Never miss an update

Kenneth Cole New York Womens orgubengu-19370 5.5 Lex Leather Open Toe Ankle, Ankle, Rose/Suede, Size 5.5 lV 4c93140




Item specifics

Condition: New with defects :
A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour variations to scuffs, cuts or nicks, hanging threads or missing buttons that occasionally occur during the manufacturing or delivery process. The apparel may contain irregular or mismarked size tags. The item may be missing the original packaging materials (such as original box or tag).  New factory seconds and/or new irregular items may fall into this category.  The original tags may or may not be attached. 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: Heel has minor stain / Please refer to item images for views of blemish.
Brand: Kenneth Cole New York Material: Leather
Style: Pumps, Classics Occasion: Casual
Width: Medium (B, M) US Shoe Size (Women's): 5.5
Color: Pink Fastening: Buckle
Heel Type: Block Pattern: Solid
UPC: 883465275103
Never miss an update

Kenneth Cole New York Womens orgubengu-19370 5.5 Lex Leather Open Toe Ankle, Ankle, Rose/Suede, Size 5.5 lV 4c93140 - blurrypron.com

    Kenneth Cole New York Womens orgubengu-19370 5.5 Lex Leather Open Toe Ankle, Ankle, Rose/Suede, Size 5.5 lV 4c93140
    Kenneth Cole New York Womens orgubengu-19370 5.5 Lex Leather Open Toe Ankle, Ankle, Rose/Suede, Size 5.5 lV 4c93140
    Stuart Weitzman Womens Ivory/pearl Heels 9 MWomen GOthic Buckle Strap Retro Pull On Ankle Boots Punk Leather Winter Shoes , Badgley Mischka Women Silver Black Open Toe High Heels Slingback Shoes Sz 7.5 M , Aldo New Belidda Red Womens Shoes Size 6 M Heels MSRP $90 , Steve Madden Santi Gold Womens Shoes Size 7.5 M Heels MSRP $109 , Kurt Geiger SZ (8) Black Leather Stilettos W/Pointy Toe & Bow Detail $189Men's/Women's Bar III Sabrina Women's Heels Flame Long-term reputation Various types and styles business , Rose Petals by Walking Cradles Women's Lissa Ankle Strap Sandal , Pointy Toe Stilettos Sparkling Sequins High Heels Shoes Slip On Sexy Shoes lady , BURBERRY Size 9.5 Metallic Gold Check Heel Slide SandalsCalvin Klein MADLENKA Black Patent Leather Strappy Mary Jane Heels Size 8 EUC , Gianna Meliani Italy Gold Copper Ankle Strap Woven Wedge Sandals Heels 39 9 , Gentleman/Lady VICTORIAN-03 economic a good reputation in the world Cheap order , New Lady Pointy Toe Buckle Strap Leather Shoes Slip On Sitilettos Low Heels ShoeNIB - VINCE CAMUTO 'VC-LAVETTE' Women's COLOR Material SUEDE BOOTIES - US 8 MDolce Vita Beige Snake Print Leather Pumps Women's Heels Shoes Size 8.5 M* , Simply Vera Vera Wang Budapest Sandals Size8 Black Velvet Jeweled Block Heel , Fashion Women Ladies Rivets Pointed Toe Stiletto Pumps Patchwork Party ShoesSalvatore Ferragamo Womens Shoes Size 7.5 B Brown Suede Leather Low Heel Loafer , Nine West Womens Pump Suede Round Toe Shoe High Heel Dark Brown Size 8 M Korinne , PINUP MONROE-05 Sexy Flared Rhinestones Heel Retro Shoes Women Pink SlippersMan/Woman Nine West Women's Hyda Pump Innovative design stable quality Acknowledgement feedback , VTG WALTER STEIGER WOMENS BLACK & GOLD MESH BOOTIES/SHOES 'SAFROU' S~81/2 APU High Heels Lady Sandal Shallow Pump Women Basic Sandals Solid Colors Slip On , New Women Round Toe Leather Platform Wedge Heels Shoes Buckle Strap Loafer sizeBlowfish Women's San Fran-B Brown Autumn Leopard Micro Delux 8.5 M US MGentleman/Lady VICTORIAN-03 Reliable quality Known for its good quality Elegant and stable packaging , Escarpins FREE LANCE Tout Cuir Noir Bronze Marron FREE LANCE T 39 BEPINUP MONROE-05 Flared Rhinestones Heel Retro Shoes Women Champagne Slippers
