Never miss an update

Corso Como Corso CLEMSON Black 8877 Patent Leather Pumps Pumps 8877 Size 8.5 M NEW! 5037922




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
US Shoe Size (Women's): 8.5
Heel Height: High (3 in. to 4.5 in.) Color: Black
Material: Patent Leather Heel Type: Slim
Width: Medium (B, M) Brand: Corso Como
Style: Pumps, Classics UPC: 412289828068
Never miss an update

Corso Como Corso CLEMSON Black 8877 Patent Leather Pumps Pumps 8877 Size 8.5 M NEW! 5037922 - blurrypron.com

    Corso Como Corso CLEMSON Black 8877 Patent Leather Pumps Pumps 8877 Size 8.5 M NEW! 5037922
    Corso Como Corso CLEMSON Black 8877 Patent Leather Pumps Pumps 8877 Size 8.5 M NEW! 5037922
    NEW J.CREW COLETTE SUEDE D'ORSAY PUMPS, E0795, SIZE8.5, BRILLIANT PURPLE, $248 , PRADA Tan Leather Low Comfort Heel Pointy Toe w/ Buckle Woman's 39.5 9M ITALY , J CREW "Colette D'orsay" Pink Rhinestone Stars on Satin Pumps Heels 7.5 NIBVALENTINO Womens Brown Suede Criss Cross High Heel Platform Pump Sandal 10-40 , New Chic Womens Sneaker High Top Ankle Boots Heels Stilettos Clubwear Shoes Hot , BOL-PERDIX PYTHON LEATHER WOMEN'S HEELS SHOES MADE IN SPAINGentlemen/Ladies Donald J Pliner high heels shoes. Easy to clean surface First grade in its class At an affordable price , TORY BURCH BAILEY MULTI STRAP WEDGE ESPADRILLE 110MM SANDAL WOMEN'S SZ 10.5 $358 , JILL SANDER NAVY ITALIAN WHITE LEATHER PLATFORM SANDALS SIZE 37 (6.5 US)Louise Et Cie Petrol Silver Pointed Toe Leather Jennox Pump Heel Shoe 7 New , NEW Women Brown BROOKS BROTHERS Suede Pumps Heels Brogue Wingtip shoes 10 Italy , NEW $350 Attilio Giusti Leombruni AGL 'Snaffle' Pumps Shoes Heels sz 36.5 6.5Gentleman/Lady Donald J Pliner high heels shoes. Beautiful design Attractive fashion Beautiful and charming , Charlotte Olympia Pink Suede Platform High Heel Stiletto Size 36 , Salvatore Ferragamo Classic size 7 AAA Shoes NEWISABEL MARANT NEW Gatsby Zebra Beige Brown Black Suede Stiletto Heels 8.5/9/39 , Men/Women Black Prada Slingbacks Comfortable feeling Lush design Suitable for colorPre-Owned Donald J. Pliner Hailee Multi Giraffe Haircalf Pump, Size 7M; $248Agl Attilio Giusti Leombruni Black Patent Slingback Wedge Sandals Shoes 38.5 , MARC BY MARC JACOBS Sky Women Platform Sandals (9M, BLACK MULTI) , NEW JCREW $258 d'Orsay pumps in berry print Size9 G0925 In Ivory , Casadei High Heel - size 40 , Gentlemen/Ladies jimmy choo selling price special promotion Brand feastRoger Vivier Womens Shoes Size 38 8 Red Patent Leather Open Toe Heels Pumps , Stuart Weitzman Slinky Black Patent Leather Women's Slingback Heels Sandals 9 MTory Burch Women's Gold Leather Heels 7.5 M , 3.1 Phillip Lim Parker Snakeskin Wedge Loafers Size 39 1/2 (US 9) , Sophia Webster for J Crew Ava Heels in Bronzed Black 9.5 (40 euro) B3888 $595Jimmy Choo BLACK LEATHER STRAPPY GLADIATOR LOW PLATFORM SANDALS 38.5M
