Never miss an update

Ferragamo Beautiful Boots Vintage Beautiful 29965 Black Leather, 5 medium heel 5 1/2 B gently worn 0076152




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: Great condition, beautiful, medium heel.
Material: Leather Heel Type: medium classic
Style: Vintage Boots Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Brand: Ferragamo Pattern: None
Color: Black Occasion: Wear to Work
US Shoe Size (Women's): 5.5 Fastening: Zip
Width: Medium (B, M) Country/Region of Manufacture: Italy
Never miss an update

Ferragamo Beautiful Boots Vintage Beautiful 29965 Black Leather, 5 medium heel 5 1/2 B gently worn 0076152 - blurrypron.com

    Ferragamo Beautiful Boots Vintage Beautiful 29965 Black Leather, 5 medium heel 5 1/2 B gently worn 0076152
    Ferragamo Beautiful Boots Vintage Beautiful 29965 Black Leather, 5 medium heel 5 1/2 B gently worn 0076152
    2019 Vogue Women High Heel Stretch boots Suede Pointed Toe Stilettos Ankle Boots , LAUREN RALPH LAUREN WOMEN'S BLACK GAIL LEATHER ANKLE BOOT SIZE 8BNine West Vengeance Womens Black Leather Heel Over The Knee Boots , NEW Womens AdTec Cowboy Western Work Boot Riding Casual Dress Boot Brown 8608Stylish Womens Stiletto High Heels Ankle Boots Pointy Toes Shiny Clubwear ShoesDan Post Gray Tan Leather Cowgirl Cowboy Riding Boots Women’s 8.5 CWomens Stilettos Mid heel shoes Pointy toe Rivet zip Ankle boots Buckle studded , Women Black Rivets Buckle Genunie Leather Gladiator Ankle Boots Flat Heels ShoesA35 Calistah Wedge Ankle Boots 197, Black, 8 US , Via Spiga Size 7M Black Tall Suede Wedge Boot Side Zip $300+Womens Pointed Toe Stilettos High Heel suede Mid Calf Boots Party Shoes Us SzHunter Women's Navy Boots. Size: 4M/5F (US)Occident 2019 Fashion Women Pointy Toe Stilettos High Heels Snakeskin Shoes Ch8Dolce Vita Women's Saylor Ankle Bootie, Suede/ leather size 7.5 black NWOB , Roxy Faux Fur Snow Boots Size 9 , Man's/Woman's Koolaburra Shoes 399571 Beige 5 the most convenient Year-end sale Known for its beautiful quality , Womens Platform winter ankle High Top Boots fur lined wedge hugh heels shoes Sz , womens platform shoes pommel toe high heeled shoes autumn pumps shoes us4-10.5 , Womens Sexy Club Pointy Toe Rhinestone Sexy Sequin Bing Ankle Boot Leather Shoes , Anne Klein New Lanette Gray Womens Shoes Size 6.5 M Boots MSRP $120Winter Casual Boots Women Shoes Ankle String Beads Tassel Rhinestones Leather , Womens Brogue Chunky Heels Platform Ankle Boots Causal Shoes Black Pearl InlayMen's/Women's Wolverine Women's 1000 Mile Wedge Boot economic The latest technology Excellent function , womens low square heel knee high boots leather side zipper buckle fashion shoes , womens black over knee high heels boots pointed toe styllish attractive boots , Women Pointy Toe Fashion Leather Snakeskin Ankle Boots Fashion Zipper NightclubWomens Cow Leather Round Toe Stretchy Over Knee Thigh Boots Rivets Punk Shoes , Women Fashion Buckle Side zip Leather ChunkyMetallic Round toes Knee high boot , **RALPH LAUREN** WOMEN BOOTS SIZE 8.5 M LEATHER BLACK
    Ferragamo Beautiful Boots Vintage Beautiful 29965 Black Leather, 5 medium heel 5 1/2 B gently worn 0076152 - blurrypron.com>Ferragamo Beautiful Boots Vintage Beautiful 29965 Black Leather, 5 medium heel 5 1/2 B gently worn 0076152 - blurrypron.com
    Men's/Women's Ariat Women's Shawnee Western Cowboy Boot for you to choose Latest styles VariousNWOB $250 ALL SAINTS MILITARY BOOTS BROWN DISTRESSED SIZE 41 , FRYE Women's Renee Seam Short Boot Cashew-72063 10 M USSTUART WEITZMAN Womens Short Boots Sz 10 Brown Sheepskin Rubber Sole SpainDKNY Black Flat Tall Buckle Boots size 36 /6 , New In Box FRYE Women's Claude OTK Boot Over the Knee Black Leather Heel 9.5 9 MFrye Phillip Tall Women's Brown Riding Boots Knee High Size 7 NWT $418NEW PAUL GREEN Kendal Tall Boot Quartz Nubuck Leather/Side Zip US 9/$550 , Fitflop Womens Uberknit Sneakers-Metallic Slip on Trainers, Multicolour BlackWomen’s shoes pumps leather model POLITE by HGilliane Design Aus 2 to 10.5Men/Women Hermes - KERRY details flat shoes The color is very eye-catching Low price Pick up at the boutiqueNEW!! Nine West Black Patent Peep Toe Pumps 4"Heels 9.5M US 39.5M EURWomen's Sexy Super High Heel Platform Open Toe Sandals Nightclub Shoes All sz , Black Ankle Strap High Heel Sandals with Buckle Adjustment and Boho StyleNew in Box Eric Michael Wedge Espadrilles 41 Elastic Sandals Dark Putty Low HeelAdidas Zone Dox Field Hockey Turf Shoe Blue-Orange Men's Size 9.5M, AQ6520 , RARE SAMPLE New Mens 9 NIKE Air Max 1 Essential Grey Purple Shoes 537383-005 , Onemix Men's Lightweight Air Cushion Outdoor Sport running shoesNike Zoom Lebron 5 "Christ The King" - 317253 111Mens Black Johnston & Murphy Optima Kiltie Tassel Wingtip SlipOn Dress Shoes-13D , Barneys New York Venetian Drivers Brown Size 11 Leather $338.00 Made In Italy , Converse Women CT All Stars Dainity 553248C Sneakers Teal US7 RRP $75 BCF72 , Nike Air Huarache Run Wmns “University Red Maroon”Converse CT Lux Missoni Multi-color Glitter Hidden Platform Wedge 549688C Sz 10 , WOMENS ASICS GT - 1000 3 in colors LIGHTNING / HOT PINK / MINT SIZE 7 , Nike Air Max One 1 (YOTH) Year Of The Horse Light Bone Women's Size 9 , Nike Air Huarache City Women's Black/Black/Dark Grey/Gum Light Brown H6787003AUTHENTIC Adidas Edge Bounce Base Green Black Pink White BB7561 GRN Women size , $1200 NIB, CHRISTIAN LOUBOUTIN WOMENS LOUIS LEOPARD GOLD SPIKE SNEAKERS 41 11JOAN BOYCE BLACK/GOLD/COPPER SEQUIN KITTEN HEEL BOOTS SIZE 8 1/2 W - NEW ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ferragamo Beautiful Boots Vintage Beautiful 29965 Black Leather, 5 medium heel 5 1/2 B gently worn 0076152 - 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.

    Ferragamo Beautiful Boots Vintage Beautiful 29965 Black Leather, 5 medium heel 5 1/2 B gently worn 0076152 - 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
    Ferragamo Beautiful Boots Vintage Beautiful 29965 Black Leather, 5 medium heel 5 1/2 B gently worn 0076152
    Boots
    >
    ;