Never miss an update

Yves Saint Laurent Pink Purple Sz Suede Pumps Heels Saint Sz Heels 7 9a12542




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: Very good condition
Style: Classics Material: Suede
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Color: Pink Purple
US Shoe Size (Women's): US 7 Brand: Yves Saint Laurent
Never miss an update

Yves Saint Laurent Pink Purple Sz Suede Pumps Heels Saint Sz Heels 7 9a12542 - blurrypron.com

    Yves Saint Laurent Pink Purple Sz Suede Pumps Heels Saint Sz Heels 7 9a12542
    Yves Saint Laurent Pink Purple Sz Suede Pumps Heels Saint Sz Heels 7 9a12542
    Tahari Red Suede Side Ruffle Pointed Toe Banter Pump 9 New , New Donald J Pliner Black Patent Leopard Wedge Peep Toe Heel Sandal Size 7.5 Med , Steve Madden Fancii Womens Shoes Size 8 Black Metallic T Strap Pumps HeelsWomen Close Toe Slip On Beads Slip On Loafers Summer Chic Pumps Shoes Slipper , TARYN ROSE shoes pumps heel black leather piping suede peep toe 40 1/2 M 10.5 , Sam Edelman Brynn brown leather studded buckle platform wedges 10M 5446 , Prada Tessuto Pink Kitten Heel Slides Sandals US 8B EUCCOLE HAAN Air Carma PUMPS Ladies size 9.5 B Brown Suede Square Toe Heel ShoesSummer Women Slingback Fashion Sandal Mules Clear Med Heels Open Toe Shoes PumpsSexy Women T-Strap Sandals Party Pointed Toe Shoes High Heels Summer Pumps Hot$225 BCBG BCBGMAXAZRIA Womens MA-Pamela1 Suede Platform Pump Shoe, Grigio, US 6DANSKO Dominique Suede T Strap Sandals Heels Tan Suede & Leather Size 40 / 9 EUCClarks Women's Bavette Cathy Suede & Leather Croco Burgundy Mary Jane Pumps, 11Vince Camuto Robeka Sandal Velvet Ankle Strap Peacock Size 9M NIB , Shoes Womens Guess by Marciano GW SYRIA BLKE001 Black Sz 8 m Pumps NEWVera Wang Lavender Wedge Heels Blush Wicker 8 , ENZO ANGIOLINI PERSIST Dark Turquoise Designer Pointed Pumps Heels 8.5 RUN SMALL$250 BCBG Max Azria Women Echo Pebble Grain Platform Peep Pump Shoe,Clay,US 6 , Oscar De La Renta Womens Shoes Size 38 8 Beige Textured Suede Platform Heels , Nine West Astoria Pointed Toe Dress Pumps 385, Green, 6 USJefferey Campbell Pink Suede Foxy Platform Sandals Size 10NEW MICHEAL KORS GABI MULE SIGNATURE BROWN PLATFORM SANDALS 6 M LOGO WEDGE CLOGS , RALPH LAUREN MADISON MIDNIGHT BLUE WOMENS WEDGE BUCKLE SLIP ON SHOES MULTI SIZES , Salvatore Ferragamo Black Suede Dress Casual Heel Pump Shoes Women's Size 10 AA , Gentleman/Lady Steve Madden Women's Gills Fashion Sneaker Wear resistant Strong value Perfect processing , Madden Girl Beella Block Heel Sandals Blush Fabric Bridal Bridesmaid Shoe 6.5Vtg 90s L.E.I. Black Chunky Heel Platform Retro Club Goth Rave Pump Shoes 6.5 , Jimmy Choo Tan Leather Open Toe Mules - Bow Detail - Size 38/8 - Made in Italy , $200 NAOT Precious Black Leather Shootie Heels Strap Cutout Women Sz 6-6.5 Eu 37
    Yves Saint Laurent Pink Purple Sz Suede Pumps Heels Saint Sz Heels 7 9a12542 - blurrypron.com>Yves Saint Laurent Pink Purple Sz Suede Pumps Heels Saint Sz Heels 7 9a12542 - blurrypron.com
    Women's Boots H By Hudson Keira Distressed Buckle Boot Size US 7 Eu 37 , Pleaser FLAMINGO-1017SRS Women's Clear Black Rhinestones Simulated Fringe Boots , Ariat 10018581 Sheridan 13" Vintage Bomber Tan Square Toe Cowgirl Fashion Boots , NIB Vince Jane Open Toe Sandal Bootie Sand (Beige) Size 6 $350 , Henry Beguelin Womens Black Leather Zipper Closure Ankle Boots Size 37 7 , Base London Mens Boots Saffron Waxy Black UK7 to 11 (G.O)Nike Lebron Witness II EP [AA3820-011] Men Basketball Shoes Black/White-GreyMen's/Women's Salvatore Ferragamo BABSY heels Size 8C Excellent value product quality various kindsFrench Sole Womens Quench Closed Toe Slide Flats, Desert Nubuck, Size 6.5Minnetonka, Women's MOCCASINS WHITE LEATHER WITH SOLE STYLE , Sam Edelman Arina Slip On Black Croco Sandal Flats Sz 8 , Mr/Ms Ryka Women's Verve Sneaker for you to choose International choice Diversified new design , Prada Womens Shoes Size 40 10 Pewter Gray Metallic Leather T Strap Heels Pumps , NIKE DUALTONE RACER PREMIUM COOL GREY-BLACK 924448-001 , DC Men's Trase TX Skate Shoe Grass 10 D US , Nike Air Presto Essential Mens 848187-605 Gym Team Red Running Shoes Size 9Men's Nike Air Jordan 13 XIII Retro Olive 2018 414571-006 Black Gym RedMen's Nike Air Apprentice Basketball Shoes , Nike Flyknit Racer Running Sneakers MC Multicolor 3.0 Rainbow Size 11G.H. BASS LONDON BUR WEEJUNS BURGUNDY LEATHER SLIP ON PENNY LOAFER SHOES 7.5 MLacoste Men's L.12.12 116 1 Fashion Sneaker - Choose SZ/Color[ASICS] FUZEX Green Blue Women Running shoes US 5.5 - 8.5 111630208Merrell Women's Encore Q2 Slide LTR Climbing Shoe, - Choose SZ/ColorNIB Anthropologie All Black pink Suede Gray Fur Pom Pom Slip On Sneaker 40/9-9.5Nike Zoom Pegasus 35 Turbo #AJ4115-060 Women’s 8.5 , Gentleman/Lady Dolce Vita Marenn Boot, size 8.5M Reliable quality Primary quality Very good colorBearpaw Quinevere - Women's Waterproof Winter Boot Stone - 8EARTH BLACK LEATHER KNEE HIGH FASHION DRESS BOOTS SHOES ZIP US WOMENS SZ 9.5 B , Michael Antonio Women's Mareo Boot, Black, 11 M US , Womens CHARLES BY CHARLES DAVID black ankle wedge boots sz. 7 $155 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Yves Saint Laurent Pink Purple Sz Suede Pumps Heels Saint Sz Heels 7 9a12542 - 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.

    Yves Saint Laurent Pink Purple Sz Suede Pumps Heels Saint Sz Heels 7 9a12542 - 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
    Yves Saint Laurent Pink Purple Sz Suede Pumps Heels Saint Sz Heels 7 9a12542
    Heels
    >
    ;