Never miss an update

B35 Tristan Wedge Knee Knee High Boots 965, Black, 9 9 Wedge US 1f21f7e




Item specifics

Condition: New without tags :
A brand-new, unused, and unworn item that is not in original retail packaging or may be missing original retail packaging materials (such as the original box or bag). The original tags may not be attached.See all condition definitions- opens in a new window or tab
Seller Notes: Display Shoe. Light scuffs in material of both shoes. The images shown are of the actual shoes for sale.
Brand: B35 Heel Type: Wedge
US Shoe Size (Women's): 9 Pattern: Solid
Colour: Black Heel Height: High (3 in. and Up)
MPN: Tristan Width: Medium (B, M)
Style: Knee High Boots Shade: Black
Material: Leather UPC: 706256630236
Never miss an update

B35 Tristan Wedge Knee Knee High Boots 965, Black, 9 9 Wedge US 1f21f7e - blurrypron.com

    B35 Tristan Wedge Knee Knee High Boots 965, Black, 9 9 Wedge US 1f21f7e
    B35 Tristan Wedge Knee Knee High Boots 965, Black, 9 9 Wedge US 1f21f7e
    Report Gwyneth Over-The-Knee Boots 967, Black, 7.5 US , I35 Fawne Flat Riding Boots 443, Chocolate, 7.5 US , Easy Street Carlita Riding Boots, Brown, 8.5 W US , Aerosoles My Time Combat Boots 341, Grey, 10 USBCBGeneration Rough Ankle Strap Casual Ankle Boots, Black, 5.5 US / 35.5 EU , Red Carpet Black Leather Boots Women’s Shoes size 38Steve Madden Logic Ankle Boots 311, Grey Suede, 8 US , New Arrival! Mollini GYRO BLACK leather ballet flat! RRP149! SALE!Stylish&Comfy!Khombu Ashton Cold Weather Tall Boots, Black , JBU by Jambu Lorna Cold-Weather Boots, Herringbone Black , Carlos by Carlos Santana Hazey Over The Knee Slouch Boots, BlackRockport Gail Zip Bootie Classic Ankle Boots, Black, 8.5 US / 39.5 EUKenneth Cole REACTION Pil Age Ankle Booties, Rust Suede, 8.5 US / 39.5 EU , Marc Fisher Felissa2 Knee High Riding Boots, Gray, 7.5 US Display , Marc Fisher Dolca2 Mid-Calf Motorcylcle Boots, Black, 5 US , Men's/Women's Zensu ankle boots Outstanding features In short supply a wide variety of goods , Zoe + Luca Ringo Ankle Boots 363, Gray, 6.5 USI35 Fawne Flat Riding Boots 075, Chocolate, 10 USNine West Quilby Buckle Ankle Boots, Dark Grey, 5 USFranco Sarto Barrett Ankle Booties, Black, 10 US / 40 EUI35 Taytee Block Heel Dress Ankle Boots 647, Snake Tan, 7.5 USnaturalizer Haley Slip Resistant Ankle Boots 393, Oxford Brown, 11 US , Gentlemen/Ladies A35 Jadah Riding Boots, Cognac Consumer first Price reduction Human border , Lucky Brand Eesa Block Heel Pull On Ankle Booties 527, Brindle, 5.5 US / 35.5 EU , Aerosoles Bravery Wedge Fleece Lined Winter Boots, Grey, 10.5 US , ZOMP 2 Baia Vista brogue black leather 39 8G.H. Bass & Co. Naomi Chelsea Boots 758, Tan, 7.5 USNew Arrival! Mollini MARSY BLACK LEATHER open toe sandals! RRP139!SALE!!Classic , I35 Fedee Harness Strap Riding Boots 048, Cognac, 7.5 US ,
    B35 Tristan Wedge Knee Knee High Boots 965, Black, 9 9 Wedge US 1f21f7e - blurrypron.com>B35 Tristan Wedge Knee Knee High Boots 965, Black, 9 9 Wedge US 1f21f7e - blurrypron.com
    JEFFREY CAMPBELL CRUS BROWN LEATHER BOOT SIZE 7.5 , Genuine Ostrich Ballet Flats Pink 6 1/2 Made in Italy Giorgios Of Palm Beach EUC , Globe Tilt Mens Trainers Black Red New Shoes , Caprice ladies black leather knee high boots, /BNWB , Nurse Mates Womens Fleet, Black, Size 9.0 evBQ , Gentleman/Lady Bernie Mev Women's Shoes 39 Great variety Order welcome valueSalvatore Ferragamo Black Suede Loafers Size 10.0 AA , New Womens Wedding TRANSPARENT High Heels Fashion Stilettos Clear Shoes Pumps ChVionic Cancun Sandals Black Leather Orthaheel Ankle Strap Platform Wedge Sz 8 , Finn Comfort Jamaica Sandal Slide Black Leather Germany Women’s US 10 , Men's Sz 11.5 Nike AIR MAX FLAIR SE Navy/Obsidian Blue Running Shoes AA4084 400 , Nike Free 4.0 Print Running Men's ShoesNike Field General 2 Black vivid Purple Volt Blue Lagoon 749310 057 , **LATEST RELEASE** Asics Gel GT 1000 7 Mens Running Shoes (4E) (021) , NIKE KYRIE 2 - KYRACHE - SIZE 12 US - BRAND NEW - HUARACHENike Jordan Melo M12 Basketball Shoe Mens Size 18 Black 827176-030 Round Toe Newadidas Ultra Boost 3.0 LTD Chrystal White Chrystal White Silver Size 4ADIDAS X END YUNG 1 'ATMOSPHERE' ASH SLIVER, WHITE & BLUE UK SIZE 11 G2763525Wolverine 1000 Mile Boots Mens Size 10 M Cromwell Chelsea Olive Suede W40422Magnanni 'Enzo' Wingtip Boot - Brown Leather - 7.5 M - 15213 (C51) , Men Casual Shoes Diesel S-Naptik Leather Fashion Sneakers Black P1040 T8013 , Genuine Grip Footwear Men's Slip-Resistant Jogger Black Leather Water Resistant , Ecco Iowa Casual Shoes - Men's Size 7/7.5, BlackNike Air Force 1 AF1 Bobbito Premium 2007 sz 12 Cool Bob Love , Top Sider Boat Moc Made by Sperry Yacht Club Boat Moc Men Sz 12 BlueALLEN EDMONDS MENS BLACK SPLIT TOE APRON SIZE 11.5/44-5 M BRADLEY..VANS Sk8 Hi Decon (Cutout) Leaves White Leather Women's Skate Shoes , WOMENS FRYE MELANIE SLIP ON FLATS SHOES SZ 10 3471247 NEW W/O BOX AQUAWomen New Shiny Sequin Mid Calf Boot Side Zipper Leather Pointy Toe Bow StilettoLucky Brand Women's Eesa Ankle Bootie - Choose SZ/Color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    B35 Tristan Wedge Knee Knee High Boots 965, Black, 9 9 Wedge US 1f21f7e - 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.

    B35 Tristan Wedge Knee Knee High Boots 965, Black, 9 9 Wedge US 1f21f7e - 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
    B35 Tristan Wedge Knee Knee High Boots 965, Black, 9 9 Wedge US 1f21f7e
    Boots
    >
    ;