Never miss an update

Vintage Shoes Stix Baer & Fuller Shoes Wingtip Spectator Pumps Black & White Wingtip Sz 8 AAA f99c5fc




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: Impressive vintage statement in black and white ~ Nice vintage condition, minimal wear ~ Bit of a platform sole ~ The black leather responded very well to shoe polish but I did not have any white polish on hand ~ As such, please note the last 2 pictures, which you could touch up, if wanted ~ Eye-catching and lovely ~ Please message me with your questions ~ Thank you for looking!
Style: Classics Pattern: Solid
US Shoe Size (Women's): US 8 Color: Black, White
Heel Height: High (3 in. to 4.5 in.) Occasion: Wear to Work
Material: Leather, Patent Leather Brand: Stix Baer Fuller
Width: Extra Narrow (AAA+) Heel Type: Block
Theme: Vintage, Secretary, Geek, Mobster
Never miss an update

Vintage Shoes Stix Baer & Fuller Shoes Wingtip Spectator Pumps Black & White Wingtip Sz 8 AAA f99c5fc - blurrypron.com

    Vintage Shoes Stix Baer & Fuller Shoes Wingtip Spectator Pumps Black & White Wingtip Sz 8 AAA f99c5fc
    Vintage Shoes Stix Baer & Fuller Shoes Wingtip Spectator Pumps Black & White Wingtip Sz 8 AAA f99c5fc
    Bettye Muller Womens Shoes Size 38 8 Brown Animal Print Leather Classic PumpsJEFFREY CAMPBELL SHOES WOMENS PLATFORMS HIGH HEELS ORANGE NAVY BLUE SIZE 6 STRPP , BCBG Paris Pamee Womens Shoes Size 9 39 Blue Leather Classic Pumps HeelsShoes, ALEGRIA, light tan lazer cut outs, 1 1/2" wedge, SZ: 37M , LIEBESKIND Mary Jane PUMPS Ladies size 39 Orange Platform Heel Shoes New in BoxJ. Crew Snakeskin Leather Pointed Toe Heel Classic Pumps Shoes Sz 6 EUC , Madden Girl Beella Block Heel Sandals Black Fabric Shoe Size 7.5 , BALLY Fate SANDALS Ladies size 5.5 M Black Suede Strappy Heel Shoes Italy , VINTAGE Prada Brown Patent Leather Cross Strap Pumps SZ 36.5JESSICA SIMPSON CASSANI BLACK PATENT POINTED TOE SINGLE SOLE CLASSIC DRESS PUMPSSalvatore Ferragamo Bronze Metallic Classic Pumps - 8.5B European 39.5 EUCPleaser SKY-308T Womens Clear Light Blue Tinted Heel Platform Ankle Strap Sandal , Vic Matie Made in Italy fashion grey leather Pumps heels platform shoes $263 , "MIGATO" ROSE GOLD METALLIC OPEN TOE SANDALS STILETTOS**US 7.5*UK5Calvin Klein Womens Peep Toe Jaylin Flat Slingbacks 7.5M Black Textured CareerMURATTI Escarpins Pointus à Sangles Scratch Cuir Noir T 40 TBEHandmade Blue Pearl Floral Bridal Wedding Party Shoe High Heels 6-8cm LUSr #blsz , D&G Dolce & Gabbana Shoes Size 38.5 8.5 Black Leather Strappy Heels , Aldo Thylia Black Womens Shoes Size 6 M Heels MSRP $100BCBG Maxazria Foster Womens Shoes Size 39 9 Black Classic Pumps Leather Heels , Men's/Women's Steve Madden Black Block Heel Sandals feature Excellent performance Very good classification , LIU JO women shoes sz. 8.5 Europe 39 black suede S6501Gentlemen/Ladies L.K. Bennett Snakeskin Sneakers Size 9 High security Won highly appreciated and widely trusted at home and abroad Rich on-time deliveryNEW STUART WEITZMAN Heels 8.5 Metallic Golden Brown Serpeant Slide From SPAINOscar De La Renta Shoes Size 38.5 8.5 Gold Textured Leather Open Toe Heels , Badgley Mischka RYANNE Navy Beaded Satin Heel Formal Dress Pump Womens SIZE 7.5M , Handmade Pink Pearl Bridal Wedding Party Shoe High Heels 6-8cm ousR #qfabzlxGianni Bini Shoes Size 8.5 M Beige Nude Classic Pumps Patent Leather HeelsWomen's Sandals Solid Open Toe Stilettos Mules Simple Type High Heels Big Size ,
