Never miss an update

Irregular Choice Alturism Red Pumps Near Pumps Shoes Flats 37 US IC046 6.5 Near Mint IC046 d55ca36




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: Near Mint w/Box.The item is the one which a collector has never and just stored.There are some damages on the outer box.
Style: Ballet Flats EUR Shoe Size (Women's): EUR 37
US Shoe Size (Women's): US 6.5 Color: Red
UK Shoe Size (Women's): UK 4 Brand: Irregular Choice
Features: Fringe
Never miss an update

Irregular Choice Alturism Red Pumps Near Pumps Shoes Flats 37 US IC046 6.5 Near Mint IC046 d55ca36 - blurrypron.com

    Irregular Choice Alturism Red Pumps Near Pumps Shoes Flats 37 US IC046 6.5 Near Mint IC046 d55ca36
    Irregular Choice Alturism Red Pumps Near Pumps Shoes Flats 37 US IC046 6.5 Near Mint IC046 d55ca36
    MOCASSINS CELINE - TAILLE 37 - TBEG -Womens Shoes Blue Suede Plaid Tweed Limited Collection Handmade New , Jeffrey Campbell JN017 Wedge Heel Shoes Womens Grey Fashion FootwearAuthentic LOEWE Suede Loafers Light Blue with Gold Logo Size 35.5 US5.5French Sole FS/NY Women's Passport Ballet Flat , Women shoes ballerina leather and fabric model RUSSE Us 3 to 12 , Fruit - - 320769 - Blackdesigner velvet mules-handmade by RxBshoes-new-all sizes-open heelGentleman/Lady Christian Louboutin Shoes 391434 Gold 35 Various styles Moderate cost Complete specificationsWomen shoes ballerina leather and fabric model BELGIQUE Us 3 to 12 , WOMEN DIORDIRECTION LOAFER SHOES WITH GOLD TONE STUDS FRINGING , Women shoes ballerina leather and fabric model USA Us 3 to 12Handmade] Womens Shoes Suede Leather Bow Ballet Flat Ballerinas Tie Point Toe LaWomen's shoes Ballerinas leather model ISLANDE Us size 3 to 12 , Donald J Pliner Womens EMBE-MAMA Suede Closed Toe Loafers, khaki, Size 8.5 , Women shoes ballerina leather and fabric model SPAIN Us 3 to 12 , Man's/Woman's designer velvet mules-handmade by RxBshoes-new-all sizes Customer first Has a long reputation Outstanding styleTSUBO Millay men's women's sneakers leather shoes US 9 (rrp:)Women shoes ballerina leather and fabric model MALI Us 3 to 12Gentlemen/Ladies eb.a.gos Shoes 250088 Brown 4.5 Clever and practical Make full use of materials Amoy , Sergio rossi Shoes 128800 WhitexMulticolor 37.5 , French Sole FS/NY Women's Sloop Ballet Flat, Tan, Size 9.0Sergio rossi Shoes 795642 BlackxMulticolor 35TSUBO Noma women's city shoes boots leather US 9 (rrp:)Cole Haan Zerogrand Wing OX, Grey, Size 10.0 , Gentleman/Lady rag&bone Shoes 576236 Black 35 Consumer first stable quality Global sales , TSUBO Millay men's women's sneakers leather shoes US 8.5 (pv:) , tricot COMME des GARCONS Shoes 611210 BlackxWhite 24cmWomen's shoes Ballerinas leather model CHINE Us size 3 to 12
    Irregular Choice Alturism Red Pumps Near Pumps Shoes Flats 37 US IC046 6.5 Near Mint IC046 d55ca36 - blurrypron.com>Irregular Choice Alturism Red Pumps Near Pumps Shoes Flats 37 US IC046 6.5 Near Mint IC046 d55ca36 - blurrypron.com
    Nike Air Max Tail Wind 6 Men's Shoes Size , Air Jordan AF1 Size 6 Mens. US , Valentino Garavani Fringe Leather Moto Boots Black Leather Size 36.5 US , Wolverine Tarmac Steel Cap Boots Size US 14 NEWNike Air Max Flair [942236-002] Men Running Shoes Black/AnthraciteLe Coq Sportif Quartz Perforated Nubuck 1720087 , Kappa Cambus 4 Trainers Womens Green/Orange Sports Trainers SneakersNEW $130 Opening Ceremony x Minnetonka Moccasin Shoes Swarovski Bordeaux sz 5Made in Italia Platform Pumps multi color Suede Size 39 , Womens Sequins Cage High heels Rhinestones Buckle Floral Crystal Floral shoes szJimmy Choo Lyon Black Patent Kitten Heel Pumps Size 38Loeffler Randall Pari Kid-Suede Fringe Dress Pump Maroon, Womens size 6 BPLEASER Adore-708UVLN7" Heel Sexy Exotic Ankle-Strap Sandal , Man/Woman Reef Women's Cushion Bounce Slim Sandal the most convenient Trendy Recommended todayAC778 PHIL GATIER by REPO shoes black leather women sandals E , NIKE Hyperdunk 2015 TB sz 12 Black White Silver Team Basketball HyperAdidas Originals EQT SUPPORT ADV PRIDE PACK SHOES/CM7800 US Men's 11.5Nike Jordan SUPER.FLY 4 Black/White/Grey/Red 849364-015 Mens Shoes Size 10.5Nike Mens Size 11.5 Air Max LTD 3 Cobblestone Tan Athletic Running Shoes , Adidas Originals EQT Support 93/17 GTX in Flat White/Flat White DB1444 Free Ship2005 Air Jordan XX 20 OG Stealth Size 12 310455-001 Bred Bulls , WMNS VIBRAM FIVEFINGERS W343 BIKILA MAGENTA / ORANGE / GREY VIBRAM SIZE 37 6 US , Nike Vandal Venti size 8 Womans 316939-001women's horse hair leather slip on round toes athletic shoes hidden heels shoes , NIB Women Puma Muse Echo Fashion Sneakers Black Sz 8 Shoe 36644703 Authentic NewAdidas Womens NMD_R1 PK Primeknit Schock Pink/Rose Size 8.5 ( BB2363)Women's Round Toe Fur Rhinestones Flats Shoes Winter Snow Boots Rivets Sz Zhou8 , Dolce Vita Zabi Taupe Nubuck Pull On Stacked Heel Ankle Boot NWOB 7.5MBlowfish San Fran Charcoal Rustic Womens Ankle Boot Size 7.5MHUNTER Women's Black Matte Rubber Rain Boots Size 9 Original Short snow /41
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Irregular Choice Alturism Red Pumps Near Pumps Shoes Flats 37 US IC046 6.5 Near Mint IC046 d55ca36 - 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.

    Irregular Choice Alturism Red Pumps Near Pumps Shoes Flats 37 US IC046 6.5 Near Mint IC046 d55ca36 - 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
    Irregular Choice Alturism Red Pumps Near Pumps Shoes Flats 37 US IC046 6.5 Near Mint IC046 d55ca36
    Flats
    >
    ;