Never miss an update

Chic ALFANI Heeled Caramel Calfskin 29946 Heeled Mules w Ivory/Brass Buckles & Ivory Stitching 7.5B 92e9d73




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: In Terrific Shape.....
Brand: Alfani Shade: Caramel
Style: Mules Material: Calfskin
US Shoe Size (Women's): 7.5 Country of Manufacture: China
Width: Medium (B, M) Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Color: Browns
Never miss an update

Chic ALFANI Heeled Caramel Calfskin 29946 Heeled Mules w Ivory/Brass Buckles & Ivory Stitching 7.5B 92e9d73 - blurrypron.com

    Chic ALFANI Heeled Caramel Calfskin 29946 Heeled Mules w Ivory/Brass Buckles & Ivory Stitching 7.5B 92e9d73
    Chic ALFANI Heeled Caramel Calfskin 29946 Heeled Mules w Ivory/Brass Buckles & Ivory Stitching 7.5B 92e9d73
    IVANKA TRUMP DARK RED PATENT LEATHER HIGH HEELS 7 M PRE OWNED , Vintage Jacqueline Ferrar Made in Italy Leather flats with bow SIZE 9.5 MCOLE HAAN Women NWOB Wedge Below Ankle Booties Size 8.5B Gray Water ProofGuess Dustine Black Leather Platform Open Toe Heels Shoes Women's Size 8.5 , Tory Burch Brown Suede Moc Toe Ankle Booties with Buckle, US Women's 9.5 MBiondini Heels Shoes Sandals Suede Royal Cobalt Blue Size 8 eu 39 All LeatherOMBELINE PARIS Cap Toe PUMPS Womens size 37.5 Brown Leather Heel Shoes ItalyStuart Weitzman 7 1/2 B Black Fabric Pumps , Women’s 6 1/2 Nina Black Glitter Bow Pumps , Salvatore Ferragamo Heels Pumps Brown Alligator Leather Women’s US 7 NarrowCole Haan 'Aurora Air' Peep Toe Slingback Pumps Black Patent Leather US 6BSam Edelman Womens Heels Celia Platform Stiletto Pointy Toe Black Suede Sz 8.5MBETTYE MULLER Mary Jane PUMPS Womens size 40 Black Suede Criss Cross Heel ShoesE10 Born Angeles Strappy Gladiator Metallic Bronze Sandals Size 9M $110 , BNIB Diavolina Adele Black Suede Mesh Shoes Heels Pumps Size AU8 RRP$159.95STUART WEITZMAN ladies Black Stretch Fabric Uppers Patent Lower Wedge Heels 9NStuart Weitzman Women's Zebra Print Black High Heels Size 11 M , Sam Edelman Wesley Oxford Wood Eedge Size 9.5 , Gianni Bini Platform Shoes Natural Tan - Size 8M - Style GIA271 - Designer ShoesWild Diva Lounge Women’s Platform Stiletto Heels Open Toe Slip On Size 9Via Spiga 9.5 Heels Mary Jane Square Toe Alligator Leather Purple BurgundyNanette Lepore Pumps Heels Open Toe Embossed Patent Leather Bronze Black 7 BBanana Republic Women SPARKLES High Heels Size 6.5 NWOB $128 ...SOLD OUTTTTTTTT , Badgley Mischka Roxy Nude Satin Sandals Heels Bridal Wedding Size 11 RhinestoneJIL SANDER Kitten Heel Womens size 36 Cream Leather Bow Shoes Made in Italy , Via Spiga Leesa Women’s Gunmetal Grey Leather Strappy Sandal Heels 9M NWOBILC Black And Ivory Leather Spadrilers Made In Spain Size 40 US/9 EUCALFANI SHOES NEW WOMEN'S STEP N FLEX GRACIE Burgundy CROCO 8 M MAN MADE 3" NWOBBRIGHTON Womens Size 7.5 Roman Booties Black Leather Quilted Buckle Ankle Boot