    Vintage Shoes Stix Baer & Fuller Shoes Wingtip Spectator Pumps Black & White Wingtip Sz 8 AAA f99c5fc - blurrypron.com>Vintage Shoes Stix Baer & Fuller Shoes Wingtip Spectator Pumps Black & White Wingtip Sz 8 AAA f99c5fc - blurrypron.com
    RAG & BONE Classic Newbury Boots in Light Grey Size 38.5 US Women's 8.5 NEW NWB , Lucchese N4554.54 Burnished Mad Dog Goat Leather Womens Boots NEW size 6 6B , Easy Street Katerina Woven Ankle Strap Sandals, BlackNew Planet Cert Womens Shoes Comfort Shoes Flat , Bed Stu Darla Sand Rustic Women's Loafer 7.5MMen's/Women's Joshua SANDERS Shoes 602539 White 38 High grade Online Comfortable and naturalEMU Women's Lavinia Perf Oxford Silver Leather Oxfords , Patricia Green Women's Silk Check Slipper Blue ScuffsNEW! G by Guess Glattie M Gray Taupe Strappy Platform Sandals Heels 9 M $169Shoes Prada Black Leather Sandal Elastic Crisscross Strap Sturdy Heel 40 9 USMr/Ms VC Signature Jackie Sandal Sz: 10 Excellent craft Online high quality productMan/Woman JACK ROGERS BLAIR SANDALS BLUE High quality and cheap International choice buy online , Mr/Ms Lamo Women's Wrap Bootie fashion Sufficient supply Official website , Men's/Women's New Balance Men's 420 Trainers, Black Quality products Fine art Explosive good goods , SAMPLE NIKE JORDAN SUPERFLY 3 RARE BLACK/ICE BLUE SZ 12.5 JUMPMAN RARE COLORWAY , NIKE AIR MAX EXPRESS 525244-800 MEN'S SHOE SIZE 10 ORANGE DARK GREY PURPLE , Nike Men's ZOOM PENNY 6 Shoes NEW AUTHENTIC Black/Black/Metallic Copp 749629-001 , adidas Terrex Agravic GTX - Black - MensNike Air Max Flair men lifestyle sneakers NEW light pumice green 942236-009 , New AIR JORDAN 1 RETRO High OG Pine Green/ Black Sail 11.5 LIMITEDAUTH LUXURY PRADA SNEAKERS SHOES 4E2719 BLUE SUEDE NEW US 8 , Casual Mens Shoes Driving Loafers Closed Toe Gommino Breathable Hot Sale Fashion , Eastland Men's Surf MLB Cubs Boat Shoe - Choose SZ/ColorPUMA Leadcat Fenty FU Slide Women's Clematis Blue/Scarlet Ibis 36708701MAISON MARTIN MARGIELA crushed crystal shoes black rhinestone sneakers 36.5 NEW , Valentino Red Camo Suede "Rockstud" Sneakers SZ 40Ariat Women's Western Black Leather Boots Size 6C 1.25" HeelsStylish Womens Chic Zipper Block Mid Heels Ankle Boots High Top Shoes Winter New , Beautiful Nocona Black Embossed Leather Cowboy Boots - 6B Excellent Worn Once , Harley Davidson Women Boots Size 9.5 Black Metal Logos Style 84280 Metal Eyelets ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Vintage Shoes Stix Baer & Fuller Shoes Wingtip Spectator Pumps Black & White Wingtip Sz 8 AAA f99c5fc - 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.

    Vintage Shoes Stix Baer & Fuller Shoes Wingtip Spectator Pumps Black & White Wingtip Sz 8 AAA f99c5fc - 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
    Vintage Shoes Stix Baer & Fuller Shoes Wingtip Spectator Pumps Black & White Wingtip Sz 8 AAA f99c5fc
    Heels
    >
    ;