Never miss an update

Lauren Ralph Lauren Maeva T-Strap Toast, Wedge Sandals Ralph 950, T-Strap Toast, 9 US/ 40EU Display b5ccb69




Item specifics

Condition: New without tags :
A brand-new, unused, and unworn item that is not in original retail packaging or may be missing original retail packaging materials (such as the original box or bag). The original tags may not be attached.See all condition definitions- opens in a new window or tab
Seller Notes: Lightly soles. Light scuffs in material of both shoes. Images shown are of the actual shoes for sale.
Brand: Lauren by Ralph Lauren Heel Height: Very High Heel (4 1/2 in or More)
US Shoe Size (Women's): 9 Pattern: Solid
Colour: Brown Width: Medium (B, M)
Style: Platforms & Wedges Heel Type: Wedge
Material: Leather UPC: 888875980128
Never miss an update

Lauren Ralph Lauren Maeva T-Strap Toast, Wedge Sandals Ralph 950, T-Strap Toast, 9 US/ 40EU Display b5ccb69 - blurrypron.com

    Lauren Ralph Lauren Maeva T-Strap Toast, Wedge Sandals Ralph 950, T-Strap Toast, 9 US/ 40EU Display b5ccb69
    Lauren Ralph Lauren Maeva T-Strap Toast, Wedge Sandals Ralph 950, T-Strap Toast, 9 US/ 40EU Display b5ccb69
    French Connection Dita Ankle Strap Sandals 408, Black/Black, 8 US / 38.5 EUJerome C. Rousseau Delair Kitten Heel Slide Sandals 275, Silver/Gold, 8 US / 38 , Vince Camuto Paxton Caged Dress Sandals, Coral, 7.5 M US DisplayDolce Vita DV235996 Double-Strap Slide Sandals 235, Black, 10 US , AK Anne Klein Sport Latasha Comfort Wedge Sandals 303, Light Natural/LightI35 Surrie Evening Dress Sandals 735, Pearl Rose, 7 US , Fly London Pype, Women S Sling Back Pumps, Blue Blue Black , 6 EUVince Camuto Kamaye Platform Dress Sandals 865, Rustic, 9.5 US / 39.5 EU , Vince Camuto Ivanta Strappy Wedge Sandals 797, Black, 8.5 US / 38.5 EU , Aerosoles Heroism Mule Sandals 534, Denim Combo, 5 USPour La Victoire Cecile Strappy Wedge Sandals 931, Cigar, 8 USEl Naturalista S.A N413 Pleasant Wakataua, Womens Closed Toe Sandals, Yellow CSteve Madden Jansen Ankle-Strap Dress Sandals 775, Black, 6.5 USBetsey Johnson Ivee Ankle Strap Sandals 081, Blue Gingham, 8 USVINCE Cassie Ankle Strap Flat Sandals, Bone, 7 US / 37.5 EU Display , Avec Les Filles Caila Strappy Sandals 934, Black, 8.5 US , Donald J Pliner Cyndi Platform Ankle Strap Sandals, Natural/SilverImagine by Vince Camuto Phoebe T-Strap Sandals 378, Crystal/Soft Gold, 7.5 USVince Camuto Ivanta Strappy Wedge Sandals 136, Black, 10 US / 40 EUBCBGeneration Jax Heeled Sandals 748, Gold Multi, 6 US , Imagine Vince Camuto Pember Dress Sandals, Soft Gold, 8 US / 38 EUAndre Assous Sariah Espadrilles Slide Sandals 332, Blush Suede, 7 USVince Camuto Xadrian Slingback Wedge Sandals 526, Black, 6 US / 36 EUBella Vita Leslie Perforated Gladiator Heels, Almond, 7 USLucky Brand Lanita Block Heel Sandals 923, Black, 10 US / 40 EUVia Spiga Luxie Ankle-Strap Wedge Sandals, Black, 5.5 US / 35.5 EU , Donald J Pliner Ellis Low-Heel Mule Sandals 926, Black, 8.5 US , SC35 Pravati Sparkle Strappy Dress Sandals 294, Silver, 9.5 US , Jessica Simpson Apella Wedge Espadrilles Sandals, Ballerina, 12 US ,
