Never miss an update

BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4




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: Great condition!
Style: Mary Janes Color: Gray
Heel Height: Flat (0 to 1/2 in.) Occasion: Casual
US Shoe Size (Women's): US 11 Brand: Bzees
Width: M)
Never miss an update

BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4 - blurrypron.com

    BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4
    BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4
    Nine West Winetta Gray Suede 9 Slip-On Embellished Ballerina Moc Shoe Nice!! NIB , Tapeet by Vicini Y15003G Ballet Flats Shoes Size 7 & 8 NEW $322Munro American Ashlie Gold Crosshatch Womens Flats Slips Ons Size 9.5 M New USAWomens Enzo Angiolini Liberty Peach Color Shoes IT.U.K. Womens Viva Lo Sole Creeper Black Suede With Leopard Vamp size US 7 NEWMR. SEYMOUR WOMENS SHOES BRONZE BROWN LEATHER FLATS 7AAA CASUAL SHOE NIBDansko Professional Black Patent Leather Nursing Clog Mule Womens 11.5 - 12 / 42TEVA HYDRO-LIFE SLIP-ON BLACK / Grey Gray OUTDOOR WOMENS FLATS SHOES 1018309Vince Camuto Kyah Gold Womens Shoes Size 8.5 M Flats MSRP $99NEW Cole Haan Ballet flats pink suede size 4 , SAS Women's Tripad Comfort Red Leather Slip On Loafers Size 7W Made in USA(OBO) , Merrell Encore Chill Stitch Clogs Womens US 6.5 Chocolate Slip Ons Shoes , FS NY Patent Leather Flats Ivory White Tan Capped Toe Bow Ballet Flats 8M SpainSoft Walk Black Leather Wedge Comfort Slide On hoes Clogs Women's Size 8MNEW Butterfly Twists Cara Dogtooth Flat Ballerina Womens 5 Shoes Slip On BalletNEW Vintage Women's Shoe Original Penny Loafer Burgundy Leather 9 M POLO CLUB , Clarks Brown Suede Mary Jane Tamitha Aster Comfort Shoe 7.5 New , NEW Ellen DeGeneres ED Chapa Mule Slip Ons Women US 9 White $98.00Gentlemen/Ladies Antonio Melani Shoes elegant Online export store Outstanding style , Mephisto Womens Sz 9 Black Loafers Block Heel Slip On Shoe 122-12 , NWT Talbots Fun Brown Leather Ankle Boots 10M , L'Artiste Grenadine By Spring Step Black Leather Shoes 37 EU / 7 US WomenARRAY Womens Freedom Leather Square Toe Loafers, Yellow, Size 8.5 b0Fx , Cole Haan Air Polly Womens Canvas Patent Ballet Shoes 10 NEW IN BOXSWEAR LONDON Viennetta Erica Venetian Brown Leather Loafer Slip Shoe Women 8 40 , H by Halston Camel Brown Suede Alice Hidden Wedge Ballet Flats NEW , L'Artiste Valeria By Spring Step Black Leather Shoes 37 EU / 7 US Women , Aetrex Essence Women’s Black Alligator Patent Leather Women’s Loafers 7/38 Sr6Zerogrand Cole Haan Wingtip Oxford Black Suede SIZE 8B ,
    BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4 - blurrypron.com>BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4 - blurrypron.com
    Ivanka Trump ITEVIA Womens Evia Mule- Choose SZ/Color. , Tommy Hilfiger Women's Global Equestrian Boot - Choose SZ/ColorMan's/Woman's Yeezy Turtle Dove Economical and practical Various types and styles Various , Nine West Dempsey Ankle Strap Dress Sandals 528, Dark Natural/Dark Natural, 9.5 , Man's/Woman's TEEZE-07H Silver Exquisite (middle) workmanship Win the praise of customers cheaperTory Burch Reva Snake Embossed Ballet Flats - Size 9M - $235 , UO Urban Outfitters Women's Aster Double Buckle Oxfords Shoes Retail $125 size 7 , AJ689 WALKSAN by SUSIMODA shoes black leather suede women elegant , ARRAY Womens le plain Closed Toe Classic Pumps, Yellow, Size 10.0New Women's lady Pointed Toe tassel Stilettos side zip ankle boots casual shoes , France ROBERT CLERGERIE Women 7-B Floral Toe Thong Slide Flat Sandal ShoesCLEARANCE Papillio by Birkenstock BF TABORA (Mayari) Crystal Black BNIB 1009096 , BY161 MI AMOR shoes blue patent leather women sandalsMephisto Sandals Womens Red Leather Wedge Shoes Size 42 Made in Portugal , Nike Air Jordan XX8 28 'Special Edition Sneakers (616345-523) US MEN'S SIZE 13!! , NIKE SB Zoom Stefan Janoski Black / White 333824-067Nike Air Jordan Illusion Black/Black-Retro-Light Green Spark 705141-006 SZ 11 , Mens ADIDAS SUPERSTAR Dark Blue Textile Casual Trainers BB5395 RRP .99Nike Ohio State Buckeyes Train Speed 4 Amp College Shoes 844102-603 Size 9.5Ds New Balance Mt580 Gg Hectic x Mita Size 10 Og Rare qs Vintage Vtg Runner Auth , CROCKETT&JONES Men's Shoes 065204 Blue 7E , NIKE SFB Field 6" Size 9 & 10 Special Field Boots Black/Black 631360 090 , Vans Authentic Mens Black Outsole True White Canvas Skate shoes Size 9 NWTNaot Kedma Ink/Brown Leather Shoes Size 40 , Brogue Leather Business Formal Shoes Mens Oxfords Pointy Toe Work Dress Breath , Merrell Women's Siren Sport 2 Waterproof Hiking Shoe - Choose SZ/ColorW NIKE LUNAR FORCE 1 FLYKNIT WORKBOOT SZ: 10.5 (860558-600)Saucony Women's Freedom ISO Running Sneaker Grey Sneakers , Balenciaga Speed Trainer Prune Burgundy Women Sizes NEW 100% Authentic Limited , Man/Woman Kookaburra Boots Modern technology First quality Pick up at the boutique ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4 - 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.

    BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4 - 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
    BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4
    Flats
    >
    ;