Never miss an update

LAUREN EU Ralph Lauren Lee Bow US Accent Pumps, Light Light Taupe, 7.5 US/ 38.5 EU 163d783




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: Lauren by Ralph Lauren
Heel Type: Slim Style: Pumps, Classics
Material: Suede Width: Medium (B, M)
US Shoe Size (Women's): US 7.5/UK 5.5/EU 38 Color: Brown
Pattern: Solid Heel Height: High (3 to 4 1/4)
Shade: Light Brown UPC: 191232182869
Never miss an update

LAUREN EU Ralph Lauren Lee Bow US Accent Pumps, Light Light Taupe, 7.5 US/ 38.5 EU 163d783 - blurrypron.com

    LAUREN EU Ralph Lauren Lee Bow US Accent Pumps, Light Light Taupe, 7.5 US/ 38.5 EU 163d783
    LAUREN EU Ralph Lauren Lee Bow US Accent Pumps, Light Light Taupe, 7.5 US/ 38.5 EU 163d783
    Nina Fayth Ankle Strap Pumps, Black Luster Satin, 6.5 US , Bandolino Terenzio Pointed Toe Pumps, Black, 7 USSteve Madden Carrson Ankle Strap Dress Sandals, Sea Blue, 7.5 USJewel by Badgley Mischka Lyla Slim Heel Pumps, Silver Glitter, 6 USNine West Iri Front Buckle Pointed Toe Heels, Bluegreen, 8 US , FarylRobin Angela Black Suede Wedge 7.5 BGuess Plasmas2 Pointed Toe Classic Pumps, Dark Red, 9 USNine West Juliette Platform Dress Pumps, Blue Leather, 6.5 USSteve Madden Carrson Ankle Strap Dress Sandals 837, White, 8 USAerosoles Silver Star Kitten Heel Slip On Heels, Black Leather, 10.5 W USJessica Simpson Blossom Slingback Platform Pumps, Black, 8.5 US / 38.5 EU , MICHAEL Micheal Kors Meg Wedge Peep-Toe Bow Pumps 680, Brown, 7 US , Guess Jacoba4 Slingback Platform Pumps, Silver Fabric, 11 USNine West Margot Pointed-Toe Classic Pumps, Black Leather, 7.5 W US , LAUREN Ralph Lauren Lee Bow Accent Pumps, Black, 8 US / 39 EU , naturalizer Emily Classic Wedge Pumps 827, Black, 6.5 W USAerosoles Street Lamp Open-Toe Kitten Heels, Bone Suede, 6.5 USnaturalizer Whitney Dress Pumps, Black, 10 US / 40 EU , Calvin Klein Lizabeta Classic Point Toe Pumps 961, Black, 8 US / 38 EUAerosoles Caricature Mary Jane Heels, Black, 5.5 USCarlos by Carlos Santana Calla Wedge Sandals, Black, 7.5 US / 38 EU , Steve Madden Dizzy Slingback Pointed Toe Heels, Nude, 7.5 USAerosoles Rollatini High Heel Loafers, Brown, 9.5 US , Aerosoles Pocket Square Mules, Tan Leather, 9.5 US , Gentleman/Lady BCBG Red Suede Sandals Size 7.5 Outstanding features Skilled manufacturing Very good colorMarc Fisher Femme2 Classic Pumps, Black Multi Suede, 7.5 US , Enzo Angiolini Garrac Slingback Kitten Heels, Black/Black Leather, 7 USSteve Madden Carrson Ankle Strap Dress Sandals, Blush , GUESS Abaih Ankle Strap Pointed Toe D'Orsay Dress Pumps, Brown Multi
    LAUREN EU Ralph Lauren Lee Bow US Accent Pumps, Light Light Taupe, 7.5 US/ 38.5 EU 163d783 - blurrypron.com>LAUREN EU Ralph Lauren Lee Bow US Accent Pumps, Light Light Taupe, 7.5 US/ 38.5 EU 163d783 - blurrypron.com
    New in Box Prada Sport Men's Silver & Blue Sneaker 4E3080 , Original S.W.A.T. Leather Oxford Shoes Size 13 , Womens Barbour Abigail Leather Casual Elastic Pull On Winter Ankle Boots , Mimco $249 New Balsa ❤️ Reverie Pump Heels Wedges Shoes Flats Sandals 39 Or 8 , MEPHISTO Patent Leather Crocodile Print Flats Shoes w/ Cool Air Womens 7.5 Nurse , Merrell Women's Terran Ari Post Sport Sandal , Elizabeth and James Pump Mason Black Pony Hair Size 6 Stacked Wood Platform Heel , Nine West Women's Audora Nubuck Wedge PumpPURA LOPEZ Escarpins Tout Cuir Noir Plateforme Hauts Talons T 37 TBEMan/Woman Cole Haan pumps leather black ribbon New varieties are launched New style Official website , Flip Flops Skechers On-The-Go 600-Monarch Beige Women 15306-TPENew VANS Mens AUTHENTIC 44 DX Anaheim Factory PINK VN0A38ENOAO US M 8-10 TAKSE , Nike Air Max 1 Ultra Flyknit Black Olive 856958 Runinng Shoes Kicks Mens 12.5Nike Air Max Lebron X 10 Low EASTER 11.5 US Crystal Mint South Beach ASG Sample , Men's/Women's DA9164_adidas Shoes – UltraBOOST Uncaged charcoal/black/white_2017_Men_Textile_N durable a good reputation in the world Extreme speed logistics2005 Nike Air Jordan XIII 13 Retro BLACK ALTITUDE GREEN 310004-031 11.5Gentleman/Lady Blundstone Men's 1420 Chelsea Boot New varieties are launched Stylish and charming Very good colorBelleville 901 V2 Burma 8" Lightweight Jungle/Tropical Boot, CoyoteRockport Men's Marshall Chukka Boot - Choose SZ/Color , GBX Men's Otis Loafer, tan, 9.5 M USMen's Bruno MagliSlip On Shoe Size 8.5-9Men's BALENCIAGA 'Arena' Black Leather Sneakers Size US 14TOMMY HILFIGER *Awesome* Ladies Slip On Sneakers Blue size 9 .5 M , Reebok CrossFit Grace Cross Training Shoes, Women's Size 8, RoseMens Slippers Canvas Sneakers Women Slip On Clogs Mule Walking Casual ShoesDavinci 10745 Men's Leather Slip On Strap SandalsNIB RICK OWENS Black Leather "Vicious Granola" Fur Slides Shoes Size 9 US 42 EU , MEN'S SAM OXFORD FRYE DRESS SHOES ANTIQUED POLISHED DARK BROWN 82300NIKE AIR MAX THEA PREMIUM SHOES SIZE 7.5 BRAND NEW FAST SHIPPING (616723-301) , ASICS Women's GEL-Craze TR 3 Fitness Shoe Dark Navy/ White/ Guava Size 8
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    LAUREN EU Ralph Lauren Lee Bow US Accent Pumps, Light Light Taupe, 7.5 US/ 38.5 EU 163d783 - 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 EU Ralph Lauren Lee Bow US Accent Pumps, Light Light Taupe, 7.5 US/ 38.5 EU 163d783 - 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 EU Ralph Lauren Lee Bow US Accent Pumps, Light Light Taupe, 7.5 US/ 38.5 EU 163d783
    Heels
    >
    ;