Never miss an update

Nine West Women's Women's Richard mogochinese-29924 Fabric Sandal - Nine Choose SZ/Color 0c55b64




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: Nine West
Style: Sandals Manufacturer: Nine West
Size Type: Regular MPN: 25028474
US Shoe Size (Women's): Multiple Variations Model: 25028474
Never miss an update

Nine West Women's Women's Richard mogochinese-29924 Fabric Sandal - Nine Choose SZ/Color 0c55b64 - blurrypron.com

    Nine West Women's Women's Richard mogochinese-29924 Fabric Sandal - Nine Choose SZ/Color 0c55b64
    Nine West Women's Women's Richard mogochinese-29924 Fabric Sandal - Nine Choose SZ/Color 0c55b64
    Charlotte Olympia Women's Teal Blue Suede Gold Tone High Heel Pump Shoe 40 10VALENTINO Black Pumps Size 39.5 Patent Leather Pointed Toe Heels Bow Pointy Box , New Charles David Ankle Strap Gillian pumps sz 8.5 , Aldo Women's Forquer Dress Pump - Choose SZ/Color , Men's/Women's maison margiela shoes quality First quality valueVince Camuto Women's Heels Shoes Salest Leather Dress High Heels Pump Shoes , Nine West Women's Shawn Suede Dress Pump - Choose SZ/Color , Dr. Martens Jagger 10 Eye buckle mid calf boot Aunt Sally blk sz 5 women combatMassimo Dogama F$&k You Heels size 40Nine West Women's ZOROLLA Leather Pump - Choose SZ/ColorNine West Women's Astor Pump - Choose SZ/ColorBADGLEY MISCHKA SIMBA II GOLD LEATHER OPEN TOE PUMPS WOMEN SZ 9.5 M *EUC* , Robert Clergerie Black Sued PlatformMules Slides Shoes Size 6PIERRE HARDY leopard print d'orsay pumps suede and leather 7.5 US 37.7 Italy , LANVIN Ballerina Wedge Pump Nude Napa Leather Shoes size 11 US / 42 EU USEDTory Burch White Leather Regan Mid-Wedge Sandal with Ankle Strap Size 9.5 , Polly of California grey Genie Platform Stiletto Pumps High Heels sz 8 , Yves Saint Laurent YSL Tribute Beige Leather Slingback Platform Pump 39.5 $795 , Nine West Women's FADEY Suede Pump - Choose SZ/Color , CHAUSSURES CELINE VINTAGE 35,5 DAIM BOUCLE RARE ! , Jessica Simpson Women's Centella Dress Pump - Choose SZ/Color , Gentleman/Lady Carlos by Santana Women's Jazlyn Pump durability The latest technology AmoyCalvin Klein Women's Lara Pump - Choose SZ/Color , TORY BURCH Sally 2 Peep Toe Reva Wedge Heels Tan Leather / Gold Logo Shoes 9 M , Donald Pliner Kyisp Snake Printed Mule 8.5 NIB , CHRISTIAN LOUBOUTIN Wom 36 (5.5-6) BRN Satin SLINGBACKS High Heels Pumps , Marc by Marc Jacobs Shoes 40 Lucid Heel Burgundy LeatherNIB Christopher Coy Collection Prototype Stilletto Black Suede Heels Shoes Rare , Retail $670.00 Prada Black Patent Leather Platform Peep Toe Pumps Heels Size 37
    Nine West Women's Women's Richard mogochinese-29924 Fabric Sandal - Nine Choose SZ/Color 0c55b64 - blurrypron.com>Nine West Women's Women's Richard mogochinese-29924 Fabric Sandal - Nine Choose SZ/Color 0c55b64 - blurrypron.com
    Ash Virgin Black Womens Leather High Top Sneaker Trainers , Gorgeous Tall Frye leather campus riding boots 6.5 B Made in USA In Excell Cond! , FRYE Natalie Double Zip Boot Whiskey Oil Tanned Full Grain Leather Size 7 ankle , Corral Women's Cognac-Turquoise Concho Ankle Boots A3196 , Bottes vintage 1983 " Bordeaux" Bottier Italien (K) - T. 36Mr/Ms Blondo Women's Lenie Waterproof Motorcycle Boot Long-term reputation delicate King of the crowdAsics Tiger GEL-Lyte V [H7Q3N-0000] Classic Running Cream/White-Black , Loafers & Slip Ons Casual Genuine Leather Mens Formal Boots Leather Dress ShoesGREEK SANDALS MADE WITH GENUINE LEATHER MADE FOR WAR TOUGH NEW , Nanette Lepore Dominik Espadrille Wedge Sandals 061, Dusty Pink, 8 USPrada Sport Ladies Black & White Sneaker 3E6264 New In Box , Men/Women ARIEL-708OMBRE Not so expensive Low price Fine wild , Louboutin : Amazing pump EU38.5, US8.5, UK5.5 , Womens Summer Bohemia Rhinestones POM POM Sliver Strappy Block High Heels SandalNike AJF 20 "Bred" 331823-001 Black/Stealth-Varsity Red Basketball Shoes sz 11.5Adidas Originals Men's Superstar Sneaker GOLD TONGUE, Black/White. B27140 Size 4Men/Women Vans Old Skool White Canvas Trainers Great variety fashionable Modern and elegant , Gentleman/Lady VANS Authentic SUEDE SCOOTER VN0A38EMU5L Big clearance sale Selected materials business , Nike Skater / Surfer Style" Size 12 US Tennis Shoes , NIKE AIR FORCE 1 PREMIUM SZ 11.5 VIOLET DUST 3M REFLECTIVE SWOOSH 905345 501 , NIKE AIR FORCE 1 MID 07 FUSION RED-WHITE SZ 15 [315123-604] , Men/Women Jordan 1 hare size 11.5 Reputation first Order welcome Explosive good goodsNike Air Max Zero DB Doernbecher Hyper Cobalt/Volt 898636-473 Men's US 7.5 , Men's/Women's jordan 5 metallic Louis, elaborate New design Excellent functionPADS/Tried On Nike Kobe 6 VI Prelude All-Star MVP (GS) 429913-008 size 7y w/ box , 2017 NEw British Mens Ankle Boots Side Zip Chelsea Retro Pointy Toe Shoes US6-9.Xtratuf Men's Yellowtail Chocolate/Tan Size 9 Slip-On Casual Shoes , NEW Clarks Banfield Slip Black Leather Size 9.5 M Rounded Toe Wing Tips MensCole Haan Men's Falmouth Fashion Sneaker - Choose SZ/Color , Fila Ray Athletic Shoes Unisex Sneakers White Pink FS1SIA3106X Size 5-8
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nine West Women's Women's Richard mogochinese-29924 Fabric Sandal - Nine Choose SZ/Color 0c55b64 - 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.

    Nine West Women's Women's Richard mogochinese-29924 Fabric Sandal - Nine Choose SZ/Color 0c55b64 - 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
    Nine West Women's Women's Richard mogochinese-29924 Fabric Sandal - Nine Choose SZ/Color 0c55b64
    Heels
    >
    ;