    Kenneth Cole New York Womens orgubengu-19370 5.5 Lex Leather Open Toe Ankle, Ankle, Rose/Suede, Size 5.5 lV 4c93140 - blurrypron.com>Kenneth Cole New York Womens orgubengu-19370 5.5 Lex Leather Open Toe Ankle, Ankle, Rose/Suede, Size 5.5 lV 4c93140 - blurrypron.com
    Aerosoles Women's Boldness Winter Boot,Black,10 M US , Maison Margiela heels zipped ankle boots in black Leather Size US 11 -Mizuno Wave Rider 19 W [J1GD160319] Running Green/Silver-GreyJerome C. Rousseau Delair Beaded Slide Sandals 653, Black/White, 8 US / 38 EUWomens MARNI ITALY Calf Fur Hair Leather Slides Mules Shoes BROWN 37.5 / 7Gentlemen/Ladies HERMES Shoes 597526 BeigexBlue 35 Excellent value excellent Reliable reputation , Manila 7508A Women Black Leather Loafer_New Arrival , NEW Latigo Brown Beige Suede Leather Cali Wooden Clog Strap Sandals Sz 9 , Anthropologie Minda living fringe coin slide Sandals Size 8NIB Women Shoes Size 9 Fit Flop Glitzie Wedge Sandal Gray White Color Rhinestone , ciabatta open shoe leather buckle camel art M2418 extra large Loren , New Balance Women's Wx711 Ankle-High Mesh Running Shoe , Puma Shoes S Vulcanized Classic Canvas Gray Sneakers Size 8 , Nike Air Max Prime SL 876069 601 Team Red-Dark Grey Brand New Size 10 , Converse Pro Leather 76 Ox Classic Low Top Leather Shoes White 155320C All Sizes , Nike Men's Air Max Zero Se Running Shoe , Adidas Campus Black White Silver Gum BZ0071 sz. 10.5 US MEN / Casual / WalkingMen's AIR JORDAN XXXI 845037-007 Black Royal White 31 848629-007 Size 7Nike Air Jordan Trainer ST Gym Red Infrared 23 Grey Men's Shoes 820253-620Adidas AdiDry Waterproof Shoes Men Size 8.5Nike Romaleos 2 Weightlifting Sz 12.5 100% Auth. Powerlifting Volt 476927 700 , Nike Air Jordan 13 Retro XIII 2015 Low Hornets 310810-107 Size 10Nike React Element 87 Blue Chill Solar Red Size 8.5 AQ1090-006Skechers for Work Mens Flex Advantage Slip Resistant Oxford SneakerReebok Size 6.5 M W30107 Black Leather Fashion Sneakers New Womens Shoes NWOB , Mizuno Wave Rider 20 D Wide Blue Silver Women Running Shoes Sneakers J1GD1706-0324 PAIRS WHOLESALE WOMENS RED CORAL CANVAS SHOES SNEAKERS SIZES 6-11 S324LVince Camuto High Fashion Boots, Leather Gold Studded BOOTS, 6M Retail $170 NWT , Women Bearpaw Haille Boot 2031W 011 Black Suede 100% Authentic Brand New , FitFlop Womens Superchelsea Slip-on Pump, - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Kenneth Cole New York Womens orgubengu-19370 5.5 Lex Leather Open Toe Ankle, Ankle, Rose/Suede, Size 5.5 lV 4c93140 - 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.

    Kenneth Cole New York Womens orgubengu-19370 5.5 Lex Leather Open Toe Ankle, Ankle, Rose/Suede, Size 5.5 lV 4c93140 - 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
    Kenneth Cole New York Womens orgubengu-19370 5.5 Lex Leather Open Toe Ankle, Ankle, Rose/Suede, Size 5.5 lV 4c93140
    Heels
    >
    ;