Never miss an update

ECCO Dress Women's mogochinese-29912 Shape 75 - Embellished Dress Pump - Choose SZ/Color 3fbd1c3




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: ECCO
Style: Pumps Manufacturer: ECCO
Size Type: Regular MPN: Shape 75 Embellished Pump
US Shoe Size (Women's): Multiple Variations Model: Shape 75 Embellished Pump
Never miss an update

ECCO Dress Women's mogochinese-29912 Shape 75 - Embellished Dress Pump - Choose SZ/Color 3fbd1c3 - blurrypron.com

    ECCO Dress Women's mogochinese-29912 Shape 75 - Embellished Dress Pump - Choose SZ/Color 3fbd1c3
    ECCO Dress Women's mogochinese-29912 Shape 75 - Embellished Dress Pump - Choose SZ/Color 3fbd1c3
    CESAR PACIOTTI BROWN LEATHER PUMPS SIZE 38NIB Tory Burch Gigi Logo Low-Heel Pumps Shoes REDSTONE 7 M , Gentleman/Lady HB WORKFLOW service Known for its good quality a wide variety of goodsSTUART WEITZMAN Snakeskin Open-toe High Heel Pumps Sz. US 11 M , Ferragamo Heels Ivory Black Leather Pumps W 6.5 B $475 Spectator Gancini Logo , Longchamp Derby Platform Wedge Shoes Sz38 Usa 8Gentlemen/Ladies Manolo Blahnik Strappy Silver Heels 39.5 Reasonable price Environmentally friendly VariousNIB 100% Auth. Tory Burch Viola Embellished Bow Ballet Flat Shoes; Size US 6.5 , Bottega Veneta Black Suede Platform Pumps Shoes Stunning $720 38 8Proenza Schouler Rare Black Leather Woven Peep Toe Heels- SZ 37 6.5 - $1250Stuart Weitzman Women's Nudist Dress Sandal, Silver, 10.5 M USAlain Jarian Suede Open Toe Heels Women ShoesAuthentic Jimmy Choo Python Wedge Heels Size 6 36NWT Eileen Fisher Mary-SU Knotted Cutout Suede Shoes Denim Size 7.5M , NIB Tory Burch Jolie Logo 65mm Wedge Pump Shoes BEIGE 7 M$198 NWT J.CREW Avery Velvet Pumps w/ Bow BLUSH Court Shoe VINTAGE QUARTZ Sz 9.5 , Pedro Garcia Bailey Crystal Skull Red Pump Minimal Wear Made in Spain Blue by Betsey Johnson Women's Sb-madox Dress Sandal Black Floral 8 M USStuart Weitzman Mary Pump Black Suede, Size 7M, NIBSabrinas Black Suede Elisabeth Heel Stretch Slip On Comfort Shoe 7 NewSalvatore Ferragamo Boutique Vara Bow Pumps Brown Croc Embossed Leather 7B , Sacha London Alore Black Kid Suede Leather Stiletto Pointed Toe Heel 9.5 NewGentle Souls Women's Christa Open Toe Block Heel Dress Heeled Sandal 7.5 $219$400 Stuart Weitzman Glamoroso Hot Red Suede Ankle Strap Pointed Toe Pumps 7.5 , Manolo Blahnik Sandal Veggia Cork Wedge Size 37 Black Elastic Crisscross Strap$1299 Dsquared Shoes Metallic Real Leather Size US 9 IT 39 Save 8308Vince Camuto Signature Platform Sandals dark navy blue jade green strap size 7M , Aravon Women's Elizabeth Slip-On Pump Black Multi 7 2A USTed Baker London Hiharu 2 Ankle Boots Black Leather Size 6 Bootie
    ECCO Dress Women's mogochinese-29912 Shape 75 - Embellished Dress Pump - Choose SZ/Color 3fbd1c3 - blurrypron.com>ECCO Dress Women's mogochinese-29912 Shape 75 - Embellished Dress Pump - Choose SZ/Color 3fbd1c3 - blurrypron.com
    Pompom Women Real Suede Leather Rabbit Fur Snow Winter Warm Knee hHih Boot Shoes , Gladiator Womens Suede Leather High Heel Tassels Pointy Toe Ankle Boots Shoes S , Cloud Aline Black Leather Plush Wool Ankle Bootie Comfort Shoe 38NewNew in box Womens Old Gringo Feita Brass/Black Size 8.5 MSRP $ 600 STUNNING!$395 MISSONI ITALY designer PUMPS 38 Black gold pink stripe STILETTO heel SHOELuichiny Women's Maver Rick Light Grey/Black Imi Suede Open Toe Shoes , NIB Tory Burch Royal Tan Minnie Travel Leather Ballet Flat Shoes (US 6.5)2018 Saint Laurent Beige Rose Patent Tribute Pumps 5" Heel 40 , Nine West Women's QUISHA Synthetic Heeled Sandal, - Choose SZ/ColorPrada Womens Black Patent Leather Pointed Toe Pumps Size 41 11Fendi Womens Pumps Size 38 Gray Brown Satin High Slim Heel Platform Peep ToeBOBS from Skechers 31227 Womens Cherish Sleigh Ride Slipper- Choose SZ/Color. , Reebok Classic Nylon Black/White 6604 Men's SZ 8 , Jordan Reveal men lifestyle casual sneakers NEW concord 834064-400 , Shoes DC Shoes Plaza Tc S Brown Men ADYS100319-TGM , KITH x Nike Air Maestro II 2 High Pippen Ronnie Fieg size 9 , BJ91 Men Sequin Silver Casual Slip on loafers Shoes dress fashion loafer Plus Sz , MENS CLARKS BLACK LEATHER RIPTAPE EXTRA WIDE FIT SOFT CUSHIONED SHOES SWIFT TURNChic Men Leather Buckle Strap Business Dress Formal Party Work Nightclub Shoes , Skechers Women's Go Joy Walking Shoe Navy/White 8 W US , Mezlan Men's Belona Grey Suede Tuxedo LoaferNew Puma 189954-01 Speed 500 Ignite 2 Poppy Red Women's Running Shoes 6.5 USDemonia Women's Kera-21 Ankle Boot, Black Vegan Leather, 6 M US , NIKE Womens Roshe G AA1851-400 OCEAN BLISS/WHITE Womens Size 5.5 , Man's/Woman's womens diesel boots Fine processing Fast delivery At an affordable priceSeychelles Hijinks Black leather Bootie Loafer stud tassels heel 7.5 EUC $150M2 Miz Mooz Tamico Boots Booties 8.5 Nordstrom $200 Tan / Warm Chestnut , NEW BORN $120 'Kerri' Burgundy Suede Leather Block Heel Ankle Boots Women's 6New Crown By Born Selyse Women's Leather Over Knee High Boots Black Size 6.5 , Boot Isola Olicia Cognac Oiled Cow Suede ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ECCO Dress Women's mogochinese-29912 Shape 75 - Embellished Dress Pump - Choose SZ/Color 3fbd1c3 - 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.

    ECCO Dress Women's mogochinese-29912 Shape 75 - Embellished Dress Pump - Choose SZ/Color 3fbd1c3 - 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
    ECCO Dress Women's mogochinese-29912 Shape 75 - Embellished Dress Pump - Choose SZ/Color 3fbd1c3
    Heels
    >
    ;