Never miss an update

TORY BURCH bagisrecor-8967 9 BLACK LEATHER WEDGE HEEL CLOSED HEEL TOE SZ 9 0f5cc74




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Tory Burch
Heel Type: Wedge US Shoe Size (Women's): US 9
Width: M) Style: Platforms & Wedges
Color: Black Material: Leather
Never miss an update

TORY BURCH bagisrecor-8967 9 BLACK LEATHER WEDGE HEEL CLOSED HEEL TOE SZ 9 0f5cc74 - blurrypron.com

    TORY BURCH bagisrecor-8967 9 BLACK LEATHER WEDGE HEEL CLOSED HEEL TOE SZ 9 0f5cc74
    TORY BURCH bagisrecor-8967 9 BLACK LEATHER WEDGE HEEL CLOSED HEEL TOE SZ 9 0f5cc74
    Christian Louboutin Lady Daf 160 Sz38 Black Suede Platform Pumps High Heel ShoesFly London Women's Yazu Wedge Sandals Luna Cool Leather Sizes 37-41Aquazzura Wild Thing Fringe City Low Heel Sandals, Size 38 in LipstickJIMMY CHOO FIANNA STRAPPY GOLD SANDALS HEEL METALLIC LEATHER 37 7 ITALY SLIP ON , Womens Vintage Ferragamo Mary Jane Shoes Heels Brown Suede Patent Delizia NIB!Vince Faine Black Womens Shoes Size 8.5 M Heels MSRP $395Man's/Woman's Pleaser BEJEWELED-702DM Excellent value Impeccable retail price$850 CHLOE SHOES STRAPPY SANDALS 'CALENDULA' LEATHER HIGH HEEL sz 41 , Brenda Zaro Women's T1402 Wedges in BlackPuma Fenty By Rihanna Slingback Heel Pink Women Size 8US 38.5EUDansko Women's Loralie Black Nubuck Mary Jane Wedges Sizes 37 38 39 40 41 , Marc Fisher LTD Alida Espadrille Wedge Sandal Cognac Natural Multi SuedeSergio Rossi gold linen peep toe shoes, size 37/US 7 , DRIES VAN NOTEN STRAPPY SHOES SIZE 38 1/2 , Fly London Yasi Black Diagonal Strap Mary Jane Leather Wedges 38 7.5/8Hades Nebula White & Gold Heel Less Wedge Platform Shoe Ankle Boot , NEW Alexandre Birman black caged strappy sandals leather size 38.5Aperlai Black Mesh High Heels Size EUC , Prada Natural Nude & Black Patent Leather Cap Toe Pumps Heels Shoes Size 39 New , Imagine Vince Camuto Womens Dailey- Select SZ/Color.Man/Woman Fendi Women's Heels Size 7.5B Quality queen King of quantity leading the fashion , Kendall + Kylie Women's Emilee in BlackPedro Garcia Espana Black Suede Open Toe Ankle Strap Fashion Heel Women's 36/5.5Womens Irregular Choice Lady Misty Gold High Heel Unicorn Court Shoes Shu SizeMen's/Women's prada shoes women Elegant and sturdy set meal stable quality cheap priceMan/Woman Wittner Women's Garla Pumps In Black Outstanding features Comfortable touch Direct business , New Balmain Giuseppe Zanotti High Heels Leather Sandal Shoes Size US $995Stuart Weitzman Evebaton Platform Evening Pumps Multi Iris Glitter 5.5US DisplayIrregular Choice Abigail's Third Party Pink Womens Boots
    TORY BURCH bagisrecor-8967 9 BLACK LEATHER WEDGE HEEL CLOSED HEEL TOE SZ 9 0f5cc74 - blurrypron.com>TORY BURCH bagisrecor-8967 9 BLACK LEATHER WEDGE HEEL CLOSED HEEL TOE SZ 9 0f5cc74 - blurrypron.com
    Stuart Weitzman Rebooting Faux Fur Rain Boots $398MSRP Snow Boots Size 38/ 7.5 , BX858 BRACCIALINI shoes black leather textile women bootsMr/Ms Free People Cut Out Boots Special purchase fashionable Personalization trendTory Burch black leather Brent Paddock Boots size 7.5 , Nike Vandal High Supreme QS Metallic Pack Black Satin Gold Men Shoes AH8652-002 , British Knights Roco Fold Trainers Mens Black/White Casual Sneakers Shoes , Olang Genny Tex Women's Winter Snow Boots, BlackLadies Clarks Tri Allie Black, Khaki Or Pink Leather & Textile Casual Shoes , Womens Real Leather Oxfords Slip On Point Toe Low Heel Mules Shoes Ankle Boots Y , SAM EDELMAN, Women's "Aster" Letallic Captoe Flat, Black Leather, 6M, NWB! $275 , Alegria Day-101 Black Patent Leather Platform Mary Jane Flat 39 / 9 - 9.5 $129 , Clarks Barley Charm Leather open toe Gray Embossed Bootie Sandal Sz 7.5 M NEWMan/Woman alexander mcqueen shoes women Size 38 Special price Wholesale trade Characteristics , FABULICIOUS Open Toe Wedge Hidden Platform Pump Rhinestone ISABELLE-18 Black , New Size 11.5 Adidas Mens Tubular Invader Strap Red Suede/Vintage WhiteNIKE AIR JORDAN VELOCITY MENS BASKETBALL SHOES SNEAKERS SIZE 13Nike Kyrie 3 Summer Pack 852395-101 Men's size 13.5 USDesert Tactical Military Work Safety Shoes Ankle Combat Boots High Quality , Retro Mens Glitter Metal Pointy Toe Ankle Boots Military Club Dress Casual ShoesV Creeper 570 Black Vegan Ankle Boot Men Sizes 4-12 Spikes , men's shoes DI MELLA 12 () loafers black shiny leather BZ28-D , adidas V Racer Mens Running Sneakers / ShoesRockport Men’s PP Charcoal LTHR Chukka Boots Size 11.5M D1843/ , Kenneth Cole New York Mens Dress Shoes Size 9Skechers Go Walk 4 Propel Black White Women Slip On Walking Shoes 14170-BKW , ARIAT A1 Competitor Black Leather Kiltie Motorcycle Riding Boots Women Sz 6.5M , $240 BORN Poly Tall Riding Boots, Black Leather, 8 WC, wide calf , Sam Edelman Women's Tinsley Rain Boot Black Matte 8 B(M) USThe Fix Women's Giana Open Toe Bootie with Pearl BuckleAUTHENTIC STEVE MADDEN KAIZERR BOOT SIZE 9M US NIB MSRP $189.95
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    TORY BURCH bagisrecor-8967 9 BLACK LEATHER WEDGE HEEL CLOSED HEEL TOE SZ 9 0f5cc74 - 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.

    TORY BURCH bagisrecor-8967 9 BLACK LEATHER WEDGE HEEL CLOSED HEEL TOE SZ 9 0f5cc74 - 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
    TORY BURCH bagisrecor-8967 9 BLACK LEATHER WEDGE HEEL CLOSED HEEL TOE SZ 9 0f5cc74
    Heels
    >
    ;