Never miss an update

NEW Stuart 29992 Weitzman Smashing retail Knee High Boot Shoe, Black mogochinese-29999 Leather, 6M, retail $875 1624e44




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Floor display. They were tried on by customers. There are few minor marks and creasing on the boots. The soles also show minor wear. The brand name on the left sole was decolored as shown in 11th photo. Please enlarge photos for details.
Model: Smashing Width: Medium (B, M)
Modified Item: No Pattern: Solid
Style: Winter Boots EUR Shoe Size (Women's): EUR 35
Boot Shaft Height: Knee-High Color: Black
Product Line: Smashing Occasion: Casual, Dress, Outdoor, Party, Work
Heel Height: High (3 in. and Up) Brand: Stuart Weitzman
US Shoe Size (Women's): US 6 Heel Type: Stacked
Material: Leather UPC: Does not apply
Never miss an update

NEW Stuart 29992 Weitzman Smashing retail Knee High Boot Shoe, Black mogochinese-29999 Leather, 6M, retail $875 1624e44 - blurrypron.com

    NEW Stuart 29992 Weitzman Smashing retail Knee High Boot Shoe, Black mogochinese-29999 Leather, 6M, retail $875 1624e44
    NEW Stuart 29992 Weitzman Smashing retail Knee High Boot Shoe, Black mogochinese-29999 Leather, 6M, retail $875 1624e44
    Womens 6.5 Donna Karan Taupe Brown Shearling Over The Knee Boots, MSRP $1250.00 , Womens Brown Suede RALPH LAUREN COLLECTION Purple Label Cowboy Western Boots 38BNIB AUTH SEXY EMILIO PUCCI TALL BLACK LEATHER EMBELLISHED W/STUDS BOOTS sz 37/7Gianvito Rossi Ankle Boot Black Leather Ankle Strap Size 36 Point Toe Bootie NEW , Salvatore Ferragamo Florian Black Womens Shoes Size 7 M Boots MSRP $895AUTHENTIC NEW CHLOE 39 PRINCE BROWN LEATHER KNEE BOOTS SHOES NIBBNIB Tory Burch Christy Tumbled Leather Riding Boot Black Leather Sz 6MIGLIORE men shoes made in Italy Black leather derby with perforated cap toeMan's/Woman's Zara AU Men Leather shoes 5505/302/102 Elegant shape online shop best sellerluxury men's pull on suede low top vogue formal loafers party handmade shoes newTOD'S MAN BUSINESS DERBY CLASSIC FORMAL DRESS SHOES LEATHER XXM0OX00C11D909998Anatomic & Co Comfort Tapera 777716 Black Touch Mens Slip On Shoe UK8 - 9 (MR)ARMANI JEANS MAN BUSINESS CLASSIC DERBY FORMAL SHOES LEATHER CODE 6A446Men's Elegant Shoes BARRACUDA BU2882A Abrasivato TMoro Leather Brown Buckles New , Men's Classic Shoes Mocassin FABI Leather Balck Elegant Luxury Exclusive Made ITREDWOOD LEATHER SHOES MENS ~ ~ GOOD COND BUSINESS FORMAL WOVEN DESIGNAD230 DI MELLA shoes gray suede men elegant E , GIVENCHY Derby Black Leather Oxford Shoes, US 11.5 , BZ346 FDF SHOES shoes blue shiny leather men elegant EU , HOGAN men shoes Dark brown leather wingtip brogues derby lightweight sole , MENS JULIUS MARLOW SWELL MEN’S BLACK LEATHER SLIP ON WORK PLAIN FORMAL SHOESAnatomic & Co Comfort Gaspar 828231 Troy Toast Mens Brown Shoes (MR)FABI MAN BUSINESS CLASSIC DERBY FRANCESINA FORMAL DRESS SHOES LEATHER FU7292AGREEN GEORGE men shoes handmade in Italy dark brown leather wingtip derbyFABI MAN BUSINESS CLASSIC DERBY FRANCESINA SHOES LEATHER CODE FU8575B , COMME des GARCONS Vintage Men's Black Dress Shoes Size 11 AUSlatters Hugh Mens Comfortable Leather Slip On Dress ShoesARMANI JEANS MAN BUSINESS CLASSIC DERBY FORMAL SHOES LEATHER CODE 6A446 DEFECTAD671 AZZURRA shoes black leather men elegant ,
