Never miss an update

Bottes T. Vintage 1982 "Bordeaux" - LYDIA Italie --- LYDIA T. Italie 39 78bee92




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Couleur: Marron
Numéro de pièce fabricant: Non applicable Type de chaussures: Bottes/Bottines
Pointure: 39 Objet modifié: Non
Marque: LYDIA Style: Mode, genou
Hauteur du talon: Plus de 7 cm Couleur dominante: Bordeaux
Matière: Cuir Hauteur des talons: Hauts (> 7 cm)
Pays de fabrication: Italie Matière de base: Cuir
EAN: Non applicable
Never miss an update

Bottes T. Vintage 1982 "Bordeaux" - LYDIA Italie --- LYDIA T. Italie 39 78bee92 - blurrypron.com

    Bottes T. Vintage 1982 "Bordeaux" - LYDIA Italie --- LYDIA T. Italie 39 78bee92
    Bottes T. Vintage 1982 "Bordeaux" - LYDIA Italie --- LYDIA T. Italie 39 78bee92
    54162 auth ALEXANDER MCQUEEN black leather CUT-OUT Boots Shoes 39.5 , YSL boots rrp $1779 k. Sz 38 , Alaia Embroidered suede ankle boots Size 36.5 new in box , Vetements Light Blue elastic Boots with Lighter Heel Size US 9 -Prada Boots Brown Knee High Classic (size US 9.5) , Christian Louboutin Purple Suede Belfeconica Flame Ankle Booties UK5 EU38 US7.5BN ALEXANDER WANG 'kirby leather ankle boots' black smooth silver high heels 37*** BALENCIAGA - Talon Mirrored Silver Leather Ankle Boots 38 , Vetements Black Leather ‘Lighter’ Boots Size 36Authentic Gianmarco Lorenzi New Leather Italian Designer Boots Sizes 9,10 , Dolce&Gabbana women's italian fashion ankle boots in black calf leather , Lucchese Bootmaker Womens N4554-54 Chocolate Burnished Mad Dog Goat Cowboy Boots , Gianvito Rossi Nappa Leather Stiletto Over The Knee Thigh Boots EU38.5/39 $1,760 , BNIB RARE GUIDI LEATHER DISTRESSED HIKING BROWN BOOTS CALF FUR LINING sz 37EUPRADA WOMAN WINTER HIGH KNEE BOOT LEATHER CODE 1WP044AUTHENTIC CHRISTIAN LOUBOUTIN BACK ZIP POINTED TOE LONG BOOTS GRADE A USED -AT , GIVENCHY women shoes Red leather ankle boot straps buckles studs BE08143124600CHRISTIAN LOUBOUTIN Black Leather Studded Marisa Boots Sz 36.5 US 6.5New in Box Sergio Rossi Ladies Black & Gold Leather Ankle Boot A78931Giuseppe Zanotti Women's Studded Platform Ankle Bootie 8.5 US/ 5.5 UK / 38.5 EUDOLCE & GABBANA RUNWAY Flat Studded Over the Knee Nappa Boots RODEO Black 04841 , FREE SHIPPING AUTHENTIC CHRISTIAN DIOR LEATHER DISTRESSED COWBOY BOOTS , FENDI FENDISTA PLATFORM BOOT SIZE 38 GRAY BLACK LEATHER EEUC53301 auth ETRO brown suede & leather EMBROIDERED Mid-Calf Boots Shoes 38 , Stuart Weitzman Womens Alljack Suede Block Heel Boot Black Suede Knee High Boots , DOLCE & GABBANA Nappa Patent Leather Snakeskin Ankle Boots VALLY Green 05991 , Stuart Weitzman Women's Cling Stocking Bootie in Suede Scarlet Suede Ankle BootsNEW rare Maison Margiela Tabi silver sequin mirror boots split toe EU38Lucchese Bootmaker Women's Dolly 5 Toe Cowboy Boot Barnwood Burnished Ostrich
    Bottes T. Vintage 1982 >Bottes T. Vintage 1982
    Womens Gladiator Leather Mid Calf riding Boots motorcycle Retro Spike Roman chic , Stuart Weitzman Open Toe Booties 10M INANDOUT , Womens White Wedding Western Cowgirl Boots Bridal Rhinestone Embroidery Snip ToeGentleman/Lady New Authentic Burberry Rainboots Size 40 Beautiful color Win the praise of customers Various latest designsASICS 190 TR GRANITE GREY MENS CROSS-TRAINING SHOES US 10 4E **FREE POST AUST , Salvatore Ferragamo Womens Pumps size 7 AAA Black Brown Leather HeelsPedro Garcia Shoes 582130 Black 35 1/2MOT-CLe 696 Burgundy Velour / Leather Round Toe Block Heel Pumps 37.5 / US 7.5Adidas Stan Smith AdiColor Yellow S80247 Men's SZ 11 , Asics Fuzor Mens Runner (D) (9001) + Free Australia DeliveryPuma Cell Regulate Tech Men's Running Training Shoes SneakersPUMA Blaze Cage Han X Han Kjobenhavn Men's Size 8 Athletic Shoes White Tan , Mr/Ms MEN’S NEW BALANCE LIFESTYLE SHOES MS247TW Special price Fast delivery renewed on time , Adidas NMD R1 Footlocker EU Exclusive AQ4498 US 8.5-13 Europe FL Black Red Nomad , Tony Lama Men's 3R Work Boots Tan Comanche RR3300 Comp. Toe Waterproof Sz 10.0DVans Men Women Unisex Shoes Classic Slip-On Black Pewter Checkerboard Shoes , Sears Vtg 50's Engineer Biker dbl strap Cleats & Hard Toe Boots 8 1/2 D Red TagSheepskin Slipper House Shoes Moccasin with sole,100% natural for Men and WomenMt. Emey Men's 888 Black Shoes for Diabetics Extra Wide Sizes 7-11 US NEWNew Eastland Metro Derby tan leather men's shoes size 10ASICS GEL-Kayano 23 Running Shoes, Women's - Size 9.5, Blue/Mint/PinkWomens Reebok CrossFit Nano Speed V53929 Cherry Mesh Cross Training Shoes Size 8 , New Olukai 20271 TZER Pehuea Dusty Olive / Palm Women's Slip On Shoes 8.5 USNew Balance Fresh Foam 1080v8 Sz 10 M (B) Women's Running Shoes W1080PC8Adidas Shoes EQT Support ADV Womens CP9689 St Major Green Running Shoes Size 9.5 , HOGAN REBEL WOMEN'S SHOES HIGH TOP SUEDE TRAINERS SNEAKERS R182 BLUE 197 , Winter Clubwaer Ankle Boot Women Shoe Pointy Toe Falt Sexy Simple Comfort PullOnNEW TONY BIANCO DIDDY BOOT / 9 , Jellypop Women's Jamine Ankle Bootie, Taupe Distress, 5 M US , New $149 Steve Madden Awsum Leather Ankle Short Studded Cowboy Boot Stone 6 Heel
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Bottes T. Vintage 1982

    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.

    Bottes T. Vintage 1982 "Bordeaux" - LYDIA Italie --- LYDIA T. Italie 39 78bee92 - 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
    Bottes T. Vintage 1982 "Bordeaux" - LYDIA Italie --- LYDIA T. Italie 39 78bee92
    Boots
    >
    ;