    Corso Como Corso CLEMSON Black 8877 Patent Leather Pumps Pumps 8877 Size 8.5 M NEW! 5037922 - blurrypron.com>Corso Como Corso CLEMSON Black 8877 Patent Leather Pumps Pumps 8877 Size 8.5 M NEW! 5037922 - blurrypron.com
    Gentleman/Lady Harley Davidson Shay Boots Rich design Highly praised and appreciated by the consumer audience Different styles and styles , Lucrezia B. 175 Black Leather / Patent Shearling Over the Knee Boots 36 / US 6DSQUARED2 MEN'S SHOES TAN LEATHER DRESS SHOE SIZE 44 ITALIAN , ECCO Womens Soft 5 Trainers, Red Chili RedTomatoTomato 50900, 8 UKSkechers BOBS From Women's Squad-Diamond Quarter SneakerWomen's Fashion Cute Peep Toe Ankle Strap Pumps High heels Sandals Shoes Plus SzPleaser FAB-420W Womens Fab-420W Pump- Choose SZ/Color. , Womens Sandals Leather Gladiator Flat Heel Shoes Flip Flops New Big Bowktie SZ , Puma Rihanna Leadcat Fenty White Fur Slides 5.5 RARE , Womens Nike Free RN Motion FK OC 843434-999 Multi Color Brand New Sizes 7-10 , Asics Men's Gt-1000 5 Ankle-High Running ShoeNike Air Max Fury Mens Size 11.5 Black Aa5739 006 thespot917 , Nike Air Jordan XIII 13 Retro Mens Size 10 Olive Black Green Suede 414571-006Asics Gel 195TR Mens Leather Crosstrainer Shoes (2E) (9090)Under Armour Horizon Str Mens 1288967-016 Grey Red Trail Running Shoes Size 102010 NIKE AIR JORDAN VI 6 RETRO BLACK WHITE OREO COOL GREY 384664-101 OG 11 , NIKE FRAGMENT CourtForce SP Limited 10.10.2015 US 29 JP 27cm Brand New with TagMAGNUM CLASSIC MENS BOOTS TACTICAL SECURITY AIRSOFT COMBAT POLICE PADDED BLACK , NEW MEN'S CLARKS BLACK LOAFER SLIP ON Leather Casuals Shoes COTRELL STEP 19615Men's Etonic DRX 321 Exodus Black Therapeutic Comfort Walking Shoe 10D - NIBROCKPORT V76116 MEN'S DK.BROWN WATERPROOF SHOES Sz 11 WIDE(W)LOISE ET CIE LO BERLENA WOMEN'S US SIZE 8 M PADDED WEDGE , Allen Edmonds Mens Chestnut Brown Colebrook Bow-Tie Loafers size 11.5 Brand NewNike Air Max Fury Shoes Violet dust AA5740 500 Wmns Sz 8 Retail $120.00Women's Bobs From Skechers Spring Step Slip On Comfort Flats Natural Size 7.5 , Womens Nike Blazer Premium Golf Shoes Size 9 Metallic Purple White 866173 500New Balance 520v3 Black Mesh Running Cross Training Sneakers Shoes Womens 9.5 , Gentlemen/Ladies Oofos Women's OOlala Thong Sandal Black/Calypso Various styles Settlement Price businessNew Womens Pointy Toe Low Heel pull on thigh Over The Knee Stretch Boots shoes , Women Platform Wedge Heel Over Knee High Thigh Boots Buckle Riding Cpeeper Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Corso Como Corso CLEMSON Black 8877 Patent Leather Pumps Pumps 8877 Size 8.5 M NEW! 5037922 - 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.

    Corso Como Corso CLEMSON Black 8877 Patent Leather Pumps Pumps 8877 Size 8.5 M NEW! 5037922 - 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
    Corso Como Corso CLEMSON Black 8877 Patent Leather Pumps Pumps 8877 Size 8.5 M NEW! 5037922
    Heels
    >
    ;