Never miss an update

NWT $570 DOLCE & GABBANA Shoes Green & Flats Knitted DOLCE Ballerinas Ballet Flats EU39/US8.5 d4cb33c




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
Country/Region of Manufacture: Italy
Color: Green Style: Ballet Flats
Brand: Dolce&Gabbana Heel Height: Flat (0 to 1/2 in.)
UK Shoe Size (Women's): UK 6.5 US Shoe Size (Women's): US 8.5
EUR Shoe Size (Women's): EUR 39 Material: 100% Polyester
UPC: Does not apply
Never miss an update

NWT $570 DOLCE & GABBANA Shoes Green & Flats Knitted DOLCE Ballerinas Ballet Flats EU39/US8.5 d4cb33c - blurrypron.com

    NWT $570 DOLCE & GABBANA Shoes Green & Flats Knitted DOLCE Ballerinas Ballet Flats EU39/US8.5 d4cb33c
    NWT $570 DOLCE & GABBANA Shoes Green & Flats Knitted DOLCE Ballerinas Ballet Flats EU39/US8.5 d4cb33c
    women's shoes MOMA 7 () slip on blue suede BT149-37 , NEW $580 DOLCE & GABBANA Shoes Espadrilles Blue Striped Wool Loafers EU39 /US8.5HOGAN WOMEN'S LEATHER SLIP ON SNEAKERS NEW R260 BLUE E57 , Martiniano White Leather Glove Flats Size 37 (fits 38) Maryam Nassir ZadehDiscount Shoes Navy and red Espadriles Carolina Herrera SIZE 39 NWT , Marc Jacobs Gem-embellished canvas flats , size 40,5100% authentic Miu Miu leather flats with bow, size 36FitFlop Women's Audrey Smoking Slipper Apple Blossom Pearl Studded Leather Flats , Gentleman/Lady SOLOVIERE Shoes 041873 Black Queensland a good reputation in the world Known for its excellent quality , Mr/Ms Dr.Martens Shoes 064919 BlackxMulticolor 4 Diverse new design Cheaper than the price Current shape , Brand New authentic Chiara Ferragni Flirting Slipper Red Textile Size , NEW $640 DOLCE & GABBANA Shoes Suede Black Ballet Flats Ballerina EU39 / US8.5CAR SHOE WOMEN'S LEATHER LOAFERS MOCCASINS NEW NAPLAK RED 393Patricia Green Women's Belinda Espadrille Slide Gold Leather Espadrilles , Dr.Martens 8065 Floral Backhand Multi Womens ShoesTOD's ballet flats, brown suede, women's size US 9 MRSP $480 , JIMMY CHOO Dreya blue lambskin espadrilles - Size 10.5 US / 7.5 UK / 40.5 EUPremium Walking shoes - Rockport Shoes Lets Walk Bungee , Mr/Ms Uterque Women White leather platforms 5135/351/001 Beautiful color buy negotiation , TRIPPEN Germany - Leather Ballerina's CUP Shoe BLOOM f wine-red EU41 US10.5 UK8 , Alaia White canvas flats , New with Box, size 40 , Grenson Women's Rose Brogues Burgundy/Hazelnut (/2 or US 6)Charlotte Olympia Green Satin Rhinestone Embellished Cat Face Flats SZ 36.5Giuseppe Zanotti Red Velvet Dalila Jeweled Flats Loafers Womens Size USAUT MIU MIU PATENT LEATHER BOW ACCENTED SHOES SIZE 9.5PRADA ballet flats, ivory leather, women's shoe size US 10 $620 , NIB MULES CHIARA FERRAGNI "SUITE" 10US 41EU RED ROSSO WITH CRISTALLSGentlemen/Ladies PRADA Patent Leather Ballet Flats Durable service Environmentally friendly Full range of specificationsCole Haan Women's Downtown Ballet Gold Metallic Leather Flats ,
