Never miss an update

Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Model: Irina
Pump: Platform Style: Pumps, Stilettos
Features: Platform Toe Style: Round
Color: Black Patent US Shoe Size (Women's): US 10
Brand: Pour la Victoria Heel Height: Very High Heel (4 1/2 in or More)
Heel Type: Slim Material: Patent Leather
Never miss an update

Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717 - blurrypron.com

    Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717
    Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717
    Nine West Women's Megara Black Leather D'orsay PumpJeffrey Campbell Woodies Leopard Print Platform Wedge Heels Leather Wood 9M , Betsey Johnson Laken Ivory Satin Crystal Embellished Wedding Heel Pumps 6.5Demonia Crypto-05 Gothic Punk Mary Jane Style 4" Black Heels , Cole Haan Kelsey Pumps - Women's Size 11B, Black , Womens Genuine Leather Work Pumps Platform Nurse Wedge Heels Professional ShoesSexy Black Strappy Cage Gladiator 5" Heels Stiletto Boots Shoes Booties SEXY52/BGuess by Marciano Selam Black Multi Fabric Platform Sandal . NIB Size 8.5Prada Satin lucite Ambre pumps Stiletto Womens size 40 Approx 9.5 US , White House Black Market Faux Snake Strappy Shiny Platform Sandal Heel Pump 7.5 , Womens Retro Buckle Square Toe Block Chunky Heel Loafers Pumps Leather Shoes HotPleaser FLAMINGO-809LN Lined Platform Ankle Strap SandalCharles Jourdan, Black Suede, Elegant, Shoes, size 5 (2A - UK). Made in France.Authentic Gently Used Lucky Brand Leather Ankle Boots Shoes Antique Red Sz 5M/35HH Fierce 21 Red Snake High Heel Pointy Toe Pump Shoe 7-14 Arch Support Comfort , Women Slingbacks Square Toe Patent Leather Block Heel Slipper Slip On Chic ShoesRuby Shoo Polly Womens Jungle Embroidered Ankle Buckle T Bar High Heel Shoes New , Dillards Gianni Bini Silver Rhinestone Formal Wedding Prom Heels Stilettos ShoesGentleman/Lady Women's High Heels for you to choose King of quantity Personalization trendStuart Weitzman Logofirstclass Mushroom Goose Bump Nappa Pump Size 5.5M RH10779#SOFFT MONIQUE PUMP BLACK SUEDE WOMEN'S SHOES 9N NIB** Munro Layla Pump - Women's Size 5.5M Eggplant Purple , Tory Burch Gabrielle Black Womens Shoes Size 8.5 M Sandals MSRP $350Men's/Women's Emilio Pucci heels Guarantee quality and quantity real Seasonal hot sale , Alessandro Dell'Acqua gold high heel strappy size 37 made in italy Vero couioTory Burch Jude Amazon Snake Print Charcoal Platform Stiletto Pumps Sz 7MCole Haan Patent Leather Texture Olive Green Buckle Kitten Heel Square Toe Pumps , Sergio Rossi Womens Wedges Sandals Size 35.5 5.5 Beige Patent Leather Open Toe , Women Open Toe Platform High Heel Stiletto Transparent Buckles Sandals Sexy Shoe ,
    Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717 - blurrypron.com>Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717 - blurrypron.com
    sz 10/ 40 NEW RAG & BONE Ankle Boots Walker Chelsea rust Suede booties $495.00 , Adidas Supernova Boost ST CG3065 mens trainers sneakers SAMPLE*New* Brooks Ghost 10 Mens Running Shoe (D) (056) , Nike WMNS Air Max 1 Ultra LOTC QS [747105-001] NSW Running City Pack New YorkNike Wmns Air Max Sequent Running Womens Shoes White Grey 719916-100 , APC Black Mid-heel Ankle Boots With Buckle Size 37Hot Chocolate Design Chocolaticas Moosh Women's Mary Jane Flat Multicoloured HCD , Isa Tapia Rocio Loafer Flats 048, Black Suede, 11 US / 41 EULauren Ralph Lauren Women's Maeva Wedge Sandal, Parchment Soft Burnished Calf, 1 , YSL FLIPS FLOPS HIGH HEEL size 6 , Skechers Skecher Street Womens Darma-Engineered Knit Bungee SneakerVibram Men's EL-X Shoe Grey/Black 50 (14-15)Mens Under Armour Charged Bandit 3 red sz 10.5 NIB! , Nike Air Zoom Revive Tennis Shoes White Blue '06 313753-101 Mens Size 7 , Mns Nike Air Zoom Pegasus 34W Sz 9WIDE Grey/White/Blue 880556-007 FREE SHIPPINGNike Trainer Dunk Low SP Gray Cross Training Athletic Sneakers Shoes Mens 10 , 2013 Fire Red Jordan 3 Size 11Nike Shox Gravity Luxe Men's Size 10 Shoes Black Green Strike AR1470 003Asics GT-2000 6 Trail PlasmaGuard VI Black Dark Forest Men Running T827N-9090 , Jordan 7 retro sneakers Olympic model US9 new article unused black , Air Jordan 6 Retro UNC Black University Blue 384664-006 w/Receipt Size 5-14AIR JORDAN SUPER.FLY 2017 BLACK / COOL GR BASKETBALL SHOE MEN'S SELECT YOUR SIZE , Gentleman/Lady air jordan retro 12 size 8.5 Online Shopping new Pick up at the boutique , Men's Studs Pointed Toe Pumk Block Heels Shoes Rivets Leather Formal Dress C046Merrell Ashland Tie Coffee Bean Women's Casual Shoes 7.5 (New) , Sarto by Franco Sarto Women's Fallan Slip-On Sneaker Black Fabric SneakersMen's/Women's Aerosoles Women's Strole Along Ankle Boot Quality products Moderate cost Breathable shoes , VERY VOLATILE Womens Tan/Green RIO GRANDE Synthetic Western Boots Size 7.5 , Women's Embroidery Ankle Boots Wedge High Heel Side Zip Warm Party Dress ShoesADORE-1021 7" STILETO HEEL CLOSED BACK PEEP TOE POLE DANCE ANKLE PLATFORM BOOT
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717 - 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.

    Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717 - 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
    Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717
    Heels
    >
    ;