Never miss an update

Steve Madden Busy Open Cognac Leather Women's 29991 Steve Open toe wedge heel 17f8734




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Model: Busy
Toe: Open toe Style: Heels
Closure: Ankle strap with buckle closure Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Upper: Leather US Shoe Size (Women's): Various
Design: Open-toe Material: Leather
Color: Cognac Leather Width: Medium (B, M)
Occasion: Casual Gender: Female
Brand: Steve Madden Weight: .75lbs
Heel Type: Wedge
Never miss an update

Steve Madden Busy Open Cognac Leather Women's 29991 Steve Open toe wedge heel 17f8734 - blurrypron.com

    Steve Madden Busy Open Cognac Leather Women's 29991 Steve Open toe wedge heel 17f8734
    Steve Madden Busy Open Cognac Leather Women's 29991 Steve Open toe wedge heel 17f8734
    Viktor & Rolf Black Leather Pump with Geometric Heel Size: 39 EUR, 9 USAravon Elizabeth Black Leather Dress Pump AAE0213K , Gentleman/Lady Ivanka Trump Pump Heels Shoes use comfortability Elegant and robust menu , Cole Haan Justine 55mm Pumps - Women's Size 8.5 B, BlackCopa Tunis Jon Josef Leather Wedge Pump , Pleaser KISS-208DAS/C/M Womens Kiss-208DAS Platform Sandal- Choose SZ/Color.Pleaser SEXY-20/HP Womens Sexy-20/HP Pump- Choose SZ/Color. , DKNY Elie Pointed-Toe Mid Pumps, Natural Snake, 9.5 US / 40.5 EU , Eclipse 601DM Clear / Pewter Chrome CutOut Rhinestone Slide Shoe 6" Heel Size 11Man's/Woman's schutz shoes 9.5 superior Latest styles retail priceKenneth Cole Brooke Ankle Strap Heels 619, White, 6 US / 36 EUWomen's BCBGeneration CEECEE High Heel Slingback Pumps Black Patent Size 6.5 , naturalizer Rhea Square-Toe Comfort Heels, Bordo LeatherManolo Blahnik Brown Suede Low Heels/Shoes Size 38.5 RET $565 , PLEASER Sexy Extreme Tall Clear Platform Slip On 9" High Heels Stripper Shoes , New ASH Chloe Classic Pumps Gray Pony Hair Leopard Print Heels Sz 41 US 10.5Yves Saint Laurent Womens Shoes Heels US 6.5 M Black Floral Fabric Slip-on 5127Kenneth Cole 'Reaction' Dark Red (Elegantly Jeweled)-Women's Shoes: Size 8 1/2MPour La Victoire Womens Celeste Closed Toe Classic Pumps, Brown, Size 9.0 Bib4Loeffler Randall Emi Silver Womens Shoes Size 6 M Heels MSRP $325 , Dolce & Gabbana Pink Satin/Python Slingback Sandals/Heels/Shoes Size 37.5Cole Haan Women's Rosalind Wedge Sandal Size 7.5 Optic White Leather Retail $170Roberto Cavalli Red Leather Bow Ankle Strap Bootie Sz 39/ US 9~RTL$595 , Calvin Klein Womens Madlenka Closed Toe Ankle Strap, Black Patent, Size 7.0 nPK4DT13 FABI US 11 shoes brown leather women pumps , Kenneth Cole Brooke Ankle Strap Heels 385, Gold, 5 US / 35 EU , New Lolita Mary Jane Womens High Heels Platform Bowknot Cosplay Party Shoes Size , Gentleman/Lady NUMBER TWENTY-ONE Shoes 545652 Beige 23cm The color is very eye-catching Year-end sale Direct business , RTBU 18cm Stiletto Hi Heel Wrap Ankle Sharp toe Mary Janes Beige Nude
    Steve Madden Busy Open Cognac Leather Women's 29991 Steve Open toe wedge heel 17f8734 - blurrypron.com>Steve Madden Busy Open Cognac Leather Women's 29991 Steve Open toe wedge heel 17f8734 - blurrypron.com
    Frye Phillip Back Zip Short Boot Bootie Boot Size 11 B , Henry Beguelin Riding Boots Brown Leather Buckle Knee High 37 1/2 US 7 1/2, EUCJerome C. Rousseau Jiro Pointed Toe Ankle Boot Black Calf New with BoxNew Balance NB MX818BK2 2E 2017 Lightweight Cross Training Shoes Black/WhiteNew Valentino Garavani Suede Rockstud Boots Size 36.5 / Retail US$1,395 , Fly London Ladies SHIN054FLY Goretex 100% Waterproof Brick Red Rug Leather Boots , Womens AGL 211812 Pink Snake Print Leather Cap Toe flats Sz. 37 NEW!Banana Republic Women's Black Beige Open Toe Suede Italy Shoes Sandals Size 7.5$1,400 Ralph Lauren Purple Label Collection Womens Italy Blinda Suede Jewel Heel , womens open toes flat heels crystal chunky heel rabbit fur buckle mules slippersNIKE FLEX 2017 RN RUNNING SHOES MENS SIZE 10.5 NEW 898457-401 SKY BLUE , UNISEX CONVERSE LEATHER CHUCK TAYLOR ALL STAR HI STREET SNEAKERS KEDS 157471C SZ , Nike Air Max 90 Ultra 2.0 Essential Triple Black Men’s 875695-002 Size 8 , Nike Air Max 90 Leather Mens 302519-400 Blue Void Ashen Running Shoes Size 8Nike Air Max 90 Essential Mens AJ1285-101 Blue Recall Yellow Shoes Size 9.5 , 5.11 Tactical Men's XPRT 2.0 Tactical Urban Black , Nike Kyrie 1 What The Size 12 Brand New What The Kobe 8 Inspiration , Hugo Boss Appeal Zip Mens 50379940-001 Black Leather Side Zip Boots Size 7.5 , 9.5 M men's ROCKY CLAW RKS0324 Waterproof 800G Insulated Outdoor Hunting BootsMen's/Women's Toffeln Safety Lite 04195 - Black Packaging diversity excellent Fine wildSperry Gold Cup Bellingham Men's Wingtip Ivory Derby Sz 8.5M 2085 , Nike Air Huarache Run PRM Black Sail Gum 683818-011 Women's Size 5.5 NWOBBrooks Ghost 9 GTX Running Shoe- Women's Size 9.5 B, Charcoal/PinkLacoste Womens Size 7 Tennis Shoes Walking Sports Navy Blue Glitter , **Authentic** Asics Gel Court Speed (Herringbone) Womens Tennis Shoes (B) (1493)Ryka Women's Sky Bolt Walking Shoe Black/Gray/Mint Sneakers , Etonic Roadworker US WMNS 8 Vintage Made in USA BNIB OG New Old Stock RareTOETOS Women's Fashion Knee High Riding Boots Black-j 9 M USSPERRY Top-Sider Duck Boots Women Size 10 Quilted Tan Brown Gosling STS92449 E6 , Fashion Women Round Toe Block Heels Mid Calf Boots Buckle Cotton Warm Zip Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Steve Madden Busy Open Cognac Leather Women's 29991 Steve Open toe wedge heel 17f8734 - 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.

    Steve Madden Busy Open Cognac Leather Women's 29991 Steve Open toe wedge heel 17f8734 - 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
    Steve Madden Busy Open Cognac Leather Women's 29991 Steve Open toe wedge heel 17f8734
    Heels
    >
    ;