    NWT $570 DOLCE & GABBANA Shoes Green & Flats Knitted DOLCE Ballerinas Ballet Flats EU39/US8.5 d4cb33c - blurrypron.com>NWT $570 DOLCE & GABBANA Shoes Green & Flats Knitted DOLCE Ballerinas Ballet Flats EU39/US8.5 d4cb33c - blurrypron.com
    Gentleman/Lady Demonia GRIP-103 Modern technology discount price Superb craftsmanship , Dansko Women's Steffi Mary Jane Flat, Brown Tumbled Pull up, 37 M USClogs Sandals Mid heel Olive nubuc Leather Open toe Ankle Strap Women 38 WoodSERGIO ROSSI Brown suede twist flat sandals sz 38Louboutin : Soustelissimo 100 Ballerina Patent Pink Pumps T37 US 7, , Versace 19.69 Italia Women's Open Toe Flower Stiletto Heels MULTI BLUE , Saint Laurent YSL Paris 80 Skinny Classic Pumps Shoes Patent Black 40 10 , SALPY BEIGE SLIP ON SANDALS WOMEN'S 9M , New Summer Women Stilettos Fashion Strappy Ankle Buckle Sandals Sweet Party ShoeDKNY Robert Stretch Slip On Platform Sneakers 381, Black, 8.5 US / 39 EU , Sam Edelman Size 8 M TAI Coral Fabric Ankle Wrap Sandals New Womens ShoesVans Authentic (Black Sole) True Navy Men's 11Red Hi CONVERSE All Star Chuck Taylor Tennis Shoes - Size: 12 Women's 10 Mens , 2012 Nike Dunk Mid Pro SB "Ostrich" Size 10 With Box 314383-680Mens Nike Air Huarache Run Ultra 819685-007 Wolf Grey Brand New Size 11.5 , Nike Vapor Untouchable PF Miami Dolphins 707455-117 Mens Football Cleats 13MENS BROOKS TRANSCEND 4 MEN'S TRAIL RUNNING/FITNESS/TRAINING/RUNNERS SHOESGentlemen/Ladies jordan 3 fire red size 9 Rich design luxurious AmoyMens Asics Gel Lyte V 5 - H70PJ8585 - Green Khaki Trainers , Nike Air Jordan VI 6 Retro Infrared 23 Bred Toro Bravo Sz 9.5 , AIR JORDAN 1 RETRO HIGH NRG OFF-WHITE "UNC" WHITE BLUE AQ0818-148 Sz 10.5 DS , ECCO Track 6 GTX Waterproof Boot. Size 6-6.5U.S polo assn tris 3 lo x white/silver men 7.5Men Leather Pointy Toe Formal Dress Shoes Oxfords BUsiness Wedding Brogue Shoes , Mens Black Suede Bowkot Slippers Flat Banquet Loafers Dress Shoes NEW BowtiePEANUTS Snoopy High Top Sneakers Comic Pattern kn1112 White US 6 24.0 cm , Nike Runallday Black/White-Wolf Grey 898484-001 Women's SZ 6Reebok Instapump Fury / OB / Cutouts Womens Running Shoes Sneakers Pick 1Ahnu Montara II WP-W Womens Waterproof Light Hiking Shoe- Choose SZ/Color.A35 Courtee Wide Calf Heeled Knee High Boots 267, Cognac, 8.5 US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NWT $570 DOLCE & GABBANA Shoes Green & Flats Knitted DOLCE Ballerinas Ballet Flats EU39/US8.5 d4cb33c - 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.

    NWT $570 DOLCE & GABBANA Shoes Green & Flats Knitted DOLCE Ballerinas Ballet Flats EU39/US8.5 d4cb33c - 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
    NWT $570 DOLCE & GABBANA Shoes Green & Flats Knitted DOLCE Ballerinas Ballet Flats EU39/US8.5 d4cb33c
    Flats
    >
    ;