    Chic ALFANI Heeled Caramel Calfskin 29946 Heeled Mules w Ivory/Brass Buckles & Ivory Stitching 7.5B 92e9d73 - blurrypron.com>Chic ALFANI Heeled Caramel Calfskin 29946 Heeled Mules w Ivory/Brass Buckles & Ivory Stitching 7.5B 92e9d73 - blurrypron.com
    Tsubi Womens BO 11 Ankle Bootie Brown Vachetta Leather Size 37 EUGiuseppe Zanotti Pointed Toe Ankle High Boots E47028 Size 38.5 US 8.5LAUREN by Ralph Lauren Womens Mesa Leather Almond Toe Knee High Riding Bootsmadden girl Motorrr Mid Length Boots, Black Multi , Black Leather Dansko womens ladies work nurse shoes US size 9.5-10Sanuk Donna Chill - Women's Slipper - All Colors - All Sizes , Fendi Three-Flower Flat Slide Sandal, Bordeaux Original:$650 Size 9.5B/39.5 , MENS NEW BALANCE NUMERIC LOGAN 637 SKATEBOARDING SHOES NIB TEAK BROWN LILY GREEN , NIKE MEN'S VAPOR SPEED LOW TD FB CLEATS STYLE 643152 610 SAMPLE SIZE 9Nike Air Max Full Ride TR 1.5 Mens Training Shoes Men New Black White 869633-010SUPRA Skytop Kids | Pewter / Black / White , REEBOK CLASSICS DMX RUN 10 AFF SZ 10 WHITE SLEEK METALLIC GOLD CN1653Nike Classic Cortez Nylon "Latin History Month Los Primeros" AH7741-500 Sz 10.5Men's Nike Flyknit Max Oreo White Black 620469-102 Size 10.5Nike Air Max Torch 4 Mens 343846-411 Obsidian Grey Running Shoes Size 7Ariat Work Men's Workhog Venttek Composite Toe Boot - Choose SZ/Color , Converse 149911C : Jack Purcell Leather Fashion-Sneakers , Leather Classics Brown Slip On Casual Bussiness Loafer Shoes Men 10C UsedClarks Men's Cotrell Style Sneaker Tobacco Leather , Clarks 'Swift Turn' Mens Black Wide Fit Shoes , COLE HAAN MADISON WINGTIP OXFORD DRESS SHOE MENS SZ 10 M BROWN CAMEL LEATHER EUCAsics Women's GT-2000 4 Running Sneakers Black/Pool Blue/Flash Yellow Style 9039 , New VANS Womens CHECKERBOARD SLIP ON YELLOW Ochre VN0A38F7QCP US W 5.5-9.5 TAKSE , Nike Lunarglide 9 Pure Platinum/White 904716-003 Women's SZ 10 , Nike Wmns Air Max 2015 Shoes Black Hot Lava Aqua Shoes 698903-008 Size 6Gentlemen/Ladies New Balance Women's Zante V3 Running-Shoes main category Win the praise of customers Shopping promotionAir Jordan 3 Retro III / OG Women Wmns / GS GG BG Kids Youth Junior Shoes Pick 1Womens Pointed Toe Knitted Pull On Stretchy Pump fantastic heels Ankle Boots SzLucky Brand Women's Jamizia Ankle Boot - Choose SZ/Color , Chic Womens Pointed Toe Kitten heels Mesh Embroidery Ankle Boots Shoes US4.5-10 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Chic ALFANI Heeled Caramel Calfskin 29946 Heeled Mules w Ivory/Brass Buckles & Ivory Stitching 7.5B 92e9d73 - 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.

    Chic ALFANI Heeled Caramel Calfskin 29946 Heeled Mules w Ivory/Brass Buckles & Ivory Stitching 7.5B 92e9d73 - 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
    Chic ALFANI Heeled Caramel Calfskin 29946 Heeled Mules w Ivory/Brass Buckles & Ivory Stitching 7.5B 92e9d73
    Heels
    >
    ;