendy Loafers Louis, elaborate Affordable Excellent workmanshipNaot Women's Pixie Ankle Strap Sandal Black Suede/Slate/Khaki Suede/Leather , Dansko Women's Paisley Walking Shoe Black SuedeNike Air Max 1 Se Womens Style : 881101 BLACK Womens Size 10Plus Sz Women's Round Toe Pull On Snow Boots Comfy Mixed Color Winter Shoes ChicCole Haan Callie Slip-On Waterproof Rain Shoes 698, Black, 6 US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Diane clubatlascp-7465 Furstenberg Carley Black Vacchetta Sandals Nat Cork Carley Gold Women's Flats Sandals 6.5 51f1269 - 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.

    Diane clubatlascp-7465 Furstenberg Carley Black Vacchetta Sandals Nat Cork Carley Gold Women's Flats Sandals 6.5 51f1269 - 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
    Diane clubatlascp-7465 Furstenberg Carley Black Vacchetta Sandals Nat Cork Carley Gold Women's Flats Sandals 6.5 51f1269
    Sandals
    >
    ;