Never miss an update

Calvin Klein Vable Women's Vable Platform Klein bagisrecor-17158 Dress Sandal Sand/Soft White Size 10.0 XFy 7584319




Item specifics

Condition: New with defects :
A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour variations to scuffs, cuts or nicks, hanging threads or missing buttons that occasionally occur during the manufacturing or delivery process. The apparel may contain irregular or mismarked size tags. The item may be missing the original packaging materials (such as original box or tag).  New factory seconds and/or new irregular items may fall into this category.  The original tags may or may not be attached. 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: Sole has minor stain / Please refer to last 3 images.
Brand: Calvin Klein Color: Tan
Style: Platforms & Wedges US Shoe Size (Women's): 10
Width: Medium (B, M) Pattern: Solid
UPC: 190919200124
Never miss an update

Calvin Klein Vable Women's Vable Platform Klein bagisrecor-17158 Dress Sandal Sand/Soft White Size 10.0 XFy 7584319 - blurrypron.com

    Calvin Klein Vable Women's Vable Platform Klein bagisrecor-17158 Dress Sandal Sand/Soft White Size 10.0 XFy 7584319
    Calvin Klein Vable Women's Vable Platform Klein bagisrecor-17158 Dress Sandal Sand/Soft White Size 10.0 XFy 7584319
    INC International Concepts Kenjay Women Pointed Toe Synthetic Nude Size 8.5 QM , Mr/Ms LES TROPÉZIENNES Ochana Marine durability Sales Italy comfortable , Steve Madden Womens Raeleen Leather Open Toe Casual Black Leather Size 6.0 vaW , LAUREN by Ralph Lauren Womens Nella Fabric Peep Toe Casual Khaki/Tan Size 10.0 , BC Footwear Women's Breezy Ankle Bootie Black Size 7.5 Aeg4 , ITALIAN Shoemakers Womens Liliana Open Toe Casual Platform Black Size 8.0 KlhRComfortiva Riverton Round Toe Suede Ankle Boot Brown Size 6.0Nine West Womens PROMISEDGD Leather Open Toe Casual Ankle Strap, White, Size 9.0 , L S Revolution Womens amazing Fabric Peep Toe Casual MSHRM MIC/VN Size 9.5 AtYSTEVEN by Steve Madden Womens Futures Suede Open Toe Black Suede Size 10.0 , Carlos by Carlos Santana Womens Malor Fabric Peep Toe Black Fabric Size 8.0 F5 , CL by Laundry Womens noreen Open Toe Casual Slide Black Patent Size 6.0 LDtWBetsey Johnson Womens nolte Fabric Open Toe Casual Black Velvet Size 7.5 , Skechers Women's Bikers Freeway Memory Foam Slip-On Loafer Black Size 5.5Nine West Womens MILYONAROL Leather Open Toe Casual Ankle natural f Size 10.0 , LAUREN by Ralph Lauren Womens Aleena Leather Open Toe Polo Tan Size 9.5 YVu7Kenneth Cole Reaction Womens Sole Bling Open Toe Casual Black Size 7.0 , Carlos by Carlos Santana Womens Jury Fabric Open Toe Casual Doe Size 8.5 8SyQ , Matisse Womens Gordy Leather Open Toe Ankle Fashion Boots Dusty Blue Size 8.0 , BCBGMAXAZRIA Womens Naomi Fabric Open Toe Special Black Satin Size 10.0 , Kenneth Cole New York Womens Blair 2 Leather Closed Toe Casual Rose Size 9.0 WCole Haan Womens deandra gladiator ll Open Toe Casual Slide Gold Size 5.0Kenneth Cole Reaction Womens Cake Pop Suede Open Toe Casual Black Size 8.5 vMSSpring Step Women's Tunisia Gladiator Sandal Brown Size 6.0Onex Women's Alexandria Dress Sandal Tan Size 9.0 6KibLucky Brand Womens LK-Daytah Open Toe Casual Ankle Strap Sandals Blue Size 7.5 , Cole Haan Womens Serhildasam Open Toe Casual Blue Multi/White Size 6.0 , Nine West Womens josefineo Open Toe Casual Slide Sandals Black fb Size 7.5Call It Spring Women's Charilyn Gladiator Sandal Black Synthetic Size 6.5 ,
