Never miss an update

Stuart Weitzman Women's Shoes Sz 29986 US 8B/Eu Pump mogochinese-29992 39 Black Suede Pump Slip On Block Heel faecf49




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: Excellent
Brand: Stuart Weitzman Occasion: Casual
Style: Pumps, Classics US Shoe Size (Women's): 8B
Color: Black EUR Shoe Size (Women's): 39
Heel Height: Med (1 3/4 to 2 3/4 in) Fastening: Slip On
Heel Type: Block Pattern: Solid
Material: Suede UPC: Does not apply
Never miss an update

Stuart Weitzman Women's Shoes Sz 29986 US 8B/Eu Pump mogochinese-29992 39 Black Suede Pump Slip On Block Heel faecf49 - blurrypron.com

    Stuart Weitzman Women's Shoes Sz 29986 US 8B/Eu Pump mogochinese-29992 39 Black Suede Pump Slip On Block Heel faecf49
    Stuart Weitzman Women's Shoes Sz 29986 US 8B/Eu Pump mogochinese-29992 39 Black Suede Pump Slip On Block Heel faecf49
    new STEVE MADDEN black patent open-toe T-strap platforms WEDGES shoes , Womens Shoes - Ivanka Trump - Cathy - Size 8.5M - NWB , Stuart Weitzman Pump - Flow on Vamp Tan Square Toe Suede Heels Womens 10MManolo Blahnik Slides Slip-on Mules Black Suede Kitten Heels Cut-out Sz 6.5 36.5NEW ELLIE BLACK STRAPPY PLATFORM HIGH HEEL SANDALS RHINESTONES 527-ADRIAN 10 - U , Calvin Klein Genoveva Kitten Heel Dress Pumps, Platinum, 7.5 US / 37.5 EU , SACHA LONDON IKU BLACK NUDE KD SUEDE SANDAL CORK PLATFORM 7 Worn Once , Womens Poetic Licence Hold Up Polka Dot Low Heel Party Court ShoesAnne Klein Melanie Pointy-Toe Kitten-Heel Pumps Womens Heel Shoes,Blk,6.5M,0507 , Walking Cradles Women's Matisse Pump, Bronze Leather, 8 XW US , Banana Republic Peyton Block Heel Ankle Strap Sandals in Black Leather Size 8.5 , Women Peep Toe High Heel Transparent Pumps Silver Ladies Wedding Party SandalsTod's Black Patent Peep Toe Platform Pump Size 7.5Authentic HENRY BEGUELIN Pour BARNEYS Beige Suede HAND-MADE Pumps Shoes 37 US-7 , Tommy Hilfiger Women's Chavella Sandal,Red,10 M USNWOB Women's Via Spiga Straped Sandals Red Size 8M Designed in ItalySteve Madden, ‘Opticall’ Platform High Heels, Size 7.5 , Walking Cradles Women's Heidi Pump, Bronze/Metallic Leather, 8 XW USSexy Ankle Cuff Peep Toe Platform Stiletto Sandals High Heels Shoes Adult WomenCarolina Herrera Womens Heels Size 38 8 Black Metallic Silver Tone Detail Buckle , JAMBU Touring Wedge Platform SHOES MARY JANES Black Suede SIZE 10 , Salvatore Ferragamo Sz 8.5 B Bow Pumps 2.5" Heel Career Black Italy Leather Soft , Stuart Weitzman Speedy Gold Cracked Kid Leather Evening Sandals Size 7M D2174/ , Elegant STUART WEITZMAN Black Silk Dress Pumps 7.5N , Rockport Total Motion Leather Pointed Toe Pumps, Women's Size 10W, Black DAMAGEDWILD ROSE MIXED-MEDIA PRINT PLATFORM PUMP SZ 10 NWB , Jessica Simpson Women's Cambredge Pump Natural Leopard Print 8 M US , Salvatore Ferragamo Kitten Heel Shoes Women Size 7 , Vintage Dada Supreme Womens Size 6 Black White Stilletto high heel sneaker Shoes