    NEW Stuart 29992 Weitzman Smashing retail Knee High Boot Shoe, Black mogochinese-29999 Leather, 6M, retail $875 1624e44 - blurrypron.com>NEW Stuart 29992 Weitzman Smashing retail Knee High Boot Shoe, Black mogochinese-29999 Leather, 6M, retail $875 1624e44 - blurrypron.com
    32 Merrell Womens Polarand SZ 8 Boots Waterproof WP Black Insulated Winter shoesNine West Women's TANIT Suede Ankle Boot - Choose SZ/ColorGameday Boots - University Of Georgia UGA - Black - Size 7.5 - New In BoxSteve Madden Women's Lizzy Sneaker - Choose SZ/Color , Men's/Women's Sneakers Premiata Andy flagship store high quality Vintage tide shoes , Gioseppo Womens Low-Top Sneakers, Black Negro 41097-P, 8 UK , Ladies Rieker Knee Length Boots Style 96058-W , LORA LANA LADIES CLARKS ZIP UP SQUARE TOE LEATHER HEELED SMART ANKLE BOOTSWomen's Clarks Muckers Ruck Outdoor Casual Shoe Black Size 6.5 #NKSWL-768 , Dansko Womens Pro XP Patent Slither Casual Clogs Mules 36 US NWT $150Stuart Weitzman Womens Chicflat Multi Ballet Flats 7.5 Medium (B,M) BHFO 3886 , Man/Woman Balenciaga Booties Size 40 Authentic Long-term reputation Year-end sale Different goods , Christian Louboutin Daffodile Black Leather Platform Pump Heels Size 38 US 7 7.5 , Everlane 100% Italian Leather Slingback Sandals, Black, 9 , Hoka One One Men's Speed Instinct 2 Training Shoe , Man's/Woman's Air Jordan True Flight Diverse new design At a lower price Breathable shoes , Vibram Men's KSO EVO Cross Training Shoe,Grey/Black,46 EU/11.5-12 M US , Nike Air Max 90 NS GPX, Neutral Grey / Bright Crimson, AJ7182 001, Size 11.5Adidas Ultra Boost Mid ATR Grey White Sz 11.5 CG3000 , Nike Air Jordan Eclipse Chukka Mens Trainers 881453 Sneakers Shoe 006NIKE AIR JORDAN RETRO 2 ALTERNATE 87 BLACK RED SHOES 834274 001 SIZE 8-11.5SKECHERS USA Inc Skechers Mens Skech-Air Elment Legon Slip-On- Select SZ/Color.TOM REBL Double center zip studs boots black , Nike Women's Lunar Cross Element Sneakers 13SWMNS Nike Air Jordan Modero 1 SZ 10 Particle Beige Pink Sandal Slide AO9919-200 , Nike AIR REVADERCHI ACG Hiking Trail Shoes AR0479 001 Mowabb Wmns Sz 8 Men’s 6 , Skechers On The Go 400 Big Chill 2.0 Womens Waterproof BootsNIB COCONUTS BY MATISSE BLACK BUTCH BOOTIE BOOTS SUEDE & LEATHER COMBO 9 or 10Bottes CUISSARDES SERGIO ROSSI 37,5 [ it 36,5 ] vernis noirs (achetées )TEVA TALL FOXY BLACK LEATHER KNEE HIGH BOOTS, WOMENS US 7/ ~ NEW ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW Stuart 29992 Weitzman Smashing retail Knee High Boot Shoe, Black mogochinese-29999 Leather, 6M, retail $875 1624e44 - 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.

    NEW Stuart 29992 Weitzman Smashing retail Knee High Boot Shoe, Black mogochinese-29999 Leather, 6M, retail $875 1624e44 - 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
    NEW Stuart 29992 Weitzman Smashing retail Knee High Boot Shoe, Black mogochinese-29999 Leather, 6M, retail $875 1624e44
    Boots
    >
    ;