Never miss an update

Etienne Aigner Wos Shoes Pumps US Slip-on 7 Heels M Shoes Burgundy Leather Slip-on Heels Work Italy 4e3e868




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: Etienne Aigner Heels. Please See Photos.
Brand: Etienne Aigner Occasion: Wear to Work
Style: Pumps, Classics Width: Medium (B, M)
US Shoe Size (Women's): 7 Pattern: Solid
Color: burgundy Country/Region of Manufacture: Italy
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Fastening: Slip On
Material: Leather UPC: Does not apply
Never miss an update

Etienne Aigner Wos Shoes Pumps US Slip-on 7 Heels M Shoes Burgundy Leather Slip-on Heels Work Italy 4e3e868 - blurrypron.com

    Etienne Aigner Wos Shoes Pumps US Slip-on 7 Heels M Shoes Burgundy Leather Slip-on Heels Work Italy 4e3e868
    Etienne Aigner Wos Shoes Pumps US Slip-on 7 Heels M Shoes Burgundy Leather Slip-on Heels Work Italy 4e3e868
    Steve Madden leather open toe heel with side strapNWOT Nina New York Blue Heels,size 5 , Womens Patent Leather Open toe High Heel Stiletto Slingback Sexy Shoes US SZ9-14 , J.CREW Erin Suede Peep-Toe Heels Chili Pepper Red 9 , Mr/Ms Talbots Classic Taupe Pumps superior stable quality Speed ​​refundCasadei Beige Suede/canvas Strappy High Heel Sandals Size 8SCHUTZ Women's Salma Pump Prata Silver Cracked Leather Pointed Toe Dress Pumps , ENZO ANGIOLINI "Ciel" Black Satin Beaded Heels Sz 9.5M Comes with a purse.BCBGMAXAZRIA Bronze Leather Strappy Slingback Heels Size 8Bruno Magli Wos Heels US 8 Beige Leather Slip-On Peep Toe Work Italy 5553Lady Womens Gladiator Sequins Open Toe Stilettos High Heel Pumps Sandal ShoesPARIS HILTON Womens ADAYN Black Suede Heels US 7.5 (847564-026431)Heel Nine West Jabrina Espadrille Wedge Sandal Black SuedeWomens High Block Heel Buckle Summer Pump Fur Trim Ankle Straps Sandals Shoes wi , Silver Rhinestone Pageant Prom Bridesmaid Bridal Kitten Heel Sling Back ShoeJessica Simpson Red Maurina Platform Wedge Sandals Multi Baja Red Muse Snake 7.5 , Chic Women's Stilettos Pointy Toe Slip on Suede Ladies Shallow Mouth Heels ShoesNEW Ruby Shoo Miley Court Shoe Round Toe Grey Pink / Cream UK3-8 EU36-41 Bridal , Pretty *ANTONIO MELANI* Cream Metallic Patent Leather,Peep Toe,4" Pump/Heel, 9MWomens 8 8.5 38.5 Joan Helpern Signature Hand Made Italy Black Velvet Shoes PumpWomens Rainbow Color Ankle Strap Leather Shoes High Heel Party Stilettos SandalsIvanka Trump 'Oasia' Ankle Strap Suede Pumps Heels Shoes 7.5 Berry Red $129.95 , VINCE CAMUTO WOMEN'S DONNA HIGH HEEL PLATFORM SANDAL IN 8.5 M PURPLE NIB , NIB Missoni Women's Black & Brown Heels Shoes - Suede Chevron UpperMarco Santi Analisa Champagne Color Soze 8 , Gredos Womens Platform High Heels US 7 White Black Leather Slip-On spain , stylish women wedge high heel platform riding ankle boots punk high top shoes USBruno Magli "Italy" Gray/Croc Leather Sling Back Heels/Peep Toes - 6.5M - GR8!Ruby Shoo Khloe Sandals Shoes Sz 3 - 8 Red / Black & White Chunky Floral ,