    Lauren Ralph Lauren Maeva T-Strap Toast, Wedge Sandals Ralph 950, T-Strap Toast, 9 US/ 40EU Display b5ccb69 - blurrypron.com>Lauren Ralph Lauren Maeva T-Strap Toast, Wedge Sandals Ralph 950, T-Strap Toast, 9 US/ 40EU Display b5ccb69 - blurrypron.com
    Pajar Canada US 7 New Maureen Faux Fur Boots Black Winter WaterproofBCBG BCBGMAXAZRIA Womens Hughes Over The Knee High Flat Boot Shoe , Merrell Women's Outmost Mid Vent Waterproof Hiking Boot Canteen 8 B(M) USUnisex Adults Tecnica Moon Boot Classic Premium Wool Warm Winter Boots US 4-12.5FRYE Women's Phillip Riding BootBlack Soft Vintage Leather9 M USRARE! CHLOE SUSANNA GRAY SUEDE GOLD STUDS BUCKLES ANKLE BOOTS 37.5 7+ SOLD OUT , Sonia Rykiel Italy Red Leather Beaded Pumps Heels Shoes Women's Size 8 , ReJois by Gianni Lorenzi 050 Dark Pink Suede Pointy Stiletto Shoes 37 / US 7Sam Edelman Women's Yaria Heeled Sandal - Choose SZ/color , Polo Ralph Lauren Shoes Harold Madras Plaid Multi-Colored Red Sneakers Size 8.5 , NIKE KOBE AD sz 12 BLK/GUM protro psg lakersMan's/Woman's Adidas Matchcourt Mid "MJ" Many styles Win the praise of customers Seasonal promotionConverse Jack Purcell Signature Ox Rubber Counter Climate Shoes 153584C Sz 9 , Nike air stab running training shoes size 11.5 men us , NIKELAB DUNK LUX CHUKKA RT RICCARDO TISCI UK9.5 EU44.5 BLACK WHITE 910088 001 , Puma Golf 18992803 Mens Ignite Spikeless Sport Disc Shoes- Choose SZ/Color. , $220 Mens Nike Zoom Kynsi Jacquard Waterproof Boots 806973-001 SHIPS DOUBLE BOXD7 New Rock M.7921-S1XX Mens/Womens Cowboy Boots - BLACK , Vans Mens Runner Varsity Sport 81 Castor Grey True White Suede Canvas shoes Sz 4 , Converse X John Varvatos Mini Studded Leather Hi Chuck Taylor 151295C Mens SZ 13 , Skechers Shape Ups Mens Shoes Sz 10.5 Brown Leather Loafer Casual Slip On 66570Tommy Hilfiger Frank3 Slip-On Fashion Sneaker, White, 8.5 USGentlemen/Ladies Deer Stags Men's Nordic Clog Slipper Modern technology King of quantity Strong heat and heat resistanceNike Women's Lunarglide 9 X-Plore White Blue Tint Running Shoes 904744-100 NEWNfinity Basketball IL 12t Shoes with Blue Carrying Case Women's Various SizesEasy Works Women's Attend Health Care Professional Shoe, Black, Size 8.5 , Nike Free 5.0 V4 Running Women's Shoes Size 7 , Womens High Heels Platform Round Toe Elastic Shiny Fashion Style Boots Hot B401 , Bandolino Women's Jeney Knee Boot Black Leather 6.5M New / DisplayTommy Hilfiger Women's Silvana Riding Boots Black Size 6.5 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Lauren Ralph Lauren Maeva T-Strap Toast, Wedge Sandals Ralph 950, T-Strap Toast, 9 US/ 40EU Display b5ccb69 - 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.

    Lauren Ralph Lauren Maeva T-Strap Toast, Wedge Sandals Ralph 950, T-Strap Toast, 9 US/ 40EU Display b5ccb69 - 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
    Lauren Ralph Lauren Maeva T-Strap Toast, Wedge Sandals Ralph 950, T-Strap Toast, 9 US/ 40EU Display b5ccb69
    Sandals
    >
    ;