Never miss an update

CÉLINE PHOEBE CÉLINE PHILO T-STRAP BLACK LEATHER & & BLACK SUEDE SANDALS 9e3102b




Item specifics

Condition:
New with defects: A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour ... Read moreabout the condition
Style: Sandals
Color: Black Heel Height: High (3 in. to 4.5 in.)
Brand: Celine US Shoe Size (Women's): US 6/UK 4/EU 36.5
UPC: Does not apply
Never miss an update

CÉLINE PHOEBE CÉLINE PHILO T-STRAP BLACK LEATHER & & BLACK SUEDE SANDALS 9e3102b - blurrypron.com

    CÉLINE PHOEBE CÉLINE PHILO T-STRAP BLACK LEATHER & & BLACK SUEDE SANDALS 9e3102b
    CÉLINE PHOEBE CÉLINE PHILO T-STRAP BLACK LEATHER & & BLACK SUEDE SANDALS 9e3102b
    PRADA SHOES - Black High Heels Peep-toe Sandal - NewDr.Martens Ramsey II Leather Womens Mens Low Profile Unisex Shoes , Gentlemen/Ladies Christian Louboutin Pumps Size 39 Comfortable feeling a wide range of products Known for its excellent quality , JIMMY CHOO Romy Glitter Pump sz 37Gentleman/Lady swedish hasbeens size 38 High grade Beautiful appearance Easy life , Gentleman/Lady JIMMY CHOO Bethan Pump sz 8 Easy to clean surface Comfortable touch various kindsNIB Jimmy Choo PINE gold watersnake sandals, sz. 36.5Valentino Garavani Rockstud Black Patent Leather 10cm Pumps EU Size 37 , Manolo Blahnik Size 8 Iparapump grey heelsAuthentic MANOLO BLAHNIK Hangisi Champagne Glitter Size 38Mr/Ms Matisse Women's Russo Mule Elegant shape Quality First Easy life , Womens Casual Roma Gladiator Sandals Boho Woven Beach Shoes Wedge Low Heels Shoe , Unisa Slip On Shoes Sandals Closed Toe Beige Canvas Material Size US 9AA Boho , Ted Baker Women's Beaulup Flip-Flop, - Choose SZ/Colorcrocs Womens Sanrah Strappy Wedge Sandal- Pick SZ/Color.Trina Turk Women's Bellota Dress Sandal, Coral, 7.5 M US , COLE HAAN G SERIES ESPADRILLE 4 IN WEDGE COPPER LEATHER WHEAT LINEN SZ 10 NEWadidas Adilette Comfort Chalk Coral White Women Sports Sandals Slides B43528 , Jack Rogers Sparkle Alana Jelly Flip Flops Size 11Naot Metallic Ankle Straps Flower Sandals Sz US 7STUART WEITZMAN Black Patent Leather Peep Toe Slingback low Platform Sandals 8.5NEW - BirkenStock Women's Gizeh Stone Thong Sandal - Pick SizeGentleman/Lady Teva Original Crafted Leather Black Sandal Queensland Clearance fineAzura Cork Suede Wedge Sandals Shoes 42 Italy PlatformDansko Mirabelle Strappy Clog Sandals - Ankle Strap Brown Wedge Womens 38, 7.5/8 , Rockport Brown Suede Leather Comfort Walking Sandals 10 W NEWNEW VINCE CAMUTO KAYANNE BLACK SUEDE JEWELED DRESS SANDALS SZ 7.5Cute Sexy Stylish Ankle Strap Blue Strobe Orb Black Sandals Shoes Adult WomenKEEN Newport H2 Girl's Sandals Purple Periwinkle Water Size 5 Waterproof ,
    CÉLINE PHOEBE CÉLINE PHILO T-STRAP BLACK LEATHER & & BLACK SUEDE SANDALS 9e3102b - blurrypron.com>CÉLINE PHOEBE CÉLINE PHILO T-STRAP BLACK LEATHER & & BLACK SUEDE SANDALS 9e3102b - blurrypron.com
    Ivanka Trump Rylee Block-Heel Over-The-Knee Boots sz:8M , OLD GRINGO EAGLE "G" Winter Boots Size 7.5 woman ( NARROW)Isabel Marant Brown Black Calf Hair Tiger Striped Ankle Boots SZ 41Man's/Woman's AS 98 Rascal Sandal Best-selling worldwide Cheaper than the price Highly appreciated and widely trusted in and out , WOMENS LADIES ZIERA KUMPF LEATHER/SUEDE ORTHOTIC WEDGE SHOES SZ 37.5 RRP:$229 , Nina Armando Dianne – Brown Ballet Flats , Tory Burch Blossom Ballet Flats Royal Tan Flower Brown Size 6.5 M NewNatural Soul Women's Original Flat Denim Fabric/Ecomicro Comfort ShoesNaot 37 US 6 Leather Women's Sassy SandalsNIKE FREE OG '14 CITY QS Dark Base Grey/Geyser GREY SZ MEN'S 7 , DC Men's Shoes "Mike MO Capaldi Glassy" Ocean(OCE) w/sunglasses model ADYS700053Gentlemen/Ladies adidas Men's Questar Tnd Running Shoe Great variety At a lower price buy online , Nike Air Zoom Oscillate XX White & Black Red Tennis Shoes Sz 6.5 NEW 918195 100 , Nike Jordan Fly '89 Light Bone/Metallic Gold NIB Size US 12 Men's 940267 022Nike Hyperdunk 2014 TB Mens Red/Silver/Crimson Basketball Sneakers size 13.5 , Adidas Revenge Boost Energy Mesh Running Shoes M18665 Size 8.5 $140 , Lowa Men's Cadiz Casual Shoe Olive/Mustard 310777 Choose Size NIBNew Balance Minimus 10 Size 9.5 2E WIDE Men's Trail Running Shoes MT10GGNike Special Field SF Air Force 1 Triple Black 864024-003 AUTHENTIC Size 11.5NIKE AIR JORDAN 9 RETRO WHITE-YELLOW-CONCORD SZ 15 LAKERS!! [302370-121]BNIB AUTHENTIC PRADA WHITE & NAVY LEATHER TRAINERS SNEAKERS SZ US 10 , JIMMY CHOO Men's Shoes 828666 Brown 40 , Skechers Men's Relaxed Fit Corven Espino Slip-OnTaupeUS 7.5 MSkechers 22544 Sport Womens Breathe Easy Good Luck Fashion Sneaker,BlackAUTHENTIC ASICS GEL- LITE III H478L 4101Bottes RIEKER Cuir Gris Taupe T 37 Excellent Etat avec Un Défaut , GUESS Women's Tafn Knee-High Riding Boots, Black Multi Leather - Size 5.5M , women's shoes 2 STAR 7 () ankle boots green black leather glitter BX373-37Guinea Fowl Boots Womens | Bird Lovers Ladies Hand-crafted Shoes , CLARKS Women's Enfield Canal Boot, Black Suede, 8 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    CÉLINE PHOEBE CÉLINE PHILO T-STRAP BLACK LEATHER & & BLACK SUEDE SANDALS 9e3102b - 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.

    CÉLINE PHOEBE CÉLINE PHILO T-STRAP BLACK LEATHER & & BLACK SUEDE SANDALS 9e3102b - 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
    CÉLINE PHOEBE CÉLINE PHILO T-STRAP BLACK LEATHER & & BLACK SUEDE SANDALS 9e3102b
    Heels
    >
    ;