    Etienne Aigner Wos Shoes Pumps US Slip-on 7 Heels M Shoes Burgundy Leather Slip-on Heels Work Italy 4e3e868 - blurrypron.com>Etienne Aigner Wos Shoes Pumps US Slip-on 7 Heels M Shoes Burgundy Leather Slip-on Heels Work Italy 4e3e868 - blurrypron.com
    $575 NEW Stuart Weitzman BACARI Bootie Ankle Boot Velvet Brocade Floral 8.5 , Fila J908R Capsule Red Navy White Men Running Shoes Sneakers Trainers FootwearAdidas Men Shoes Duramo 9 Training FitnessTrainers BB6917 Road Running New , BURBERRY MEN'S SHOES TRAINERS SNEAKERS NEW BLACK EBEBLUNDSTONE '318' ZIP SIDE WORK/SAFETY BOOTS WHEAT NUBUCK LEATHER STEEL TOE CAPNIKE WOMENS AIR ZOOM PEGASUS 35 GRIDIRON CARBON PINK SHOES 2018 **BEST SELLER , Men's/Women's sergio rossi 37.5 Every item described is available Online Human border , Christian Peau handmade cowskin black monkey boots, size 40 , Women's Helle Comfort Lidia Faux Reptile Mary Janes Shoes New Sz. 7.5 MSTEVE MADDEN DAMARA BLACK NUBUCK PEEP-TOE PUMP SIZE 9.5 , Burberry Quilted Khaki Buckle Heeled Sandal (39) , Aperlai st. Topez Strappy Sandals Heels Pumps size EUR40/ US 10 Retail $976+Gentlemen/Ladies Nike Hyperdunk 2017 University Red 11.5 Online Shopping Environmentally friendly retail priceMen's Brand New Puma x Sesame Street Basket Fashion Sneakers [363220 02]Adidas Men's CRAZY 8 ADV PRIMEKNIT Shoes Core Black BY3602 b , dead! VISION CAMO LO BK �~ RED vision from japan (1600 , Nike Mens Air Max 97 Premium QS Country Camo "USA" Olive/Black-Sand AJ2614-2052018 Newly Man Snow Boots Winter Waterproof Cloth PU Leather Shoes Wool Inner An , Man's/Woman's used Dr. Marten's M black *M59 Crazy price, Birmingham New in stock Preferential price , Mens Fashion Brogue Suede Tassel Flats Round Toe Slip On Loafers Dress Shoes 44Skechers Women's GOrun Forza 2 Running ShoeNIKE AIR PEGASUS+ 29 TEAM WOMENS/LADIES SHOES/RUNNERS/SNEAKERS/TRAINERS/SPORTSMen's/Women's NEW REEBOK WOMENS PRINT RUN 3.0 The color is very eye-catching Carefully selected materials German Outlets , Women Adidas B49560 marathon 10 TR Running shoes navy grey white sneakersStetson Women's Adriana Wool Riding Boots size 10.5 , Very Volatile Women's Montez Western Boot - Choose SZ/Color , Elegant Ladies Pumps Riding Shoes Womens Block High heels Ankle Buckle Boots , Bare Traps Womens Brinda Leather Closed Toe Mid-Calf Fashion Whiskey Size 8.0Nine West Womens Idelle Boot- Pick SZ/Color.Frye Women's Mindy Monk Sneakers Grey 11 M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Etienne Aigner Wos Shoes Pumps US Slip-on 7 Heels M Shoes Burgundy Leather Slip-on Heels Work Italy 4e3e868 - 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.

    Etienne Aigner Wos Shoes Pumps US Slip-on 7 Heels M Shoes Burgundy Leather Slip-on Heels Work Italy 4e3e868 - 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
    Etienne Aigner Wos Shoes Pumps US Slip-on 7 Heels M Shoes Burgundy Leather Slip-on Heels Work Italy 4e3e868
    Heels
    >
    ;