    Calvin Klein Vable Women's Vable Platform Klein bagisrecor-17158 Dress Sandal Sand/Soft White Size 10.0 XFy 7584319 - blurrypron.com>Calvin Klein Vable Women's Vable Platform Klein bagisrecor-17158 Dress Sandal Sand/Soft White Size 10.0 XFy 7584319 - blurrypron.com
    BEARPAW Women s Lauren Tall Winter Boot Black 11 M USMan's/Woman's Boot Nine West Cavanagh Green Suede Customer first First grade in its class Sales online store , NEW $348 COLE HAAN Yonkers Black Suede Tall Waterproof Boots WOMENS.SZ:7.5B , Gentleman/Lady Pleaser LEG8899/R/LE Womens Legend-8899- Choose SZ/Color. durable discount price fineBrand New Nike Lunarsolo Mens Running Gym Casual Sneakers Kicks Shoes US 10Nike Air Zoom Pegasus 34 LE Running Mens Shoes Black White NWOB 883268-001Gentleman/Lady valentino sell a wide range of products Good qualitySteve Madden 'Elvinn' Genuine Calf Hair Leopard High Top Sneaker 4654 Size 8.5 , Miz Mooz Womens Fritz Slip On Loafer Shoe Pewter Size 38 M USWomens Faux Fur Black Round Toe Slip on Shoes Low Heels Wedge Warm Fashion Party , PLEASER Ankle Strap Sandal Holographic Glitter Platform Heel ADORE-708LG BlueWomen's Via Spiga Dark Brown Patent Leather & Suede Mary Janes Size 6 , Steve Madden Black Fringly-R Suede Leather Pumps Sandals SZ 8- NIB , Report Women's Chieftan Dress Sandal - Choose SZ/Color , Lauren Ralph Women's Ryanne - Choose SZ/Color , Amazing Chihuahua Print Running Shoes For Women-Free ShippingMens Nike Presto Fly 908019-004 Black/Black and Volt Brand New Size 14 , Skechers Women's Go Golf Elite Ace Jacquard Shoe - Choose SZ/ColorMan's/Woman's Vans Sk8-mid Reissue Black White Trainers High security New design Export , NIKE AIR JORDAN CP3.V 5 PLAYOFF CHRIS PAUL WHITE RED 487428-101 US 11 grey yotd , Nike Air Zoom Run the One James Harden Beard Black Silver size 12 DS NEW NWOB TB , Nike EXP-X14 QS / SE Mens Running Shoes REACT Flywire Sneakers Pick 1 , 100% AUTHENTIC NEW MEN FERRAGAMO PATENT BROWN GORE TUXEDO BOOT US 9 DDr Comfort Edward Extra Depth 9610 Therapeutic Diabetic Shoe Mens Size 11WNIB $575 CANALI 1934 Dark Brown Calf Leather Sport Sneakers US 7 D Shoes , Reebok Classic CL Leather Double Melody Eshani Double Ripple Me M47471 size 8 , RARE Adidas ORIGINALS Sneakers GIANT TREFOIL High Tops FITS Wmns 8 & Mens 6 UKWomen Leather Stretchy Thigh High Boots Over Knee High Platform Fashion Sneakers , Pointed Toe Kitten Slim High Heels Over The Knee Pull On Women's Boots Ths01Women‘s Sexy High Heel Stiletto Zip Rhinestones Sheep Leather Ankle Winter Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Calvin Klein Vable Women's Vable Platform Klein bagisrecor-17158 Dress Sandal Sand/Soft White Size 10.0 XFy 7584319 - 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.

    Calvin Klein Vable Women's Vable Platform Klein bagisrecor-17158 Dress Sandal Sand/Soft White Size 10.0 XFy 7584319 - 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
    Calvin Klein Vable Women's Vable Platform Klein bagisrecor-17158 Dress Sandal Sand/Soft White Size 10.0 XFy 7584319
    Sandals
    >
    ;