Never miss an update

sz 8 NEW CLIN FLY LONDON Sandals CLIN Womens Womens black Leather Leather heel Decorative Studds 297ece1




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Accents: Studded
Material: Leather Modified Item: No
Width: Medium (B, M) Style: Ankle Strap
Features: Ankle Strap Fastening: Buckle
Color: Black US Shoe Size (Women's): 8
Brand: Fly London Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Heel Type: Block UPC: Does not apply
Never miss an update

sz 8 NEW CLIN FLY LONDON Sandals CLIN Womens Womens black Leather Leather heel Decorative Studds 297ece1 - blurrypron.com

    sz 8 NEW CLIN FLY LONDON Sandals CLIN Womens Womens black Leather Leather heel Decorative Studds 297ece1
    sz 8 NEW CLIN FLY LONDON Sandals CLIN Womens Womens black Leather Leather heel Decorative Studds 297ece1
    Women's Miu Miu Gladiator Leather Gold And Brown Sandals Size 6 1/2 , Sigerson Morrison Women's Nude Platin Abisha Flat Sandal Shoes Ret $295 New SEEJimmy Choo Womens Sandals Size 38.5 8.5 Brown Buckle Ankle Strap High Block Heel , $170 Dolce Vita Maize Platform Sandals. Size 8.STEVE MADDEN Birdcage Snake Embossed Strappy Open Toe Sandals Heels Shoes 8Sergio Rossi Womens Sandals Size 8.5 Blue Leather Slides , Wanda Panda Bilma WP-8205 Wedge Sandals Blue/Turquoise Aqua, Made in Spain , $245 Paul Green Size 6 Brown Metallic Leather Handmade Low Heel Flip Flop Sandal , Fenty Puma Faux Fur Slides Blue(Bay) Size 7.5 , DANSKO Vera Navy Leather Low Wedge Sandal Size 41 US 10.5-11 NewDonald J Pliner Buoy Black Genuine Nappa Leather Slide Platform Sandal NEW 6FitFlop Women's The Skinny Lizard Print Flip Flop - Choose SZ/Color , Men/Women Yellow Box Women's Cadenza Sandal Consumer first Brand German OutletsNEW Dr Scholls Wood Exercise Sandals ITALY Size 10 Vintage Black Leather RARE! , Miu Miu Womens Black Gold Suede Strappy Slingbacks Sandal Heels Size 38.5 8.5 , Skechers Cali Womens Parallel Platform Sandal 10- Select SZ/Color. , Donald J Pliner Buoy Bone White Genuine Nappa Leather Slide Platform Sandal 8FLY LONDON YULA White /Black Leather Ankle Cuff Wedge Sandal Size 37 7.5Khrio Vera Pelle Shoes Size 7.5 - 8 (38) Walking Slide Gray Suede Shoe $155 , Flat With Narrow Band Shoes Hemp RopeHush Puppies Women's REO Aida Slide Sandal, Bright Coral Nubuck, 9.5 M USGentleman/Lady L.K. Bennett Connie Wedge, 41 bargain Selected materials Cheap order , $490 NIB Isabel Marant Etoile Meegan Black Velvet Leather Ankle Strap Sandals , H by Halston Size 10 PIPER Black Leather Braided Heels Sandals New Womens ShoesNIB Birkenstock florida BS Narrow fit in Graceful Hibiscus US 8/ , Men/Women Ancient Green Sandals Axia Navy Shoes Good design Preferred material Breathable shoes , BIRKENSTOCK "KUMBA" Pink SOFT FOOT BED SANDALS WOMEN size 5 N EURO 36 NEWAldo Women's Fluffy Slide Sandal Orange 8 M US , Ted Baker Womens Size 38.5 Sandal Qereda Blue Suede Ankle Wrap Sandals Size 8.5
    sz 8 NEW CLIN FLY LONDON Sandals CLIN Womens Womens black Leather Leather heel Decorative Studds 297ece1 - blurrypron.com>sz 8 NEW CLIN FLY LONDON Sandals CLIN Womens Womens black Leather Leather heel Decorative Studds 297ece1 - blurrypron.com
    Circa Joan & David Women's Armanda Ankle Boot (7, Black)Reebok Men Running Shoes Speedlux 3.0 Athletic Men's Lightweight Comfort CN5410 , Gorman Cross Paths Pony Hair Mule - Size 37 - BNWOT - RRP $220 , Tory Burch MINNIE Blush Embellished Convertible Ballet Flat Leather 8 *Merrell Women's Duskair Casual Slip-On - Choose SZ/Color , Manolo Blahnik Womens Ballet Flats Size 39 9 Brown Pointed Toe Bow Low Heel , SAS Brown, Free Time TriPad Comfort Leather Walking Nurse Shoes, Womens 9N , NIB Steve Madden Women's Mars Black Mesh Platform Sneakers Espadrilles Sz 11 $80 , Gentlemen/Ladies Fabulicious Women's Lip 133 Fine processing stable quality professional design , $189 VIA SPIGA RIPLER Powder White Patent Leather Designer ITALY Sandals 9 , SoftWalk Women's Hart Wedge Sandal, Coral, 6 W US , Men/Women louboutin 37.5 Rose Gold Consumer first auction retail price , Valentino Garavani Rockstud Wrap Leather Pumps 38.5 Black Worn Two Times , CONVERSE CHUCK TAYLOR ALL STAR CTAS PRO HI 147496C BLACK DS SIZE: 7.5New ADIDAS Originals Deerupt Runner Sneaker Mens white lt volt red all sz , New Balance Mens Black Trainer Shoes MX624AB4 Wide Fit Width 2E 4E 6E , NEW BALANCE SHOES STYLE M990NV4 COLOR NAVY MADE IN THE USA WIDTH DMen's Nike Air Jordan 6 Retro AS AllStar CHAMELEON Size 8.5 (907961 015) Sneaker , Nike Air Force 1 Mens Style : 820266 , JORDAN 10 RETRO 30TH 705178 045 DUST GOLD BLACK NEW IN BOX SIZE 12 , Vtg Red Wing Steel Toe Brown Leather Mens Work Riding Motorcycle Boots Sz 9 2E , HOT mens suede leather buckle loafers casual business dress shoes plus size US11Nunn Bush Bourbon Street Moc Toe Oxford Shoe - Men's Size 13XW - BlackPRADA MENS SHOES, BLACK,NEW IN BOX, SIZE 8.5 D , SLIP ON , Skechers GoFlex Walk Lotus Womens Shoes 8.5 M Burgundy Fabric New w BoxBOBS from Skechers Women's Phresh-Top Spot SneakerZARA NEW WHITE CHUNKY SOLE SNEAKERS WITH STRIPED DETAILS 1407/301Mizuno Wave Rider 22 - Women's Black/Rose Gold 990907E , NEW EARTH DOLLY BROWN LEATHER ANKLE/MID BOOTS WOMENS 7.5 MACCHIATO ZIP SIDEKaty Perry Women's The Gia Ankle Boot Navy Size 8.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    sz 8 NEW CLIN FLY LONDON Sandals CLIN Womens Womens black Leather Leather heel Decorative Studds 297ece1 - 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.

    sz 8 NEW CLIN FLY LONDON Sandals CLIN Womens Womens black Leather Leather heel Decorative Studds 297ece1 - 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
    sz 8 NEW CLIN FLY LONDON Sandals CLIN Womens Womens black Leather Leather heel Decorative Studds 297ece1
    Sandals
    >
    ;