    Stuart Weitzman Women's Shoes Sz 29986 US 8B/Eu Pump mogochinese-29992 39 Black Suede Pump Slip On Block Heel faecf49 - blurrypron.com>Stuart Weitzman Women's Shoes Sz 29986 US 8B/Eu Pump mogochinese-29992 39 Black Suede Pump Slip On Block Heel faecf49 - blurrypron.com
    The FLEXX Women's Jump Ankle Boot, kaki Dakar, 9 Medium USMan's/Woman's Boot Born Timms Black Full Grain economic Has a long reputation Strong heat and heat resistance , Laredo Women's Bridget Western Boot, Tan, 9 M US , Man/Woman Lane Boots Women's Bliss Western Boot superior Has a long reputation cheap price , Womens Nike Lunar Charge Essential Size US 7 Brand New Never Been WornPIKOLINOS nude ladies leather ankle boots size 38 , Mr/Ms Authentic Fendi Ballerina Flats use Sufficient supply Perfect processingNIB Rebecca Minkoff Astro Too Suede Flat Loafer Shoes Sz 5 M Black Red $225Hush Puppies Trope Black Patent Mary Jane Walking Shoe (Women)Women's Pearls Peep Toe Slip On Stilettos Formal Cut Out Office Work Shoes Pumps , Mickael Kors Celadon Platform Gray Snake-Print Sandal Size 6.5 , Cole Haan Black Patent Leather Peep Toe Dress Casual Heel Shoes Women's 7 AAAlexandre Birman Taupe Crocodile Embossed Platform Wedge Sandal Heels Size 7 , Fashion Women's Pumps Pearl Tassels Rivet Block High Heels Party Casual Shoes SZ , Women Girl Rhinestones Sandals Fashion Summer Hollow Crystal High Heel Shoes New , Supra Skytop 1 Muska Size 9.5 Black Croc White , Nike Air Max Modern SE Team Red/Team Red Men's 844876-600 SZ 10.5Men's/Women's Nike Air Max Correlate Sz 10.5 Attractive and durable Used in durability Tide shoes listMens CONVERSE John Varvatos Gray Distressed High Top Sneaker Shoes 11 mens 13 woAsics Colorado Eigthy-Five RB Light Grey/Light Grey D604N 1313 Men's SZ 8.5 , Jordan Nike Men's Horizon Low Premium Basketball Shoe, Dark Grey/White-Hyper... , RARE NIKE DUNK HIGH PRO SB SEATTLE SEAHAWKS 11 DEEP ROYAL NOBLE GREEN 305050-402 , Original Swat 9" Tactical Police Military Waterproof Boots Leather 1320Men Rivet Spike Sequin Punk Rock Real Leather High top Board Street Party Shoes , Mens Slip On Loafers Leather Business Formal Dress Wedding Party Tassel Shoes szSkechers Flex Memory Foam Womens Comfort Shoes Flat Black Size 8 Atheltic Wear , Brand New Nike Dunk Low Women's Athletic Fashion Sneakers [317813 161]PUMA Kylie Jenner Fierce Core High Risk Red 188977-04 RIHANNA FENTY Wmns 8-8.5Golden Goose Private EDT Lilac Leather Glitter Sneakers Women's Shoes Size 39 M , Ralph Lauren Black Kidskin Leather Bootie, 8.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Stuart Weitzman Women's Shoes Sz 29986 US 8B/Eu Pump mogochinese-29992 39 Black Suede Pump Slip On Block Heel faecf49 - 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.

    Stuart Weitzman Women's Shoes Sz 29986 US 8B/Eu Pump mogochinese-29992 39 Black Suede Pump Slip On Block Heel faecf49 - 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
    Stuart Weitzman Women's Shoes Sz 29986 US 8B/Eu Pump mogochinese-29992 39 Black Suede Pump Slip On Block Heel faecf49
    Heels
    >
    ;