Never miss an update

Luxury Womens Round Toe Heel Platform High Heel Stilettos Stilettos Floral Platform Embroidery Boots wi c8e13b5




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: Unbranded
Heel Type: Stiletto Style: Ankle Boots
Material: Leather Country/Region of Manufacture: China
Occasion: Casual Fastening: Zip
Pattern: Solid Heel Height: High (3 in. and Up)
Width: Medium (B, M)
Never miss an update

Luxury Womens Round Toe Heel Platform High Heel Stilettos Stilettos Floral Platform Embroidery Boots wi c8e13b5 - blurrypron.com

    Luxury Womens Round Toe Heel Platform High Heel Stilettos Stilettos Floral Platform Embroidery Boots wi c8e13b5
    Luxury Womens Round Toe Heel Platform High Heel Stilettos Stilettos Floral Platform Embroidery Boots wi c8e13b5
    Womens Square Toe Leather Ankle high TOp Boots Block Heels zip Shoes stylishWomens Ankle Boots Chelsea Slip On England Party Shoes Chunky Heels LeatherWomens Suede Cross Buckle Strap Pointy Toe Side Zip Stiletto Ankle Boots ShoesWomen's Europe Solid Buckle Zip Block Ankle Boots Casual Fashion Square Toe Boot , stylish womens round toe block mid kitten heel side zip velvet shoes ankle bootswomen's bowknot fur lined winter block high heel mid calf boots thanksgiving DayNew Arrival Womens Leather over the knee boots stilettos black platform shoes SZSexy Fashion Womens Open Toe Roman Hollow High Heel Over Knee Thigh Boots 4-12.5Retro Womens Suede Round Toe Embroidery Ankle Boots Stiletto Platform BootiesWomens Leather Multi-Color Chic Block Heels Side Zipper Ankle Boots Casual Shoes , Punk Women Leather Buckle European Hot Rivets Pointed Toe Boot Wedge Hidden Shoe , Womens Pointy Toe Rhinestones Black Suede Ankle Boots Med High Block Heel Shoes , Womens Stretch Knitting Pull on Ankle Booties Loose Sports Shoes Pointy Toe ChicVitnage Womens Ankle Boots Botton Dector Block High Heels Shoes Ladies Shoes New , Womens stylish ankle short Leather Boots low heel Buckle pull on Casual shoes SZ , Womens Suede Personalized 2018 Hot Sale High Heeled Pearl Back Zipper Shoes NewWomens Side Zipper Pointed Toe Knee High Boot Chunky Med Heel Buckle Platform SzComfort Women Low Heel Leather Over Knee High Boots Silm Leg Knight Boots Shoes , Sexy Women Over Knee High Boot KF Thigh Pointed Toe Nightclub High Stiletto Heel , Women Faux Velvet Suede High Heels Pointy Toe Over Knee High Boots Stilettos sz#Womens Suede Leather Bead Pull On Pointed Toes Chic Block Heel Ankle Boots Shoes , Suede Embroidery Dress Women's Ankle Boots Side Zip Shoes Floral Block Heels SZNEW Women's Shinny Synthetic High Stilettos Heels Pointy Toe Side Zip Shoes , Sexy Women High Wedges heel Ankle Boots Suede Casual Pleated Stretchy Shoes SZStretch Velet Womens Over the Knee High Boots Low Heels Thigh High Boots ShoesNew Womens Casual Zip PU Leather Chunky Heel Buckle Mid Calf Combat Riding BootElegent Ladies Velvet Flower Rhinestones Ankle Boots High Block Heel Shoes US Sz , Women Pointy Toe Fashion Leather Stiletto Over High Heels Pull on Solid Boot NewSexy Womens Retro cut out pointy Toe ankle short Leather Boots cuban heels shoes ,
    Luxury Womens Round Toe Heel Platform High Heel Stilettos Stilettos Floral Platform Embroidery Boots wi c8e13b5 - blurrypron.com>Luxury Womens Round Toe Heel Platform High Heel Stilettos Stilettos Floral Platform Embroidery Boots wi c8e13b5 - blurrypron.com
    Womens Patent Leather Sexy Stilettos Heel Pull On Knee High Boot Nightclub ShoesECCO Sullivan Brown Leather Tall Boots Woman's Size 41 , adidas Harden LS 2 Buckle James Boost Black White Men Lifestyle Shoes AC7435Superga 2750-cotu Classic, Girls Low-Top Trainers, Intense Blue, 5 EUAldo Womens Methuen Espadrilles, Gold Rose Gold 86, 5 UK , Baldan Gold Ankle Strap One Band Sandal With Cutout Heel Cup Size 36.5Women's Via Spiga Platform Wedge Sandals - Marisol In Brown Size 8.5MSoftWalk Womens Bimmer Leather Open Toe Casual Slingback Sandals Sand Size 9.0 , Men Nike Free Trainer V7 TB Running Shoes Size 9 - 13 Black 898051 003 TrainerASICS GEL FLUENT TR men's size US 12 NEW SALE , Lacoste Sevrin 417 1 Navy - Mens - Size 11.5 D , ASICS GEL LYTE III 3 SZ 11 INDIGO BLUE TAN H7E2N 4971Men's Adizero US 2 Limited Preowned Tennis Shoes Size 12.5 , NIKE AIR VAPORMAX FK UTILITY BLACK ORANGE PEEL AH6834 008 SZ 8Grinders Renegade Lo Tan Unisex Leather Boot Cowboy Western Biker Ankle Boots , Mojari Indian Men Leather Jutti Traditional Handmade Boat Shoes US 8-10 , Gentlemen/Ladies KrystalSB Korea Made MensSneakers Shoes US7~10 Clever and practical Modern and stylish fashion negotiationDS NIKE 2008 AJF AIR JORDAN FORCE 3 CEMENT 9.5 SPIZIKE I IV V VI VIII X XI IIINEW Men's STACY ADAMS Fancy Brown Snake Skin Leather Oxford Dress Shoes Sz 14M , PUMA Basket Platform Core Puma Black (WS) (364040 02) , Men/Women Volatile Women's Cash Fashion Wedge Sneakers Year-end special promotions First batch of customers Suitable for colorAsics JOLT Women's T7K9N.9099 Black/Onyx Running Shoes (D)Ellen DeGeneres ED Leather Graphic Chapanima Cat Sneakers Womens 7.5 , Rox and Riley Shoes Starlight Leather Mid Fur Brown/Purple Sneakers Womens 8.5Saucony Triumph Iso Blue/Pink Running Shoe Women's US 9 (Q2,8)Adidas Originals Womens Arkyn W Raw Steel/Grey Five DA9606 - BRAND NEW IN BOX , Nike Air Zoom Fitness Womens 904645-001 Black White Mesh Training Shoes Size 5.5Pajar Womens Boots Black Suede Leather Fur Lined Calf High Wedge Heel Winter 8BOOTS LATEX OVER THE KNEE LENGTH BOOTSWomen High End Leather Boeknot Block Heel Zip Fashion Ankle Leisure Boots Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Luxury Womens Round Toe Heel Platform High Heel Stilettos Stilettos Floral Platform Embroidery Boots wi c8e13b5 - 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.

    Luxury Womens Round Toe Heel Platform High Heel Stilettos Stilettos Floral Platform Embroidery Boots wi c8e13b5 - 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
    Luxury Womens Round Toe Heel Platform High Heel Stilettos Stilettos Floral Platform Embroidery Boots wi c8e13b5
    Boots
    >
    ;