Never miss an update

Jessica Simpson Women's Magenta Nynette Dress Pump Magenta Microsuede Size Pump mogochinese-29913 7.5 M - NEW 6d00fec




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Brand: Jessica Simpson
Color: Magenta Style: Pumps, Classics
Heel Type: Slim US Shoe Size (Women's): 7.5
Heel Height: High (3 in. and Up) Width: Medium (B, M)
Material: Microsuede UPC: 886923819130
Never miss an update

Jessica Simpson Women's Magenta Nynette Dress Pump Magenta Microsuede Size Pump mogochinese-29913 7.5 M - NEW 6d00fec - blurrypron.com

    Jessica Simpson Women's Magenta Nynette Dress Pump Magenta Microsuede Size Pump mogochinese-29913 7.5 M - NEW 6d00fec
    Jessica Simpson Women's Magenta Nynette Dress Pump Magenta Microsuede Size Pump mogochinese-29913 7.5 M - NEW 6d00fec
    Womens Clear Transparent Open toe High Wedge Heel Slip on Slippers Shoes SandalsWomens two tone bordello 4 1/2" spectator pumps , New Circa Joan & David Cjleslee Gold Multi Heels Shoes 9.5 Medium , Mr/Ms Franco Sarto Darlis Pump Attractive and durable Let our products go to the world Modern and elegantBCBGENERATION Womens Black Suede High Heel Pumps Sz 8.5 NEW! 208529 , SAM EDELMAN MAGDALENA WOMEN'S SANDALS HEELS SHOES NEW US SIZE 8.5 , Arche Neutral Taupe Nubuck Leather Pumps Heels in Loafer Style EUC! Size 8 US , NWOB B.MAKOWSKY SUEDE HEELS SHOES WOMEN SIZE 8.5M , Easy Spirit Women's Caldise Pointed Toe PumpEasy Spirit Neoma leather pump navy blue anti gravity 2.5 " heels 8.5 WIDE New , Franco Sarto Women's Kipper PumpMr/Ms Fabulicious LIP-128 Ankle Strap Sandal Ideal gift for all occasions New style Direct businessChinese Laundry Kristin Cavallari Gisele Women's clay pumps sz. 8.5 ( 39 ) , NIB Clarks SAPPHIRE ISIS Black Leather Heels Pumps Classic Sz 9.5 M , El Vaquero Black Label Suede Rhinestone Black Gold Heels Flats Pumps Size 39 A20Vera Wang Lavender Black Patent Leather Platform Stiletto Heels 7 M , White House Black Market 8.5 M ADRI Periwinkle Leather Ankle Heel Open ToeDEMONIA T-Strap Platform Creeper Side Cutout Piping Detail CREEPER-214 Silver-8Easy Spirit Frisia mary jane wedge brown 8 Med NEWTaboo 708MG Clear Ankle Strap Upper Mini Iridescent Glitter Platform 7.5" HeelStyle&co. Women's Romie Ankle Strap Wedge Heels Black Size 8Salvatore Ferragamo Women's Classic Black Suede Pumps Heels Size 6B Nice!Cole Haan Davis Open Toe 75mm Pumps, Women's Size 9 B, Black , Fortress of Inca 5" Wedge T-Strap Shoes Size 8.5 - 9Isola New Womens Black Leather Open Toe Heels 10 M Shoes NWB** Funtasma Dainty 3.5" Stiletto Green Pleated Pump Heels Shoes 11 , Dolce Vita Port Women Leather Peep Toe Platform Heel Bootie Size 9.5 M , Easy Spirit Catava loafer pumps black leather 2.5 " heels sz 12 Med NEWBenetton Wos Shoes Heels Sandal Black Leather Studs Buckle Slingbacks 5392
    Jessica Simpson Women's Magenta Nynette Dress Pump Magenta Microsuede Size Pump mogochinese-29913 7.5 M - NEW 6d00fec - blurrypron.com>Jessica Simpson Women's Magenta Nynette Dress Pump Magenta Microsuede Size Pump mogochinese-29913 7.5 M - NEW 6d00fec - blurrypron.com
    Laredo women's Western Boots 5811 Tan snake Size 7 M NEW , BATA Mens 8446325 Hi-Top Trainers, Black Nero 6, 7 UKCommon Projects Original Achilles Sneaker 44/US11/UK10 Leather Upper/Rubber Sole , Demonia Kera-50 Women's Black Vegan Leather Buckle Wedge Boots - Gothic,Goth,PunScanlon Theodore Women's Shoes Size 39 Red/Burgundy Suede/Patent Leather Mix , CAP Strength Flat Bench with Memory Foam Pad , Norma Betancourt 8.5 m Brown Reptile Print Pumps Heels Spain Great!Man's/Woman's DOMINA-420 Special price online shop Famous store , Aravon Women's Lexee Mary Jane Dress Pump NavyTOPSHOP WOMENS HIGH HEEL SANDALS SIZE UK4 EUR37 US6.5 , WOW! PRADA ORANGE/SALMON LEATHER SLIDE KITTEN HEEL W/ COMFORTABLE RUBBER SOLESteve Madden Women's Fringlyr Dress Sandal, Blush Multi, 6 M US$1295 Giorgio Armani Runway Black Ankle Boots Shoes 39 US 9 Patent Leather , Vs Victorias Secret PINK FAUX FUR CRISSCROSS SLIDE SANDAL SLIPPER FLIP FLOP 5/6 , Men/Women LAKAI Skateboard Shoes FREMONT CHARCOAL SUEDE New Listing low cost Exquisite processingNIKE TRAINERENDOR SB [616575 416] NO ACG AIR MAX LUNAR ROSHE POLER STUSSY SZ 14NEW Adidas WM NMD Trail PK size 11.5 Olive White Mountaineering CG3647 100% Auth , Belleville 8" 390 DES ST Tan Hot Weather Boots! Size 12 $189.95New Rock 272-S1 Metallic Black Goth Knee High Zip Boot Leather Buckle BootsPUMA Men's Roma Basic Fashion Sneaker White/Light Gray - 9.5 DM USECCO Men's 680214 Atley Black Leather Cap Toe Dress Shoe-NIB , Womens Nike Free RN Flyknit OC Size 12 (843431 999)New VANS Womens Authetic Lite POP PASTEL WHITE/MINT VN0A2Z5JN5R USW 5.5-8.5TAKSE , ASICS Women's Performance DynaFlyte 2 Running Shoe, Blue Purple/White/Blue, 11NIKE WOMENS FREE TRANSFORM FLYKNIT TRAINING SHOES [833410 005]New Nike Women's Classic Cortez Suede Light Purple Size 6.5 , Vasque Women's Mantra 2.0 Hiking Shoe,Bungee Cord/Bright Chartreuse,7.5 W USNatural Soul Women's Brisha Ankle Booties TW4 Black Size 11M $69.99Clarks Kearns Garden Womens Boot- Choose SZ/Color. , Baffin "Meltwater" Women's Neoprene Tall Rain Boots; Red and Black Size 9
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Jessica Simpson Women's Magenta Nynette Dress Pump Magenta Microsuede Size Pump mogochinese-29913 7.5 M - NEW 6d00fec - 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.

    Jessica Simpson Women's Magenta Nynette Dress Pump Magenta Microsuede Size Pump mogochinese-29913 7.5 M - NEW 6d00fec - 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
    Jessica Simpson Women's Magenta Nynette Dress Pump Magenta Microsuede Size Pump mogochinese-29913 7.5 M - NEW 6d00fec
    Heels
    >
    ;