Never miss an update

Mephisto Runoff Mary 14366 Air Jet Black Runoff Suede Leather Women's Mary Jane Shoes Size 7 MINT! 9150301




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: Excellent Near Mint Condition - Must See Pictures!
Style: Mary Janes Width: M
Fastening: Hook & Loop Fasteners Color: Black
US Shoe Size (Women's): 7 Brand: Mephisto
Material: Leather
Never miss an update

Mephisto Runoff Mary 14366 Air Jet Black Runoff Suede Leather Women's Mary Jane Shoes Size 7 MINT! 9150301 - blurrypron.com

    Mephisto Runoff Mary 14366 Air Jet Black Runoff Suede Leather Women's Mary Jane Shoes Size 7 MINT! 9150301
    Mephisto Runoff Mary 14366 Air Jet Black Runoff Suede Leather Women's Mary Jane Shoes Size 7 MINT! 9150301
    Clarks Navy Blue Perforated Leather Everlay Dairyn Slip on Comfort Shoe 10 NEW , GUESS Jeans Shoes Flat Flats Heel Flip Flops Sandals Flop shoe Ballet NIB Sz 7.5 , CHINESE LAUNDRY (UPTOWN GIRL OPEN TOE) WOMEN'S SIZE 7 BRAND NEW!!!! , VTG Dansko Madrigal Black Leather Suede Mary Jane Clog Shoes EURO 37 US 6.5-7Esska, Ballet Flats, Bingo, Size 39, Mushroom & Teal, Gray, Leather , Easy Spirit Bethann Ballet Flats 9.5 White Cutwork Tan Bow Shoes NewCROC CROCBAND WINTER FLAT OLIVIA ALICE MARY JANE PRIMA SHOE~Bijou Blue~W 9~NWTEasy Spirit Bethann flats detailed breathable cool tan white sz 8.5 Med NEWDansko Shoe 41 eur 9.5 us Distressed Brown Oxford , NEW SPERRY TOP-SIDER Westwood Boat Deck Loafers Shoes WOMENS 6M Black Suede $90MERRELL Primo Moc Olive Green Womens US 10 1/2 Shoes Slip Ons Vent , Puma Patent Athletic Sport Lifestyle Ballet Flats Women'sBIRKENSTOCK BROWN SUEDE WOMEN'S US 6N (2400) , Women's Pink Peeper Hoopla Black Flats 9 M NIBSkechers 49300 Women's Reggae Fest-Loungy Suede Black Slipper Size US 9MINNETONKA 610R - Boat Moc Size: - Color:Esska, Ballet Flats, Bingo, Size 42, Mushroom & Teal, Gray, LeatherKaty Perry The Hesita Flat - Women's size 6 - Black/GoldGentleman/Lady Donald Pliner Hollie Leather Sandal excellent quality Trendy cheaperSalvatore Ferragamo Black Suede Stitched Vamp Loafer Style Rubber Sole Flats 10BChocolat Blu Costa Flat Choco Women's Shoes Size 6Cole Haan New Rielle Black Womens Shoes Size 6.5 M Flats MSRP $130Womens BCBGeneration Lanelle Black Flats 6 MSperry Top-Sider Women's Seacoast GEO PRINT(STS95234) SZ: 5M , SANUK SHORTY CHILL TX NATURAL MULTI BLANKET COLOR SIDEWALK SURFER SHOE SIZE 7 US , LifeStride Women's Venti Ballet Flat, Stone 25, Size 9.0 , $108 SPLENDID ISABEL Black Patent Suede Designer COMFORT Ballet Flats 8.5Dr. Scholl's Fiction flats black memory foam cool fit sz 9 Med NEW , Woman's Dansko Women's Professional Patent Clog Sketch US 10.5-11
    Mephisto Runoff Mary 14366 Air Jet Black Runoff Suede Leather Women's Mary Jane Shoes Size 7 MINT! 9150301 - blurrypron.com>Mephisto Runoff Mary 14366 Air Jet Black Runoff Suede Leather Women's Mary Jane Shoes Size 7 MINT! 9150301 - blurrypron.com
    Shoes Adidas Superstar aq8333 Story man White Core Black Sneakers Fashion Leathe , Chelsea High Top Buckle Mens Suede Leather Low Heel Pointy toe shoes ALL US SIZE , Dr Martens DM 22760001 Adrian black Virginia Leather Tassle loafer , Man's/Woman's L'ARIANNA SIVIGLIA BLACK PUMP Ideal gift for all occasions Latest styles Strong heat and heat resistanceAnthropologie Shoes Suede Flats Black Blooming Bow Ballerinas By Maloles 39 & 40ASH Limited Cool Indigo Blue Suede Sneakers Wedges Size 7 US 37 , LAUREN RALPH LAUREN Brown Round ToeTextured Heels Size 7.5 Leather B3158New with Box Ann Taylor Tamara Black Suede Cap Toe Wedges Size 6Bottega Veneta of Italy Woven Black Leather Flat Sandals Thong US 5 , Reebok Women's Club C 85 S Shine Sneaker, - Choose SZ/Color , Nike NSW Tiempo Trainer Men's Sneaker Shoes Challenge Red 644843-622VANS SK8 HI ZIP CA ITALIAN WEAVE NUBUCK VN-XH9HUG MENS SZ 6.5 SHOES NEW , Vibram Five Fingers Men's V-Run Ankle-High Running ShoeGentleman/Lady Shoes adidas Campus Coral Men DB0984 Quality products Elegant style General product , Camper Runner Trainers Mens Black Brown Leather Shoes Size 8-11 , NIKE AIR MAX 95 SZ 10 PREMIUM BLACK DARK GREY WHITE 538416 016Men's Nike Air Jordan 13 Retro Size 11.5 (414571 705) Gold/BrownNIKE AIR MAX HYPERPOSITE HYPER BLUE ENERGY GLOW IN THE DARK SZ 8 [524862-402]Adidas Pharrell Williams NMD HU Trail BBC Billionaire Boys Club BB9544 Size 9 , Hush Puppies Men's Glitch Parkview Suede Oxfords TW4 Grey Size 9.5 $129.95 , CLARKS ORIGINALS DESERT BOOT BROWN SUEDE RED LINING MENS SIZE SHOES BOOTS 62125Giuseppe Zanotti Mens Blue Sneakers Italian Leather 44 US 11 Double Zip Shoes , PRADA MEN'S PUNTA ALA LOW TOP LEATHER SNEAKERS Prada 9 US 9-10/EU44 / UK10 $765Men's Cole Haan Leather and Suede Size 9 Shoesmen's shoes J. BREITLIN 8 () elegant brown leather BX212-41 , Skechers Go Run Ultra R2 Women's 7.5 or 8.5 15050BURG Running Purple Pink , Salomon XA Enduro Mesh Trail Running & Hiking Shoes New In The Box857666-400 Nike Women W Air Force 1 '07 Mid Lthr Prm Midnight Navy Blue Greyadidas Originals Deerupt Runner W Black Chalk Pink Women Running Shoes CQ2909Retro Womens Leather Embroidey Knee High Knight Boots Stilettos Pointy Toe Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mephisto Runoff Mary 14366 Air Jet Black Runoff Suede Leather Women's Mary Jane Shoes Size 7 MINT! 9150301 - 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.

    Mephisto Runoff Mary 14366 Air Jet Black Runoff Suede Leather Women's Mary Jane Shoes Size 7 MINT! 9150301 - 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
    Mephisto Runoff Mary 14366 Air Jet Black Runoff Suede Leather Women's Mary Jane Shoes Size 7 MINT! 9150301
    Flats
    >
    ;